1,673 material Form 8-K filings that 1,260 companies we cover made with the SEC in February 2026, 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).
KBR reported fourth-quarter fiscal 2025 revenue of $1.9 billion, down 11%, while net income attributable to KBR rose 46% to $111 million and diluted EPS rose 53% to $0.87. For the full year, revenue was $7.8 billion, up 1%, and adjusted EPS was $3.93, up 18%. The company also issued fiscal 2026 guidance, with adjusted EPS of $3.87 to $4.22, which shareholders can compare with the prior year.
Q4 revenue $1.9 billion, down 11%, due to the slower pace of awards and contingency EUCOM scope reductions
Q4 operating income $191 million, up 36%, helped by a $26 million contract dispute resolution that did not recur
Fiscal 2026 guidance: revenue $7.90 billion to $8.36 billion; adjusted EBITDA $980 million to $1.04 billion; adjusted EPS $3.87 to $4.22
Board approved a quarterly dividend of $0.165 per share, payable April 15, 2026, and planned spin-off of Mission Technology Solutions targeted for second half of 2026
Kinetik reported fourth-quarter 2025 total operating revenues of $430.4 million, up from $385.7 million a year earlier, and Adjusted EBITDA of $252.1 million, up from $237.5 million. Quarterly net income was driven by a $415.4 million gain on the sale of its EPIC Crude equity interest, and the company guided 2026 Adjusted EBITDA to $950 million to $1,050 million, which it said is a 7% increase at the midpoint.
Q4 2025 diluted EPS was $2.16 versus $0.01 in Q4 2024; Adjusted EBITDA was $252.1 million versus $237.5 million.
Net income including noncontrolling interest of $416.7 million includes a $415.4 million gain from the EPIC Crude divestiture completed October 31, 2025.
Full-year 2025 Adjusted EBITDA was $987.7 million; Q4 2025 Free Cash Flow was $(12.0) million versus $32.5 million a year earlier.
2026 guidance calls for Adjusted EBITDA of $950 million to $1,050 million and capital expenditures of $450 million to $510 million.
Ellington Financial reported fourth-quarter 2025 net income attributable to common stockholders of $14.7 million, or $0.14 per share, down from $29.5 million, or $0.29 per share, in the third quarter. Adjusted Distributable Earnings were $51.4 million, or $0.47 per share, which the company said substantially exceeded its $0.39 per share dividend, while net interest income rose to $53.6 million from $49.7 million. The mixed results matter to shareholders because the GAAP profit measure roughly halved even as the company's earnings-based dividend coverage and balance sheet measures were highlighted.
Net income attributable to common stockholders was $14.7 million, or $0.14 per share, for the quarter ended December 31, 2025, compared with $29.5 million, or $0.29 per share, for the quarter ended September 30, 2025.
Adjusted Distributable Earnings were $51.4 million, or $0.47 per share; dividends for the quarter were $0.39 per share.
Book value per common share was $13.16 as of December 31, 2025.
The company issued $400 million of unsecured notes on October 6, 2025, and its recourse debt-to-equity ratio was 1.9:1 as of December 31, 2025.
Ormat reported fourth-quarter 2025 revenue of $276.0 million, up 19.6%, led by Product and Energy Storage growth. Fourth-quarter GAAP diluted EPS fell to $0.50 from $0.67, and the company cited $12 million in impairment charges. The company also issued 2026 guidance calling for total revenues of $1,110 million to $1,160 million and Adjusted EBITDA of $615 million to $645 million.
Q4 2025 total revenues were $276.0 million, up 19.6% from $230.7 million; GAAP diluted EPS was $0.50 versus $0.67 a year earlier.
Full-year 2025 revenues were $989.6 million, up 12.5%; net income attributable to stockholders was $123.9 million, or $2.02 per diluted share, versus $2.04 in 2024.
2026 guidance: total revenues of $1,110 million to $1,160 million and Adjusted EBITDA of $615 million to $645 million.
Quarterly dividend of $0.12 per share, payable March 24, 2026, to holders of record as of March 10, 2026.
Cactus reported fourth quarter 2025 revenue of $261.2 million, down from $272.1 million a year earlier, and diluted EPS of $0.57 versus $0.68. Management expects softer first quarter 2026 revenue in its legacy Pressure Control and Spoolable Technologies businesses, and director Melissa Law will not stand for re-election at the 2026 annual meeting.
Q4 2025 revenue was $261.2 million, down from $272.1 million in Q4 2024 and $264.0 million in Q3 2025.
Q4 2025 net income was $48.3 million versus $57.4 million a year earlier; diluted EPS was $0.57 versus $0.68.
Management expects Q1 2026 sales in legacy Pressure Control to soften and Spoolable Technologies revenue to be softer than Q4 2025.
Director Melissa Law advised on February 22, 2026 that she will not stand for re-election; the company says this is not due to any disagreement.
VSE Corporation reported fourth-quarter and full-year 2025 results on February 25, 2026, with revenue, GAAP net income and diluted EPS all higher than in 2024. The company also issued 2026 guidance that excludes the pending Precision Aviation Group acquisition, which is expected to close in the second quarter of 2026. For shareholders, the results show strong growth, though full-year free cash flow was only $6 million.
Q4 2025 revenue was $301.2 million, up 32%, and GAAP diluted EPS was $0.98 versus $0.51 a year earlier.
Full-year 2025 revenue was $1.1 billion, up 41%, with GAAP net income of $53.5 million and GAAP diluted EPS of $2.52.
2026 guidance excluding PAG calls for revenue growth of about 19% to 23% and Adjusted EBITDA margin of 16.8% to 17.3%.
Full-year 2025 operating cash flow was $27 million and free cash flow was $6 million; net debt was $223 million.
