1,673 material Form 8-K filings that 1,260 companies we cover made with the SEC in February 2026, each read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). All of them were written later, when past filings were added: a selection, not every 8-K of the month (see the note below).
KBR reported fourth-quarter fiscal 2025 revenue of $1.9 billion, down 11%, while net income attributable to KBR rose 46% to $111 million and diluted EPS rose 53% to $0.87. For the full year, revenue was $7.8 billion, up 1%, and adjusted EPS was $3.93, up 18%. The company also issued fiscal 2026 guidance, with adjusted EPS of $3.87 to $4.22, which shareholders can compare with the prior year.
Q4 revenue $1.9 billion, down 11%, due to the slower pace of awards and contingency EUCOM scope reductions
Q4 operating income $191 million, up 36%, helped by a $26 million contract dispute resolution that did not recur
Fiscal 2026 guidance: revenue $7.90 billion to $8.36 billion; adjusted EBITDA $980 million to $1.04 billion; adjusted EPS $3.87 to $4.22
Board approved a quarterly dividend of $0.165 per share, payable April 15, 2026, and planned spin-off of Mission Technology Solutions targeted for second half of 2026
Kinetik reported fourth-quarter 2025 total operating revenues of $430.4 million, up from $385.7 million a year earlier, and Adjusted EBITDA of $252.1 million, up from $237.5 million. Quarterly net income was driven by a $415.4 million gain on the sale of its EPIC Crude equity interest, and the company guided 2026 Adjusted EBITDA to $950 million to $1,050 million, which it said is a 7% increase at the midpoint.
Q4 2025 diluted EPS was $2.16 versus $0.01 in Q4 2024; Adjusted EBITDA was $252.1 million versus $237.5 million.
Net income including noncontrolling interest of $416.7 million includes a $415.4 million gain from the EPIC Crude divestiture completed October 31, 2025.
Full-year 2025 Adjusted EBITDA was $987.7 million; Q4 2025 Free Cash Flow was $(12.0) million versus $32.5 million a year earlier.
2026 guidance calls for Adjusted EBITDA of $950 million to $1,050 million and capital expenditures of $450 million to $510 million.
Ellington Financial reported fourth-quarter 2025 net income attributable to common stockholders of $14.7 million, or $0.14 per share, down from $29.5 million, or $0.29 per share, in the third quarter. Adjusted Distributable Earnings were $51.4 million, or $0.47 per share, which the company said substantially exceeded its $0.39 per share dividend, while net interest income rose to $53.6 million from $49.7 million. The mixed results matter to shareholders because the GAAP profit measure roughly halved even as the company's earnings-based dividend coverage and balance sheet measures were highlighted.
Net income attributable to common stockholders was $14.7 million, or $0.14 per share, for the quarter ended December 31, 2025, compared with $29.5 million, or $0.29 per share, for the quarter ended September 30, 2025.
Adjusted Distributable Earnings were $51.4 million, or $0.47 per share; dividends for the quarter were $0.39 per share.
Book value per common share was $13.16 as of December 31, 2025.
The company issued $400 million of unsecured notes on October 6, 2025, and its recourse debt-to-equity ratio was 1.9:1 as of December 31, 2025.
Ormat reported fourth-quarter 2025 revenue of $276.0 million, up 19.6%, led by Product and Energy Storage growth. Fourth-quarter GAAP diluted EPS fell to $0.50 from $0.67, and the company cited $12 million in impairment charges. The company also issued 2026 guidance calling for total revenues of $1,110 million to $1,160 million and Adjusted EBITDA of $615 million to $645 million.
Q4 2025 total revenues were $276.0 million, up 19.6% from $230.7 million; GAAP diluted EPS was $0.50 versus $0.67 a year earlier.
Full-year 2025 revenues were $989.6 million, up 12.5%; net income attributable to stockholders was $123.9 million, or $2.02 per diluted share, versus $2.04 in 2024.
2026 guidance: total revenues of $1,110 million to $1,160 million and Adjusted EBITDA of $615 million to $645 million.
Quarterly dividend of $0.12 per share, payable March 24, 2026, to holders of record as of March 10, 2026.
Cactus reported fourth quarter 2025 revenue of $261.2 million, down from $272.1 million a year earlier, and diluted EPS of $0.57 versus $0.68. Management expects softer first quarter 2026 revenue in its legacy Pressure Control and Spoolable Technologies businesses, and director Melissa Law will not stand for re-election at the 2026 annual meeting.
Q4 2025 revenue was $261.2 million, down from $272.1 million in Q4 2024 and $264.0 million in Q3 2025.
Q4 2025 net income was $48.3 million versus $57.4 million a year earlier; diluted EPS was $0.57 versus $0.68.
Management expects Q1 2026 sales in legacy Pressure Control to soften and Spoolable Technologies revenue to be softer than Q4 2025.
Director Melissa Law advised on February 22, 2026 that she will not stand for re-election; the company says this is not due to any disagreement.
VSE Corporation reported fourth-quarter and full-year 2025 results on February 25, 2026, with revenue, GAAP net income and diluted EPS all higher than in 2024. The company also issued 2026 guidance that excludes the pending Precision Aviation Group acquisition, which is expected to close in the second quarter of 2026. For shareholders, the results show strong growth, though full-year free cash flow was only $6 million.
Q4 2025 revenue was $301.2 million, up 32%, and GAAP diluted EPS was $0.98 versus $0.51 a year earlier.
