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).
Pilgrim's Pride reported fourth-quarter 2025 net sales of $4.5 billion, up 3.3% from a year earlier, but GAAP earnings per share fell to $0.37 from $0.99 and Adjusted EBITDA fell 21.0% to $415.1 million. For the full year, net sales rose 3.5% to $18.5 billion and GAAP EPS was $4.54 versus $4.57, and the company returned $2 billion to shareholders through special dividends.
Q4 2025 net sales were $4.5 billion, up 3.3% from $4.37 billion in Q4 2024.
Q4 2025 GAAP EPS was $0.37 versus $0.99; operating income was $204.1 million versus $306.7 million.
Full-year 2025 GAAP EPS was $4.54 versus $4.57, with net sales of $18.5 billion and Adjusted EBITDA of $2.3 billion.
The company paid $2 billion in special dividends in 2025; a conference call is set for February 12, 2026 at 7 a.m. MT.
Applied Materials agreed on February 11, 2026 to pay $252.5 million to the Commerce Department's Bureau of Industry and Security to resolve allegations about China customer shipments made between November 2020 and July 2022. The DOJ and SEC have closed their related inquiries without enforcement action, which removes those open reviews, but the one-time payment is a cost and the settlement requires ongoing internal audits and compliance training.
One-time payment of $252.5 million to BIS under the settlement agreement dated February 11, 2026
The DOJ and SEC have closed their inquiries, and neither agency has taken enforcement action
BIS allegations cover certain customer shipments to China between November 2020 and July 2022
Applied agreed to conduct internal audits of its export controls compliance program and maintain training and reporting mechanisms
PG&E Corporation reported fourth-quarter and full-year 2025 results, with full-year GAAP EPS of $1.18 versus $1.15 in 2024 and non-GAAP core EPS of $1.50 versus $1.36. The company narrowed its 2026 non-GAAP core EPS guidance to $1.64-$1.66 per share from $1.62-$1.66, raising the low end, and lowered its customer bill inflation target to 0-3% from 2-4%.
Full-year 2025 GAAP income available for common shareholders was $2,593 million, or $1.18 per diluted share, versus $2,475 million, or $1.15, in 2024.
Full-year 2025 non-GAAP core earnings were $3,307 million, or $1.50 per diluted share, versus $2,923 million, or $1.36, in 2024; fourth-quarter core EPS was $0.36 versus $0.31.
Fourth-quarter 2025 GAAP EPS was $0.29 versus $0.30 a year earlier; non-core items totaled $714 million after tax, or $0.32 per share, for the full year.
NewMarket reported fourth quarter 2025 net income of $81.3 million, or $8.65 per share, down from $110.7 million, or $11.56 per share, a year earlier. For full year 2025, net income was $418.7 million, or $44.44 per share, compared with $462.4 million, or $48.22 per share, in 2024, and the company said a higher effective income tax rate was the main driver of the decline.
Q4 2025 net sales were $635.4 million, compared with $654.6 million in Q4 2024.
Q4 2025 petroleum additives operating profit was $106.8 million, compared with $135.7 million a year earlier.
Full-year 2025 specialty materials operating profit rose to $47.0 million from $17.5 million in 2024.
Full-year 2025 income tax expense was $141.8 million, compared with $121.7 million in 2024.
Biogen said Chair Caroline Dorsa will not stand for re-election to the Board at the 2026 Annual Meeting of Stockholders, and that her decision was not related to any disagreement with the Board or the Company. The Board also elected Dr. Maria C. Friere as Chair, effective after that meeting. The change in board leadership is a governance event that shareholders may want to note, but the filing contains no financial results.
Caroline Dorsa will not stand for re-election at the 2026 Annual Meeting of Stockholders
Filing states her decision was not related to any disagreement with the Board or the Company
Dr. Maria C. Friere elected Chair of the Board, effective after the Annual Meeting
Colombier Acquisition Corp. III, a blank check company, closed its initial public offering of 29.9 million units at $10.00 each on February 5, 2026, raising $299 million including the full exercise of the underwriters' over-allotment option. The $299 million was placed in a U.S.-based trust account to fund a future business combination, which has not yet been identified, and the filing's audited balance sheet and auditor's report raise substantial doubt about the company's ability to continue as a going concern.
29,900,000 units sold at $10.00 per unit, including 3,900,000 units from the full over-allotment option, for gross proceeds of $299 million on February 5, 2026.
Private placement of 150,000 units to sponsor Colombier Sponsor III LLC for $1.5 million.
$299 million placed in trust with Continental Stock Transfer & Trust Company; deferred underwriting fee of $3 million recorded.
Auditor WithumSmith+Brown states the company lacks sufficient cash and working capital to sustain operations for one year, raising substantial doubt about going concern.
Darling Ingredients reported fourth quarter 2025 net income of $56.9 million, or $0.35 per diluted share, down from $101.9 million, or $0.63, a year earlier, while total net sales rose to $1.7 billion from $1.4 billion. The company recorded $58.0 million in restructuring and asset impairment charges, mainly tied to its Enviroflight and CTH natural casing businesses, and full-year 2025 net income fell to $62.8 million from $278.9 million. It also gave first-quarter 2026 Adjusted EBITDA guidance of $240 million to $250 million for its core ingredients business only, excluding Diamond Green Diesel.