Hormel Foods reported first-quarter fiscal 2026 results for the period ended January 25, 2026, with net sales up 1.3% to $3.03 billion and GAAP diluted EPS of $0.33, up from $0.31. Adjusted diluted EPS fell to $0.34 from $0.35, and Retail segment profit dropped 19%. The company raised its GAAP diluted EPS guidance to $1.37 to $1.46 but reaffirmed its adjusted guidance of $1.43 to $1.51.
Net sales of $3.03 billion, up 1.3%; organic net sales up 2%
GAAP diluted EPS of $0.33 vs. $0.31 a year earlier; adjusted diluted EPS of $0.34 vs. $0.35
Retail segment profit down 19%; Foodservice segment profit up 12.8%; International up 9.9%
Fiscal 2026 GAAP diluted EPS guidance raised to $1.37 to $1.46 from $1.29 to $1.39; adjusted guidance of $1.43 to $1.51 reaffirmed
Donaldson reported second quarter fiscal 2026 results for the quarter ended January 31, 2026. Net sales rose 3.0% to $896.3 million, but GAAP net earnings fell 3.6% to $92.5 million and diluted EPS slipped to $0.78 from $0.79. The company lowered its adjusted fiscal 2026 EPS range and adjusted operating margin guidance, and agreed to acquire Facet for approximately $820 million in cash, expected to close in the second half of fiscal 2026.
Q2 net sales of $896.3 million, up 3.0%; GAAP net earnings of $92.5 million versus $95.9 million a year ago
Adjusted diluted EPS of $0.83, flat versus the prior year quarter
Adjusted fiscal 2026 EPS guidance narrowed to $3.93 to $4.01 from $3.95 to $4.11; adjusted operating margin guidance lowered to 16.0% to 16.4% from 16.2% to 16.8%
All-cash agreement to acquire Facet for approximately $820 million, expected to close in the second half of fiscal 2026
Chord Energy reported fourth-quarter and full-year 2025 results on February 25, 2026. Q4 net income was $84.4 million, down from $210.6 million a year earlier, and total revenues also declined, although production and capital spending came in at or better than guidance. The company kept its 2026 volume and capital guidance consistent with its November outlook and declared a $1.30 per share base dividend.
Q4 2025 net income was $84.4 million versus $210.6 million in Q4 2024; diluted EPS was $1.48 versus $3.43.
Q4 2025 total revenues were $1.17 billion versus $1.45 billion a year earlier; oil, NGL and gas revenues were $876.6 million.
2026 guidance: oil volumes of 157 to 161 MBopd and CapEx of $1.35 billion to $1.45 billion, consistent with the November outlook.
Base dividend of $1.30 per share is payable March 27, 2026 to shareholders of record as of March 12, 2026.
APA reported fourth-quarter 2025 net income attributable to common stock of $279 million, or $0.79 per diluted share, down from $354 million, or $0.96, a year earlier, and quarterly revenue of $1,991 million versus $2,712 million. For the full year, net income attributable to common stock rose to $1,434 million, or $3.99 per diluted share, from $804 million, or $2.27, and the company said it expects 2026 total adjusted production of 371,000 barrels of oil equivalent per day, a year-over-year decline.
Q4 2025 adjusted earnings were $324 million, or $0.91 per diluted share, versus $290 million, or $0.79, in Q4 2024
Full-year 2025 free cash flow totaled $1.0 billion and shareholder returns were $640 million, per the release
2026 planned total upstream capital is $2.1 billion, a 10% reduction from 2025
Year-end 2025 net debt was under $4.0 billion; total debt was reduced to less than $4.5 billion
Kodiak Gas Services reported fourth-quarter 2025 net income attributable to common shareholders of $24.6 million, or $0.28 per diluted share, up from $19.1 million in the fourth quarter of 2024, on revenue of $332.9 million versus $309.5 million a year earlier. The company also gave initial 2026 guidance of $750 million to $780 million in adjusted EBITDA, which excludes its pending $675 million acquisition of Distributed Power Solutions, LLC, expected to close in early April 2026.
Q4 2025 net income attributable to common shareholders was $24.6 million, or $0.28 per diluted share, versus $19.1 million in Q4 2024
Q4 2025 total revenues were $332.9 million, up from $309.5 million in Q4 2024; adjusted EBITDA was $184.5 million
2026 guidance: adjusted EBITDA of $750 million to $780 million and discretionary cash flow of $480 million to $510 million, excluding the pending acquisition
Distributed Power Solutions deal valued at approximately $675 million, expected to close in early April 2026; guidance to be updated after closing
Innoviva reported fourth-quarter and full-year 2025 results. Total revenue rose 25% in the quarter to $114.6 million and 15% for the year to $411.3 million, and net income rose sharply, helped mainly by fair value gains on its Armata Pharmaceuticals investments. Operating income fell slightly in both periods, and the company also disclosed a $125 million share repurchase program.
Q4 2025 total revenue was $114.6 million, up from $91.8 million in Q4 2024; full-year revenue was $411.3 million, up from $358.7 million.
Q4 2025 net income was $164.2 million ($2.19 basic per share), compared with $20.3 million in Q4 2024; full-year net income was $271.2 million.
Q4 2025 income from operations was $39.0 million, down from $43.1 million a year earlier, and gross royalty revenue from GSK fell to $58.4 million from $66.0 million.
Cash and cash equivalents were $550.9 million at December 31, 2025, and the company initiated a $125 million share repurchase program in the fourth quarter.
LeMaitre Vascular reported preliminary fourth-quarter 2025 sales of $64.5 million, up 16%, with operating income of $18.8 million, up 47%. The company also guided to 2026 full-year sales of $276 million to $284 million and diluted EPS of $2.81 to $3.01, and raised its quarterly dividend 25% and authorized a $100.0 million share repurchase program.
Q4 2025 diluted EPS was $0.68, up 39% from the prior-year quarter, and gross margin was 71.7%, up 240 basis points.
