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).
Ingersoll Rand reported fourth-quarter 2025 revenue of $2.09 billion, up 10%, and GAAP net income attributable to the company of $266 million, or $0.67 per share, compared with $229.8 million, or $0.57 per share, a year earlier. For full-year 2025, GAAP net income fell to $581 million, or $1.45 per share, from $838.6 million, or $2.06 per share, mainly due to a $229.7 million goodwill impairment and a $127.1 million loss on equity method investments. The company also issued 2026 guidance calling for revenue growth of 2.5% to 4.5% and adjusted EBITDA of $2,130 million to $2,190 million.
Q4 2025 adjusted EPS was $0.96, up 14%; full-year 2025 adjusted EPS was $3.34, up 2%.
Full-year 2025 operating cash flow was $1,356 million and free cash flow was $1,220 million.
2026 guidance: adjusted EPS of $3.45 to $3.57, with revenue growth of 2.5% to 4.5%.
The company returned $1,050 million to shareholders through buybacks and dividends in 2025.
PDF Solutions reported record fourth-quarter revenue of $62.4 million, up 25% from a year earlier, and record full-year revenue of $219.0 million, up 22%. GAAP results swung to a loss in both periods, while non-GAAP diluted earnings per share rose, and management expects 2026 revenue to grow in line with its 20% long-term target.
Q4 2025 total revenues were $62.4 million, up from $50.1 million in Q4 2024; full-year revenues were $219.0 million, up from $179.5 million.
Q4 2025 GAAP net loss was $48 thousand, or $(0.00) per diluted share, compared with net income of $0.5 million in Q4 2024.
Full-year 2025 GAAP net loss was $0.6 million, or $(0.02) per diluted share, compared with net income of $4.1 million in 2024.
Q4 2025 non-GAAP diluted EPS was $0.30, up from $0.25 in Q4 2024; full-year non-GAAP diluted EPS was $0.94, up from $0.84.
Mohawk Industries reported fourth-quarter 2025 net earnings of $42 million, or $0.68 per diluted share, down from $90 million, or $1.43, a year earlier, as restructuring costs rose to $51.4 million. Adjusted diluted EPS was $2.00 versus $1.95, and net sales rose 2.4% to $2.7 billion as reported but fell 3.3% on an adjusted basis. The company expects first-quarter 2026 adjusted EPS of $1.75 to $1.85 and disclosed an immaterial correction to prior-period accounts receivable.
Q4 2025 net earnings $42 million, diluted EPS $0.68, versus $90 million and $1.43 in Q4 2024
Q4 adjusted diluted EPS $2.00 versus $1.95; net sales $2.7 billion, up 2.4% as reported and down 3.3% adjusted
Full-year 2025 net earnings $370 million and diluted EPS $5.93, versus $515 million and $8.09 in 2024
Q1 2026 adjusted EPS guidance of $1.75 to $1.85, excluding restructuring or other one-time charges
Bio-Rad reported fourth-quarter 2025 revenue of $693.2 million, up 3.9% from a year earlier, but its GAAP operating result was a loss of $118.9 million after a $172.8 million impairment. Non-GAAP diluted earnings per share fell to $2.51 from $2.90, while GAAP net income of $720.0 million was driven mainly by a gain on its Sartorius AG investment. The company also gave a 2026 outlook of non-GAAP currency neutral revenue growth of about 0.5% to 1.5% and a non-GAAP operating margin of about 12.0% to 12.5%.
Q4 2025 revenue was $693.2 million, up 3.9% from $667.5 million; currency neutral growth was 1.7%
GAAP loss from operations was $118.9 million, including a $172.8 million impairment; non-GAAP operating income was $83.0 million, down from $92.1 million
GAAP net income was $720.0 million, or $26.65 per diluted share, mainly from a change in the fair market value of the Sartorius AG investment; non-GAAP diluted EPS was $2.51 versus $2.90
2026 outlook: non-GAAP currency neutral revenue growth of approximately 0.5% to 1.5% and non-GAAP operating margin of approximately 12.0% to 12.5%
Flowers Foods reported fourth-quarter net sales up 11.0% to $1.233 billion, helped by an extra week and the Simple Mills acquisition, but swung to a net loss of $67.1 million due to a $136.0 million non-cash impairment of intangible assets. For fiscal 2026, the company expects net sales of $5.163 billion to $5.267 billion and adjusted diluted EPS of $0.80 to $0.90, which it says will be below 2025 levels, and it is conducting a comprehensive review of operations.