Q4 2025 net income $56.9 million ($0.35 per diluted share) vs. $101.9 million ($0.63) in Q4 2024
Q4 2025 total net sales $1.7 billion vs. $1.4 billion; Combined Adjusted EBITDA $336.1 million vs. $289.5 million
Full-year 2025 net income $62.8 million ($0.39 per diluted share) vs. $278.9 million ($1.73) in 2024; full-year net sales $6.1 billion vs. $5.7 billion
Q1 2026 guidance: core ingredients adjusted EBITDA of approximately $240-$250 million; results call scheduled for February 12, 2026
Watts Water Technologies reported fourth-quarter 2025 net sales of $625.1 million, up 16% on a reported basis and 8% organically, with diluted EPS of $2.50, up 24%. The company also gave a full-year 2026 outlook calling for reported sales growth of 8% to 12%, and operating margin of 18.8% to 19.4%. The results include three acquisitions completed in November 2025, which added to reported sales growth.
Q4 2025 net sales were $625.1 million, up 16% reported and 8% organic; diluted EPS was $2.50 versus $2.02 a year earlier.
Full-year 2025 net sales were $2.44 billion, up 8%; net income was $340.8 million and diluted EPS was $10.17, up 17%.
2026 outlook: reported sales growth of 8% to 12% and organic growth of 2% to 6%; operating margin of 18.8% to 19.4%.
Full-year 2025 share repurchases totaled $16.0 million; about $129 million remains under the 2023 program.
MSA Safety reported fourth-quarter 2025 net sales of $511 million, up 2% on a GAAP basis but down 3% organically, with GAAP diluted EPS of $2.21 versus $2.22 a year earlier. For full-year 2025, net sales rose 4% to $1.9 billion while GAAP diluted EPS fell 2% to $7.09, though adjusted diluted EPS rose 3% to $7.93. The company expects mid-single digit full-year organic sales growth in 2026.
Q4 2025 net sales $511 million, up 2% GAAP and down 3% organic, primarily due to fire service timing delays
Q4 2025 GAAP diluted EPS $2.21 (flat year over year); adjusted diluted EPS $2.38, up 6%
Full-year 2025 net sales $1.9 billion, up 4%; GAAP operating income $372 million, down 4%
2026 outlook: mid-single digit full-year organic sales growth; headwinds include tariff and geopolitical uncertainty
Noble Corporation plc reported fourth quarter 2025 revenue of $764 million, down from $798 million in the prior quarter and $927 million a year earlier, and adjusted diluted earnings per share of $0.09, down from $0.56 a year earlier. GAAP net income of $87 million was helped by a $72.8 million income tax benefit, and the company guided 2026 adjusted EBITDA to $940 million to $1.02 billion while calling 2026 a transitional year for earnings.
Q4 2025 total revenue was $764 million, versus $798 million in Q3 2025 and $927 million in Q4 2024.
Adjusted EBITDA was $232 million, versus $254 million in Q3 2025 and $319 million in Q4 2024; GAAP net income was $87 million, including a $72.8 million income tax benefit.
Adjusted diluted EPS was $0.09, versus $0.19 in Q3 2025 and $0.56 in Q4 2024; the quarter included a $22 million impairment loss.
For full year 2026, guidance calls for total revenue of $2.8 billion to $3.0 billion, adjusted EBITDA of $940 million to $1.02 billion, and capital expenditures of $590 million to $640 million; the Board approved a $0.50 per share dividend
AAR CORP. said its board appointed Dylan Wolin as senior vice president and chief financial officer, effective February 23, 2026, succeeding Sarah Flanagan as interim CFO. Flanagan will return to her prior role as vice president, financial operations. The company also reaffirmed its guidance for the third fiscal quarter and full fiscal year issued January 6, 2026.
Wolin, 49, was president of Elgin, Trackless, and Vactor at Federal Signal Corporation from August 2024 to February 2026, and previously held finance and strategy roles at AAR from 2017 to 2024.
Compensation for fiscal 2026 includes a $500,000 annual base salary, pro-rated from the effective date, and a $300,000 sign-on bonus.
Wolin will receive restricted stock awards valued at $840,000 to replace equity forfeited at his prior employer, vesting over three years.
AAR reaffirmed its third fiscal quarter and full fiscal year guidance issued January 6, 2026.
Microchip agreed to sell $800 million of 0% convertible senior notes due 2030, and the initial purchasers exercised in full their option for an additional $100 million on February 10, 2026. The company reports net proceeds of approximately $883.3 million, with about $68.0 million used for capped call transactions and the remainder intended to repay commercial paper. Shareholders could face dilution if the notes convert at the initial conversion price of about $104.17 per share, though the capped calls are generally expected to reduce that potential dilution up to a cap price of $148.82 per share.
$800 million of notes sold, plus a $100 million option exercised in full on February 10, 2026; notes mature February 15, 2030
Net proceeds of approximately $883.3 million; about $68.0 million used for capped call transactions
Initial conversion price of about $104.17 per share, a 40.0% premium to the $74.41 last reported sale price on February 9, 2026
Company may not redeem the notes before February 20, 2029; holders may require repurchase on February 15, 2029
Antero Midstream reported fourth-quarter 2025 results and 2026 guidance. GAAP net income fell to $52 million, or $0.11 per diluted share, from a year earlier, mainly because of an $86.6 million non-cash write-down of Utica Shale assets held for sale, while adjusted net income rose 8% per share to $0.28 and adjusted EBITDA rose 4% to $285 million. The company forecasts 2026 net income of $485 million to $535 million and adjusted EBITDA of $1.19 billion to $1.24 billion.