Full-year 2026 guidance calls for sales of $276 million to $284 million and diluted EPS of $2.81 to $3.01.
On February 19, 2026, the board raised the quarterly dividend 25% to $0.25 per share, payable March 26, 2026, and authorized up to $100.0 million in buybacks through February 18, 2027.
Chesapeake Utilities reported full-year 2025 net income of $140.3 million ($5.97 per share), up from $118.6 million ($5.26 per share) in 2024, and adjusted EPS of $6.01 versus $5.39 a year earlier. Fourth-quarter 2025 net income was $46.1 million ($1.93 per share) versus $36.7 million ($1.60 per share) a year earlier. The company reaffirmed its 2028 EPS guidance of $7.75 to $8.00 and its 2024-2028 capital expenditure guidance of $1.5 billion to $1.8 billion.
Full-year 2025 adjusted gross margin rose $71.1 million to $638.5 million, driven mainly by regulatory initiatives, infrastructure programs and natural gas growth
2025 capital expenditures totaled $470.4 million; 2026 capital expenditure guidance is $450 million to $500 million
Equity to total capitalization ratio was approximately 50 percent at December 31, 2025
Earnings call scheduled for February 26, 2026 at 8:30 a.m. Eastern Time
Crescent Energy reported full-year 2025 net income attributable to the company of $132.9 million, compared with a $114.6 million loss in 2024, and a fourth-quarter net loss of $8.7 million, compared with a $118.0 million loss a year earlier. The company also issued 2026 guidance, including production of 320 to 335 MBoe/d, and raised its share repurchase authorization to $400 million, which gives it more room to buy back stock.
Full-year 2025 net income attributable to Crescent was $132.9 million, or $0.54 per diluted Class A share, versus a $114.6 million loss in 2024
Fourth-quarter 2025 net loss attributable to Crescent was $8.7 million, or $0.03 per share, versus a $118.0 million loss in the fourth quarter of 2024; fourth-quarter revenue was $865 million versus $875 million a year earlier
2026 guidance calls for total production of 320 to 335 MBoe/d and development capital of $1,325 million to $1,425 million
Board raised the share repurchase authorization to $400 million from $150 million and extended the program indefinitely; a $0.12 per share dividend is payable March 25, 2026
Ingevity reported a full-year 2025 net loss of $167.1 million, which the company attributed mainly to non-cash special charges tied to Advanced Polymer Technologies and Road Markings. Net sales from continuing operations fell 2.7% to $1.2 billion, while adjusted EPS from continuing operations rose 1.7% to $4.13. The company also gave 2026 guidance of adjusted EPS of $4.80 to $5.20 and said it has begun exploring strategic alternatives for those two businesses, which could change the company's portfolio.
Full-year 2025 net sales from continuing operations were $1.2 billion, down 2.7%; net loss from continuing operations was $150.3 million.
Fourth-quarter net loss of $84.6 million included $109.3 million in pre-tax non-cash special charges related to Road Markings.
2026 outlook: net sales of $1.1 billion to $1.2 billion, adjusted EBITDA of $380 million to $400 million, and adjusted EPS of $4.80 to $5.20.
Full-year 2025 free cash flow was $273.5 million; 2026 free cash flow is expected at $225 million to $250 million, excluding about $95 million in BASF litigation-related payments.
NVIDIA reported fourth-quarter fiscal 2026 revenue of $68.1 billion, up 73% from a year ago, with GAAP diluted earnings per share of $1.76 versus $0.89 a year earlier. It forecast first-quarter fiscal 2027 revenue of $78.0 billion, plus or minus 2%, and said it will include stock-based compensation in non-GAAP results starting that quarter, which changes how its non-GAAP figures compare with prior periods.
Q4 revenue was $68.1 billion, up 20% from Q3 and up 73% from a year ago; Data Center revenue was $62.3 billion.
GAAP diluted EPS was $1.76 and non-GAAP diluted EPS was $1.62; GAAP gross margin was 75.0%.
Q1 fiscal 2027 revenue outlook is $78.0 billion, plus or minus 2%, with no Data Center compute revenue from China assumed.
Fiscal 2026 shareholder returns totaled $41.1 billion; $58.5 billion remained under the buyback authorization at quarter end.
Pebblebrook Hotel Trust reported a 2025 net loss of $62.2 million, which included $48.9 million of impairment charges from hotel dispositions. Full-year adjusted FFO per diluted share fell 6.0% to $1.58 and Adjusted EBITDAre fell 4.7% to $342.5 million, while fourth-quarter adjusted FFO per diluted share rose 35.0% to $0.27. The company guided 2026 adjusted FFO per diluted share to $1.50 to $1.62.
2025 net loss of $62.2 million, including $48.9 million of impairment charges from hotel dispositions
Full-year 2025 Adjusted EBITDAre of $342.5 million, down 4.7% from $359.2 million in 2024
Q4 2025 Adjusted FFO per diluted share of $0.27, up 35.0% from $0.20 a year earlier
2026 outlook: Adjusted EBITDAre of $325.0 to $339.0 million and Adjusted FFO per diluted share of $1.50 to $1.62
Chemed reported fourth-quarter 2025 revenue of $639.3 million, essentially flat year over year, while GAAP diluted EPS fell 9.0% to $5.48 and adjusted diluted EPS fell 6.0% to $6.42. The company guided to 2026 adjusted diluted EPS of $23.25 to $24.25, compared with 2025 adjusted EPS of $21.55, and said 55% of 2026 adjusted net income and adjusted EBITDA before Medicare Cap is expected in the second half.
Q4 2025 revenue was $639.3 million, essentially flat; GAAP diluted EPS was $5.48, down 9.0%, and adjusted diluted EPS was $6.42, down 6.0%.