Q4 net sales rose 11.0% to $1.233 billion; diluted EPS was a loss of $0.32 versus earnings of $0.20 a year earlier
Q4 adjusted diluted EPS was $0.22, flat with the prior year period; full-year 2025 adjusted diluted EPS fell $0.19 to $1.09
2026 guidance: adjusted EBITDA of approximately $465 million to $495 million, versus $535.2 million in 2025
Management will host a live question and answer webcast at 8:30 a.m. Eastern Time on February 13, 2026
Public Storage reported fourth-quarter 2025 diluted net income of $2.60 per share, down from $3.21 a year earlier, while Core FFO per share rose 1.2% to $4.26. The company gave 2026 Core FFO guidance of $16.35 to $17.00 per share and said CEO Joe Russell will retire effective March 31, 2026, with Tom Boyle becoming CEO on April 1, 2026.
Q4 2025 diluted net income per share was $2.60, versus $3.21 in Q4 2024; full-year net income per share was $9.01, versus $10.64.
Q4 2025 Core FFO per share was $4.26, versus $4.21; full-year Core FFO per share was $16.97, versus $16.67.
2026 guidance: Core FFO per share of $16.35 to $17.00, and Same Store revenue growth of (2.2)% to —%.
Joe Russell retires effective March 31, 2026; Tom Boyle to become CEO effective April 1, 2026.
Bright Horizons reported fourth-quarter 2025 revenue of $734 million, up 9%, but net income fell 25% to $22 million and diluted EPS fell to $0.38 from $0.50, partly due to $14.8 million of incremental impairment and lease termination costs. For full-year 2025, revenue rose 9% to $2.9 billion and diluted EPS rose 40% to $3.36, and the company gave 2026 guidance of $3.075 billion to $3.125 billion in revenue and $4.90 to $5.10 in diluted adjusted EPS. The filing also disclosed higher 2026 pay targets for the CEO and CFO and a shift in the long-term incentive program toward performance-based awards.
Q4 2025 revenue $733.7 million, up 9%; income from operations $45.5 million, down 6%
Q4 2025 diluted EPS $0.38 versus $0.50 a year earlier; diluted adjusted EPS $1.15, up 17%
Full-year 2025 revenue $2.9 billion, up 9%; net income $193 million, up 38%
2026 guidance: revenue $3.075 billion to $3.125 billion; diluted adjusted EPS $4.90 to $5.10
Twilio reported fourth-quarter 2025 revenue of $1.37 billion, up 14% year over year, and full-year revenue of $5.07 billion, also up 14%. The company posted a fourth-quarter GAAP net loss of $45.9 million after an $80.6 million impairment of an equity method investment, while full-year GAAP net income was $33.8 million. Its first-quarter and full-year 2026 guidance points to slower organic revenue growth than in 2025, which matters to shareholders weighing the company's growth trajectory.
Q4 2025 non-GAAP diluted EPS was $1.33, up from $1.00 a year earlier; GAAP diluted net loss per share was $0.30, versus $0.08 in Q4 2024.
Full-year 2025 GAAP diluted EPS was $0.21, compared with a loss of $0.66 in 2024; full-year non-GAAP diluted EPS was $4.89.
Q1 2026 guidance: revenue of $1.335 billion to $1.345 billion and non-GAAP diluted EPS of $1.21 to $1.26; organic revenue growth of 10% to 11%.
FY2026 guidance: organic revenue growth of 8% to 9%, versus 13% in 2025; free cash flow of $1.04 billion to $1.06 billion.
Maplebear Inc., which operates as Instacart, reported fourth-quarter 2025 results on February 12, 2026, with total revenue up 12% to $992 million and adjusted EBITDA up 20% to $303 million. GAAP net income fell 46% to $81 million, mainly due to higher general and administrative expense that included a $60 million FTC settlement. The company guided first-quarter 2026 GTV to $10,125 million to $10,275 million and adjusted EBITDA to $280 million to $290 million.
Q4 2025 GTV of $9,852 million, up 14% year-over-year; orders of 89.5 million, up 16%
Total revenue of $992 million, up 12%; GAAP net income of $81 million, down 46%
Adjusted EBITDA of $303 million, up 20%; Q4 repurchases of $1.1 billion of shares
Q1 2026 outlook: GTV of $10,125 million to $10,275 million; adjusted EBITDA of $280 million to $290 million
Yelp reported record full-year 2025 net revenue of $1.46 billion, up 4%, and net income of $146 million, up 10%, with diluted earnings per share of $2.24. Fourth-quarter results were weaker, with net revenue down 1% and adjusted EBITDA down 15%, and the company guided 2026 adjusted EBITDA to $310 million to $330 million, below the $369 million reported for 2025, as it invests in its AI transformation.
Full-year 2025 net revenue was a record $1.46 billion, up 4%; net income was $146 million; diluted EPS was $2.24, up 19%.
Fourth-quarter 2025 net revenue was $360 million, down 1%, and adjusted EBITDA was $86 million, down 15% from $101 million a year earlier.
2026 outlook: net revenue of $1.455 billion to $1.475 billion and adjusted EBITDA of $310 million to $330 million.
Restaurants, Retail & Other advertising revenue fell 6% to $444 million, while Services advertising revenue rose 8% to a record $948 million.
