1,080 material Form 8-K filings that 839 companies we cover made with the SEC in May 2025, each read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). All of them were written later, when past filings were added: a selection, not every 8-K of the month (see the note below).
Marcus & Millichap reported first-quarter 2025 revenue of $145.0 million, up 12.3% from a year earlier, and a net loss of $4.4 million, or $0.11 per diluted share, compared with a $10.0 million loss, or $0.26 per share, in the first quarter of 2024. The company said near-term market challenges are expected to extend through 2025, and it has not yet filed its quarterly report on Form 10-Q, so the results are preliminary. At its May 1 annual meeting, stockholders re-elected three directors and approved executive compensation, and the company will hold a say-on-pay vote every year.
Revenue rose to $145.0 million from $129.1 million; real estate brokerage commissions rose 12.9% to $123.6 million.
Net loss narrowed to $4.4 million ($0.11 per diluted share) from $10.0 million ($0.26 per diluted share).
Total operating expenses rose to $162.7 million from $149.2 million, and the operating loss narrowed to $17.7 million from $20.1 million.
At the May 1, 2025 annual meeting, George M. Marcus, George T. Shaheen and Don C. Watters were re-elected to terms ending in 2028, and Ernst & Young LLP was ratified as auditor for 2025.
Chipotle named Jason Kidd, formerly Taco Bell's chief operating officer, as its chief operating officer effective May 19, 2025, overseeing its nearly 3,800 restaurants and reporting to CEO Scott Boatwright. President and Chief Strategy Officer Jack Hartung will step down as an executive officer on June 1, 2025, and remain as a senior advisor until his retirement in early March 2026. The filing reflects a senior leadership change in operations and strategy, with no financial results disclosed.
Jason Kidd, age 50, joins as COO effective May 19, 2025, with a $675,000 base salary and a $150,000 cash signing bonus
Kidd's new-hire equity awards have a combined grant date value of approximately $3,000,000
Jack Hartung's executive role ends June 1, 2025; his senior advisor base salary will be $200,000
Curt Garner adds supply chain oversight and Chris Brandt leads menu and ingredient processes
LifeStance Health Group reported first-quarter 2025 revenue of $333.0 million, up 11% from $300.4 million a year earlier, and net income of $0.7 million compared with a net loss of $21.1 million in the prior-year quarter. The company reaffirmed its full-year 2025 guidance for revenue, Center Margin and Adjusted EBITDA, and gave second-quarter revenue guidance of $332 million to $352 million.
Q1 2025 revenue of $333.0 million, up 11%; Adjusted EBITDA of $34.6 million, up 25%
Net income of $0.7 million versus a net loss of $21.1 million in Q1 2024
Net cash used in operations was $3.1 million in Q1; cash ended the quarter at $134.3 million
Full-year 2025 guidance reiterated: revenue $1.40 billion to $1.44 billion; Adjusted EBITDA $130 million to $150 million
Avista Corp. reported first-quarter 2025 net income of $79 million, or $0.98 per diluted share, up from $71 million, or $0.91, a year earlier. The company confirmed its 2025 consolidated earnings guidance of $2.52 to $2.72 per diluted share. The results are in a press release dated May 7, 2025, furnished as Exhibit 99.1 to this 8-K.
Avista Utilities net income was $78 million, up from $67 million, with earnings of $0.97 per diluted share versus $0.86.
Electric utility margin increased by $28 million after tax, which the company attributed to general rate cases and customer growth.
2025 consolidated guidance of $2.52 to $2.72 per diluted share was confirmed, and the company expects new Oregon and Idaho rates to take effect in September if approved.
The company expects to issue $120 million of long-term debt and up to $80 million of common stock in 2025, including $16 million of stock issued in the first quarter.
Par Pacific reported a first-quarter 2025 net loss of $30.4 million, or $0.57 per diluted share, compared with a net loss of $3.8 million, or $0.06 per share, a year earlier. Adjusted EBITDA fell to $10.1 million from $94.7 million, and revenues declined to $1.745 billion from $1.981 billion, so headline results weakened sharply for shareholders even as the company repurchased $51 million of its stock.
Net loss of $30.4 million, or $0.57 per diluted share, versus a net loss of $3.8 million, or $0.06 per share, in Q1 2024
Adjusted EBITDA of $10.1 million, compared with $94.7 million in Q1 2024
Revenues of $1.745 billion, compared with $1.981 billion in Q1 2024
Repurchased $51 million of common stock, or 3.6 million shares, in Q1 2025; the Wyoming refinery had an operational incident on February 12, 2025 and returned to full operations in late April
VSE Corporation reported first-quarter 2025 revenue of $256.0 million, up 57.7%, and net income from continuing operations of $14.0 million, up 152.0%. The company still posted a net loss of $9.0 million, or $0.44 per diluted share, because of a $22.9 million loss from discontinued operations, and it reaffirmed its full-year 2025 Aviation revenue and Adjusted EBITDA margin guidance.
Revenue of $256.0 million, up 57.7%; diluted EPS from continuing operations of $0.67, up 91.4%
Net loss of $9.0 million, or $0.44 per diluted share, including a $22.9 million loss from discontinued operations
Full-year 2025 Aviation revenue growth guidance of 35% to 40% and Adjusted EBITDA margin of 16% to 17% reaffirmed
Net debt of $459 million at March 31, 2025; Fleet segment sale completed April 1, 2025 for up to $230 million
Berkshire Hathaway reported first-quarter 2025 net earnings of $4.6 billion, down from $12.7 billion a year earlier, as investment losses of $5.0 billion replaced prior-year investment gains of $1.5 billion. Operating earnings also declined, to $9.6 billion from $11.2 billion. At its May 3, 2025 annual meeting, shareholders voted on director elections and seven shareholder proposals, and each proposal drew far more Against votes than For votes.