Full-year 2025 revenue was $1.1 billion, up 41%, with GAAP net income of $53.5 million and GAAP diluted EPS of $2.52.
2026 guidance excluding PAG calls for revenue growth of about 19% to 23% and Adjusted EBITDA margin of 16.8% to 17.3%.
Full-year 2025 operating cash flow was $27 million and free cash flow was $6 million; net debt was $223 million.
Hormel Foods reported first-quarter fiscal 2026 results for the period ended January 25, 2026, with net sales up 1.3% to $3.03 billion and GAAP diluted EPS of $0.33, up from $0.31. Adjusted diluted EPS fell to $0.34 from $0.35, and Retail segment profit dropped 19%. The company raised its GAAP diluted EPS guidance to $1.37 to $1.46 but reaffirmed its adjusted guidance of $1.43 to $1.51.
Net sales of $3.03 billion, up 1.3%; organic net sales up 2%
GAAP diluted EPS of $0.33 vs. $0.31 a year earlier; adjusted diluted EPS of $0.34 vs. $0.35
Retail segment profit down 19%; Foodservice segment profit up 12.8%; International up 9.9%
Fiscal 2026 GAAP diluted EPS guidance raised to $1.37 to $1.46 from $1.29 to $1.39; adjusted guidance of $1.43 to $1.51 reaffirmed
Donaldson reported second quarter fiscal 2026 results for the quarter ended January 31, 2026. Net sales rose 3.0% to $896.3 million, but GAAP net earnings fell 3.6% to $92.5 million and diluted EPS slipped to $0.78 from $0.79. The company lowered its adjusted fiscal 2026 EPS range and adjusted operating margin guidance, and agreed to acquire Facet for approximately $820 million in cash, expected to close in the second half of fiscal 2026.
Q2 net sales of $896.3 million, up 3.0%; GAAP net earnings of $92.5 million versus $95.9 million a year ago
Adjusted diluted EPS of $0.83, flat versus the prior year quarter
Adjusted fiscal 2026 EPS guidance narrowed to $3.93 to $4.01 from $3.95 to $4.11; adjusted operating margin guidance lowered to 16.0% to 16.4% from 16.2% to 16.8%
All-cash agreement to acquire Facet for approximately $820 million, expected to close in the second half of fiscal 2026
Solstice Advanced Materials granted restricted stock units and performance stock units to its executive officers on February 24, 2026, including 46,244 RSUs and 46,244 target PSUs for CEO David Sewell. The awards are routine equity compensation, with RSUs vesting over three years and PSUs tied to fiscal 2026 through 2028 performance.
CEO David Sewell received 46,244 RSUs and a target of 46,244 PSUs on the February 24, 2026 grant date.
Tina Pierce, Senior Vice President and Chief Financial Officer, received 9,961 RSUs and a target of 9,961 PSUs.
RSUs vest in equal annual installments over three years; PSUs cover fiscal 2026 through 2028 and depend on adjusted EPS, return on invested capital and relative total shareholder return.
Chord Energy reported fourth-quarter and full-year 2025 results on February 25, 2026. Q4 net income was $84.4 million, down from $210.6 million a year earlier, and total revenues also declined, although production and capital spending came in at or better than guidance. The company kept its 2026 volume and capital guidance consistent with its November outlook and declared a $1.30 per share base dividend.
Q4 2025 net income was $84.4 million versus $210.6 million in Q4 2024; diluted EPS was $1.48 versus $3.43.
Q4 2025 total revenues were $1.17 billion versus $1.45 billion a year earlier; oil, NGL and gas revenues were $876.6 million.
2026 guidance: oil volumes of 157 to 161 MBopd and CapEx of $1.35 billion to $1.45 billion, consistent with the November outlook.
Base dividend of $1.30 per share is payable March 27, 2026 to shareholders of record as of March 12, 2026.
Armada Acquisition Corp. III, a blank check company, completed its initial public offering on February 19, 2026, selling 24,850,000 units at $10.00 each for gross proceeds of $248.5 million. The full $248.5 million was placed in a U.S.-based trust account, and the filing states the company has not selected a target business, so trust funds stay in the account until a business combination or redemption.
IPO closed February 19, 2026: 24,850,000 units at $10.00 each, including 2,350,000 units from a partial over-allotment exercise.
$248.5 million placed in a trust account maintained by Continental Stock Transfer & Trust Company.
Private placement of 672,000 units at $10.00 each to the sponsor and underwriters, for gross proceeds of $6.72 million.
Sponsor forfeited 345,083 Class B ordinary shares after the partial over-allotment exercise, leaving it with 8,252,834.
On February 25, 2026, Vishay's Compensation Committee set 2026 base salaries for seven officers, including CEO Marc Zandman at approximately $1,360,000. It also raised the minimum target annual cash bonus for Michael O'Sullivan and David Tomlinson to 55%, while other bonus minimums were unchanged. The routine compensation update reports no change to reported financial results.
CEO Marc Zandman's 2026 base salary is ILS 4,700,211, approximately $1,360,000, paid in Israeli shekels
Joel Smejkal's 2026 base salary is $1,060,488, the second-highest listed
Minimum target annual cash bonus raised to 55% for Michael O'Sullivan and David Tomlinson, effective 2026
Salaries were set by the Compensation Committee at a meeting on February 25, 2026
Sarepta Therapeutics said CEO Douglas Ingram has decided to retire as Chief Executive Officer by the end of 2026, or when a replacement is appointed, whichever comes first. The company has started a search of internal and external candidates for his successor. The filing does not name a successor or give a reason for the retirement.