Q4 2025 net income was $52 million, or $0.11 per diluted share, versus $111 million, or $0.23, a year earlier
Q4 2025 adjusted net income was $133 million, or $0.28 per diluted share, an 8% per-share increase (non-GAAP)
Q4 2025 revenue was $297 million, up from $287 million; adjusted EBITDA was $285 million (non-GAAP)
2026 guidance: net income of $485 million to $535 million; adjusted EBITDA of $1.19 billion to $1.24 billion; HG Midstream acquisition closed in early February 2026
Leggett & Platt reported fourth-quarter and full-year 2025 results on February 11, 2026. Sales fell 11% in the fourth quarter and 7% for the year, while reported EPS rose from the prior year, and full-year adjusted EPS was flat at $1.05. The company guided 2026 sales of $3.8 billion to $4.0 billion, down 1% to 6%, and adjusted EPS of $1.00 to $1.20, which is a filing-stated increase at the midpoint versus 2025.
4Q25 sales were $939 million, down 11%; 4Q25 EPS was $0.18 versus $0.10 in 4Q24, and adjusted EPS was $0.22 versus $0.21.
Full-year 2025 sales were $4.05 billion, down 7%; EPS was $1.69 versus a loss of $3.73 in 2024, and adjusted EPS was $1.05, flat.
2026 guidance: sales of $3.8–$4.0 billion and EPS of $0.92–$1.38; adjusted EPS of $1.00–$1.20.
Net debt leverage was 2.4x at year end 2025, against a long-term target of 2.0x; the company reduced debt by $376 million in 2025.
Antero Resources reported fourth quarter 2025 net income of $194 million, up from $150 million a year earlier, and Adjusted EBITDAX of $422 million, up from $332 million. Adjusted Net Income fell to $133 million from $181 million, and the company said it closed the HG Energy acquisition in February 2026 and expects 2026 production to average 4.1 Bcfe/d on $1 billion of drilling and completion capital.
Q4 2025 net income attributable to Antero was $194 million versus $150 million a year earlier; Adjusted Net Income was $133 million versus $181 million.
Q4 2025 net cash provided by operating activities was $371 million, up from $278 million, and Adjusted EBITDAX was $422 million.
The HG Energy acquisition closed in February 2026; the Ohio Utica Shale divestiture is expected to close by the end of February 2026.
2026 guidance calls for net production averaging 4.1 Bcfe/d on $1 billion of drilling and completion capital, with up to $200 million of discretionary growth capital.
Ameren reported 2025 GAAP net income attributable to common shareholders of $1,456 million, or $5.35 per diluted share, up from $1,182 million, or $4.42, in 2024. The company affirmed its 2026 EPS guidance of $5.25 to $5.45 and issued EPS growth guidance of 6% to 8% compounded annually from 2026 through 2030.
2025 GAAP diluted EPS was $5.35 vs. $4.42 in 2024; adjusted EPS was $5.03 vs. $4.63.
Fourth-quarter 2025 GAAP diluted EPS was $0.92 vs. $0.77; total operating revenues were $1,782 million vs. $1,941 million.
2026 EPS guidance affirmed at $5.25 to $5.45 per diluted share; 6% to 8% compound annual growth guidance for 2026 through 2030.
Multi-year growth is expected to be driven by $31.8 billion of infrastructure investments.
Inspire Medical Systems reported fourth-quarter 2025 revenue up 12% to $269.1 million and full-year revenue up 14% to $912.0 million. The company revised its 2026 revenue outlook to $950 million to $1.0 billion after a clarified billing code change for its Inspire V procedure, and it plans a shareholder vote in 2026 to declassify its board.
Q4 2025 revenue rose 12% to $269.1 million; full-year 2025 revenue rose 14% to $912.0 million.
Q4 2025 GAAP net income was $136.1 million, or $4.66 per diluted share, including an $85.8 million income tax benefit; adjusted EPS was $1.65.
2026 revenue outlook is $950 million to $1.0 billion, or 4% to 10% growth; GAAP EPS outlook is $1.23 to $1.81.
The company said the Inspire V procedure will transition to CPT code 64582 with a -52 modifier; the 2026 annual meeting will consider declassifying the board.
Cognex reported fourth-quarter 2025 revenue of $252 million, up 10% from a year earlier, and full-year revenue of $994 million, up 9%. Its board also declared a $0.085 quarterly dividend and authorized an additional $500 million share repurchase, and the company guided first-quarter 2026 revenue to $235 million to $255 million.
Q4 2025 revenue was $252 million vs. $230 million in Q4 2024; diluted GAAP EPS was $0.19 vs. $0.16
Full-year 2025 revenue was $994 million, up 9%; full-year diluted GAAP EPS was $0.68 vs. $0.62
Q1 2026 guidance: revenue of $235 million to $255 million and adjusted diluted EPS of $0.22 to $0.26
Dividend of $0.085 per share payable March 12, 2026 to holders of record on February 26, 2026; new $500 million repurchase authorization added to $115 million remaining
Tyler Technologies reported fourth-quarter 2025 total revenues of $575.2 million, up 6.3%, with GAAP diluted EPS of $1.50, up 0.5%, and non-GAAP diluted EPS of $2.64, up 7.8%. The company also issued 2026 guidance calling for total revenues of $2.50 billion to $2.55 billion and non-GAAP diluted EPS of $12.40 to $12.65. The filing does not compare the 2026 outlook with earlier guidance, and the fourth quarter included a non-cash loss reserve of about $9.7 million tied to a contract dispute.