HASI reported a fourth-quarter 2025 GAAP net loss attributable to controlling stockholders of $53.8 million, or $0.43 per diluted share, compared with net income of $70.1 million, or $0.54 per share, a year earlier. For full-year 2025, GAAP diluted EPS fell to $1.41 from $1.62, while adjusted EPS rose 10% to $2.70; the company also raised its quarterly dividend to $0.425 per share and introduced 2028 adjusted EPS guidance of $3.50 to $3.60. For shareholders, GAAP earnings declined while adjusted measures and long-term guidance point to growth.
Q4 2025 GAAP net loss to controlling stockholders of $53.8 million, diluted EPS of $(0.43), versus net income of $70.1 million and $0.54 in Q4 2024
Full-year 2025 adjusted earnings of $342 million and adjusted EPS of $2.70, versus $2.45 in 2024; GAAP diluted EPS was $1.41 versus $1.62
Closed $4.3 billion of new investments in 2025, up 87% year-over-year
2028 guidance of adjusted EPS of $3.50 to $3.60; quarterly dividend of $0.425 per share payable April 17, 2026
Ryan Specialty reported fourth-quarter 2025 total revenue of $751.2 million, up 13.2%, while net income fell 26.6% to $31.2 million. The board also approved a three-year Empower restructuring program with about $160 million of pre-tax charges, a $300 million share repurchase authorization and an 8.3% dividend increase, which affects shareholders through near-term charges and capital returns.
Q4 2025 total revenue $751.2 million, up 13.2%; net income $31.2 million, down 26.6%; diluted EPS $0.06
Adjusted diluted EPS flat at $0.45; Adjusted EBITDAC margin 29.6% versus 32.6% a year earlier
Empower Program: about $160 million of cumulative pre-tax charges through 2028, with about $80 million of annual savings expected in 2029
$300 million share repurchase authorization; quarterly dividend raised 8.3% to $0.13, payable March 10, 2026
Coinbase reported fourth-quarter 2025 total revenue of $1.8 billion, down 5% from the prior quarter, and a net loss of $667 million, compared with net income of $433 million in Q3. The loss was driven mainly by a $718 million loss on its crypto asset investment portfolio and a $395 million loss on strategic investments. Full-year 2025 total revenue rose 9% to $7.2 billion, but full-year net income fell to $1.26 billion from $2.58 billion in 2024.
Q4 2025 net loss was $667 million, versus net income of $433 million in Q3 2025; Adjusted EBITDA was $566 million, versus $801 million in Q3
Full-year 2025 total revenue was $7.2 billion, up 9% year over year
Repurchased $1.7 billion of Class A common stock in Q4 and through February 10, 2026; board added $2.0 billion to the repurchase authorization in January 2026, with $2.3 billion remaining as of February 10, 2026
Q1 2026 subscription and services revenue outlook is $550 million to $630 million
Sabra Health Care REIT reported fourth quarter 2025 total revenues of $211.9 million, up from $182.3 million a year earlier, but diluted net income fell to $0.11 per share from $0.19. Normalized FFO rose to $0.36 per share from $0.35 and normalized AFFO rose to $0.38 from $0.36. The company also initiated 2026 guidance for normalized FFO of $1.49 to $1.53 per share and normalized AFFO of $1.55 to $1.59 per share.
Q4 2025 diluted net income $0.11 per share vs $0.19 in Q4 2024; net loss on sales of real estate was $9.1 million in the quarter
Q4 2025 normalized FFO $0.36 per share vs $0.35; normalized AFFO $0.38 vs $0.36
2026 guidance: net income $0.60 to $0.64 per share; normalized FFO $1.49 to $1.53; normalized AFFO $1.55 to $1.59
Board declared a quarterly dividend of $0.30 per share, payable February 27, 2026 to holders of record on February 13, 2026
Wynn Resorts reported fourth-quarter 2025 operating revenues of $1.87 billion, up $27.2 million from a year earlier, but net income attributable to the company fell to $100.0 million from $277.0 million. The company also declared a quarterly dividend of $0.25 per share, payable March 4, 2026, to holders of record on February 23, 2026.
Q4 operating revenues were $1.87 billion, up $27.2 million from $1.84 billion in Q4 2024.
Q4 net income attributable to Wynn Resorts was $100.0 million, versus $277.0 million a year earlier.
Q4 diluted EPS was $0.82, versus $2.29; adjusted diluted EPS was $1.17, versus $2.42.
Quarterly dividend of $0.25 per share is payable March 4, 2026, to holders of record as of February 23, 2026.
Warrior Met Coal reported fourth-quarter 2025 net income of $23.0 million, or $0.44 per diluted share, up from $1.1 million a year earlier, on record quarterly sales of 2.9 million short tons as the Blue Creek mine ramped up. For full-year 2025, net income fell to $57.0 million from $250.6 million, and the company raised its 2026 volume guidance.