Douglas Ingram notified the company of his retirement decision on February 25, 2026
Retirement is due by the end of 2026 or upon appointment of a replacement, whichever comes first
The company has commenced a search of internal and external candidates
APA reported fourth-quarter 2025 net income attributable to common stock of $279 million, or $0.79 per diluted share, down from $354 million, or $0.96, a year earlier, and quarterly revenue of $1,991 million versus $2,712 million. For the full year, net income attributable to common stock rose to $1,434 million, or $3.99 per diluted share, from $804 million, or $2.27, and the company said it expects 2026 total adjusted production of 371,000 barrels of oil equivalent per day, a year-over-year decline.
Q4 2025 adjusted earnings were $324 million, or $0.91 per diluted share, versus $290 million, or $0.79, in Q4 2024
Full-year 2025 free cash flow totaled $1.0 billion and shareholder returns were $640 million, per the release
2026 planned total upstream capital is $2.1 billion, a 10% reduction from 2025
Year-end 2025 net debt was under $4.0 billion; total debt was reduced to less than $4.5 billion
Bath & Body Works said Chief Legal Officer and Corporate Secretary Michael Wu ceased serving in that role effective February 24, 2026, and the company has started a search for a successor. Wu will stay on as a non-executive employee until his expected separation date of about March 27, 2026, and his exit will be treated as a termination without cause under his 2022 severance agreement, subject to a release of claims.
Michael Wu ceased as Chief Legal Officer and Corporate Secretary effective February 24, 2026
Expected separation date on or about March 27, 2026, subject to continued good standing and a release of claims
Wu remains subject to perpetual confidentiality, one-year non-solicitation and nine-month non-competition covenants
Kodiak Gas Services reported fourth-quarter 2025 net income attributable to common shareholders of $24.6 million, or $0.28 per diluted share, up from $19.1 million in the fourth quarter of 2024, on revenue of $332.9 million versus $309.5 million a year earlier. The company also gave initial 2026 guidance of $750 million to $780 million in adjusted EBITDA, which excludes its pending $675 million acquisition of Distributed Power Solutions, LLC, expected to close in early April 2026.
Q4 2025 net income attributable to common shareholders was $24.6 million, or $0.28 per diluted share, versus $19.1 million in Q4 2024
Q4 2025 total revenues were $332.9 million, up from $309.5 million in Q4 2024; adjusted EBITDA was $184.5 million
2026 guidance: adjusted EBITDA of $750 million to $780 million and discretionary cash flow of $480 million to $510 million, excluding the pending acquisition
Distributed Power Solutions deal valued at approximately $675 million, expected to close in early April 2026; guidance to be updated after closing
MARA Holdings' compensation committee approved new forms of restricted stock unit and performance-based restricted stock unit award agreements under its equity incentive plan on February 20, 2026. The filing describes vesting schedules, performance metrics tied to fiscal 2026, and a relative total shareholder return modifier, which together govern how future executive and employee equity awards are earned.
RSUs vest in eleven substantially equal quarterly installments from April 1, 2026 through December 31, 2028.
PSUs are based on fiscal 2026 Economic Triad Megawatt Capacity and Annual Recurring Revenues, with a maximum payout of 249% of target.
A relative total shareholder return modifier covers January 1, 2026 through December 31, 2028, and total long-term incentive payout is capped at 200% of target.
On February 24, 2026, Manhattan Bridge Capital entered into Amendment No. 9 to its credit agreement with Webster Bank as agent and lender. The amendment extends the agreement's term through March 31, 2026, removes Mizrahi Tefahot Bank as a lender, and reallocates its revolving commitments among the remaining lenders, with Webster's revolving note increased from $15 million to $22.5 million.
Credit agreement term extended through March 31, 2026
Mizrahi Tefahot Bank Ltd. departs as a lender under the agreement
Webster revolving note raised from $15,000,000 to $22,500,000, replacing the prior note
Innoviva reported fourth-quarter and full-year 2025 results. Total revenue rose 25% in the quarter to $114.6 million and 15% for the year to $411.3 million, and net income rose sharply, helped mainly by fair value gains on its Armata Pharmaceuticals investments. Operating income fell slightly in both periods, and the company also disclosed a $125 million share repurchase program.
Q4 2025 total revenue was $114.6 million, up from $91.8 million in Q4 2024; full-year revenue was $411.3 million, up from $358.7 million.
Q4 2025 net income was $164.2 million ($2.19 basic per share), compared with $20.3 million in Q4 2024; full-year net income was $271.2 million.
Q4 2025 income from operations was $39.0 million, down from $43.1 million a year earlier, and gross royalty revenue from GSK fell to $58.4 million from $66.0 million.
Cash and cash equivalents were $550.9 million at December 31, 2025, and the company initiated a $125 million share repurchase program in the fourth quarter.
LeMaitre Vascular reported preliminary fourth-quarter 2025 sales of $64.5 million, up 16%, with operating income of $18.8 million, up 47%. The company also guided to 2026 full-year sales of $276 million to $284 million and diluted EPS of $2.81 to $3.01, and raised its quarterly dividend 25% and authorized a $100.0 million share repurchase program.
Q4 2025 diluted EPS was $0.68, up 39% from the prior-year quarter, and gross margin was 71.7%, up 240 basis points.