Q4 2025 total revenues were $575.2 million, up 6.3%; GAAP net income was $65.5 million, or $1.50 per diluted share.
Q4 2025 results included a non-cash loss reserve of about $9.7 million related to a previously disclosed contract dispute.
2026 guidance: total revenues of $2.50 billion to $2.55 billion; GAAP diluted EPS of $8.36 to $8.61; non-GAAP diluted EPS of $12.40 to $12.65.
A new $1 billion share repurchase program was recently announced by the board; the company repurchased $175 million of stock in 2025.
Four Corners Property Trust (FCPT) reported fourth-quarter and full-year 2025 results on February 11, 2026, with higher net income, revenue and per-share AFFO and FFO than a year earlier. The filing also says management will present a company overview at upcoming investor presentations, and an earnings call is scheduled for February 12, 2026.
Q4 2025 net income attributable to common shareholders was $29.4 million, or $0.28 per diluted share, versus $26.2 million, or $0.27, in Q4 2024.
Full-year 2025 AFFO per diluted share was $1.78, up from $1.73; NAREIT-defined FFO per diluted share was $1.68, up from $1.65.
FCPT acquired 105 properties in 2025 for a combined $317.9 million and sold no properties during the year.
Q4 2025 dividend was $0.3665 per share, an increase of 3.2% over the prior quarter.
Getty Realty reported fourth quarter and full year 2025 results, with net earnings, FFO and AFFO per share all higher than in 2024. The company reaffirmed its 2026 AFFO guidance of $2.48 to $2.50 per diluted share.
Q4 2025 net earnings were $0.45 per share, up from $0.39; revenues from rental properties were $60.0 million, up from $52.2 million.
Full year 2025 AFFO was $2.43 per share, up from $2.34 in 2024; FFO was $2.34 per share, up from $2.21.
The company reaffirmed 2026 AFFO guidance of $2.48 to $2.50 per diluted share.
In 2025 the company invested $268.8 million at a 7.9% initial cash yield and reported more than $500 million of liquidity.
Bio-Techne said Dr. Matt McManus is transitioning from his role as president of the Diagnostics and Spatial Biology segment, and Steve Crouse, currently senior vice president of the Analytical Solutions Division, will take over that role effective March 1, 2026. The filing also discloses Crouse's employment terms, including a $505,000 base salary and a 75% target cash bonus, and that the board terminated McManus's employment without cause on February 9, 2026. The change is a leadership transition at a segment level and does not include any reported financial results.
Steve Crouse appointed President, Diagnostics and Spatial Biology Segment, effective March 1, 2026
Crouse's employment agreement, dated February 10, 2026, sets a $505,000 annual base salary and a target annual cash bonus of 75% of base salary
Crouse's one-time equity awards include $85,000 at target in performance-based RSUs, plus stock options and time-vested RSUs with grant date values of approximately $42,500 each
Dr. Matt McManus's employment was terminated without cause by board approval on February 9, 2026; he is eligible for severance and will remain to support the transition
Franklin BSP Realty Trust reported fourth quarter and full year 2025 results with lower GAAP net income and Distributable Earnings than in 2024. The board reset the quarterly common dividend to $0.20 from the $0.355 declared for the fourth quarter, which CEO Michael Comparato said reflects over-distribution of capital tied to slow resolution of legacy 2021 and 2022 assets.
Q4 2025 GAAP net income was $18.4 million, or $0.13 diluted EPS, versus $30.2 million, or $0.29, in Q4 2024
Full year 2025 GAAP net income was $84.1 million, or $0.64 diluted EPS, versus $92.4 million, or $0.82, in 2024
Q4 2025 Distributable Earnings were $17.9 million, or $0.12 per diluted share, versus $31.2 million, or $0.30, a year earlier
Book value was $14.15 per diluted common share; first quarter 2026 common dividend declared at $0.20, payable on or about April 10, 2026
Primerica reported fourth quarter 2025 net income of $197.0 million, up 18% from continuing operations a year earlier, with diluted EPS of $6.13 versus $4.98. Total revenues rose 8% to $853.7 million, and the company also declared a 15% higher quarterly dividend of $1.20 per share and authorized a new $475 million share repurchase program through December 31, 2026.
Q4 2025 net income $197.0 million, up 18%; diluted EPS $6.13, up 23% from $4.98
Full-year 2025 net income $751.2 million, up 4%; diluted EPS $22.91, up 9%
Quarterly dividend raised 15% to $1.20 per share, payable March 13, 2026
New $475 million share repurchase program authorized through December 31, 2026
International Flavors & Fragrances reported fiscal 2025 net sales of $10.89 billion, down 5% from the prior year, and a loss before taxes of $412 million, which included a $1.153 billion goodwill impairment. The company also launched a sale process for its Food Ingredients segment and gave 2026 guidance of $10.5 billion to $10.8 billion in sales and $2.05 billion to $2.15 billion in adjusted operating EBITDA.