Q4 2025 net income was $23.0 million, or $0.44 per diluted share, versus $1.1 million, or $0.02 per diluted share, in Q4 2024.
Full-year 2025 total revenues were $1.3 billion, down 14% from 2024, and net income was $57.0 million versus $250.6 million in 2024.
Record Q4 2025 sales volume of 2.9 million short tons, including 881 thousand short tons from Blue Creek; Blue Creek longwall operations began in October 2025.
2026 guidance calls for 12.5 to 13.5 million short tons of coal sales; the board declared a $0.08 per share dividend payable March 2, 2026.
Applied Materials reported first-quarter fiscal 2026 revenue of $7.01 billion, down 2 percent year over year, with non-GAAP EPS flat at $2.38 and GAAP EPS up 75 percent to $2.54. GAAP results included a $484 million unrealized gain on strategic investments and a $253 million legal settlement charge tied to an export controls compliance matter. For shareholders, lower sales and flat adjusted earnings sit alongside higher GAAP earnings, and the company guided second-quarter revenue to $7.65 billion plus or minus $500 million.
Revenue was $7.01 billion, down 2 percent year over year; GAAP gross margin was 49.0 percent and non-GAAP gross margin was 49.1 percent.
GAAP diluted EPS was $2.54, up from $1.45; non-GAAP diluted EPS was $2.38, unchanged from the prior year.
The quarter included a $253 million charge for a settlement with the U.S. Commerce Department Bureau of Industry and Security over an export controls compliance matter.
Second-quarter fiscal 2026 outlook: total revenue of $7.65 billion plus or minus $500 million and non-GAAP diluted EPS of $2.64 plus or minus $0.20.
Cohu reported fourth-quarter 2025 revenue of $122.2 million, up 30% from a year earlier but down from $126.2 million in the third quarter. The GAAP net loss was $22.5 million, or $0.48 per share, compared with a loss of $21.4 million, or $0.46 per share, a year earlier. The company expects first-quarter 2026 sales of $122 million, plus or minus $7 million.
Full-year 2025 revenue was $453.0 million, up 13% from $401.8 million in 2024.
Full-year 2025 GAAP net loss was $74.3 million, or $1.59 per share, versus $69.8 million, or $1.49 per share, in 2024.
Non-GAAP net loss for Q4 2025 was $7.2 million, or $0.15 per share; Cohu did not repurchase shares in Q4 2025.
First-quarter 2026 sales guidance is $122 million, plus or minus $7 million.
Airbnb reported fourth-quarter 2025 revenue of $2.8 billion, up 12% year over year and above the high end of its guidance range, with Gross Booking Value up 16%. Net income fell to $341 million from the prior-year quarter, as planned investments and about $90 million of non-income tax matters offset higher revenue. The company guided first-quarter 2026 revenue growth of 14% to 16% and expects full-year 2026 revenue growth of at least low double digits.
Q4 2025 revenue was $2.8 billion, up 12% year over year; full-year 2025 revenue was $12.2 billion, up 10%.
Q4 2025 net income was $341 million, compared with a lower net income margin of 12% versus 19% a year earlier; full-year net income was $2.5 billion.
Q4 2025 Adjusted EBITDA was $786 million, up 3% from $765 million, with the margin at 28% versus 31%.
Q1 2026 revenue guidance is $2.59 billion to $2.63 billion; the company repurchased $1.1 billion of Class A stock in Q4 2025.
Expedia Group reported fourth-quarter 2025 revenue of $3.547 billion, up 11% year over year, and gross bookings of $27.0 billion, also up 11%. GAAP net income attributable to the company fell 31% to $205 million, while adjusted EPS rose 58% to $3.78. The company also issued 2026 guidance calling for full-year revenue of $15.6 to $16.0 billion and declared a quarterly dividend of $0.48 per share.
Q4 2025 diluted EPS was $1.60, down 27% from $2.20; adjusted EPS was $3.78, up 58%.
Full-year 2025 revenue was $14.733 billion, up 8%, and the company repurchased about 9 million shares for $1.7 billion.
Guidance: Q1 2026 revenue of $3.32 to $3.37 billion; full-year 2026 revenue of $15.6 to $16.0 billion, up 6% to 9%.
Quarterly dividend of $0.48 per share is payable March 26, 2026, to holders of record on March 5, 2026.
Corsair reported fiscal fourth-quarter and full-year 2025 results, with full-year revenue up 12% to $1,472.5 million and GAAP net loss per share narrowing to ($0.12) from ($0.95). The company also announced its first stock repurchase authorization, up to $50 million, and guidance for 2026 that calls for revenue down about 5% at the midpoint, though adjusted EBITDA is expected to grow.
FY25 adjusted EBITDA rose 84% to $100.6 million, above the high end of guidance; Q4 2025 adjusted EBITDA rose 62% to $53.6 million.