Full-year 2026 guidance calls for sales of $276 million to $284 million and diluted EPS of $2.81 to $3.01.
On February 19, 2026, the board raised the quarterly dividend 25% to $0.25 per share, payable March 26, 2026, and authorized up to $100.0 million in buybacks through February 18, 2027.
Darling Ingredients said director Gary Mize, on the board since 2016, plans to retire at the 2026 Annual Meeting of Stockholders, and he will remain a director and Lead Director until then. The board also elected Robert Aspell, a retired Cargill executive, effective February 25, 2026, increasing the board to eleven members. The filing contains no financial results, and the changes are board composition updates rather than changes to the company's operations.
Gary Mize plans to retire from the board effective at the 2026 Annual Meeting and will remain Lead Director and Nominating and Corporate Governance Committee chairman until then.
Robert Aspell was elected to the board effective February 25, 2026, increasing the board size to eleven members, and was appointed to the Audit Committee.
Aspell will receive a $100,000 annual retainer and a $150,000 annual restricted stock unit grant in value, prorated for his first year.
Chesapeake Utilities reported full-year 2025 net income of $140.3 million ($5.97 per share), up from $118.6 million ($5.26 per share) in 2024, and adjusted EPS of $6.01 versus $5.39 a year earlier. Fourth-quarter 2025 net income was $46.1 million ($1.93 per share) versus $36.7 million ($1.60 per share) a year earlier. The company reaffirmed its 2028 EPS guidance of $7.75 to $8.00 and its 2024-2028 capital expenditure guidance of $1.5 billion to $1.8 billion.
Full-year 2025 adjusted gross margin rose $71.1 million to $638.5 million, driven mainly by regulatory initiatives, infrastructure programs and natural gas growth
2025 capital expenditures totaled $470.4 million; 2026 capital expenditure guidance is $450 million to $500 million
Equity to total capitalization ratio was approximately 50 percent at December 31, 2025
Earnings call scheduled for February 26, 2026 at 8:30 a.m. Eastern Time
Crown Castle's board declared a quarterly common stock dividend of $1.0625 per share, payable March 31, 2026, to holders of record on March 13, 2026. The board also approved a 2026 annual incentive plan for the executive management team, which pays cash only if corporate financial goals are met and does not guarantee any award.
Quarterly dividend of $1.0625 per common share declared February 25, 2026
Dividend payable March 31, 2026 to stockholders of record at close of business March 13, 2026
Board approved 2026 EMT Annual Incentive Plan covering CEO Christian H. Hillabrant and other executive officers
Incentive payouts depend on specified corporate financial performance goals; the committee can amend or discontinue the plan
HCA Healthcare's Compensation Committee adopted a 2026 Executive Officer Performance Excellence Program on February 24, 2026, setting cash bonus targets for named executives, including 175% of base salary for CEO Samuel N. Hazen. Separately, director Robert J. Dennis said he will retire from the board at the April 23, 2026 annual meeting. The filing does not report financial results, so the bonus plan's effect on shareholders depends on the performance targets, which are defined in the plan document.
Awards are weighted 80% on EBITDA targets and 20% on quality metrics, paid solely in cash.
Target 2026 awards: 175% of base salary for CEO Samuel N. Hazen; 125% for CFO Michael A. Marks and COO Jon M. Foster; 100% for Michael R. McAlevey and Michael S. Cuffe, M.D.
Robert J. Dennis, who informed the company on February 20, 2026, will retire from the board effective April 23, 2026.
Ecolab's board appointed Christophe Beck as President, while Darrell Brown and Greg Cook were named Co-Chief Operating Officers for Global Markets and Global Businesses, effective April 1, 2026. Beck keeps his roles as Chairman and CEO, and the company says the split is meant to support its next phase of growth.
Christophe Beck, 58, was appointed President and will remain Chairman and CEO.
Darrell Brown, 62, moves to Co-COO, Global Markets and will relocate to Sydney, Australia, with an annualized base salary of AU$1,300,000 (about $876,200) and a $2,500,000 long-term incentive award target.
Greg Cook, 57, becomes Co-COO, Global Businesses with an annualized base salary of $750,000 and a $2,200,000 long-term incentive award value.
Crescent Energy reported full-year 2025 net income attributable to the company of $132.9 million, compared with a $114.6 million loss in 2024, and a fourth-quarter net loss of $8.7 million, compared with a $118.0 million loss a year earlier. The company also issued 2026 guidance, including production of 320 to 335 MBoe/d, and raised its share repurchase authorization to $400 million, which gives it more room to buy back stock.
Full-year 2025 net income attributable to Crescent was $132.9 million, or $0.54 per diluted Class A share, versus a $114.6 million loss in 2024
Fourth-quarter 2025 net loss attributable to Crescent was $8.7 million, or $0.03 per share, versus a $118.0 million loss in the fourth quarter of 2024; fourth-quarter revenue was $865 million versus $875 million a year earlier
2026 guidance calls for total production of 320 to 335 MBoe/d and development capital of $1,325 million to $1,425 million
Board raised the share repurchase authorization to $400 million from $150 million and extended the program indefinitely; a $0.12 per share dividend is payable March 25, 2026
Ingevity reported a full-year 2025 net loss of $167.1 million, which the company attributed mainly to non-cash special charges tied to Advanced Polymer Technologies and Road Markings. Net sales from continuing operations fell 2.7% to $1.2 billion, while adjusted EPS from continuing operations rose 1.7% to $4.13. The company also gave 2026 guidance of adjusted EPS of $4.80 to $5.20 and said it has begun exploring strategic alternatives for those two businesses, which could change the company's portfolio.