Q4 2025 reported net sales were $2.59 billion, down 7%; comparable currency neutral sales rose 1%
Full-year 2025 reported loss per share was $(1.46), while adjusted EPS excluding amortization was $4.20
Full-year 2025 cash flow from operations was $850 million and free cash flow was $256 million
2026 guidance assumes three months of Soy Crush, Concentrates, and Lecithin results, with divestiture closing assumed March 31, 2026
Albemarle reported fourth-quarter 2025 net sales of $1.4 billion, up 16% year over year, but a net loss attributable to the company of $414 million, or $3.87 per diluted share, versus earnings of $0.29 per share a year earlier. The company said the loss reflects tax-related items and a write-down of assets tied to the expected Ketjen transaction value, and it introduced 2026 outlook scenarios based on lithium prices.
Q4 2025 net sales of $1.4 billion, up 16%; adjusted diluted loss per share of $0.53 versus $1.09 a year earlier
Q4 2025 net loss of $414 million, or $3.87 per diluted share, versus earnings of $0.29 per share in Q4 2024
2026 outlook at a lithium price of about $20 per kg (January 2026 average): net sales of $5.7 to $6.0 billion and adjusted EBITDA of $2.4 to $2.6 billion
Sale of a controlling stake in Ketjen is on track to close in Q1 2026
Comstock reported fourth quarter 2025 net income of $286.8 million, or $0.97 per diluted share, compared with a net loss of $55.3 million a year earlier. The result was helped by a $292.3 million pre-tax gain on the Shelby Trough sale, while adjusted net income was $46.1 million, or $0.16 per diluted share, flat with the prior-year quarter. The company also plans to raise its 2026 operating rig count from eight to nine.
Q4 2025 total revenues were $789.8 million, up from $366.5 million a year earlier.
Natural gas and oil sales including hedging were $364.0 million, up from $336.1 million.
Adjusted net income was $46.1 million, or $0.16 per diluted share, versus $46.3 million, or $0.16, in Q4 2024.
The company plans to spend $1.4 billion to $1.5 billion on development and exploration in 2026, and $100 million to $150 million on its Western Haynesville midstream system.
Service Corporation International reported fourth quarter 2025 revenue of $1,111.5 million, up 2% from a year earlier, and GAAP diluted earnings per share of $1.13, up 9%. Adjusted diluted earnings per share, which excludes special items, rose 8% to $1.14. The company also gave 2026 guidance of $4.05 to $4.35 in adjusted diluted earnings per share, which it said is within its long-term growth framework of 8% to 12%.
Q4 2025 revenue $1,111.5 million, up $19 million or 2% from Q4 2024
Full-year 2025 revenue $4,309.2 million, up $123 million or 3%; full-year GAAP diluted EPS $3.80, adjusted EPS $3.85 (up 9%)
Crane NXT reported fourth quarter 2025 net sales of $476.9 million, up 19.5% from a year earlier, helped by the De La Rue acquisition. GAAP earnings per diluted share fell to $0.83 from $1.00, while adjusted EPS rose to $1.27 from $1.20. The company also introduced 2026 adjusted EPS guidance of $4.10 to $4.40 and raised its quarterly dividend about 6% to $0.18 per share.
Q4 2025 net sales $476.9 million, up 19.5%; core sales up 4.8%
Q4 GAAP EPS $0.83 vs $1.00 a year earlier; adjusted EPS $1.27 vs $1.20
Full year 2025 GAAP EPS $2.50 vs $3.19; adjusted EPS $4.06 vs $4.26
2026 adjusted EPS guidance $4.10 to $4.40; quarterly dividend $0.18 per share, payable March 11, 2026
Q2 Holdings reported fourth-quarter 2025 revenue of $208.2 million, up 14% year over year, and GAAP net income of $20.4 million, compared with $0.2 million a year earlier. For full-year 2025, revenue was $794.8 million and GAAP net income was $52.0 million, versus a net loss of $38.5 million in 2024. The company also raised its full-year 2026 subscription revenue growth outlook and gave 2026 revenue guidance of $871.0 million to $878.0 million.
Q4 2025 GAAP diluted EPS was $0.31, compared with $0.00 in Q4 2024; Q4 GAAP net income was $20.4 million.
Full-year 2025 revenue was $794.8 million, up 14%, and adjusted EBITDA was $186.5 million, up from $125.3 million in 2024.
2026 guidance: total revenue of $871.0 million to $878.0 million and adjusted EBITDA of $225.0 million to $230.0 million.
Total committed backlog was approximately $2.7 billion at December 31, 2025, up 21% year over year.
Essential Properties Realty Trust reported fourth quarter 2025 results on February 11, 2026, with net income per diluted share of $0.34, up 13%, and AFFO per diluted share of $0.49, up 9%. The company raised its 2026 AFFO per share guidance to a range of $1.99 to $2.04, which matters to shareholders because it is the company's forward estimate of its core cash earnings per share.
Q4 2025 net income per diluted share was $0.34, up 13%; FFO per diluted share was $0.54, up 15%.
Full-year 2025 AFFO per diluted share was $1.89, up 9%, and net income per diluted share was $1.28, up 11%.
2026 AFFO per share guidance was raised to $1.99 to $2.04, with investment volume estimated at $1.0 billion to $1.4 billion.
Q4 2025 investments totaled $295.8 million at a 7.7% weighted average cash cap rate; the Q4 dividend was $0.31 per share, paid January 14, 2026.
Morgan Stanley's Compensation Committee set Chairman and CEO Edward Pick's total 2025 compensation at $45 million, citing the firm's record 2025 results. The committee said 75% of his bonus is deferred over three years and subject to cancellation, and 100% of the deferred bonus is paid in performance-vested equity, tying his pay to shareholder interests.