VITAS net patient revenue rose 1.9% to $418.8 million, while Roto-Rooter revenue fell 3.7% to $220.6 million.
2026 guidance: adjusted diluted EPS of $23.25 to $24.25, versus $21.55 in 2025; Roto-Rooter adjusted EBITDA margin expected at 22.5% to 23.0%.
During the quarter the company repurchased 400,000 shares for $174.6 million; $127.3 million of repurchase authorization remained at December 31, 2025.
Green Brick Partners reported fourth-quarter and full-year 2025 results on February 25, 2026. Profit declined from a year earlier: fourth-quarter diluted EPS was $1.78 versus $2.31, and full-year diluted EPS was $7.07 versus $8.45, while full-year total revenues were flat at about $2.10 billion. The company also adopted a new $150 million share repurchase plan.
Q4 2025 net income attributable to Green Brick was $78.4 million, or $1.78 per diluted share, versus $103.8 million, or $2.31, in Q4 2024.
Q4 2025 total revenues were $552.6 million, down 2.6%, while 1,038 new homes were delivered, up 1.9%.
Full-year 2025 net income attributable to Green Brick was $313.2 million, or $7.07 per diluted share, versus $381.6 million, or $8.45, in 2024.
Full-year 2025 homebuilding gross margin was 30.5%, down from 33.8%, and the company adopted a new $150 million share repurchase plan.
HCI Group reported fourth-quarter 2025 pre-tax income of $144 million and diluted earnings per share of $7.25, compared with $6 million pre-tax and $0.23 per share a year earlier. For full-year 2025, pre-tax income was $429 million and diluted EPS was $22.72, versus $8.89 in 2024, with lower hurricane-related losses a key factor in the improvement. The company also said it plans a share buyback program, which it has not yet announced.
Q4 2025 gross premiums earned were $332 million, up from $297 million in Q4 2024.
Q4 2025 gross loss ratio was 15.6%, compared with 37.2% in Q4 2024, which included a net $78 million loss from Hurricane Milton.
Full-year 2025 net income after noncontrolling interests was $299 million, compared with $110 million in 2024.
Management said it plans a share buyback program that is soon to be announced; the filing gives no amount.
Churchill Downs reported fourth quarter and full year 2025 results. Revenue grew in both periods, but net income attributable to the company fell, and diluted EPS declined to $0.71 for the quarter and $5.29 for the year. The company also reported higher Adjusted EBITDA and an increased annual dividend.
Q4 2025 net revenue was $665.9 million, up $41.7 million or 7%; net income attributable to CDI was $51.3 million, down $20.4 million or 28%
Diluted EPS was $0.71 in Q4 2025 versus $0.95 a year earlier, and $5.29 for full year 2025 versus $5.68 in 2024
Full year 2025 net income attributable to CDI was $383.0 million versus $426.8 million, including a $33.0 million after-tax increase in impairment charges tied mainly to the Chasers' gaming rights
Annual dividend of $0.438 per share, a seven percent increase; the company repurchased 4,190,380 shares for $425.3 million in 2025
StandardAero reported record full-year 2025 revenue of $6.06 billion, up 15.8%, and net income of $277.4 million, or $0.83 per diluted share, compared with $11.0 million a year earlier. The company also initiated 2026 guidance calling for revenue of $6.275 billion to $6.425 billion and Adjusted EPS of $1.35 to $1.45, which shareholders can compare with the 2025 results.
Full-year 2025 revenue was $6,062.5 million, up 15.8%; Adjusted EBITDA was $808.2 million, up 17.0%.
Fourth-quarter 2025 net income was $78.6 million, compared with a net loss of $14.1 million a year earlier.
2026 guidance: revenue $6,275 to $6,425 million, Adjusted EBITDA $870 to $905 million, Adjusted EPS $1.35 to $1.45.
California Water Service Group reported fourth-quarter 2025 net income of $11.5 million, or $0.19 per diluted share, down 42% from $19.7 million, or $0.33, a year earlier, as revenue slipped to $220.0 million from $222.2 million. For the full year, net income fell to $128.2 million, or $2.15 per diluted share, from $190.8 million, or $3.25, and the company cited wet December weather and lower customer consumption. The company also agreed to buy Nexus Water Group's Nevada and Oregon subsidiaries for about $218 million, a deal expected to add about 36,000 connections and about $109 million to rate base, with closing targeted by the end of 2026 pending regulatory approvals.
Q4 2025 net income $11.5 million, or $0.19 per diluted share, versus $19.7 million, or $0.33, in Q4 2024
Full-year 2025 net income $128.2 million, or $2.15 per diluted share, versus $190.8 million, or $3.25, in 2024
Nexus acquisition price about $218 million, subject to closing adjustments; expected to close by end of 2026
Annual dividend raised to $1.24 per share, the 58th consecutive annual dividend, per the earnings release
Marriott Vacations Worldwide reported fourth quarter and full year 2025 results on February 25, 2026, including a fourth quarter net loss attributable to common stockholders of $431 million, compared with net income of $50 million a year earlier, driven by a $546 million non-cash impairment charge. Adjusted diluted earnings per share fell to $1.86 from $1.98, and the company issued full year 2026 guidance for adjusted EBITDA of $755 million to $780 million.
Q4 2025 net loss attributable to common stockholders was $431 million, or $12.43 per diluted share, versus net income of $50 million in Q4 2024.
Q4 2025 adjusted diluted EPS was $1.86, down from $1.98; consolidated contract sales were $458 million, down 4%.
Full year 2025 adjusted EBITDA was $751 million; 2026 guidance calls for adjusted EBITDA of $755 million to $780 million and adjusted diluted EPS of $7.05 to $7.80.
The company will hold a conference call on February 26, 2026 at 8:00 a.m. ET and plans to post a new investor presentation on its website that day.