Full-year 2025 net sales from continuing operations were $1.2 billion, down 2.7%; net loss from continuing operations was $150.3 million.
Fourth-quarter net loss of $84.6 million included $109.3 million in pre-tax non-cash special charges related to Road Markings.
2026 outlook: net sales of $1.1 billion to $1.2 billion, adjusted EBITDA of $380 million to $400 million, and adjusted EPS of $4.80 to $5.20.
Full-year 2025 free cash flow was $273.5 million; 2026 free cash flow is expected at $225 million to $250 million, excluding about $95 million in BASF litigation-related payments.
Diebold Nixdorf's board designated Chief Accounting Officer Jeffrey Sesplankis as principal accounting officer effective February 24, 2026, taking the role from Thomas S. Timko, who remains Executive Vice President and Chief Financial Officer. The filing states that Sesplankis's compensation will not change as a result of the designation.
Board designated Jeffrey Sesplankis as principal accounting officer effective February 24, 2026
Sesplankis, age 51, joined the company as Chief Accounting Officer in January 2025
Thomas S. Timko remains Executive Vice President and Chief Financial Officer and principal financial officer
Filing states Sesplankis's compensation will not change as a result of the designation
OGE Energy director Judy R. McReynolds informed the company on February 19, 2026 that she will not stand for re-election and will retire from the Board at the annual shareholder meeting on May 14, 2026. The filing says her decision is not due to any disagreement with the company on its operations, policies, or practices, and it describes her 14-plus years of Board service, including five years as Lead Director.
Judy R. McReynolds informed the company on February 19, 2026 of her retirement decision.
Retirement takes effect at the annual shareholder meeting scheduled for May 14, 2026.
She served more than 14 years on the Board and five years as Lead Director.
The filing states the departure is not due to any disagreement with the company.
NVIDIA reported fourth-quarter fiscal 2026 revenue of $68.1 billion, up 73% from a year ago, with GAAP diluted earnings per share of $1.76 versus $0.89 a year earlier. It forecast first-quarter fiscal 2027 revenue of $78.0 billion, plus or minus 2%, and said it will include stock-based compensation in non-GAAP results starting that quarter, which changes how its non-GAAP figures compare with prior periods.
Q4 revenue was $68.1 billion, up 20% from Q3 and up 73% from a year ago; Data Center revenue was $62.3 billion.
GAAP diluted EPS was $1.76 and non-GAAP diluted EPS was $1.62; GAAP gross margin was 75.0%.
Q1 fiscal 2027 revenue outlook is $78.0 billion, plus or minus 2%, with no Data Center compute revenue from China assumed.
Fiscal 2026 shareholder returns totaled $41.1 billion; $58.5 billion remained under the buyback authorization at quarter end.
Pebblebrook Hotel Trust reported a 2025 net loss of $62.2 million, which included $48.9 million of impairment charges from hotel dispositions. Full-year adjusted FFO per diluted share fell 6.0% to $1.58 and Adjusted EBITDAre fell 4.7% to $342.5 million, while fourth-quarter adjusted FFO per diluted share rose 35.0% to $0.27. The company guided 2026 adjusted FFO per diluted share to $1.50 to $1.62.
2025 net loss of $62.2 million, including $48.9 million of impairment charges from hotel dispositions
Full-year 2025 Adjusted EBITDAre of $342.5 million, down 4.7% from $359.2 million in 2024
Q4 2025 Adjusted FFO per diluted share of $0.27, up 35.0% from $0.20 a year earlier
2026 outlook: Adjusted EBITDAre of $325.0 to $339.0 million and Adjusted FFO per diluted share of $1.50 to $1.62
Chemed reported fourth-quarter 2025 revenue of $639.3 million, essentially flat year over year, while GAAP diluted EPS fell 9.0% to $5.48 and adjusted diluted EPS fell 6.0% to $6.42. The company guided to 2026 adjusted diluted EPS of $23.25 to $24.25, compared with 2025 adjusted EPS of $21.55, and said 55% of 2026 adjusted net income and adjusted EBITDA before Medicare Cap is expected in the second half.
Q4 2025 revenue was $639.3 million, essentially flat; GAAP diluted EPS was $5.48, down 9.0%, and adjusted diluted EPS was $6.42, down 6.0%.
VITAS net patient revenue rose 1.9% to $418.8 million, while Roto-Rooter revenue fell 3.7% to $220.6 million.
2026 guidance: adjusted diluted EPS of $23.25 to $24.25, versus $21.55 in 2025; Roto-Rooter adjusted EBITDA margin expected at 22.5% to 23.0%.
During the quarter the company repurchased 400,000 shares for $174.6 million; $127.3 million of repurchase authorization remained at December 31, 2025.
Green Brick Partners reported fourth-quarter and full-year 2025 results on February 25, 2026. Profit declined from a year earlier: fourth-quarter diluted EPS was $1.78 versus $2.31, and full-year diluted EPS was $7.07 versus $8.45, while full-year total revenues were flat at about $2.10 billion. The company also adopted a new $150 million share repurchase plan.
Q4 2025 net income attributable to Green Brick was $78.4 million, or $1.78 per diluted share, versus $103.8 million, or $2.31, in Q4 2024.
Q4 2025 total revenues were $552.6 million, down 2.6%, while 1,038 new homes were delivered, up 1.9%.