Net earnings per average equivalent Class A share were $3,200 in Q1 2025 versus $8,825 in Q1 2024.
Operating earnings were $9.6 billion versus $11.2 billion; insurance-underwriting earnings were $1.3 billion versus $2.6 billion.
BNSF earnings rose to $1.2 billion from $1.1 billion, and Berkshire Hathaway Energy earnings rose to $1.1 billion from $717 million.
The company urged investors to read its 10-Q, which it said has been posted on its website.
Chord Energy reported first-quarter 2025 net income of $219.8 million, up from $199.4 million a year earlier, on total revenues of $1.2 billion. Diluted earnings per share fell to $3.66 from $4.65, and diluted weighted average shares rose to 59.7 million from 42.7 million. The company cut its 2025 E&P and other capital spending guidance by $30 million to about $1.37 billion, kept its 2025 production guidance, and said the macro outlook has deteriorated.
Net income was $219.8 million in the first quarter of 2025, compared with $199.4 million in the first quarter of 2024; diluted EPS was $3.66, compared with $4.65.
Total revenues were $1.2 billion ($1,215.0 million), compared with $1.1 billion ($1,085.3 million) a year earlier.
2025 E&P and other capital spending guidance was reduced by $30 million to about $1.37 billion; FY25 production guidance was maintained.
Declared a base dividend of $1.30 per share, payable June 9, 2025 to holders of record as of May 21, 2025; repurchased $216.5 million of common stock in the quarter.
Gores Holdings X, a blank check company, closed its initial public offering on May 5, 2025, selling 35,880,000 units at $10.00 each for gross proceeds of $358,800,000, including the full exercise of the underwriter's over-allotment option. The company says the proceeds were placed in a U.S.-based trust account and are generally not released to the company until a business combination, a shareholder-vote redemption, or a failure to complete a business combination within the Completion Window, apart from limited interest withdrawals. The filing also reports a $2,250,000 private placement of shares to the sponsor and the appointment of three new directors.
IPO of 35,880,000 units at $10.00 per unit, including 4,680,000 units from full over-allotment exercise, closed May 5, 2025
$358,800,000 placed in a trust account maintained by Computershare Trust Company, N.A., as trustee
Sponsor Gores Sponsor X LLC bought 225,000 private placement shares at $10.00 each, for approximately $2,250,000
Units began trading on Nasdaq as GTENU on May 2, 2025; Randall Bort, Nancy Tellem and Elizabeth Marcellino were appointed directors on May 1, 2025
Ovintiv reported a first-quarter 2025 net loss of $159 million, or $(0.61) per diluted share, compared with net earnings of $338 million a year earlier. The loss included a non-cash ceiling test impairment of $557 million after tax, while revenue rose slightly to $2,377 million and the company kept its full-year 2025 production and capital guidance. The filing also declared a $0.30 quarterly dividend.
Q1 2025 net loss of $159 million, or $(0.61) per diluted share, versus net earnings of $338 million in Q1 2024
Non-cash ceiling test impairment of $557 million after tax; pre-tax impairments were $730 million
Cash from operating activities of $873 million and Non-GAAP Free Cash Flow of $387 million
Quarterly dividend of $0.30 per share payable June 30, 2025, to holders of record June 13, 2025
Corpay reported first-quarter 2025 results on May 6, 2025, with revenue up 8% to $1,005.7 million and GAAP diluted earnings per share up 9% to $3.40, and it maintained its original 2025 outlook. The same day, it announced a definitive agreement with TPG to take AvidXchange private, with Corpay planning to invest $500 million alongside TPG. The acquisition commitment is significant for shareholders, and the filing describes the deal as a proposed investment.
Q1 2025 revenue was $1,005.7 million, up 8% from $935.3 million; net income attributable to Corpay was $243.2 million, up 6%.
GAAP diluted EPS was $3.40, up 9%; adjusted diluted EPS was $4.51, up 10%.
Full-year 2025 guidance was maintained, including total revenues of $4,380 million to $4,460 million and adjusted EPS of $20.80 to $21.20.
Corpay plans to invest $500 million, alongside TPG, to acquire AvidXchange Holdings (NASDAQ: AVDX).
At its May 6, 2025 annual meeting, EPR Properties shareholders approved amendments to the 2016 Equity Incentive Plan that raise the authorized share count from 3,950,000 to 5,950,000 and extend the plan's term to May 6, 2035. Shareholders also elected all ten trustee nominees to one-year terms, approved executive compensation on an advisory basis, and ratified KPMG LLP as the independent auditor for 2025.
Authorized plan shares rose from 3,950,000 to 5,950,000, and the plan term was extended from May 28, 2031 to May 6, 2035.
Plan amendment vote: 46,392,576 for, 3,423,211 against, 1,580,444 abstentions, 9,258,839 broker non-votes.
Say-on-pay vote: 45,982,389 for and 3,789,610 against.
KPMG LLP ratification: 58,154,980 for and 2,311,289 against.
Powell Industries reported fiscal 2025 second-quarter results for the period ended March 31, 2025, with revenue of $278.6 million, up 9%, and net income of $46.3 million, or $3.81 per diluted share, up 38% from a year earlier. The company also declared a quarterly cash dividend of $0.2675 per share, payable June 18, 2025, to shareholders of record on May 21, 2025.
Revenue of $278.6 million rose 9% from $255.1 million a year earlier; gross profit rose 33% to $83.4 million, or 29.9% of revenue.