Acadia Pharmaceuticals reported fourth-quarter 2025 GAAP revenue of $284 million, up 9% from a year earlier, and full-year 2025 GAAP revenue of $1.07 billion, up 12%. Fourth-quarter net income was $274 million, or $1.60 per diluted share, but it included a non-cash income tax benefit of $250 million, and GAAP NUPLAZID sales were reduced by a $20 million change in estimate for Inflation Reduction Act rebates. The company also issued full-year 2026 GAAP revenue guidance of $1.22 to $1.28 billion.
Q4 2025 GAAP total revenues were $284 million, up from $259.6 million in Q4 2024; FY 2025 revenues were $1.07 billion, up 12%.
Q4 2025 net income was $274 million, or $1.60 per diluted share, versus $144 million, or $0.86, a year earlier; the quarter included a $250 million non-cash tax benefit.
Q4 2025 GAAP NUPLAZID net sales were $174 million, including a $20 million IRA rebate change in estimate; non-GAAP adjusted sales were $189 million.
2026 GAAP guidance: total revenues of $1.22 to $1.28 billion, NUPLAZID net sales of $760 to $790 million, DAYBUE net sales of $460 to $490 million.
Bristow Group reported fourth-quarter 2025 net income of $18.4 million, or $0.61 per diluted share, down from $51.5 million in the prior quarter. The quarter included asset-disposal losses and an income tax expense, compared with a tax benefit in the prior quarter. For the full year, net income rose to $129.1 million on revenue of $1.5 billion, the company affirmed its 2026 outlook, and it declared a $0.125 per share quarterly dividend as it starts a cash dividend program.
Q4 2025 net income attributable to the company was $18.4 million, or $0.61 per diluted share, versus $51.5 million, or $1.72, in Q3 2025; revenue was $377.3 million versus $386.3 million.
Full-year 2025 net income was $129.1 million, or $4.32 per diluted share, versus $94.8 million, or $3.21, in 2024; revenue was $1.5 billion versus $1.4 billion.
Full-year 2025 Adjusted EBITDA was $245.6 million, in line with the midpoint of the prior 2025 outlook; the 2026 outlook projects Adjusted EBITDA of $295 million to $325 million.
Quarterly dividend of $0.125 per share is payable March 26, 2026, to shareholders of record on March 13, 2026.
Global Net Lease reported fourth-quarter 2025 revenue of $117.0 million, down from $137.8 million a year earlier, mainly due to asset dispositions. Q4 net income attributable to common stockholders was $37.2 million, compared with a net loss of $17.5 million, reflecting the gain on the McLaren Campus sale, while Q4 AFFO per share fell to $0.22 from $0.34. The company issued initial 2026 AFFO per share guidance of $0.80 to $0.84.
Q4 2025 revenue was $117.0 million versus $137.8 million in Q4 2024; full-year 2025 AFFO of $0.99 per share exceeded revised guidance of $0.95 to $0.97.
Full-year 2025 net loss attributable to common stockholders was $269.2 million, compared with $175.3 million in 2024.
Net debt fell by $2.2 billion in 2025; Net Debt to Adjusted EBITDA improved from 7.6x to 6.7x; Fitch upgraded the corporate credit rating to BBB-.
2026 guidance: AFFO per share of $0.80 to $0.84 and Net Debt to Adjusted EBITDA of 6.5x to 6.9x, assuming $250 million to $350 million of gross transaction volume.
EPR Properties reported fourth-quarter and full-year 2025 results, with total revenue up 3.2% in the quarter and FFOAA per diluted share up 5.7% to $1.30. The company also introduced 2026 FFOAA per diluted share guidance of $5.28 to $5.48 and raised its monthly common dividend by 5.1%, which matters to shareholders because it sets the company's earnings and payout outlook for 2026.
Q4 2025 total revenue was $183.0 million, up 3.2%; net income available to common shareholders was $60.9 million, compared with a loss of $14.4 million a year earlier.
Full-year 2025 FFOAA per diluted share was $5.12, up 5.1%; Q4 FFOAA per diluted share was $1.30, up from $1.23.
2026 guidance: FFOAA per diluted share of $5.28 to $5.48, and investment spending of $400.0 million to $500.0 million.
Monthly common dividend raised 5.1% to $0.31 per share, payable April 15, 2026; Chief Investment Officer Gregory Zimmerman retires March 2, 2026, and Benjamin N. Fox succeeds him.
H2O America reported full-year 2025 revenue of $800.6 million, up 7%, and adjusted diluted EPS of $2.99, up from $2.95 in 2024, near the top of its narrowed guidance range. It initiated 2026 standalone adjusted EPS guidance of $3.08-3.18, raised its long-term EPS growth target to 6-8%, and set a $2.7 billion 2026-30 capital spending plan, which matters to shareholders because it signals expected earnings growth alongside a larger investment program tied to pending Texas acquisitions.
2025 revenue was $800.6 million, up 7% from $748.4 million in 2024; GAAP net income was $102.6 million, up 9%.
2025 adjusted diluted EPS was $2.99 versus $2.95 in 2024; GAAP diluted EPS was $2.92 versus $2.87.
2026 standalone adjusted diluted EPS guidance is $3.08-3.18, excluding the pending Quadvest and Cibolo Valley acquisitions and their financing.
Fourth-quarter 2025 diluted EPS was $0.45 versus $0.68 a year earlier; the 2026-30 capital expenditures budget is $2.7 billion, a 31% increase over the prior five-year plan.
Northern Oil and Gas reported fourth-quarter and full-year 2025 results and issued 2026 guidance. Fourth-quarter oil and gas sales fell to $447.7 million from $545.5 million a year earlier, and the company recorded a GAAP net loss of $70.7 million, which included a $268.5 million non-cash impairment, while production rose 6%. Full-year GAAP net income was $38.8 million, and the company closed its Joint Utica acquisition in February 2026 for a $464.6 million cash closing payment.