Full-year 2025 net income attributable to Green Brick was $313.2 million, or $7.07 per diluted share, versus $381.6 million, or $8.45, in 2024.
Full-year 2025 homebuilding gross margin was 30.5%, down from 33.8%, and the company adopted a new $150 million share repurchase plan.
HCI Group reported fourth-quarter 2025 pre-tax income of $144 million and diluted earnings per share of $7.25, compared with $6 million pre-tax and $0.23 per share a year earlier. For full-year 2025, pre-tax income was $429 million and diluted EPS was $22.72, versus $8.89 in 2024, with lower hurricane-related losses a key factor in the improvement. The company also said it plans a share buyback program, which it has not yet announced.
Q4 2025 gross premiums earned were $332 million, up from $297 million in Q4 2024.
Q4 2025 gross loss ratio was 15.6%, compared with 37.2% in Q4 2024, which included a net $78 million loss from Hurricane Milton.
Full-year 2025 net income after noncontrolling interests was $299 million, compared with $110 million in 2024.
Management said it plans a share buyback program that is soon to be announced; the filing gives no amount.
On February 19, 2026, Eagle Bancorp's Compensation Committee approved annual long-term incentive awards of stock options, performance-based restricted stock units and time-based restricted stock units for its continuing named executive officers. The filing lists the number of awards for four executives, including Susan G. Riel and Eric R. Newell, and the option exercise price of $26.45. The grants are routine compensation actions that tie part of executive pay to shareholder return and earnings per share growth.
Options granted at an exercise price of $26.45, vesting in three equal annual installments starting February 19, 2027 and expiring February 19, 2036
Performance-based RSUs cover a three-year period from January 1, 2026 to December 31, 2028, weighted equally between relative total shareholder return and earnings per share growth
Susan G. Riel received 15,684 options, 23,340 PSUs and 7,780 RSUs; Eric R. Newell received 10,580 options, 15,745 PSUs and 5,248 RSUs
Churchill Downs reported fourth quarter and full year 2025 results. Revenue grew in both periods, but net income attributable to the company fell, and diluted EPS declined to $0.71 for the quarter and $5.29 for the year. The company also reported higher Adjusted EBITDA and an increased annual dividend.
Q4 2025 net revenue was $665.9 million, up $41.7 million or 7%; net income attributable to CDI was $51.3 million, down $20.4 million or 28%
Diluted EPS was $0.71 in Q4 2025 versus $0.95 a year earlier, and $5.29 for full year 2025 versus $5.68 in 2024
Full year 2025 net income attributable to CDI was $383.0 million versus $426.8 million, including a $33.0 million after-tax increase in impairment charges tied mainly to the Chasers' gaming rights
Annual dividend of $0.438 per share, a seven percent increase; the company repurchased 4,190,380 shares for $425.3 million in 2025
StandardAero reported record full-year 2025 revenue of $6.06 billion, up 15.8%, and net income of $277.4 million, or $0.83 per diluted share, compared with $11.0 million a year earlier. The company also initiated 2026 guidance calling for revenue of $6.275 billion to $6.425 billion and Adjusted EPS of $1.35 to $1.45, which shareholders can compare with the 2025 results.
Full-year 2025 revenue was $6,062.5 million, up 15.8%; Adjusted EBITDA was $808.2 million, up 17.0%.
Fourth-quarter 2025 net income was $78.6 million, compared with a net loss of $14.1 million a year earlier.
2026 guidance: revenue $6,275 to $6,425 million, Adjusted EBITDA $870 to $905 million, Adjusted EPS $1.35 to $1.45.
California Water Service Group reported fourth-quarter 2025 net income of $11.5 million, or $0.19 per diluted share, down 42% from $19.7 million, or $0.33, a year earlier, as revenue slipped to $220.0 million from $222.2 million. For the full year, net income fell to $128.2 million, or $2.15 per diluted share, from $190.8 million, or $3.25, and the company cited wet December weather and lower customer consumption. The company also agreed to buy Nexus Water Group's Nevada and Oregon subsidiaries for about $218 million, a deal expected to add about 36,000 connections and about $109 million to rate base, with closing targeted by the end of 2026 pending regulatory approvals.
Q4 2025 net income $11.5 million, or $0.19 per diluted share, versus $19.7 million, or $0.33, in Q4 2024
Full-year 2025 net income $128.2 million, or $2.15 per diluted share, versus $190.8 million, or $3.25, in 2024
Nexus acquisition price about $218 million, subject to closing adjustments; expected to close by end of 2026
Annual dividend raised to $1.24 per share, the 58th consecutive annual dividend, per the earnings release
Marriott Vacations Worldwide reported fourth quarter and full year 2025 results on February 25, 2026, including a fourth quarter net loss attributable to common stockholders of $431 million, compared with net income of $50 million a year earlier, driven by a $546 million non-cash impairment charge. Adjusted diluted earnings per share fell to $1.86 from $1.98, and the company issued full year 2026 guidance for adjusted EBITDA of $755 million to $780 million.
Q4 2025 net loss attributable to common stockholders was $431 million, or $12.43 per diluted share, versus net income of $50 million in Q4 2024.
Q4 2025 adjusted diluted EPS was $1.86, down from $1.98; consolidated contract sales were $458 million, down 4%.
Full year 2025 adjusted EBITDA was $751 million; 2026 guidance calls for adjusted EBITDA of $755 million to $780 million and adjusted diluted EPS of $7.05 to $7.80.
