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
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.
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
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
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.
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.
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
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.
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.
Northern Oil and Gas reported fourth-quarter and full-year 2025 results and issued 2026 guidance. Fourth-quarter oil and gas sales fell to $447.7 million from $545.5 million a year earlier, and the company recorded a GAAP net loss of $70.7 million, which included a $268.5 million non-cash impairment, while production rose 6%. Full-year GAAP net income was $38.8 million, and the company closed its Joint Utica acquisition in February 2026 for a $464.6 million cash closing payment.
Q4 2025 oil and gas sales were $447.7 million, down from $545.5 million in Q4 2024, while production rose 6% to 140,064 Boe per day.
Q4 2025 GAAP net loss was $70.7 million, or $0.73 per diluted share, after a $268.5 million non-cash impairment charge.
Full-year 2025 GAAP net income was $38.8 million, or $0.39 per diluted share; full-year Adjusted EBITDA was $1.6 billion, up 1%.
2026 guidance: annual production of 139,000 to 143,000 Boe per day and capital expenditures of $850 million to $900 million in the low-activity scenario.
Synopsys reported first-quarter fiscal 2026 revenue of $2.409 billion, up from $1.455 billion a year earlier and at the high end of its prior guidance. GAAP net income fell to $65.0 million, or $0.34 per diluted share, from $295.7 million, while non-GAAP EPS rose to $3.77 from $3.03. The board also authorized up to $2.0 billion of stock repurchases, which the company may suspend or terminate at any time.
Revenue of $2.409 billion vs. $1.455 billion a year earlier, at the high end of prior guidance
GAAP net income of $65.0 million ($0.34 per diluted share) vs. $295.7 million ($1.89) a year earlier; restructuring charges were $118.3 million
Non-GAAP EPS of $3.77 vs. $3.03 a year earlier
Board replenished the stock repurchase program with up to $2.0 billion of authorization; full-year revenue target of $9.61 billion at the midpoint reiterated
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.
Permian Resources reported fourth-quarter 2025 results on February 25, 2026, with net income attributable to Class A common stock of $339.5 million, up from $216.7 million a year earlier, while oil and gas sales fell to $1.17 billion from $1.30 billion. For the full year, diluted earnings per share were $1.28, down from $1.45, and the company issued 2026 guidance with a 7% increase to its quarterly base dividend.
Q4 2025 diluted earnings per share were $0.45, versus $0.29 in Q4 2024; Q4 oil and gas sales were $1.17 billion, versus $1.30 billion.
Full-year 2025 diluted earnings per share were $1.28, versus $1.45 in 2024; full-year oil and gas sales were $5.07 billion, versus $5.00 billion.
2026 guidance calls for 400,000 to 430,000 Boe/d total production and a cash capital expenditure budget of $1.75 billion to $1.95 billion.
Quarterly base dividend increases to $0.16 per share from $0.15, payable March 31, 2026 to holders of record as of March 17, 2026.
ADMA Biologics reported full-year 2025 total revenue of $510.2 million, up 20% from 2024, and reiterated its 2026-2029 financial guidance. GAAP net income fell to $146.9 million from $197.7 million, which included an $84.3 million one-time tax benefit in 2024. CFO Brad Tade is retiring and Terry Kohler becomes CFO on February 26, 2026.
Full-year 2025 revenue was $510.2 million, up from $426.5 million in 2024; ASCENIV revenue rose 51% to $363 million.
GAAP net income was $146.9 million in 2025 versus $197.7 million in 2024, which included an $84.3 million non-recurring tax benefit; Adjusted Net Income rose 35% to $160.8 million.
Terry Kohler, previously Executive Financial Advisor, was promoted to CFO and Treasurer effective February 26, 2026, succeeding Brad Tade.
Tade will serve as a consultant through July 31, 2026, at a monthly gross amount of $41,666.67; the company expects FY 2026 revenue to exceed $635 million.
Sarepta reported fourth-quarter 2025 total revenues of $442.9 million, down 33% from $658.4 million a year earlier, and a GAAP net loss of $412.2 million, compared with net income of $159.0 million in the prior-year quarter. For the full year, revenues rose 16% to $2,198.2 million, but the GAAP net loss was $713.4 million, compared with net income of $235.2 million in 2024.
Q4 2025 total revenues were $442.9 million versus $658.4 million in Q4 2024, mainly due to $273.8 million less ELEVIDYS net product revenue after the June 2025 suspension of shipments to non-ambulatory patients in the U.S.
Q4 2025 GAAP net loss was $412.2 million, or $3.93 per diluted share, including a $165.3 million increase in an inventory valuation reserve.
Full-year 2025 GAAP net loss was $713.4 million, or $7.13 per diluted share, versus net income of $235.2 million, or $2.34 per share, in 2024.
Cash, cash equivalents, restricted cash and investments were $953.8 million as of December 31, 2025, down from $1,503.5 million a year earlier.
Schrödinger reported fourth-quarter and full-year 2025 results, with full-year total revenue up 23.3% and net loss narrowing from $187.1 million to $103.3 million. Fourth-quarter total revenue fell 1.2%, and the company said it is accelerating a shift to ratable hosted software revenue that it expects to reduce reported software revenue in the short to medium term.
Full-year 2025 total revenue was $255.9 million, up 23.3%; software revenue was $199.5 million, up 10.6%.
Fourth-quarter 2025 total revenue was $87.2 million, down 1.2%; fourth-quarter net income was $32.5 million versus a net loss of $40.2 million a year earlier.