Net income of $46.3 million, or $3.81 per diluted share, compared with $33.5 million, or $2.75 per diluted share, a year earlier.
Backlog was $1.3 billion as of March 31, 2025, essentially unchanged; new orders totaled $249 million.
Quarterly cash dividend of $0.2675 per share: record date May 21, 2025; payment date June 18, 2025.
Amentum reported results for the quarter ended March 28, 2025, with net income of $4 million compared with a loss of $41 million a year earlier. Pro forma revenue rose 1% to $3.49 billion and Adjusted EBITDA rose 3% to $268 million, while the company kept the midpoints of its fiscal 2025 guidance and narrowed its revenue range to $13.85 billion to $14.15 billion.
Q2 net income of $4 million, or $0.02 per diluted share, versus a loss of $41 million, or $0.46 per share, a year earlier
Pro forma revenue of $3,491 million, up 1%; Adjusted EBITDA of $268 million, up 3%; Adjusted diluted EPS of $0.53 versus $0.51
Fiscal 2025 guidance midpoints reaffirmed; revenue range narrowed to $13,850 million to $14,150 million from $13,800 million to $14,200 million
Free cash flow of $53 million in the quarter; backlog of $44.8 billion as of March 28, 2025
Permian Resources' operating subsidiary entered into a Ninth Amendment to its credit agreement on April 30, 2025, with JPMorgan Chase Bank as administrative agent. The amendment reaffirmed the $4.0 billion borrowing base and $2.5 billion in aggregate elected commitments, and extended a permitted pari term loan debt basket to April 24, 2026. The filing describes routine maintenance of existing bank financing rather than new borrowing.
Ninth Amendment to the Third Amended and Restated Credit Agreement dated April 30, 2025
Borrowing base reaffirmed at $4.0 billion
Aggregate elected commitments reaffirmed at $2.5 billion
Permitted Pari Term Loan Debt basket extended to April 24, 2026
Coty reported fiscal third-quarter results for the period ended March 31, 2025, with reported net revenue of $1,299.1 million, down 6% from a year earlier, and a reported net loss of $409.0 million, compared with net income of $0.5 million in the prior year. The loss includes a $212.8 million asset impairment charge, mainly in Consumer Beauty's color cosmetics business. The company now expects fiscal 2025 EPS of $0.49-0.50, near the low end of its prior range, which matters to shareholders because it signals weaker earnings and a sales decline in the fourth quarter.
Q3 reported net revenue of $1,299.1 million fell 6%; on a like-for-like basis, sales fell 3%.
Q3 reported net loss of $409.0 million, or $(0.47) per diluted share, versus net income of $0.5 million a year earlier; includes a $212.8 million asset impairment charge.
Fiscal 2025 EPS expected at $0.49-0.50, near the low end of prior guidance; free cash flow expected at approximately $300 million.
Fourth-quarter like-for-like sales expected to decline by a high single-digit percentage.
Chemours reported a first-quarter 2025 net loss of $4 million, or $0.03 per diluted share, compared with net income of $54 million a year earlier. Adjusted EBITDA fell 13% to $166 million, mainly on lower pricing, and the company cut its quarterly dividend 65% to $0.0875 per share. For shareholders, the lower dividend reduces cash returned to them, and the company's 2025 adjusted EBITDA outlook of $825 million to $950 million is the main guide to near-term earnings.
Net sales were $1.4 billion ($1,368 million), flat year over year; net loss was $4 million versus net income of $54 million in Q1 2024.
Adjusted net income was $19 million, or $0.13 per diluted share, versus $47 million, or $0.31, a year earlier.
Restructuring charges of $27 million were tied to the exit of the SPS Capstone business, which the company expects to end by the end of the second quarter of 2025.
Quarterly dividend cut 65% to $0.0875 per share for the second quarter, payable June 16, 2025; full-year 2025 adjusted EBITDA outlook is $825 million to $950 million.
Innovex reported first-quarter 2025 revenue of $240 million, down 4% from the prior quarter, with net income of $15 million and Adjusted EBITDA of $46 million. For the second quarter, the company guided to revenue of $225 million to $235 million and Adjusted EBITDA of $40 million to $45 million, both below first-quarter levels, citing softness in Mexico and slight activity declines in the North American land market.
Q1 2025 revenue of $240 million, down 4% quarter over quarter; net income of $15 million; Adjusted EBITDA of $46 million
Q2 2025 guidance: total revenue of $225 million to $235 million and Adjusted EBITDA of $40 million to $45 million
Agreed to sell the legacy Dril-Quip Eldridge facility for $95 million; the company also has a $100 million share repurchase program
As of May 5, 2025, repurchased 395,234 shares at an average price of $14.94
Protagonist Therapeutics reported a first-quarter 2025 net loss of $11.7 million, or $0.19 per share, compared with net income of $207.3 million, or $3.41 per basic share, in the first quarter of 2024. License and collaboration revenue fell to $28.3 million from $255.0 million, as the prior-year period included most of the Takeda upfront payment. Cash, cash equivalents and marketable securities rose to $697.9 million, which the company expects to fund operations through at least the end of 2028.
License and collaboration revenue was $28.3 million, versus $255.0 million in Q1 2024; $22.8 million reflects a $25 million milestone earned in Q1 2025 but payable after the VERIFY clinical study report.
Net loss was $11.7 million, or $0.19 per basic and diluted share, compared with net income of $207.3 million in Q1 2024.
Cash, cash equivalents and marketable securities were $697.9 million at March 31, 2025, up from $559.2 million at December 31, 2024.