Q4 2025 oil and gas sales were $447.7 million, down from $545.5 million in Q4 2024, while production rose 6% to 140,064 Boe per day.
Q4 2025 GAAP net loss was $70.7 million, or $0.73 per diluted share, after a $268.5 million non-cash impairment charge.
Full-year 2025 GAAP net income was $38.8 million, or $0.39 per diluted share; full-year Adjusted EBITDA was $1.6 billion, up 1%.
2026 guidance: annual production of 139,000 to 143,000 Boe per day and capital expenditures of $850 million to $900 million in the low-activity scenario.
Synopsys reported first-quarter fiscal 2026 revenue of $2.409 billion, up from $1.455 billion a year earlier and at the high end of its prior guidance. GAAP net income fell to $65.0 million, or $0.34 per diluted share, from $295.7 million, while non-GAAP EPS rose to $3.77 from $3.03. The board also authorized up to $2.0 billion of stock repurchases, which the company may suspend or terminate at any time.
Revenue of $2.409 billion vs. $1.455 billion a year earlier, at the high end of prior guidance
GAAP net income of $65.0 million ($0.34 per diluted share) vs. $295.7 million ($1.89) a year earlier; restructuring charges were $118.3 million
Non-GAAP EPS of $3.77 vs. $3.03 a year earlier
Board replenished the stock repurchase program with up to $2.0 billion of authorization; full-year revenue target of $9.61 billion at the midpoint reiterated
Veeco reported fourth-quarter 2025 revenue of $165.0 million, down from $182.1 million a year earlier, and GAAP net income of $1.1 million, or $0.02 per diluted share, versus $15.0 million, or $0.26, in the prior-year quarter. For fiscal 2026 it guided to revenue of $740 million to $800 million and GAAP diluted EPS of $0.83 to $1.17, while the pending merger with Axcelis continues.
Q4 2025 non-GAAP EPS was $0.24, versus $0.41 in Q4 2024; Q4 2025 merger costs were $6.3 million
Full-year 2025 revenue was $664.3 million, versus $717.3 million in 2024; GAAP diluted EPS was $0.59, versus $1.23
Q1 2026 guidance: revenue of $150 million to $170 million and GAAP diluted EPS of ($0.03) to $0.07
The company cited a planned merger with Axcelis as part of its growth outlook
VICI Properties reported fourth-quarter and full-year 2025 results and gave preliminary 2026 AFFO guidance. Revenue and AFFO grew, but fourth-quarter net income per share fell 2.8%, mainly because of a $58.7 million year-over-year change in the CECL allowance.
Q4 2025 total revenues rose 3.8% to $1.0 billion; Q4 AFFO rose 6.8% to $642.5 million, or $0.60 per share
Q4 net income attributable to common stockholders fell 1.6% to $604.8 million, or $0.57 per share, versus $0.58 a year earlier
Full-year 2025 AFFO per share rose 5.1% to $2.38; full-year revenue rose 4.1% to $4.0 billion
2026 AFFO guidance is $2,590 million to $2,625 million, or $2.42 to $2.45 per diluted share
SM Energy reported fourth-quarter and full-year 2025 results and said its board increased the fixed dividend policy, declaring a $0.22 per share dividend. Full-year total revenue rose to $3.15 billion from $2.69 billion, but full-year net income fell to $648 million from $770 million, and fourth-quarter net income fell to $109 million from $188 million. The 2026 outlook is in a separate press release (Exhibit 99.2) that is not included in the text provided.
Q4 2025 net income was $109 million, or $0.95 per diluted share, versus $188 million, or $1.64, a year earlier; Q4 total revenue was $705 million versus $852 million.
Full-year 2025 net income was $648 million, or $5.64 per diluted share, versus $770 million, or $6.67, in 2024; full-year total revenue was $3.15 billion versus $2.69 billion.
Full-year 2025 Adjusted EBITDAX was $2.26 billion, 13% higher than 2024, according to the company.
The board approved a $0.22 per share dividend payable March 23, 2026, to stockholders of record at the close of business on March 9, 2026.
OUTFRONT Media reported fourth-quarter and full-year 2025 results on February 25, 2026. Fourth-quarter revenue and diluted earnings per share both rose from a year earlier, while full-year revenue was roughly flat and full-year net income fell from a year earlier, which included prior-year gains on dispositions. The board also declared a $0.30 per share quarterly dividend payable March 31, 2026.
Q4 2025 revenues were $513.3 million, up $20.1 million, or 4.1%, from $493.2 million in Q4 2024.
Q4 2025 net income attributable to OUTFRONT Media was $96.8 million, or $0.55 per diluted share, versus $0.43 a year earlier.
Full-year 2025 revenues were $1,831.7 million, up $0.8 million from 2024; full-year net income was $147.0 million versus $258.2 million.
Quarterly dividend of $0.30 per share is payable March 31, 2026, to holders of record on March 6, 2026.
Nutanix reported second-quarter fiscal 2026 revenue of $722.8 million, up 10% from a year earlier, and GAAP net income of $103.0 million, up from $56.4 million. The same day, it agreed to sell 4,136,789 shares to AMD at $36.26 per share for $150 million, and the companies announced a multi-year partnership with AMD funding up to $100 million for Nutanix R&D and go-to-market work. The company guided third-quarter revenue to $680 million to $690 million and said supply chain constraints could affect the timing of near-term revenue and free cash flow.
Q2 GAAP net income was $103.0 million, or $0.36 per diluted share, versus $56.4 million, or $0.19 per diluted share, a year earlier.
Annual Recurring Revenue was $2.36 billion as of January 31, 2026, up 16% year over year; free cash flow was $191.4 million.
Q3 fiscal 2026 revenue outlook is $680 million to $690 million; fiscal 2026 revenue outlook is $2.80 billion to $2.84 billion.
