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).
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
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
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.
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.
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
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
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
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.
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.
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.
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.
On February 11, 2026, T-Mobile updated the multi-year plan it first shared at its September 2024 Capital Markets Day, raising its 2027 service revenue and Core Adjusted EBITDA targets. It also set a new target of 18–19 million total broadband customers by 2030 and said it expects to roughly double Q1 2026 share repurchases to up to approximately $5.0 billion. The filing shows 2025 net income of $10.992 billion, down from $11.339 billion in 2024.
2027 service revenues are now expected at $80.5–$81.5 billion, up from prior expectations of $75.0–$76.0 billion.
2026 Core Adjusted EBITDA is expected at $37.0–$37.5 billion and 2027 at $40.0–$41.0 billion.
Q1 2026 share repurchases are now expected to be up to approximately $5.0 billion, and the 2026 stockholder return authorization is up to $14.6 billion.
Full-year 2025 net income was $10.992 billion, compared with $11.339 billion in 2024.
BorgWarner reported fourth-quarter and full-year 2025 results and issued 2026 guidance. The fourth-quarter GAAP net loss of $262 million, or $(1.23) per diluted share, reflected $582 million of impairment charges, while adjusted earnings per share rose to $1.35 from $1.01. For shareholders, 2026 guidance calls for net sales of $14.0 billion to $14.3 billion, at or below 2025 sales of $14.3 billion, but adjusted earnings of $5.00 to $5.20 per diluted share compared with $4.91 in 2025.
Q4 2025 net sales were $3,572 million, up 3.9% from Q4 2024, with a GAAP net loss of $(1.23) per diluted share versus $(1.84) a year earlier.
Full-year 2025 GAAP EPS was $1.28 and adjusted EPS was $4.91, up approximately 14% from 2024; full-year impairment charges totaled $624 million.
2026 guidance: net sales of $14.0 billion to $14.3 billion, GAAP EPS of $4.74 to $4.91, and adjusted EPS of $5.00 to $5.20 per diluted share.
BorgWarner signed a master supply agreement with TurboCell, a subsidiary of Endeavour, for a turbine generator system; production is expected to begin in early 2027 with estimated first-year sales of more than $300 million.
Palo Alto Networks completed its acquisition of CyberArk Software on February 11, 2026, with CyberArk becoming a wholly owned subsidiary. CyberArk's 0.00% convertible senior notes due 2030 are now exchangeable into Palo Alto Networks common stock and cash, and Palo Alto Networks has guaranteed CyberArk's obligations under those notes, which adds to its financial obligations.
Merger closed on February 11, 2026; CyberArk shareholders receive $45.00 in cash and 2.2005 Palo Alto Networks shares for each CyberArk ordinary share
CyberArk's 0.00% Convertible Senior Notes due 2030 are now exchangeable into Palo Alto Networks shares and cash, and Palo Alto Networks guarantees them
Palo Alto Networks assumed CyberArk's capped call transactions, with dealers to deliver Palo Alto Networks shares instead of CyberArk shares
Palo Alto Networks will hold its Q2 FY2026 earnings call on February 17, 2026
Avantor reported fourth-quarter and full-year 2025 results on February 11, 2026, with sales down and a full-year GAAP net loss driven by a $785 million goodwill impairment. The company also said it is realigning its reporting into two segments starting in the first quarter of 2026, with recast historical data provided for investors.
Q4 2025 net sales were $1.66 billion, down 1.4% from a year earlier; Q4 GAAP diluted EPS was $0.08 versus $0.73 a year earlier, and adjusted EPS was $0.22 versus $0.27.
Full-year 2025 net sales were $6.55 billion, down 3.4%, with a net loss of $530 million versus net income of $712 million in 2024.
Full-year 2025 included an impairment charge of $785 million tied to the goodwill of the Distribution reporting unit; adjusted EPS was $0.90 versus $0.99 in 2024.
Two reportable segments, VWR Distribution & Services and Bioscience & Medtech Products, take effect in Q1 2026; the first 10-Q under the new structure is for the quarter ending March 31, 2026.
Wabtec reported fourth quarter 2025 sales of $2.97 billion, up 14.8%, and adjusted earnings per diluted share of $2.10, up 25.0%, while GAAP earnings per diluted share fell 4.1% to $1.18. The company guided 2026 adjusted EPS to $10.05 to $10.45 and sales to $12.19 billion to $12.49 billion, and raised its quarterly dividend 24% to 31 cents and its share buyback authorization to $1.2 billion.