Rusfertide Phase 3 VERIFY data is scheduled for an oral presentation at the ASCO plenary session on June 1, 2025.
Lumentum reported fiscal third-quarter 2025 results for the quarter ended March 29, 2025, with net revenue up 16.0% year over year to $425.2 million. The GAAP net loss narrowed to $44.1 million, or $0.64 per diluted share, from $127.0 million, or $1.88 per share, a year earlier. The company also gave fiscal fourth-quarter guidance of $440 million to $470 million in net revenue and non-GAAP diluted EPS of $0.70 to $0.80.
Net revenue was $425.2 million, up 5.7% from $402.2 million in the prior quarter and up 16.0% from $366.5 million a year earlier.
GAAP net loss was $44.1 million ($0.64 per diluted share), compared with a net loss of $60.9 million in the prior quarter and $127.0 million a year earlier.
Non-GAAP diluted EPS was $0.57, compared with $0.42 in the prior quarter and $0.09 a year earlier.
Q4 fiscal 2025 guidance: net revenue of $440 million to $470 million and non-GAAP diluted EPS of $0.70 to $0.80; cash and short-term investments were $866.7 million at quarter end.
Horace Mann reported first-quarter 2025 net income of $38.2 million, or $0.92 per diluted share, up from $26.5 million, or $0.64, a year earlier, on total revenues of $416.4 million, up 7.9%. The company also updated its full-year 2025 core earnings per share guidance to $3.85 to $4.15 to reflect a change in its core earnings definition, and appointed Maureen Temchuk as Controller and Chief Accounting Officer effective May 5, 2025.
Net income was $38.2 million, or $0.92 per diluted share, versus $26.5 million, or $0.64, in the first quarter of 2024.
Total revenues were $416.4 million, up 7.9% from $386.0 million.
Core earnings were $44.7 million, or $1.07 per diluted share, versus $25.8 million, or $0.62, a year earlier (non-GAAP).
Full-year 2025 core EPS guidance is $3.85 to $4.15, updated to reflect a change in the core earnings definition; Maureen Temchuk was appointed Controller and Chief Accounting Officer on May 5, 2025.
Voya Financial reported first-quarter 2025 results on May 6, 2025. Net income available to common shareholders fell to $139 million, or $1.42 per diluted share, from $234 million, or $2.24, a year earlier, while adjusted operating earnings rose to $195 million, or $2.00 per diluted share, from $185 million, or $1.77. For shareholders, the picture is mixed: the adjusted measure improved mainly due to the OneAmerica acquisition, but reported profit and total revenues declined.
Net income available to common shareholders was $139 million, or $1.42 per diluted share, versus $234 million, or $2.24, in first-quarter 2024.
Adjusted operating earnings were $195 million, or $2.00 per diluted share, versus $185 million, or $1.77; the filing cites the OneAmerica acquisition as the main driver.
Total revenues were $1,969 million versus $2,051 million, as the prior period included net investment gains that did not repeat.
Health Solutions adjusted operating earnings were $46 million, down from $59 million, and its trailing twelve-month adjusted operating margin fell to 2.7% from 23.9%.
Fidelity National Information Services entered a Term Loan Credit Agreement on May 1, 2025, allowing it to borrow up to $8 billion of senior unsecured term loans with Goldman Sachs Bank USA as administrative agent. The loans would fund the purchase of the Issuer Solutions Business and related fees, replacing a $8 billion bridge facility that was terminated. The filing does not report any borrowing yet, so the actual debt load is undetermined until the company draws on the facility.
Up to $8,000,000,000 in 364-day senior unsecured term loans, available to fund the Issuer Solutions Business acquisition and related costs
Interest set at Term SOFR plus 0.10% and a 1.00% to 1.625% margin, or a base rate plus 0.00% to 0.625%, depending on the company's debt rating; margin rises 0.25% each quarter loans remain outstanding
Requires a maximum leverage ratio of 3.75 to 1.00, which may increase after certain acquisitions close
Replaces the $8,000,000,000 bridge commitment dated April 17, 2025, which was reduced to $0 and terminated
IFF reported a first-quarter 2025 GAAP loss before taxes of $994 million and a diluted loss of $3.98 per share, driven by a $1.15 billion goodwill impairment in Food Ingredients. Reported net sales fell 2% to $2.84 billion, while adjusted EPS excluding amortization was $1.20 and the company kept its full-year 2025 guidance ranges unchanged.
Reported net sales were $2.84 billion, down 2% from the prior-year period; comparable currency neutral sales rose 3%.
Reported diluted EPS was $(3.98), versus $0.23 a year earlier; adjusted EPS excluding amortization was $1.20, versus $1.13 in the prior-year period.
Adjusted operating EBITDA was $578 million; the company maintained full-year 2025 sales guidance of $10.6 billion to $10.9 billion.
The Pharma Solutions divestiture closed on May 1, 2025, earlier than anticipated.
Arcosa reported first quarter 2025 revenue of $632.0 million, up 6% from a year earlier, and Adjusted EBITDA of $109.9 million, up 19%. GAAP net income fell 40% to $23.6 million, or $0.48 per diluted share, and free cash flow was negative $29.7 million. The company reaffirmed its full-year 2025 revenue guidance of $2.8 billion to $3.0 billion and Adjusted EBITDA guidance of $545 million to $595 million, so the outlook is unchanged even though GAAP earnings and cash flow weakened.
Revenue was $632.0 million, up 6% from $598.6 million, or 12% excluding the divested steel components business.
Adjusted EBITDA was $109.9 million, up 19% from $92.0 million; net income was $23.6 million versus $39.2 million.