AMD agreed to buy 4,136,789 Class A shares at $36.26 per share, or $150 million in cash, in a private placement; closing is subject to a Hart-Scott-Rodino waiting period.
Pursuit Attractions and Hospitality reported full-year 2025 revenue of $452.4 million, up 23.4% from 2024, and Adjusted EBITDA of $117.1 million, up $40.1 million. GAAP net income attributable to Pursuit fell to $22.7 million from $368.5 million, mainly because 2024 included the gain on the GES sale. The company guided to 2026 Adjusted EBITDA of $123 million to $133 million and set 2030 targets, and it expects to close the $78.4 million Flyover sale in spring 2026.
Full-year 2025 revenue was $452.4 million, up 23.4%; fourth-quarter revenue was $57.1 million, up 24.6%.
Full-year 2025 net income attributable to Pursuit was $22.7 million, or $0.80 per diluted share, versus $368.5 million in 2024; fourth-quarter net loss was $25.7 million.
2026 Adjusted EBITDA guidance is $123 million to $133 million, about 9% growth at the mid-point versus 2025.
Pursuit expects to sell Flyover Attractions to Brogent Technologies for about $78.4 million, with closing expected in spring 2026.
Permian Resources reported fourth-quarter 2025 results on February 25, 2026, with net income attributable to Class A common stock of $339.5 million, up from $216.7 million a year earlier, while oil and gas sales fell to $1.17 billion from $1.30 billion. For the full year, diluted earnings per share were $1.28, down from $1.45, and the company issued 2026 guidance with a 7% increase to its quarterly base dividend.
Q4 2025 diluted earnings per share were $0.45, versus $0.29 in Q4 2024; Q4 oil and gas sales were $1.17 billion, versus $1.30 billion.
Full-year 2025 diluted earnings per share were $1.28, versus $1.45 in 2024; full-year oil and gas sales were $5.07 billion, versus $5.00 billion.
2026 guidance calls for 400,000 to 430,000 Boe/d total production and a cash capital expenditure budget of $1.75 billion to $1.95 billion.
Quarterly base dividend increases to $0.16 per share from $0.15, payable March 31, 2026 to holders of record as of March 17, 2026.
ADMA Biologics reported full-year 2025 total revenue of $510.2 million, up 20% from 2024, and reiterated its 2026-2029 financial guidance. GAAP net income fell to $146.9 million from $197.7 million, which included an $84.3 million one-time tax benefit in 2024. CFO Brad Tade is retiring and Terry Kohler becomes CFO on February 26, 2026.
Full-year 2025 revenue was $510.2 million, up from $426.5 million in 2024; ASCENIV revenue rose 51% to $363 million.
GAAP net income was $146.9 million in 2025 versus $197.7 million in 2024, which included an $84.3 million non-recurring tax benefit; Adjusted Net Income rose 35% to $160.8 million.
Terry Kohler, previously Executive Financial Advisor, was promoted to CFO and Treasurer effective February 26, 2026, succeeding Brad Tade.
Tade will serve as a consultant through July 31, 2026, at a monthly gross amount of $41,666.67; the company expects FY 2026 revenue to exceed $635 million.
Sarepta reported fourth-quarter 2025 total revenues of $442.9 million, down 33% from $658.4 million a year earlier, and a GAAP net loss of $412.2 million, compared with net income of $159.0 million in the prior-year quarter. For the full year, revenues rose 16% to $2,198.2 million, but the GAAP net loss was $713.4 million, compared with net income of $235.2 million in 2024.
Q4 2025 total revenues were $442.9 million versus $658.4 million in Q4 2024, mainly due to $273.8 million less ELEVIDYS net product revenue after the June 2025 suspension of shipments to non-ambulatory patients in the U.S.
Q4 2025 GAAP net loss was $412.2 million, or $3.93 per diluted share, including a $165.3 million increase in an inventory valuation reserve.
Full-year 2025 GAAP net loss was $713.4 million, or $7.13 per diluted share, versus net income of $235.2 million, or $2.34 per share, in 2024.
Cash, cash equivalents, restricted cash and investments were $953.8 million as of December 31, 2025, down from $1,503.5 million a year earlier.
St. Joe reported fourth-quarter 2025 net income attributable to the company of $29.9 million, or $0.52 per share, up 58% from a year earlier, on revenue of $128.9 million, up 24%. For the full year, net income rose 56% to $115.6 million, or $2.00 per share, on revenue of $513.2 million, up 27%. The board also declared a quarterly dividend of $0.16 per share.
Q4 2025 revenue rose 24% to $128.9 million; real estate revenue rose 47% to $68.2 million
Full-year 2025 net income attributable to the company was $115.6 million, or $2.00 per share, versus $74.2 million, or $1.27 per share, in 2024
Quarterly dividend of $0.16 per share is payable March 26, 2026, to holders of record on March 9, 2026
Fourth-quarter leasing revenue fell 9% to $14.2 million, which the company attributed to the September 2025 sale of the Watercrest joint venture senior living property
TKO Group reported fourth quarter 2025 revenue of $1.038 billion, up 12%, and net income of $0.8 million, compared with a net loss of $60.9 million a year earlier. It also set 2026 targets of $5.675 billion to $5.775 billion in revenue and $2.240 billion to $2.290 billion in Adjusted EBITDA, and said it intends to launch up to $1 billion in share repurchases in March 2026.
Q4 2025 revenue $1.038 billion, up $110.2 million; Adjusted EBITDA $281.2 million, up 30%
Full year 2025 revenue $4.735 billion, down 3%; net income $546.2 million vs. net loss of $245.8 million in 2024
2026 targets: revenue $5.675 billion to $5.775 billion; Adjusted EBITDA $2.240 billion to $2.290 billion
Intends to repurchase up to $1.0 billion of Class A common stock, with launch expected in March 2026
Schrödinger reported fourth-quarter and full-year 2025 results, with full-year total revenue up 23.3% and net loss narrowing from $187.1 million to $103.3 million. Fourth-quarter total revenue fell 1.2%, and the company said it is accelerating a shift to ratable hosted software revenue that it expects to reduce reported software revenue in the short to medium term.