Q4 2025 sales were $2.97 billion, up 14.8%; GAAP EPS was $1.18, down 4.1%; adjusted EPS was $2.10, up 25.0%
Full-year 2025 sales were $11.17 billion, GAAP EPS $6.83 (up 13.1%) and adjusted EPS $8.97 (up 18.7%)
2026 guidance: sales of $12.19 billion to $12.49 billion and adjusted EPS of $10.05 to $10.45, which the company says includes the Dellner Couplers acquisition closed February 10, 2026
Board raised the quarterly dividend 24% to 31 cents per share, payable March 2, 2026, and increased the share repurchase authorization to $1.2 billion
Centrus subsidiary American Centrifuge Operating signed an engineering, procurement and construction agreement with Fluor Federal Services on February 9, 2026, for design, construction and commissioning of its planned uranium enrichment facility in Piketon, Ohio. The contract is time and materials priced and total cost depends on scopes authorized in stages, so the filing gives no total contract value.
Agreement signed February 9, 2026 with Fluor Federal Services, Inc., covering the Piketon, Ohio enrichment expansion
Pricing is time and materials; ACO authorizes funds incrementally by stage gate, and the total price is not stated
Either party may terminate for convenience; a termination fee of $24 million applies in the first 12 months, declining by $2 million each month
Full agreement expected to be filed as an exhibit to the Form 10-Q for the quarter ending March 31, 2026
Kraft Heinz reported fourth-quarter and full-year 2025 results, with a full-year operating loss of $4.7 billion driven by $9.3 billion in non-cash impairment losses. Net sales fell 3.5% for the year and 3.4% in the fourth quarter, and adjusted EPS fell in both periods. The company guided to lower 2026 adjusted EPS of $1.98 to $2.10 versus $2.60 in 2025, paused separation work, and plans a $600 million investment in marketing, sales, R&D, product and pricing.
Full-year 2025 net sales fell 3.5% to $24.9 billion; operating loss of $4.7 billion; diluted EPS of $(4.93)
Q4 2025 net sales fell 3.4% to $6.4 billion; adjusted EPS of $0.67, down 20.2%; diluted EPS of $0.55
2026 outlook: organic net sales down 1.5% to 3.5%; adjusted EPS $1.98 to $2.10; constant currency adjusted operating income down 14% to 18%
Company paused work related to the separation and announced a $600 million investment across marketing, sales, R&D, product superiority and select pricing
Terex reported fourth-quarter 2025 net income of $63 million, or $0.95 per diluted share, compared with a loss of $0.03 per share a year earlier, on net sales of $1.3 billion, up 6.2%. For full-year 2025, diluted EPS fell to $3.33 from $4.96 as operating profit declined to $475 million, and the company guided 2026 EPS to $4.50 to $5.00 on sales of $7.5 billion to $8.1 billion, including the REV merger.
Q4 2025 operating profit was $137 million, up from $53 million in Q4 2024; Q4 bookings were $1.9 billion, up 32% year-over-year on a pro forma basis.
Full-year 2025 net sales were $5.4 billion, up 5.7%, while operating profit fell to $475 million from $526 million.
2026 outlook: sales of $7.5 billion to $8.1 billion, EBITDA of $930 million to $1 billion, and EPS of $4.50 to $5.00, compared with $4.80 to $5.20 for legacy Terex.
Full-year 2025 free cash flow was $325 million, up from $190 million in 2024.
Blackstone Mortgage Trust said its board appointed Deputy Chief Financial Officer Marcin Urbaszek as Chief Financial Officer, Treasurer and Assistant Secretary, effective at the close of business on February 11, 2026. Anthony F. Marone, Jr. resigned from the same roles on the same date, saying he is resigning to focus on his duties as Global Head of Blackstone Real Estate Finance and that the decision was not due to any disagreement with the company. The filing describes a change in the company's top finance role but does not provide any financial results or guidance.
Marcin Urbaszek appointed CFO, Treasurer and Assistant Secretary, effective February 11, 2026; board approved on February 8, 2026
Urbaszek has been Deputy CFO since January 2, 2025 and previously was CFO of Granite Point Mortgage Trust
Anthony F. Marone, Jr. resigned as CFO, Treasurer and Assistant Secretary; he delivered his resignation on February 6, 2026
Shopify reported fourth-quarter 2025 revenue of $3.67 billion, up 31% from a year earlier, and full-year revenue of $11.56 billion, up 30%. Operating income rose to $631 million from $465 million, while reported net income fell to $743 million from $1.29 billion, which the company ties to equity investment valuations. The board also authorized a repurchase of up to $2.0 billion of Class A subordinate voting shares, effective February 17, 2026.