2025 net revenues were a record $70.6 billion, up approximately 14% year over year, and EPS was a record $10.21
Net income applicable to Morgan Stanley was approximately $16.9 billion, and pre-tax profit was $22.0 billion, up approximately 25%
Total compensation for Pick is $45 million; 75% of his bonus is deferred over three years and subject to cancellation
Full compensation details will appear in the 2026 proxy statement, expected to be filed in April 2026
National Bank Holdings Corporation sold $150 million of 5.875% fixed-to-floating rate subordinated notes due 2036, with net proceeds of about $147.3 million that it intends to use for general corporate purposes. The notes are intended to qualify as Tier 2 capital for regulatory purposes, and the offering size rose from an initial $100 million due to strong investor demand.
Principal amount of $150.0 million; sold at 100% of par with a 1.25% underwriting discount
Fixed 5.875% rate through February 15, 2031, then Three-Month Term SOFR plus 241 basis points until maturity on February 15, 2036
Offering closed February 11, 2026; Piper Sandler & Co. was sole book-running manager
Company may redeem the notes beginning February 15, 2031, or earlier upon a Tax Event or Tier 2 Capital Event
First American Financial reported fourth-quarter 2025 net income of $212 million, or $2.05 per diluted share, versus $72 million, or 69 cents, a year earlier, with total revenue of $2.0 billion, up 22%. For the full year, EPS was $6.00 versus $1.26, and the company said it expects moderate purchase growth and a meaningful pickup in refinance activity in 2026, without giving numeric guidance.
Q4 2025 diluted EPS $2.05 vs. 69 cents a year earlier; adjusted EPS $1.99 vs. $1.35
Q4 total revenue $2.0 billion, up 22%; Title Insurance and Services pretax margin 14.9% vs. 7.9%
Full year 2025 diluted EPS $6.00 vs. $1.26; repurchased 2.1 million shares for $122 million
Annual dividend rate raised 2% to $2.20 per share; 2026 outlook gives no numeric targets
Palomar Holdings reported fourth-quarter 2025 net income of $56.2 million, or $2.06 per diluted share, up from $35.0 million, or $1.29 per diluted share, a year earlier, on gross written premiums that rose 31.8% to $492.6 million. The company also guided to full-year 2026 adjusted net income of $260 million to $275 million, including $8 million to $12 million of expected catastrophe losses.
Q4 2025 net income of $56.2 million ($2.06 per diluted share), up 60.6% from $35.0 million ($1.29 per diluted share) in Q4 2024
Q4 2025 adjusted net income of $61.1 million ($2.24 per diluted share), up 48.0% from $41.3 million
Q4 2025 gross written premiums rose 31.8% to $492.6 million; combined ratio was 76.8% versus 75.9% a year earlier
2026 outlook: adjusted net income of $260 million to $275 million, including $8 million to $12 million of catastrophe losses
Rayonier reported fourth quarter 2025 net income attributable to Rayonier of $25.9 million ($0.16 per share) on revenues of $117.5 million, down from $327.1 million ($2.15 per share) on $650.5 million a year earlier, when large timberland dispositions boosted results. Pro forma net income was $32.1 million ($0.20 per share), and full-year Adjusted EBITDA rose 8% to $248.0 million, while the company completed its merger with PotlatchDeltic on January 30, 2026 and gave initial 2026 segment guidance for the combined company.
Q4 2025 Adjusted EBITDA was $61.7 million, down 35% from $95.1 million a year earlier, as Real Estate closings in 2024 were concentrated in the fourth quarter.
Full-year 2025 pro forma net income was $89.2 million ($0.57 per share), compared with $45.8 million ($0.31 per share) in 2024.
2026 guidance includes full-year Real Estate Adjusted EBITDA of $180 to $200 million and first-quarter Real Estate Adjusted EBITDA of $30 to $35 million.
Southern Timber harvest volumes are expected at 12.1 to 12.6 million tons for 2026 for the combined company.
Teradata entered a cooperation agreement dated February 10, 2026 with activist investor Lynrock Lake and related parties. The board will grow from nine to ten directors, with Melissa Fisher expected to join by March 1, 2026, and one more director to be appointed by August 1, 2026. Shareholders should note the standstill and voting commitments by the Lynrock Lake parties, and that the filing does not report any financial results.
Board expands from nine to ten directors; Melissa Fisher to be appointed as a Class I director by March 1, 2026, subject to review and onboarding
Additional Class II director to be appointed by no later than August 1, 2026, after the 2026 Annual Meeting
One Class I director will not stand for re-election in 2026 and one Class II director will not stand for re-election in 2027
Company will reimburse Lynrock Lake's documented expenses up to $100,000 in aggregate
Motorola Solutions reported fourth-quarter and full-year 2025 results on February 11, 2026. Full-year sales rose 8% to $11.7 billion, GAAP EPS rose 38% to $12.75, and non-GAAP EPS rose 11% to $15.38, and the company gave 2026 guidance of about $12.7 billion in revenue and non-GAAP EPS of $16.70 to $16.85.
Fourth-quarter sales were $3.4 billion, up 12% from the prior year; full-year sales were $11.7 billion, up 8%.
Full-year GAAP EPS was $12.75, up from $9.23; non-GAAP EPS was $15.38, up 11% from $13.84.