Q4 2025 revenue rose 6% to $436.9 million; diluted GAAP EPS was $0.22 versus $0.01 a year earlier.
2026 guidance: net revenue $1.33 billion to $1.47 billion; adjusted EBITDA $100 million to $115 million; non-GAAP EPS $0.58 to $0.74.
The Board authorized repurchases of up to $50 million of common stock, effective immediately with no expiration date.
NorthWestern reported 2025 results with total revenue up to $1.61 billion from $1.51 billion, but GAAP net income fell to $181.1 million from $224.1 million, mainly due to a $30.9 million non-cash charge tied to a Montana regulatory disallowance. The company initiated 2026 non-GAAP EPS guidance of $3.68 to $3.83 per diluted share and announced a $3.2 billion 2026-2030 capital plan, while the pending Black Hills merger is expected to close in the second half of 2026.
2025 GAAP diluted EPS was $2.94 versus $3.65 in 2024; adjusted non-GAAP diluted EPS was $3.58 versus $3.40
2026 non-GAAP EPS guidance is $3.68 to $3.83 per diluted share, based on normal weather and excluding Black Hills merger costs
Quarterly dividend increased 1.5% to $0.67 per share, payable March 31, 2026, to holders of record as of March 13, 2026
Black Hills merger shareholder votes are scheduled for April 2, 2026
Terex reported fourth-quarter 2025 net sales of $1.3 billion, up 6%, and EPS of $1.12, $0.35 higher than a year earlier, with full-year EPS of $4.93 in line with its outlook. The company also completed its merger with REV Group the prior week and guided 2026 EPS to $4.50 to $5.00, below the $4.80 to $5.20 legacy Terex range, as the merger is expected to dilute EPS by about 3%.
Q4 2025 net sales were $1.3 billion, up 6% year over year; EPS was $1.12 and EBITDA was $141 million.
Full-year 2025 net sales rose 6% to $5.4 billion, and full-year EPS was $4.93, consistent with the company's outlook.
2026 outlook: pro forma sales of $7.5 billion to $8.1 billion, EBITDA of $930 million to $1 billion, and EPS of $4.50 to $5.00 on 111 million shares.
The company is evaluating inbound interest in its Aerials business under a strategic review.
Trinity Industries reported fourth-quarter 2025 diluted EPS from continuing operations of $2.31, up from $0.38, while revenue fell to $611.2 million from $629.4 million. For full year 2025, EPS was $3.14 versus $1.81 and revenue was $2.16 billion versus $3.08 billion. The profit increase was helped by a $194 million non-cash pre-tax gain from a December 2025 railcar partnership restructuring with Napier Park, and the company guided 2026 EPS to $1.85 to $2.10, below its 2025 level.
Q4 2025 diluted EPS from continuing operations was $2.31 versus $0.38; revenue was $611.2 million versus $629.4 million.
Full-year 2025 EPS was $3.14 versus $1.81; revenue was $2.16 billion versus $3.08 billion.
A $194 million non-cash pre-tax gain came from the December 2025 railcar partnership restructuring with Napier Park.
2026 EPS guidance is $1.85 to $2.10; the quarterly dividend was raised to $0.31 per share from $0.30.
Euronet reported fourth quarter and full-year 2025 results on February 12, 2026. Q4 revenue rose 6% to $1,108.7 million, but operating income fell 18% to $101.0 million after a $20.4 million Money Transfer restructuring charge, and full-year adjusted EPS rose 12% to $9.61. The company expects 2026 adjusted earnings growth of 10% to 15%, excluding currency, interest rate and other unforeseen factors.
Q4 2025 net income attributable to Euronet was $51.5 million, or $1.08 diluted EPS, versus $0.98 a year earlier; adjusted EPS was $2.39, up 15% from $2.08.
Full-year 2025 revenue was $4,244.2 million, up 6%, and full-year net income attributable to Euronet was $309.5 million, or $6.84 diluted EPS.
Money Transfer Q4 operating income fell 36% to $37.2 million, including the $20.4 million restructuring charge; adjusted operating income was $121.6 million, down 1%.
Euronet guided to 10% to 15% adjusted earnings growth in 2026 and agreed to acquire CrediaBank's merchant acquiring business, with closing expected in the second half of 2026.
Entergy reported fourth quarter 2025 earnings of $236 million, or 51 cents per share, down from $286 million, or 65 cents, a year earlier. For full year 2025, earnings rose to $1,758 million, or $3.91 per share, from $1,056 million, or $2.45 per share, on an as-reported basis. The company initiated 2026 adjusted earnings per share guidance of $4.25 to $4.45.
Q4 2025 as-reported EPS was 51 cents, versus 65 cents in Q4 2024; adjusted Q4 2024 EPS was 66 cents.
Full year 2025 as-reported EPS was $3.91, versus $2.45 in 2024; adjusted EPS was $3.91, versus $3.65 in 2024.