Q4 2025 revenue $3.67 billion, up 31% from $2.81 billion; full-year revenue $11.56 billion, up 30%
Q4 operating income $631 million versus $465 million; reported net income $743 million versus $1.29 billion, with net income excluding equity investments at $594 million versus $458 million
Buyback of up to $2.0 billion takes effect February 17, 2026, has no fixed expiration and is capped at 5% of Class A shares; Q1 2026 revenue growth expected in the low-thirties percent range
Healthcare Services Group reported fourth-quarter 2025 revenue of $466.7 million, up 6.6%, and net income of $31.2 million, or $0.44 per diluted share, versus $0.16 a year earlier. For the full year, revenue rose 7.1% to $1.84 billion and diluted EPS was $0.81, up from $0.53, and the company expects mid-single-digit revenue growth in 2026. The board also authorized a new buyback of up to 10.0 million shares, with the company planning to repurchase $75.0 million of stock over the next 12 months.
Q4 2025 revenue $466.7 million, up 6.6%; net income $31.2 million, diluted EPS $0.44 versus $0.16 in Q4 2024
Full-year 2025 revenue $1.84 billion, up 7.1%; diluted EPS $0.81 versus $0.53 in 2024
New buyback authorizes up to 10.0 million shares; company plans to repurchase $75.0 million over the next 12 months
2026 outlook calls for mid-single-digit revenue growth; Q4 cash flow from operations was $17.4 million, or $36.4 million excluding the payroll accrual change
Generac reported fourth-quarter 2025 net sales down 12% to $1.09 billion and a net loss of $24 million, or $0.42 per share, after a $104.5 million legal settlement provision. The company initiated 2026 guidance calling for net sales growth in the mid-teens percent range, driven by data center demand and the Allmand acquisition.
Q4 net sales fell 12% to $1.09 billion from $1.23 billion; residential product sales fell about 23% to $572 million while C&I product sales rose about 10% to $400 million.
Q4 net loss attributable to the company was $24 million, or $0.42 per share, versus net income of $117 million, or $2.15 per share, a year earlier.
Full-year 2025 net income was $160 million, or $2.69 per share, down from $316 million, or $5.39 per share, in 2024.
For 2026, the company expects net sales growth in the mid-teens percent range and an adjusted EBITDA margin of about 18.0% to 19.0%.
SAIC reported preliminary unaudited results for fiscal 2026 and cut its fiscal 2027 revenue guidance to $7.0 billion-$7.2 billion from $7.35 billion-$7.55 billion, now expecting an organic revenue decline of 2% to 4%. The company cited two unfavorable recompete award decisions and procurement delays. FY2026 adjusted EBITDA and adjusted diluted EPS came in above prior expectations, but revenue was modestly below, and FY2027 adjusted EBITDA guidance was lowered.
FY2026 revenue of about $7.26 billion, versus prior guidance of $7.275 billion-$7.325 billion; adjusted EBITDA of about $705 million, versus prior about $695 million
FY2026 adjusted diluted EPS of $10.40-$10.60, versus prior $9.80-$10.00; free cash flow of $570 million-$575 million, versus prior above $550 million
FY2027 adjusted EBITDA guidance of $705 million-$715 million, down from $725 million-$735 million; adjusted EBITDA margin raised to 9.9%-10.1% from 9.7%-9.9%
Full fourth quarter and fiscal 2026 results are scheduled for March 16, 2026, before market open; CFO Prabu Natarajan presents at the TD Cowen conference on February 11, 2026 at 4:20 PM ET
Tenet Healthcare reported fourth-quarter 2025 net income available to common shareholders of $371 million, or $4.22 per diluted share, up from $318 million, or $3.32, a year earlier. It also gave a full-year 2026 outlook, with Adjusted EBITDA expected between $4.485 billion and $4.785 billion, and disclosed a CommonSpirit agreement involving $1.9 billion in payments tied to Conifer Health Solutions.
Q4 2025 net operating revenues were $5.527 billion, up 8.9% from $5.073 billion in Q4 2024.
Q4 2025 adjusted diluted EPS rose 36.6% to $4.70 from $3.44; Adjusted EBITDA rose 12.9% to $1.183 billion.
Full-year 2025 net income available to common shareholders was $1.407 billion, or $15.49 per diluted share, versus $3.2 billion in 2024, which included a $2.916 billion pre-tax gain on hospital divestitures.
FY 2026 outlook: net operating revenues of $21.5 billion to $22.3 billion and Adjusted EBITDA of $4.485 billion to $4.785 billion.