For 2026, the company expects revenue of about $12.7 billion and non-GAAP EPS of $16.70 to $16.85; first-quarter non-GAAP EPS is expected at $3.20 to $3.25.
Full-year operating cash flow was $2.8 billion, up 19%; the company repurchased $490 million of stock in the fourth quarter.
Safehold reported fourth-quarter and full-year 2025 results on February 11, 2026. Quarterly revenue rose 7% to $97.9 million and GAAP earnings per share rose 8% to $0.39, though a $2.2 million loss on early debt extinguishment reduced results. The company also reported a credit rating upgrade to A- from S&P and a $400 million unsecured term loan.
Q4 2025 revenue was $97.9 million, up from $91.9 million in Q4 2024; full-year revenue was $385.6 million, up from $365.7 million.
Q4 2025 GAAP EPS was $0.39 versus $0.36 a year earlier; excluding non-recurring losses, EPS was $0.42.
Full-year 2025 GAAP EPS was $1.59 versus $1.48 in 2024; excluding non-recurring losses, EPS was $1.65.
S&P upgraded Safehold to A-, and the company closed a $400 million 5-year unsecured term loan.
Equinix reported fourth-quarter 2025 revenue of $2.420 billion, up from $2.261 billion a year earlier, and net income attributable to common stockholders of $265 million, compared with a $14 million loss in the same quarter of 2024. The company also gave 2026 guidance for revenue of $10.123 billion to $10.223 billion and increased its quarterly dividend by 10% to $5.16 per share, which shareholders would receive.
Q4 2025 revenue of $2.420 billion vs. $2.261 billion a year earlier; full-year 2025 revenue of $9.217 billion, up 5%
Q4 2025 diluted EPS of $2.69 vs. a $(0.14) loss a year earlier; full-year 2025 diluted EPS of $13.76
2026 guidance: revenue of $10.123 to $10.223 billion and AFFO per share of $41.93 to $42.74
Quarterly cash dividend increased 10% to $5.16 per share, the 11th consecutive year of dividend growth
HubSpot reported fourth-quarter and full-year 2025 results on February 11, 2026, with Q4 revenue up 20% from a year earlier and GAAP net income of $54.4 million, compared with $4.9 million in Q4 2024. The company also issued 2026 guidance calling for revenue of $3.69 billion to $3.70 billion and non-GAAP net income per diluted share of $12.38 to $12.46, and its board authorized a $1.0 billion share repurchase program.
Q4 2025 total revenue was $846.7 million, up 20% as reported and 18% in constant currency.
Q4 2025 GAAP net income was $54.4 million, or $1.04 per basic and diluted share, versus $4.9 million in Q4 2024.
Full-year 2026 guidance: revenue of $3.69 billion to $3.70 billion and non-GAAP net income per diluted share of $12.38 to $12.46.
On February 7, 2026, the board authorized repurchases of up to $1.0 billion of common stock over up to 24 months.
Paycom reported fourth-quarter and full-year 2025 results and gave 2026 guidance. Full-year revenue grew 9.0% to $2,051.7 million, while GAAP net income fell to $453.4 million, or $8.08 per diluted share, from $502.0 million, or $8.92, a year earlier. The company expects 2026 revenue of $2.175 billion to $2.195 billion, growth of 6% to 7%.
Q4 2025 revenue was $544.3 million, up 10.2% from $493.8 million; Q4 GAAP diluted EPS was $2.07 versus $2.02.
Full-year 2025 non-GAAP net income was $518.6 million, or $9.24 per diluted share, versus $8.21 in 2024.
2026 guidance: total revenue of $2.175 billion to $2.195 billion and adjusted EBITDA of $950 million to $970 million.
Total debt was $0 at December 31, 2025; the company paid $84.8 million in dividends and $325.5 million in share repurchases for the year.
STAG Industrial reported fourth-quarter 2025 net income attributable to common stockholders of $83.4 million, or $0.44 per diluted share, up from $0.28 a year earlier. Core FFO per diluted share rose 8.2% to $0.66, and full-year Core FFO per diluted share rose 6.3% to $2.55. The filing contains no new financial guidance, so these results are the main data for shareholders.
Q4 2025 net income attributable to common stockholders was $83.4 million, or $0.44 per diluted share, versus $50.9 million, or $0.28, in Q4 2024.
Full-year 2025 Core FFO per diluted share was $2.55, up 6.3% from $2.40 in 2024.
Same Store Cash NOI rose 5.4% to $148.5 million in Q4 2025 from $140.8 million a year earlier.
The company acquired seven buildings for $285.9 million in Q4 2025 and sold eight buildings for $88.8 million.
AppLovin reported fourth quarter 2025 revenue of $1.66 billion, up 66% from a year earlier, and net income of $1.10 billion, up 84%. For the full year, revenue was $5.48 billion, up 70%, and it guided first quarter 2026 revenue to $1.745 billion to $1.775 billion.
Q4 2025 diluted EPS was $3.24, versus $1.73 in Q4 2024; full-year 2025 diluted EPS was $9.75, versus $4.53 in 2024.
Q4 2025 Adjusted EBITDA was $1.40 billion, up 82%; full-year Adjusted EBITDA was $4.51 billion, up 87%.
Q1 2026 guidance: revenue of $1.745 billion to $1.775 billion and Adjusted EBITDA of $1.465 billion to $1.495 billion, at an 84% margin.
Full-year 2025 repurchases and share withholdings cost $2.58 billion; 338 million Class A and Class B shares were outstanding at year-end.