2026 adjusted EPS guidance range is $4.25 to $4.45.
The 2024 full year included a $320 million pension settlement charge that was excluded from adjusted earnings.
Zebra Technologies reported fourth-quarter 2025 net sales of $1,475 million, up 10.6% from a year earlier, but GAAP net income fell 57.1% to $70 million after $76 million in exit and restructuring charges. The Board also approved a $1 billion increase to the share repurchase authorization, which has no stated expiration date and brings total remaining authorization to more than $1.1 billion.
Q4 2025 GAAP net income was $70 million, or $1.39 per diluted share, versus $163 million, or $3.14, in Q4 2024.
Q4 2025 non-GAAP diluted EPS rose 8.3% to $4.33 from $4.00 a year earlier.
The Board approved a $1 billion increase to the share repurchase authorization; the company returned more than $580 million to shareholders through buybacks in 2025.
The company guided full-year 2026 sales growth of 9% to 13% and non-GAAP diluted EPS of $17.70 to $18.30.
Alkermes completed its acquisition of Avadel Pharmaceuticals on February 12, 2026, paying $21.00 in cash per Avadel share plus one contingent value right per share worth a potential additional $1.50. The deal was funded with $1.525 billion of new term loans due 2031 and about $750 million of Alkermes cash, and the company says it expects the transaction to be accretive in 2026. Shareholders face higher debt and first-quarter 2026 transaction costs of $40 million, with the full 2026 outlook due February 25, 2026.
Avadel shareholders receive $21.00 cash per share plus one non-transferable CVR per share, with each CVR tied to a potential $1.50 payment on a milestone
Alkermes borrowed the full $1.525 billion under a credit agreement: a $750 million TLA facility maturing February 12, 2031 and a $775 million TLB facility maturing August 12, 2031
Alkermes expects $40 million of transaction-related costs in Q1 2026 and about $180 million of LUMRYZ inventory step-up expensed as cost of goods sold in 2026
The approximately $1.5 billion bridge loan entered November 18, 2025 was terminated, and Avadel shares were halted and will be delisted from Nasdaq
Baxter reported fourth-quarter 2025 sales from continuing operations of $2.97 billion, up 8% on a reported basis, but posted a GAAP net loss of $1.128 billion after a $485 million goodwill impairment and a $330 million valuation allowance on U.S. deferred tax assets. Adjusted diluted EPS from continuing operations fell 24% to $0.44, and the company issued 2026 adjusted EPS guidance of $1.85 to $2.05. The filing also announces a board change and a quarterly dividend of $0.01 per share.
Q4 2025 sales from continuing operations were $2.97 billion, up 8% reported and 3% operational; U.S. sales declined 1% operationally.
GAAP net loss was $1.128 billion, or $2.19 per diluted share, including a $485 million goodwill impairment and a $330 million valuation allowance.
Adjusted diluted EPS from continuing operations was $0.44, down from $0.58 a year earlier; full-year 2026 adjusted EPS guidance is $1.85 to $2.05.
Michael R. McDonnell joins the board effective February 13, 2026; Cathy R. Smith and Stephen H. Rusckowski resign on the same date. The $0.01 dividend is payable April 1, 2026.
CBRE reported fourth-quarter 2025 revenue of $11.6 billion, up 12%, and core EPS of $2.73, up from $2.32 a year earlier. GAAP EPS fell to $1.39 from $1.58 after a $279 million reduction tied to a U.K. pension buy-out and a higher U.K. fire-safety reserve. The company expects 2026 core EPS of $7.30 to $7.60, which it says reflects 17% growth at the midpoint.
Q4 revenue $11.6 billion, up 12% from $10.4 billion; full-year 2025 revenue $40.6 billion, up 13%
Q4 GAAP EPS $1.39 vs. $1.58 a year earlier; core EPS $2.73 vs. $2.32
Q4 GAAP net income reduced by $279 million from a non-cash U.K. pension buy-out and increased U.K. fire-safety reserve
2026 core EPS guidance of $7.30 to $7.60; full-year 2025 free cash flow of about $1.7 billion
American Electric Power reported fourth-quarter 2025 GAAP earnings of $582 million, or $1.09 per share, down from $664 million, or $1.25 per share, a year earlier. Full-year 2025 GAAP earnings rose to $3.58 billion, or $6.70 per share, and the company reaffirmed its 2026 operating earnings guidance of $6.15 to $6.45 per share.