The company will hold a conference call on February 26, 2026 at 8:00 a.m. ET and plans to post a new investor presentation on its website that day.
Acadia Pharmaceuticals reported fourth-quarter 2025 GAAP revenue of $284 million, up 9% from a year earlier, and full-year 2025 GAAP revenue of $1.07 billion, up 12%. Fourth-quarter net income was $274 million, or $1.60 per diluted share, but it included a non-cash income tax benefit of $250 million, and GAAP NUPLAZID sales were reduced by a $20 million change in estimate for Inflation Reduction Act rebates. The company also issued full-year 2026 GAAP revenue guidance of $1.22 to $1.28 billion.
Q4 2025 GAAP total revenues were $284 million, up from $259.6 million in Q4 2024; FY 2025 revenues were $1.07 billion, up 12%.
Q4 2025 net income was $274 million, or $1.60 per diluted share, versus $144 million, or $0.86, a year earlier; the quarter included a $250 million non-cash tax benefit.
Q4 2025 GAAP NUPLAZID net sales were $174 million, including a $20 million IRA rebate change in estimate; non-GAAP adjusted sales were $189 million.
2026 GAAP guidance: total revenues of $1.22 to $1.28 billion, NUPLAZID net sales of $760 to $790 million, DAYBUE net sales of $460 to $490 million.
Bristow Group reported fourth-quarter 2025 net income of $18.4 million, or $0.61 per diluted share, down from $51.5 million in the prior quarter. The quarter included asset-disposal losses and an income tax expense, compared with a tax benefit in the prior quarter. For the full year, net income rose to $129.1 million on revenue of $1.5 billion, the company affirmed its 2026 outlook, and it declared a $0.125 per share quarterly dividend as it starts a cash dividend program.
Q4 2025 net income attributable to the company was $18.4 million, or $0.61 per diluted share, versus $51.5 million, or $1.72, in Q3 2025; revenue was $377.3 million versus $386.3 million.
Full-year 2025 net income was $129.1 million, or $4.32 per diluted share, versus $94.8 million, or $3.21, in 2024; revenue was $1.5 billion versus $1.4 billion.
Full-year 2025 Adjusted EBITDA was $245.6 million, in line with the midpoint of the prior 2025 outlook; the 2026 outlook projects Adjusted EBITDA of $295 million to $325 million.
Quarterly dividend of $0.125 per share is payable March 26, 2026, to shareholders of record on March 13, 2026.
Global Net Lease reported fourth-quarter 2025 revenue of $117.0 million, down from $137.8 million a year earlier, mainly due to asset dispositions. Q4 net income attributable to common stockholders was $37.2 million, compared with a net loss of $17.5 million, reflecting the gain on the McLaren Campus sale, while Q4 AFFO per share fell to $0.22 from $0.34. The company issued initial 2026 AFFO per share guidance of $0.80 to $0.84.
Q4 2025 revenue was $117.0 million versus $137.8 million in Q4 2024; full-year 2025 AFFO of $0.99 per share exceeded revised guidance of $0.95 to $0.97.
Full-year 2025 net loss attributable to common stockholders was $269.2 million, compared with $175.3 million in 2024.
Net debt fell by $2.2 billion in 2025; Net Debt to Adjusted EBITDA improved from 7.6x to 6.7x; Fitch upgraded the corporate credit rating to BBB-.
2026 guidance: AFFO per share of $0.80 to $0.84 and Net Debt to Adjusted EBITDA of 6.5x to 6.9x, assuming $250 million to $350 million of gross transaction volume.
EPR Properties reported fourth-quarter and full-year 2025 results, with total revenue up 3.2% in the quarter and FFOAA per diluted share up 5.7% to $1.30. The company also introduced 2026 FFOAA per diluted share guidance of $5.28 to $5.48 and raised its monthly common dividend by 5.1%, which matters to shareholders because it sets the company's earnings and payout outlook for 2026.
Q4 2025 total revenue was $183.0 million, up 3.2%; net income available to common shareholders was $60.9 million, compared with a loss of $14.4 million a year earlier.
Full-year 2025 FFOAA per diluted share was $5.12, up 5.1%; Q4 FFOAA per diluted share was $1.30, up from $1.23.
2026 guidance: FFOAA per diluted share of $5.28 to $5.48, and investment spending of $400.0 million to $500.0 million.
Monthly common dividend raised 5.1% to $0.31 per share, payable April 15, 2026; Chief Investment Officer Gregory Zimmerman retires March 2, 2026, and Benjamin N. Fox succeeds him.
H2O America reported full-year 2025 revenue of $800.6 million, up 7%, and adjusted diluted EPS of $2.99, up from $2.95 in 2024, near the top of its narrowed guidance range. It initiated 2026 standalone adjusted EPS guidance of $3.08-3.18, raised its long-term EPS growth target to 6-8%, and set a $2.7 billion 2026-30 capital spending plan, which matters to shareholders because it signals expected earnings growth alongside a larger investment program tied to pending Texas acquisitions.
2025 revenue was $800.6 million, up 7% from $748.4 million in 2024; GAAP net income was $102.6 million, up 9%.
2025 adjusted diluted EPS was $2.99 versus $2.95 in 2024; GAAP diluted EPS was $2.92 versus $2.87.
2026 standalone adjusted diluted EPS guidance is $3.08-3.18, excluding the pending Quadvest and Cibolo Valley acquisitions and their financing.