Cisco reported fiscal second-quarter 2026 revenue of $15.3 billion, up 10% year over year, with GAAP earnings of $0.80 per share, up 31%, and non-GAAP earnings of $1.04 per share, up 11%. The company guided fiscal third-quarter revenue to $15.4 billion to $15.6 billion and fiscal 2026 revenue to $61.2 billion to $61.7 billion, and raised its quarterly dividend 2% to $0.42 per share. The filing does not state prior guidance, so it does not show whether the new outlook is above or below earlier expectations.
Revenue of $15.3 billion for the quarter ended January 24, 2026, up 10% from $14.0 billion; product revenue up 14%, services revenue down 1%
GAAP net income of $3.2 billion, or $0.80 per share, up 31%; non-GAAP EPS of $1.04, up 11%
Q3 fiscal 2026 guidance: revenue $15.4 billion to $15.6 billion and non-GAAP EPS $1.02 to $1.04; fiscal 2026 revenue $61.2 billion to $61.7 billion
Quarterly dividend increased to $0.42 per share, payable April 22, 2026 to holders of record as of April 2, 2026
Rollins reported unaudited fourth-quarter and full-year 2025 results on February 11, 2026. Fourth-quarter revenue rose 9.7% to $913 million and GAAP EPS rose 9.1% to $0.24 per diluted share, while full-year revenue reached $3.8 billion and GAAP EPS reached $1.09. The company gave qualitative 2026 expectations, such as another year of organic growth, but no numeric guidance.
Q4 revenue of $913 million rose 9.7%, with organic revenue up 5.7%
Q4 operating margin was 17.5%, down 60 basis points; operating cash flow fell 12.4% to $165 million
Full-year revenue of $3.8 billion rose 11.0%; GAAP EPS of $1.09 rose 13.5%
Management cited erratic weather that hurt Q4 one-time and seasonal work; the 2026 outlook has no numeric targets
QuidelOrtho reported fourth-quarter and full-year 2025 results. Q4 revenue rose 2.2% to $724 million, but the company posted a GAAP net loss of $131 million, while full-year revenue fell 1.9% to $2.73 billion. The company also issued 2026 guidance of $2.7 billion to $2.9 billion in revenue and $120 million to $160 million in free cash flow, and said CFO Joseph M. Busky will retire effective June 30, 2026.
Q4 2025 revenue was $724 million, up 2.2% as reported; GAAP net loss was $131 million, or $1.92 per diluted share, and adjusted diluted EPS was $0.46.
Full-year 2025 revenue was $2.73 billion, down 1.9%; GAAP net loss was $1.13 billion, including a $701 million goodwill impairment charge.
2026 guidance: revenue of $2.7 to $2.9 billion, adjusted EBITDA of $630 to $670 million, adjusted diluted EPS of $2.00 to $2.42, and free cash flow of $120 to $160 million.
CFO Joseph M. Busky will retire effective June 30, 2026, and will serve in an advisory role; the company has begun a search for a successor.
CoreCivic reported fourth-quarter 2025 revenue of $604.0 million, up 26% from a year earlier, and net income of $26.5 million, or $0.26 per diluted share, up from $0.17. The company also introduced full-year 2026 guidance calling for net income of $147.5 million to $157.5 million and diluted EPS of $1.49 to $1.59.
Q4 2025 net income $26.5 million ($0.26 diluted EPS) vs. $19.3 million ($0.17) in Q4 2024
Full-year 2025 revenue $2.2 billion, up 13%; net income $116.5 million, up 69%
2026 guidance: net income $147.5 million to $157.5 million; diluted EPS $1.49 to $1.59
Q4 2025 included $3.6 million of facility net operating losses at California City and Diamondback; $300.5 million remained under the buyback program at December 31, 2025
MillerKnoll entered into Amendment No. 5 to its credit agreement on February 10, 2026, refinancing its entire 2025 term loan B facility, which had an initial principal of $550 million, with a new 2026 term loan B facility. The new facility had $548.6 million outstanding at closing, carries an interest margin 25 basis points lower than before, and matures on August 7, 2032, the same date as the old loan.
New 2026 term loan B facility had $548,625,000 outstanding as of February 10, 2026
Applicable margin cut to 2.00% for SOFR-based loans and 1.00% for base rate loans, 25 basis points lower than before
Prepayments tied to certain repricing events in the first six months carry a 1.00% premium
IRT's operating partnership signed a Sixth Amended and Restated Credit Agreement dated February 11, 2026, with KeyBank as administrative agent. The facility rises to $1.5 billion, with an option to increase it to $2.0 billion, and includes a new $350 million term loan maturing in February 2030 that will partly repay a $200 million 2026 term loan. The same day, IRT reported full-year 2025 EPS of $0.24 versus $0.17 and CFFO per share of $1.17 versus $1.16, and guided 2026 CFFO per share to $1.12 to $1.16.
Credit facility increased to $1.5 billion, with an option to raise it to $2.0 billion; new $350 million term loan matures February 2030
Applicable SOFR margin at closing was 77.5 basis points for the revolver and 85 basis points for the 2028 and 2030 term loans
Q4 2025 net income available to common shares was $33.3 million versus a net loss of $1.0 million a year earlier
2026 guidance: EPS of $0.21 to $0.28 and CFFO per share of $1.12 to $1.16, compared with $1.17 CFFO per share for full-year 2025
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