Q4 2025 operating earnings were $638 million, or $1.19 per share, versus $660 million, or $1.24 per share, in Q4 2024
Q4 2025 revenue was $5.3 billion, up from $4.7 billion in Q4 2024
Full-year 2025 operating earnings were $3.19 billion, or $5.97 per share, versus $5.62 per share in 2024
Signed agreements for large loads reached 56 GW of incremental load by 2030, up from 28 GW in October
Crocs reported fourth-quarter and full-year 2025 results on February 12, 2026. Revenue fell 3.2% to $958 million in the quarter and 1.5% to $4,041 million for the year, while full-year GAAP results were hit by $430 million and $307 million impairments on the HEYDUDE trademark and goodwill, producing a diluted loss of $1.50 per share. The company guided 2026 adjusted diluted EPS to $12.88 to $13.35, versus $12.51 in 2025, which matters to shareholders because it signals expected profit growth after a year of large write-downs.
Q4 2025 revenue was $958 million, down 3.2%; diluted EPS was $2.03 versus $6.36, and adjusted diluted EPS was $2.29 versus $2.52.
Full-year 2025 revenue was $4,041 million, down 1.5%; GAAP diluted loss was $1.50 per share versus earnings of $15.88, while adjusted diluted EPS was $12.51, down 5.0%.
2026 adjusted diluted EPS guidance is $12.88 to $13.35; Q1 2026 adjusted diluted EPS guidance is $2.67 to $2.77.
The company repurchased 6.5 million shares for $577 million in 2025 and had $747 million of authorization remaining at year-end.
Tripadvisor reported fourth-quarter 2025 revenue of $411 million, flat year over year, and a net loss of $38 million, compared with net income of $2 million a year earlier. For the full year, revenue rose 3% to $1.9 billion and net income was $40 million, or $0.31 per diluted share, but the company also said it is exploring strategic alternatives for TheFork and has launched cost-saving actions expected to save at least $85 million a year.
Q4 2025 revenue was $411 million, flat year over year; Experiences revenue rose 10% to $204 million, while Hotels and Other fell 15% to $151 million.
Q4 2025 net loss was $38 million, or $(0.33) per diluted share, versus $2 million net income in Q4 2024; Q4 adjusted EBITDA was $45 million, down 38%.
Full-year 2025 revenue was $1,891 million, up 3%, with net income of $40 million, or $0.31 per diluted share.
The company expects to use $345 million of cash to repay its 2026 Senior Notes due April 1, 2026, and is exploring strategic alternatives for TheFork.
Core Natural Resources reported a fourth-quarter 2025 net loss of $79.0 million, or $(1.54) per diluted share, compared with net income of $30.8 million, or $1.04 per diluted share, a year earlier. Revenue rose to $1.042 billion from $573.6 million, and the company also issued 2026 sales volume and cost guidance and declared a $0.10 quarterly dividend.
Q4 2025 revenues were $1.042 billion, versus $573.6 million in Q4 2024; net loss was $79.0 million, or $(1.54) per diluted share.
Adjusted EBITDA was $103.1 million, including $36.4 million of fire extinguishment and idle mine costs at Leer South and West Elk.
2026 total sales volume guidance is 85.6 to 91.4 million tons, and capital expenditures are guided to $325 million to $375 million.
The board declared a $0.10 per share dividend payable March 16, 2026, to stockholders of record on March 2, 2026.
Exelon reported fourth-quarter 2025 adjusted operating earnings of $0.59 per share, down from $0.64 a year earlier, while full-year 2025 adjusted earnings rose to $2.77 per share from $2.50. The company initiated 2026 adjusted earnings guidance of $2.81 to $2.91 per share and updated its four-year plan to include $3.4 billion of equity to fund $41.3 billion of capital expenditures.
Q4 2025 GAAP net income was $0.58 per share, down from $0.64; Q4 operating revenue was $5.41 billion, down from $5.47 billion.
Full-year 2025 operating revenue was $24.26 billion, up from $23.03 billion, and GAAP net income was $2.73 per share, up from $2.45.
2026 adjusted operating earnings guidance is $2.81 to $2.91 per share, which the company describes as over 6% growth from its 2025 guidance.
The board declared a quarterly dividend of $0.42 per share, payable March 13, 2026, to holders of record on March 2, 2026.
Bruker reported fourth-quarter 2025 revenue of $977.2 million, flat year over year, and non-GAAP diluted EPS of $0.59 versus $0.76 a year earlier. For the full year, revenue rose 2.1% to $3.44 billion, but the company posted a GAAP diluted loss of $(0.15) per share after $127.2 million of goodwill and intangible impairment charges and $77.4 million of restructuring charges. For 2026, Bruker guided to revenue of $3.57 to $3.60 billion and non-GAAP EPS of $2.10 to $2.15.
Q4-25 revenue of $977.2 million, down 0.2% year over year; non-GAAP diluted EPS of $0.59 versus $0.76 in Q4-24
FY25 GAAP diluted loss per share of $(0.15) versus EPS of $0.76 in FY24, reflecting $127.2 million in impairment charges and $77.4 million in restructuring charges
FY26 guidance: revenue of $3.57 to $3.60 billion and non-GAAP EPS of $2.10 to $2.15, including a currency headwind of about $0.15 per share
Management said the Q4 margin recovery lagged prior guidance, so cost-savings initiatives were expanded beyond the previous range
Iridium reported fourth-quarter 2025 total revenue of $212.9 million, flat from a year earlier, while net income fell to $24.9 million from $36.3 million. For full-year 2025, revenue rose 5% to $871.7 million and diluted EPS rose 13% to $1.06, and the company gave 2026 OEBITDA guidance of $480 million to $490 million, which includes a $17 million impact from paying incentive compensation entirely in cash.