Diluted EPS was $0.48 versus $0.80; adjusted diluted EPS was $0.49 versus $0.73.
Full-year 2025 guidance reaffirmed: revenue of $2.8 billion to $3.0 billion and Adjusted EBITDA of $545 million to $595 million.
Assurant reported first-quarter 2025 GAAP net income of $146.6 million, down 38% from a year earlier, after $157.0 million of reportable catastrophes, mainly California wildfires. Excluding catastrophes, adjusted earnings per diluted share rose 16% to $5.79, and the company reaffirmed its 2025 outlook for modest growth.
GAAP net income was $146.6 million versus $236.4 million in Q1 2024; diluted EPS was $2.83 versus $4.47.
Reportable catastrophes were $157.0 million pre-tax versus $13.0 million; about $125 million was from the California wildfires, including estimated subrogation recoveries.
Adjusted earnings per diluted share excluding catastrophes rose 16% to $5.79 from $4.97.
Holding company liquidity was $501 million at March 31, 2025; the company repurchased $25 million of shares from April 1 through May 2, 2025.
Safehold reported first-quarter 2025 results for the period ended March 31, 2025. Revenue rose 5% year over year to $97.7 million, but GAAP net income attributable to common shareholders fell 4% to $29.4 million, or $0.41 per share, from $0.43 a year earlier, after a $1.9 million non-recurring loss from writing off a preferred equity position in a leasehold joint venture. Excluding that loss, EPS was $0.44, up about $0.01.
Q1 2025 revenue: $97.7 million, up from $93.2 million in Q1 2024 (up 5%).
GAAP EPS: $0.41 versus $0.43 a year earlier (down 5%); net income attributable to common shareholders was $29.4 million versus $30.7 million.
Excluding a $1.9 million non-recurring loss, EPS was $0.44 versus $0.43 (up 1%).
Filing states Q1 2025 is as of March 31, 2025; the earnings release and presentation are furnished as Exhibits 99.1 and 99.2 and are not deemed filed under Section 18.
The Andersons reported first quarter 2025 results, with net income attributable to the company falling to $0.3 million, or $0.01 per diluted share, from $5.6 million, or $0.16, a year earlier. Sales and merchandising revenues declined to $2.66 billion from $2.72 billion, and adjusted EBITDA rose to $57 million from $51 million, driven by Renewables. For shareholders, the headline profit measures weakened, and the company used $350 million of cash in operations during the quarter.
Net income attributable to The Andersons was $0.3 million, or $0.01 per diluted share, versus $5.6 million, or $0.16, in Q1 2024.
Adjusted diluted EPS was $0.12, compared with $0.16 a year earlier.
Agribusiness recorded a pretax loss of $10 million; Renewables reported pretax income of $25 million.
Cash used in operating activities was $350 million, compared with $240 million in the first quarter of 2024.
Devon Energy reported first-quarter 2025 net earnings of $494 million, or $0.77 per diluted share, down from $596 million, or $0.94, a year earlier, while core earnings were $779 million, or $1.21 per share. The company raised its full-year 2025 oil production forecast and cut its full-year capital guidance by $100 million to $3.7 billion to $3.9 billion, which may matter to shareholders because it shows output above plan alongside lower spending.
Net earnings were $494 million ($0.77 per diluted share) versus $596 million ($0.94) in Q1 2024, and $639 million ($0.98) in Q4 2024; a $254 million asset impairment from divesting two corporate real estate assets weighed on results.
Oil production averaged 388,000 barrels per day, exceeding guidance by 5,000 barrels per day; full-year 2025 oil forecast raised to 382,000 to 388,000 barrels per day.
Full-year 2025 capital guidance cut to $3.7 billion to $3.9 billion from about $3.9 billion; first-quarter capital spending was $964 million, 5% below midpoint guidance.
Devon agreed on May 5, 2025 to sell its equity interest in the Matterhorn Pipeline for approximately $375 million, expected to close in the second quarter of 2025; the company declared a $0.24 per share quarterly dividend payable June 30, 2
Bristow Group reported first quarter 2025 revenue of $350.5 million, down from $353.5 million in the fourth quarter of 2024, and net income attributable to the company of $27.4 million, or $0.92 per diluted share, versus $31.8 million, or $1.07 per diluted share, in the prior quarter. The company affirmed its 2025 Adjusted EBITDA outlook of $230 million to $260 million and its 2026 outlook of $275 million to $335 million, so guidance was not changed.
Q1 2025 total revenues were $350.5 million, compared with $353.5 million in Q4 2024.
Net income attributable to Bristow Group was $27.4 million, or $0.92 per diluted share, compared with $31.8 million, or $1.07 per diluted share, in Q4 2024.
Adjusted EBITDA was $57.7 million, consistent with $57.8 million in Q4 2024.
Net cash used in operating activities was $0.6 million; working capital used $56.4 million of cash in the quarter. As of March 31, 2025, total liquidity was $254.3 million.
Fortune Brands reported first quarter 2025 net sales of $1.0 billion, down 7% from a year earlier, and GAAP diluted EPS of $0.42, down 45%. EPS before charges and gains fell 20% to $0.66, and the company is not providing detailed full-year 2025 guidance, instead outlining an EPS framework for different volume scenarios on its earnings call.
Q1 2025 net sales were $1,033.1 million, down 7%; organic sales excluding China and FX fell 5%
GAAP diluted EPS was $0.42 versus $0.76; EPS before charges/gains was $0.66 versus $0.83, down 20%
Operating income was $97.0 million, down 38%; restructuring charges totaled $24.8 million
Company repurchased $175 million of shares in the quarter and had net debt of $2.6 billion at March 29, 2025
Pentair appointed Jennifer M. Hensley, currently its Vice President, Corporate Controller, as Senior Vice President, Chief Accounting Officer and Controller, effective May 12, 2025, succeeding Robert P. Fishman in the chief accounting officer role. Fishman remains Executive Vice President and Chief Financial Officer. The filing describes a routine internal promotion with standard equity and severance terms.