Humana reported a fourth-quarter 2025 GAAP net loss of $6.61 per share, compared with a loss of $5.76 per share a year earlier, and full-year 2025 GAAP EPS of $9.84 versus $9.98 in 2024. The company introduced 2026 guidance of at least $8.89 GAAP EPS and at least $9.00 on an Adjusted basis, which it says reflects a year-over-year decline tied to the Star Ratings headwind for Bonus Year 2026, net of mitigation.
4Q25 GAAP net loss per share was $6.61; Adjusted net loss per share was $3.96
FY 2025 GAAP EPS was $9.84 (FY 2024: $9.98); FY 2025 Adjusted EPS was $17.14 (FY 2024: $16.21)
FY 2026 guidance: GAAP EPS of at least $8.89 and Adjusted EPS of at least $9.00, versus FY 2025 Adjusted EPS of $17.14
Company anticipates FY 2026 individual Medicare Advantage membership growth of approximately 25 percent over 2025
Smurfit Westrock reported fourth quarter 2025 net sales of $7,580 million, up from $7,539 million a year earlier, but net income fell to $98 million from $146 million and basic EPS fell to $0.19 from $0.28. For the full year, net income rose to $699 million from $319 million, and the company guided to first quarter 2026 Adjusted EBITDA of $1.1 billion to $1.2 billion and full year 2026 Adjusted EBITDA of $5.0 billion to $5.3 billion. The company also released 2030 financial targets and capital allocation priorities, and declared a quarterly dividend of $0.4523 per share, an increase of 5%.
Q4 2025: net sales $7,580 million (Q4 2024: $7,539 million); net income $98 million (Q4 2024: $146 million); Adjusted EBITDA $1,172 million (Q4 2024: $1,166 million)
Full year 2025: net sales $31,179 million (2024: $21,109 million); net income $699 million (2024: $319 million); basic EPS $1.34 (2024: $0.83); Adjusted Basic EPS $2.05 (2024: $2.34)
Guidance: Q1 2026 Adjusted EBITDA of $1.1 billion to $1.2 billion; full year 2026 Adjusted EBITDA of $5.0 billion to $5.3 billion
Quarterly dividend of $0.4523 per share, up 5%, payable March 18, 2026 to holders of record on February 17, 2026
SharkNinja reported fourth-quarter 2025 net sales of $2.1 billion, up 17.6%, and net income of $255.2 million, up 98.3%. The company also gave fiscal 2026 guidance calling for net sales growth of 10% to 11%, and its Board authorized a $750 million share repurchase program with no expiration date.
Q4 2025 net income rose 98.3% to $255.2 million, or $1.80 per diluted share, versus $0.91 a year earlier; Adjusted Net Income per diluted share rose 37.9% to $1.93.
Full-year 2025 net sales rose 15.7% to $6,399.2 million, and net income rose 59.9% to $701.4 million.
Fiscal 2026 outlook: net sales up 10.0% to 11.0%; Adjusted Net Income per diluted share of $5.90 to $6.00.
The $750 million buyback may be used over time at management's discretion; the company expects to begin in fiscal 2026 and does not expect to borrow to fund it.
Hilton reported fourth-quarter and full-year 2025 results on February 11, 2026, and issued 2026 outlook. Q4 adjusted diluted EPS rose to $2.08 from $1.76, and Adjusted EBITDA rose to $946 million from $858 million, but GAAP diluted EPS fell to $1.27 from $2.06 and net income fell to $298 million from $505 million. The company projects 2026 adjusted diluted EPS of $8.65 to $8.77 and Adjusted EBITDA of $4,000 million to $4,040 million.
Q4 2025 total revenues were $3,087 million, up from $2,783 million; system-wide comparable RevPAR rose 0.5 percent.
Full-year 2025 diluted EPS was $6.12 and adjusted diluted EPS was $8.11, versus $6.14 and $7.12 in 2024.
2026 outlook: net income of $1,982 million to $2,011 million and capital return of approximately $3.5 billion.
In January 2026 the board authorized an additional $3.5 billion for share repurchases.
Vertiv reported fourth-quarter 2025 net sales of $2,880 million, up 23% from a year earlier, and diluted EPS of $1.14 versus $0.38. The company also guided full-year 2026 net sales to $13,250 million-$13,750 million and adjusted diluted EPS to $5.97-$6.07, and said backlog reached $15.0 billion. Shareholders get stronger reported profit and a higher outlook, but first-quarter 2026 guidance is set below the fourth-quarter sales level.
Q4 2025 net sales $2,880 million, up 23%; net income $445.6 million versus $147.0 million a year earlier
Q4 2025 operating cash flow $1,005 million; adjusted free cash flow $910 million; about $1 billion spent on acquisitions in the quarter
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