Full-year 2025 total revenue was $255.9 million, up 23.3%; software revenue was $199.5 million, up 10.6%.
Fourth-quarter 2025 total revenue was $87.2 million, down 1.2%; fourth-quarter net income was $32.5 million versus a net loss of $40.2 million a year earlier.
2026 outlook calls for software ACV of $218 million to $228 million and drug discovery revenue of $55 million to $65 million.
The company targets positive adjusted EBITDA by the end of 2028.
Protagonist reported fourth-quarter 2025 license and collaboration revenue of $7.4 million, down from $170.6 million a year earlier, and a net loss of $44.4 million, or $0.69 per share, compared with net income of $131.7 million in the prior-year quarter. For the full year, revenue fell to $46.0 million and the net loss was $130.1 million, and the company said the decline reflects lower, highly variable milestone revenue.
Q4 2025 license and collaboration revenue was $7.4 million, versus $170.6 million in Q4 2024, a decrease of $163.2 million.
Q4 2025 net loss was $44.4 million, or $0.69 per share, versus net income of $131.7 million, or $2.11 per basic share, a year earlier.
Full-year 2025 net loss was $130.1 million, or $2.05 per share, compared with net income of $275.2 million in 2024.
Cash, cash equivalents and marketable securities were $646.0 million at December 31, 2025, which the company expects to fund operations through at least the end of 2028.
Arcus Biosciences reported fourth-quarter and full-year 2025 results on February 25, 2026. Revenue declined and the net loss widened for both periods, and the company gave 2026 GAAP revenue guidance of $45 million to $55 million. Arcus and Gilead are winding down the Phase 3 STAR-221 and Phase 2 EDGE-Gastric studies, and the company expects R&D expenses to decrease meaningfully in 2026.
Full-year 2025 revenue was $247 million, down from $258 million in 2024; net loss was $353 million, or $3.29 per share, versus $283 million, or $3.14 per share in 2024
Fourth-quarter 2025 revenue was $33 million, down from $36 million; net loss was $106 million, compared with $94 million a year earlier
Company expects GAAP revenue of $45 million to $55 million for full-year 2026
Cash, cash equivalents and marketable securities were $1.0 billion at December 31, 2025, versus $992 million a year earlier, with funding expected until at least the second half of 2028
Veracyte reported fourth-quarter 2025 total revenue of $140.6 million, up 19% from a year earlier, and GAAP net income of $41.1 million, or $0.51 per diluted share, compared with $5.1 million, or $0.06, in the prior-year quarter. The company also reiterated its 2026 total revenue guidance of $570 million to $582 million, which shows results improved and the outlook was held steady.
Q4 2025 total revenue was $140.6 million, up 19% from $118.6 million; testing revenue was $135.8 million, up 21%.
Q4 2025 GAAP net income was $41.1 million, or $0.51 per diluted share, versus $5.1 million, or $0.06, in Q4 2024.
Full-year 2025 total revenue was $517.1 million, up 16%, and GAAP net income was $66.4 million.
The company reiterated 2026 total revenue guidance of $570 million to $582 million (10% to 13% growth) and expects adjusted EBITDA margin of about 25%.
Safety Insurance Group reported fourth quarter and full-year 2025 results. Full-year net income rose to $99.3 million, or $6.70 per diluted share, from $70.7 million, or $4.78, in 2024, and the combined ratio improved to 99.0% from 101.1%. The company also said it repurchased $20 million of shares in the fourth quarter.
Q4 2025 net income was $20.1 million, or $1.36 per diluted share, versus $8.1 million, or $0.55, in Q4 2024
Full-year 2025 combined ratio was 99.0%, compared with 101.1% in 2024
Company repurchased $20 million of shares in the quarter ended December 31, 2025
Board approved a $0.92 quarterly dividend payable March 13, 2026 to holders of record on March 2, 2026
Everpure reported fiscal fourth-quarter 2026 revenue of $1.1 billion, up 20% year-over-year, and GAAP net income of $100 million, or $0.29 per diluted share, versus $42 million, or $0.12, a year earlier. It also guided fiscal 2027 revenue to $4.3 billion to $4.4 billion, which would be 17% to 20% growth.
Q4 revenue $1.1 billion, up 20% year-over-year; full-year revenue $3.7 billion, up 16%
Q4 GAAP operating income $87 million, up from $42 million; full-year GAAP operating income $115 million
FY27 guidance: revenue $4.3 billion to $4.4 billion; non-GAAP operating income $780 million to $820 million
Q1 FY27 guidance: revenue $990 million to $1.01 billion, up 27% to 30%
Agilent reported first-quarter fiscal 2026 revenue of $1.80 billion, up 7.0% reported and 4.4% on a core basis, and GAAP EPS of $1.07, down 4% from a year earlier. The company raised its fiscal 2026 reported revenue outlook to $7.3 billion to $7.5 billion and increased its non-GAAP EPS range to $5.90 to $6.04, which matters to shareholders because the headline revenue and non-GAAP earnings measures moved up while GAAP profit declined.
Q1 revenue $1.80 billion, up 7.0% reported and 4.4% core; non-GAAP EPS $1.36, up 4% from $1.31
GAAP net income $305 million, or $1.07 per share, versus $318 million, or $1.11, in Q1 2025
FY2026 revenue outlook $7.3 billion to $7.5 billion; non-GAAP EPS $5.90 to $6.04
Q2 2026 revenue guidance $1.79 billion to $1.82 billion; non-GAAP EPS $1.39 to $1.42
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