Jennifer M. Hensley, 46, appointed Senior Vice President, Chief Accounting Officer and Controller, effective May 12, 2025
Hensley succeeds Robert P. Fishman as chief accounting officer; Fishman stays on as Executive Vice President and Chief Financial Officer
Promotional equity award: performance share units $100,000, restricted stock units $50,000, stock options $50,000 (grant date fair values)
Hensley will also receive a Key Executive Employment and Severance Agreement effective May 12, 2025
Vestis reported fiscal second-quarter 2025 revenue of $665 million, down $40.1 million from a year earlier, and a net loss of $27.8 million, compared with net income of $6.0 million in the prior-year quarter. The company also amended its credit agreement to raise its net leverage covenant to 5.25x through fiscal 2026, and it eliminated its dividend, with dividends and share repurchases restricted under the amendment.
Revenue of $665 million, down $40.1 million year over year; net loss of $27.8 million, or $(0.21) per diluted share, versus net income of $6.0 million, or $0.05 per diluted share, a year earlier
Adjusted EBITDA of $47.6 million, including a one-time $15.0 million bad debt expense; $62.6 million excluding it, or 9.4% of revenue, versus $87.2 million in the prior-year quarter
Net leverage covenant raised from 4.50x to 5.25x through the second quarter of fiscal 2026; net leverage was 4.16x at quarter end
Third-quarter fiscal 2025 revenue guidance of $674 million to $682 million and Adjusted EBITDA of at least $63 million; Jim Barber named CEO effective June 2, 2025
United Fire Group reported first quarter 2025 results, with net income up 31% to $17.7 million ($0.67 per diluted share) and net written premium up 4% to a record $335.4 million. The combined ratio rose 0.5 points to 99.4%, mainly due to a higher underwriting expense ratio, while the underlying loss ratio improved.
Net income rose 31% to $17.7 million ($0.67 per diluted share) from $13.5 million in the first quarter of 2024.
Adjusted operating income rose 27% to $18.3 million ($0.70 per diluted share).
The combined ratio rose 0.5 points to 99.4%; the underwriting expense ratio rose 3.0 points to 37.9%, mainly from non-recurring costs tied to a new policy administration system.
Book value per share was $32.13 as of March 31, 2025, up from $30.80 at December 31, 2024.
Vestis and activist investor Corvex Management, through Keith A. Meister, amended a June 18, 2024 letter agreement on May 5, 2025. The amendment raises the cap on shares Corvex and its affiliates may acquire during the standstill period from 15.0% to 20.0% of common stock, and economic exposure from 17.0% to 20.0%. Shareholders may care because a higher cap allows Corvex to hold a larger stake in the company.
Beneficial ownership limit raised from 15.0% to 20.0% of outstanding common stock
Economic exposure limit raised from 17.0% to 20.0%
Standstill provisions remain in effect until Mr. Meister leaves the Board of Directors
Amendment filed as Exhibit 10.1; 8-K dated May 6, 2025
Douglas Emmett reported first-quarter 2025 results, with revenues of $252 million, up from $245 million a year earlier, and net income attributable to common stockholders of $40 million, up from $9 million. Funds from operations (FFO) per fully diluted share fell to $0.40 from $0.45, and adjusted FFO (AFFO) fell to $62 million from $75 million. The company also gave 2025 guidance of $0.07 to $0.13 in diluted net income per share and $1.42 to $1.48 in FFO per fully diluted share.
Total revenues were $252 million for the quarter ended March 31, 2025, versus $245 million in Q1 2024.
Net income attributable to common stockholders was $40 million, or $0.24 per basic and diluted share, compared with $9 million a year earlier; the filing cites a $47.2 million gain from consolidating a joint venture.
FFO per fully diluted share was $0.40 versus $0.45, and AFFO was $62 million versus $75 million.
2025 guidance: net income per diluted share of $0.07 to $0.13 and FFO per fully diluted share of $1.42 to $1.48.
Arcus Biosciences reported first-quarter 2025 revenue of $28 million, down from $145 million a year earlier, and a net loss of $112 million, compared with $4 million in the same period of 2024. The company said it expects GAAP revenue of $75 million to $90 million for full-year 2025, and it ended the quarter with $1.0 billion in cash, cash equivalents and marketable securities.
Revenue was $28 million versus $145 million a year earlier; license and development services revenue was $20 million versus $135 million.
Net loss was $112 million, or $1.14 per share, versus a net loss of $4 million, or $0.05 per share, in the first quarter of 2024.
R&D expenses rose to $122 million from $109 million, driven by early-stage and preclinical program activity.
Full-year 2025 GAAP revenue is expected to be between $75 million and $90 million.
Gulfport Energy reported a first-quarter 2025 net loss of $0.5 million, or $0.07 per diluted share, compared with net income of $52.0 million, or $2.34 per diluted share, a year earlier. A $146.5 million net loss on derivatives cut total revenues to $197.0 million from $283.2 million, and the company reaffirmed its full-year 2025 guidance and said it plans to return substantially all adjusted free cash flow, excluding discretionary acreage acquisitions, through share repurchases.
Net loss of $464 thousand, or $0.07 per diluted share, versus net income of $52.0 million, or $2.34 per diluted share, in Q1 2024.