Q4 2025 net income was $24.9 million, or $0.24 per diluted share, versus $36.3 million, or $0.32, in Q4 2024; Q4 OEBITDA was $115.3 million, down 2%.
Full-year 2025 net income was $114.4 million, up from $112.8 million, and OEBITDA was $495.3 million, up 5%.
2026 outlook: service revenue growth of flat to 2% and OEBITDA of $480 million to $490 million; without the incentive compensation change, OEBITDA would have been projected at $497 million to $507 million.
Net leverage was 3.4 times OEBITDA at December 31, 2025, with a target of at or below 3.0 times by the end of 2026.
Iron Mountain reported fourth quarter 2025 revenue of $1.8 billion, up 16.6% from a year earlier, and Adjusted EBITDA of $705.3 million, up 16.6%. GAAP net income fell 11.9% to $93.1 million, and reported EPS was $0.30 versus $0.35, while Adjusted EPS rose to $0.61 from $0.50. The company also issued 2026 guidance calling for revenue of $7,625 million to $7,775 million and Adjusted EBITDA of $2,875 million to $2,925 million.
Q4 2025 total revenues were $1,843.2 million, up 16.6% from $1,581.3 million in Q4 2024.
Q4 2025 net income was $93.1 million versus $105.7 million, and reported EPS was $0.30 versus $0.35.
Full year 2025 revenue was $6.9 billion, up 12.2%, while full year net income was $152.3 million, down 17.1%.
2026 guidance: total revenue of $7,625 million to $7,775 million and AFFO per share of $5.69 to $5.79. The board declared a quarterly dividend of $0.864 per share, payable April 3, 2026.
PBF Energy reported fourth-quarter 2025 net income attributable to shareholders of $78.4 million, or $0.66 per diluted share, compared with a loss of $289.3 million, or $(2.54) per share, a year earlier. Results were helped by a $393.5 million gain on insurance recoveries tied to the February 2025 Martinez refinery fire, while fourth-quarter revenue fell to $7.14 billion from $7.35 billion. The company also declared a $0.275 quarterly dividend.
Q4 2025 income from operations of $128.0 million, vs. a loss of $383.2 million in Q4 2024; excluding special items, $99.4 million
Q4 insurance recoveries gain of $393.5 million; full-year 2025 loss from operations of $54.3 million vs. $699.0 million loss in 2024
Full-year 2025 revenues of $29.33 billion, down from $33.12 billion in 2024
Quarterly dividend of $0.275 per share payable March 11, 2026, to holders of record February 25, 2026
Lincoln National reported fourth-quarter 2025 net income available to common stockholders of $745 million, or $3.80 per diluted share, down from $1,675 million, or $9.63, a year earlier. Adjusted operating income available to common stockholders rose to $434 million, or $2.21 per diluted share, from $332 million, or $1.91, and the company attributed the gap mainly to the non-economic impact of changes in market risk benefits. Holding company available liquidity was $655 million at year-end, net of prefunding.
Q4 2025 net income available to common stockholders was $745 million ($3.80 per diluted share), versus $1,675 million ($9.63) in Q4 2024.
Q4 2025 adjusted operating income available to common stockholders was $434 million ($2.21 per diluted share), versus $332 million ($1.91) a year earlier.
Full-year 2025 net income available to common stockholders was $1,086 million ($5.83 per diluted share), versus $3,187 million ($18.41) in 2024; full-year adjusted per-share income was $8.23, versus $7.07.
Book value per share including AOCI was $51.88 at December 31, 2025, versus $42.60 at December 31, 2024.
Avient reported fourth-quarter 2025 sales of $760.6 million, up 2%, and adjusted EPS of $0.56, up 14%, but GAAP diluted EPS fell to $0.18 from $0.52 as special items and higher costs weighed on results. The company also initiated 2026 adjusted EPS guidance of $2.93 to $3.17, which the filing describes as 4% to 12% growth over 2025.
Q4 2025 sales were $760.6 million versus $746.5 million a year earlier; Q4 operating income fell to $39.6 million from $85.6 million.
Full-year 2025 adjusted EPS was $2.82 versus $2.66, while full-year GAAP diluted EPS fell to $0.89 from $1.84.
Full-year 2025 special items reduced GAAP EPS by $1.27, including an $86.3 million impairment of a cloud-based enterprise resource planning system.
For 2026, the company expects adjusted EBITDA of $555 million to $585 million and free cash flow above $200 million.
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