Fourth-quarter 2025 diluted EPS was $0.45 versus $0.68 a year earlier; the 2026-30 capital expenditures budget is $2.7 billion, a 31% increase over the prior five-year plan.
Northern Oil and Gas reported fourth-quarter and full-year 2025 results and issued 2026 guidance. Fourth-quarter oil and gas sales fell to $447.7 million from $545.5 million a year earlier, and the company recorded a GAAP net loss of $70.7 million, which included a $268.5 million non-cash impairment, while production rose 6%. Full-year GAAP net income was $38.8 million, and the company closed its Joint Utica acquisition in February 2026 for a $464.6 million cash closing payment.
Q4 2025 oil and gas sales were $447.7 million, down from $545.5 million in Q4 2024, while production rose 6% to 140,064 Boe per day.
Q4 2025 GAAP net loss was $70.7 million, or $0.73 per diluted share, after a $268.5 million non-cash impairment charge.
Full-year 2025 GAAP net income was $38.8 million, or $0.39 per diluted share; full-year Adjusted EBITDA was $1.6 billion, up 1%.
2026 guidance: annual production of 139,000 to 143,000 Boe per day and capital expenditures of $850 million to $900 million in the low-activity scenario.
On February 23, 2026, Con Edison entered into a forward sale agreement with JPMorgan Chase Bank covering 7,000,000 common shares, alongside an underwriting agreement for the same shares. The forward price starts at $110.81 per share, and the agreement is expected to settle by December 31, 2026. If shares are issued under the agreement, the filing says that would dilute earnings per share and return on equity.
Forward sale agreement dated February 23, 2026, with JPMorgan Chase Bank, National Association, covers 7,000,000 common shares
Initial forward price is $110.81 per share, adjusted daily for a floating interest factor and reduced for expected dividends
Settlement is expected by December 31, 2026, and will be physical unless Con Edison elects cash or net share settlement
The forward purchaser may accelerate settlement in specified events, which could require issuing shares and cause dilution to earnings per share and return on equity
Synopsys reported first-quarter fiscal 2026 revenue of $2.409 billion, up from $1.455 billion a year earlier and at the high end of its prior guidance. GAAP net income fell to $65.0 million, or $0.34 per diluted share, from $295.7 million, while non-GAAP EPS rose to $3.77 from $3.03. The board also authorized up to $2.0 billion of stock repurchases, which the company may suspend or terminate at any time.
Revenue of $2.409 billion vs. $1.455 billion a year earlier, at the high end of prior guidance
GAAP net income of $65.0 million ($0.34 per diluted share) vs. $295.7 million ($1.89) a year earlier; restructuring charges were $118.3 million
Non-GAAP EPS of $3.77 vs. $3.03 a year earlier
Board replenished the stock repurchase program with up to $2.0 billion of authorization; full-year revenue target of $9.61 billion at the midpoint reiterated
Veeco reported fourth-quarter 2025 revenue of $165.0 million, down from $182.1 million a year earlier, and GAAP net income of $1.1 million, or $0.02 per diluted share, versus $15.0 million, or $0.26, in the prior-year quarter. For fiscal 2026 it guided to revenue of $740 million to $800 million and GAAP diluted EPS of $0.83 to $1.17, while the pending merger with Axcelis continues.
Q4 2025 non-GAAP EPS was $0.24, versus $0.41 in Q4 2024; Q4 2025 merger costs were $6.3 million
Full-year 2025 revenue was $664.3 million, versus $717.3 million in 2024; GAAP diluted EPS was $0.59, versus $1.23
Q1 2026 guidance: revenue of $150 million to $170 million and GAAP diluted EPS of ($0.03) to $0.07
The company cited a planned merger with Axcelis as part of its growth outlook
VICI Properties reported fourth-quarter and full-year 2025 results and gave preliminary 2026 AFFO guidance. Revenue and AFFO grew, but fourth-quarter net income per share fell 2.8%, mainly because of a $58.7 million year-over-year change in the CECL allowance.
Q4 2025 total revenues rose 3.8% to $1.0 billion; Q4 AFFO rose 6.8% to $642.5 million, or $0.60 per share
Q4 net income attributable to common stockholders fell 1.6% to $604.8 million, or $0.57 per share, versus $0.58 a year earlier
Full-year 2025 AFFO per share rose 5.1% to $2.38; full-year revenue rose 4.1% to $4.0 billion
2026 AFFO guidance is $2,590 million to $2,625 million, or $2.42 to $2.45 per diluted share
SM Energy reported fourth-quarter and full-year 2025 results and said its board increased the fixed dividend policy, declaring a $0.22 per share dividend. Full-year total revenue rose to $3.15 billion from $2.69 billion, but full-year net income fell to $648 million from $770 million, and fourth-quarter net income fell to $109 million from $188 million. The 2026 outlook is in a separate press release (Exhibit 99.2) that is not included in the text provided.
Q4 2025 net income was $109 million, or $0.95 per diluted share, versus $188 million, or $1.64, a year earlier; Q4 total revenue was $705 million versus $852 million.
Full-year 2025 net income was $648 million, or $5.64 per diluted share, versus $770 million, or $6.67, in 2024; full-year total revenue was $3.15 billion versus $2.69 billion.
Full-year 2025 Adjusted EBITDAX was $2.26 billion, 13% higher than 2024, according to the company.
The board approved a $0.22 per share dividend payable March 23, 2026, to stockholders of record at the close of business on March 9, 2026.
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