Total revenues were $197.0 million versus $283.2 million, after a $146.5 million net loss on derivatives compared with a $45.1 million gain a year earlier.
Adjusted EBITDA was $218.3 million and adjusted free cash flow was $36.6 million; the company repurchased about 340.7 thousand shares for $60.0 million.
Full-year 2025 guidance was reaffirmed; natural gas production is expected to rise about 20% by fourth quarter 2025 versus Q1 2025, and late-2025 drilling will shift toward dry gas Utica development.
Jazz reported first-quarter 2025 total revenues of $897.8 million, roughly flat with $902.0 million a year earlier, and a GAAP net loss of $92.5 million, or $1.52 per share, versus a $14.6 million loss in the prior-year quarter. The loss reflects a $172.0 million expense for Xyrem antitrust litigation settlements, and the company cut its 2025 profit guidance while affirming its revenue range of $4.15 billion to $4.40 billion.
Q1 2025 non-GAAP adjusted net income was $105.2 million, or $1.68 per diluted share, down from $178.4 million, or $2.63, in Q1 2024.
2025 GAAP net loss guidance is now $(615) million to $(450) million, versus prior net income guidance of $560 million to $720 million.
2025 non-GAAP adjusted net income guidance is now $250 million to $350 million, versus prior guidance of $1.4 billion to $1.5 billion.
The guidance change reflects the April 2025 Chimerix acquisition, which the company completed for approximately $935 million in cash.
Qualys reported first-quarter 2025 revenue of $159.9 million, up 10% from a year earlier, and GAAP net income of $47.5 million, or $1.29 per diluted share, up from $1.05. The company raised its full-year 2025 revenue and per-share earnings guidance, which is a positive signal for shareholders, though the filing notes that reconciling items are likely to significantly affect GAAP earnings.
Q1 2025 revenue was $159.9 million, up 10% from $145.8 million in Q1 2024.
GAAP diluted EPS was $1.29 vs. $1.05 a year earlier; non-GAAP diluted EPS was $1.67 vs. $1.45.
Full-year 2025 revenue guidance is $648.0 million to $657.0 million, up from a prior range of $645.0 million to $657.0 million.
Full-year 2025 GAAP EPS guidance is $4.27 to $4.57, up from $3.62 to $4.02; non-GAAP EPS guidance is $6.00 to $6.30, up from $5.50 to $5.90.
MasterBrand reported first quarter 2025 results for the period ended March 30, 2025. Net sales rose 3% to $660.3 million, helped by the Supreme acquisition, but net income fell 65% to $13.3 million and diluted earnings per share were $0.10, compared with $0.29 a year earlier. The company revised its 2025 outlook, citing weaker end-market demand and the net impact of enacted tariffs, which matters to shareholders because profit is falling while the guidance points to lower full-year results.
Net sales rose 3% to $660.3 million, including 10% growth from Supreme, while base business volume fell 9%.
Net income fell to $13.3 million from $37.5 million; adjusted diluted EPS was $0.18 versus $0.31.
2025 guidance: net sales down a low single-digit percentage; adjusted EBITDA of $315 million to $365 million; adjusted diluted EPS of $1.03 to $1.32.
Free cash flow was negative $41.2 million for the quarter, and the company repurchased about $11.4 million of stock.
Teradata reported first-quarter 2025 results with total revenue down 10% to $418 million from $465 million, while GAAP diluted EPS rose to $0.45 from $0.20. The company increased its full-year 2025 GAAP diluted EPS outlook to $1.06 to $1.16 and kept its non-GAAP EPS outlook of $2.15 to $2.25, while total revenue guidance for 2025 was updated and second-quarter total revenue is expected to fall 7% to 9%.
Total revenue was $418 million, down 10% as reported and 8% in constant currency, versus $465 million a year earlier.
GAAP diluted EPS was $0.45 versus $0.20; non-GAAP diluted EPS was $0.66 versus $0.57.
Public cloud ARR rose 15% to $606 million, while total ARR fell 3% to $1.442 billion.
Full-year 2025 GAAP diluted EPS outlook was raised to $1.06 to $1.16; Q2 2025 total revenue is expected to decline 7% to 9% year over year in constant currency.
Mercury General reported a first-quarter 2025 net loss of $108.3 million, or $1.96 per diluted share, compared with net income of $73.5 million, or $1.33 per share, a year earlier. The company cited $447 million in catastrophe losses, mostly from the January 2025 Southern California wildfires, which pushed its combined ratio to 119.2% from 100.9%.
Net loss of $108.3 million ($1.96 per diluted share) versus net income of $73.5 million ($1.33) in Q1 2024
Catastrophe losses net of reinsurance were $447 million, versus $72 million a year earlier
Net premiums earned rose 10.0% to $1.28 billion, while the combined ratio rose to 119.2%
Board declared a quarterly dividend of $0.3175 per share, payable June 26, 2025
Astera Labs reported first-quarter 2025 results for the period ended March 31, 2025, with revenue of $159.4 million, up 13% from the prior quarter and 144% from a year earlier. GAAP net income was $31.8 million, or $0.18 per diluted share, compared with a net loss of $93.0 million a year earlier. The company also guided second-quarter revenue to $170 million to $175 million, which would extend growth for shareholders if achieved.
Q1 2025 revenue of $159.4 million, up 13% sequentially and 144% year-over-year
GAAP net income of $31.8 million and diluted EPS of $0.18, versus a net loss of $93.0 million and EPS of $(1.77) in Q1 2024
Non-GAAP diluted EPS of $0.33 for Q1 2025
Q2 2025 outlook: revenue of $170 million to $175 million; GAAP diluted EPS of $0.10 to $0.11
Las Vegas Sands completed an underwritten public offering of $1.0 billion of 5.625% senior notes due 2028 and $500 million of 6.000% senior notes due 2030. The company plans to use the proceeds, with cash on hand, to redeem in full its $500 million 2.900% notes due June 2025, pay fees and expenses, and for general corporate purposes, which may include stock repurchases.
$1.0 billion of 5.625% senior notes mature June 15, 2028, with interest paid semi-annually from December 15, 2025
$500 million of 6.000% senior notes mature June 14, 2030, with interest paid semi-annually from December 14, 2025
Proceeds, with cash on hand, will redeem the $500 million 2.900% notes due June 2025 in full
The notes are unsecured, rank equally with other unsecured obligations, and are not guaranteed by subsidiaries
BlackLine reported first quarter 2025 results for the period ended March 31, 2025, with GAAP revenue up 6% to $166.9 million. GAAP net income attributable to BlackLine fell to $6.1 million, or $0.10 per diluted share, from $10.8 million, or $0.17, a year earlier, and free cash flow fell to $32.6 million from $43.7 million. The company also gave second quarter and full year 2025 revenue ranges of $170 million to $172 million and $692 million to $705 million.
Q1 2025 GAAP revenue of $166.9 million, up 6% from $157.5 million in Q1 2024
GAAP net income attributable to BlackLine of $6.1 million ($0.10 per diluted share) vs. $10.8 million ($0.17) a year earlier; restructuring costs were $5.3 million vs. $0.4 million
Non-GAAP net income of $36.3 million ($0.49 per diluted share) vs. $40.1 million ($0.54); free cash flow of $32.6 million vs. $43.7 million
Full year 2025 GAAP revenue guidance of $692 million to $705 million; Q2 2025 GAAP revenue guidance of $170 million to $172 million
Grocery Outlet reported first quarter fiscal 2025 results, with net sales up 8.5% to $1.13 billion but a net loss of $23.3 million, compared with a $1.0 million loss a year earlier. The company cut its fiscal 2025 comparable store sales guidance to 1.0% to 2.0% from 2.0% to 3.0%, and it also disclosed the upcoming departures of two executive officers.
Net sales rose 8.5% to $1.13 billion; comparable store sales rose 0.3%.
Net loss was $23.3 million, or $(0.24) per diluted share, including $33.9 million in restructuring charges; adjusted earnings per share were $0.13 versus $0.09 a year earlier.
Fiscal 2025 comparable store sales guidance was cut to 1.0% to 2.0%; net sales, adjusted EBITDA and adjusted earnings per share guidance were maintained.
Ramesh Chikkala, EVP and Chief Operations Officer, is expected to depart on or around June 6, 2025; Pamela B. Burke, EVP and Chief Stores Officer, on or around October 6, 2025.
Gen Digital reported GAAP results for fiscal 2025, which ended March 28, 2025, with revenue of $3,935 million, up 4%, and diluted EPS of $1.03, up 9%. The company guided fiscal 2026 non-GAAP revenue to $4,700 million to $4,800 million and EPS to $2.46 to $2.54, and its board approved a $0.125 quarterly dividend. Shareholders get a clear view of growth and the outlook, though results include a $66 million legal contract dispute charge.
Fiscal 2025 GAAP revenue was $3,935 million, up 4%, and GAAP operating income was $1,610 million, up 45%.
Fiscal 2026 guidance: revenue of $4,700 million to $4,800 million and non-GAAP EPS of $2.46 to $2.54.
Q4 fiscal 2025 GAAP revenue was $1,010 million, up 5%, and diluted EPS was $0.23, up 11%.
Quarterly dividend of $0.125 per share is payable June 11, 2025, to holders of record on May 19, 2025.
Grand Canyon Education reported first quarter 2025 results on May 6, 2025. Service revenue rose 5.3% to $289.3 million and diluted EPS rose to $2.52 from $2.29, while operating margin slipped to 30.4% from 30.8%. The company also issued quarterly and full-year 2025 outlooks, with full-year diluted EPS guidance of $8.36 to $8.70.
Service revenue of $289.3 million, up 5.3% from $274.7 million; partner enrollments rose 5.8% to 127,779.
Net income of $71.6 million, up 5.3%; diluted EPS of $2.52 vs. $2.29 (as adjusted $2.57 vs. $2.35).
Operating income of $88.0 million, up 4.2%; operating margin 30.4% vs. 30.8%.
Full-year 2025 outlook: service revenue of $1,079.8 million to $1,099.8 million; diluted EPS of $8.36 to $8.70.
Kulicke & Soffa reported fiscal second-quarter 2025 results for the period ended March 29, 2025. Net revenue fell 5.9% year over year to $162.0 million, and GAAP net loss was $84.5 million, or $(1.59) per diluted share, driven largely by about $86.6 million in pre-tax charges tied to its planned cessation of the Electronics Assembly equipment business. The company expects third-quarter revenue of about $145 million, plus or minus $10 million, and a GAAP diluted loss of about $(0.09) per share.
Net revenue of $162.0 million, down 5.9% from $172.1 million in the prior-year quarter; GAAP net loss of $84.5 million narrowed from $102.7 million a year earlier.
Non-GAAP net loss of $27.9 million, or $(0.52) per diluted share, versus GAAP $(1.59).
Pre-tax charges of about $86.6 million related to the intended cessation of the Electronics Assembly equipment business, announced March 31, 2025.
Third-quarter fiscal 2025 outlook: net revenue about $145 million plus or minus $10 million; GAAP diluted EPS about $(0.09); non-GAAP diluted EPS about $0.05.
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