2026 outlook calls for software ACV of $218 million to $228 million and drug discovery revenue of $55 million to $65 million.
The company targets positive adjusted EBITDA by the end of 2028.
AMERISAFE reported fourth-quarter 2025 net income of $10.4 million, down 21.0% from a year earlier, with diluted EPS of $0.55 versus $0.69. The company cited higher-than-anticipated loss severity and raised its 2025 accident year loss ratio to 72.0% from 71.0%. Full-year net income fell 15.0% to $47.1 million, but the board raised the quarterly dividend 5.1% to $0.41 per share.
Q4 2025 gross premiums written rose 11.7% to $70.1 million; net combined ratio was 93.6% versus 86.1%.
Full-year 2025 net income was $47.1 million, down 15.0%; diluted EPS was $2.47 versus $2.89.
Quarterly dividend increased to $0.41 from $0.39, payable March 20, 2026, to holders of record as of March 13, 2026.
Company repurchased 197,672 shares for $8.0 million in Q4 2025; results call scheduled February 26, 2026 at 10:30 a.m. ET.
Dorman Products reported fourth quarter and full year 2025 results on February 25, 2026. Full-year net sales rose 6.0% to $2.13 billion and adjusted diluted EPS rose 24% to $8.87, but fourth-quarter diluted EPS fell 79% to $0.38 after a $51.1 million non-cash goodwill impairment tied to the Heavy Duty segment. For 2026, the company guided to adjusted diluted EPS of $8.10 to $8.50, a decline of 9% to 4% from 2025, while GAAP diluted EPS is guided to rise 14% to 20%.
Q4 2025 net sales were $537.9 million, up 0.8%; adjusted diluted EPS was $2.17, down 1%.
Full-year 2025 net sales were $2.13 billion, up 6.0%; diluted EPS was $6.64, up 8%.
2026 guidance: net sales up 7% to 9%; diluted EPS $7.57 to $7.97; adjusted diluted EPS $8.10 to $8.50.
Conference call and webcast scheduled for February 26, 2026, at 8:00 a.m. Eastern time.
Paramount Skydance reported fourth-quarter 2025 revenue of $8.1 billion, up 2% year over year, but posted a net loss of $573 million, or $0.52 per diluted share, after $546 million of restructuring and transaction-related costs. The company reiterated its 2026 outlook of $30 billion in total revenue and $3.8 billion in adjusted EBITDA, and said its Filmed Entertainment segment did not meet expectations. The letter also restated its proposal to acquire Warner Bros. Discovery, a revised $31 per share all-cash offer that WBD's board said on February 24 could lead to a superior proposal.
Q4 2025 total revenue was $8.1 billion, up 2% from $8.0 billion in Q4 2024.
Net loss was $573 million, or $0.52 per diluted share, versus a net loss of $224 million, or $0.33 per share, in Q4 2024.
Operating loss was $339 million, including $546 million of restructuring and transaction-related costs; adj. OIBDA was $612 million, up 51% year over year.
2026 outlook reiterated at $30 billion in total revenue and $3.8 billion in adj. EBITDA; Q1 2026 revenue is expected at $7.15 billion to $7.35 billion.
Xencor reported fourth quarter and full year 2025 results on February 25, 2026. Full year revenue rose to $125.6 million from $110.5 million, but fourth quarter revenue fell to $28.2 million from $52.8 million, and the fourth quarter operating loss widened to $53.6 million from $13.2 million. Net losses narrowed, driven mainly by other income, net, which included gains from marketable equity securities.
Q4 2025 revenue was $28.2 million vs. $52.8 million in Q4 2024; full year 2025 revenue was $125.6 million vs. $110.5 million.
Q4 2025 net loss attributable to Xencor was $6.7 million, or $(0.09) per share, vs. $45.6 million, or $(0.62), a year earlier.
Full year 2025 net loss attributable to Xencor was $91.9 million, or $(1.24) per share, vs. $232.6 million, or $(3.58), in 2024.
Xencor expects to end 2026 with $400 million to $430 million in cash, cash equivalents and marketable debt securities, versus $610.8 million at December 31, 2025.
Lowe's reported fourth quarter 2025 results on February 25, 2026, with total sales up to $20.6 billion from $18.6 billion and comparable sales up 1.3%. GAAP diluted EPS fell to $1.78 from $1.99, while adjusted diluted EPS, a non-GAAP measure, rose 2.6% to $1.98 after excluding $149 million in pre-tax acquisition-related expenses. The company also introduced fiscal 2026 guidance, with diluted EPS of $11.75 to $12.25 and adjusted diluted EPS of $12.25 to $12.75, and the filing does not compare that guidance with earlier outlooks.
Diluted EPS was $1.78 versus $1.99 a year earlier; adjusted diluted EPS was $1.98, up 2.6% from $1.93.
Total sales were $20.6 billion versus $18.6 billion; comparable sales rose 1.3%.
Fiscal 2026 outlook: total sales of $92.0 to $94.0 billion and diluted EPS of $11.75 to $12.25.
Fourth quarter included $149 million in pre-tax expenses tied to the Foundation Building Materials and Artisan Design Group acquisitions.
Graham Holdings reported fourth-quarter and full-year 2025 results on February 25, 2026. Full-year revenue rose 3% to $4.9 billion and operating income rose 9% to $234.9 million, but net income attributable to common shareholders fell 60% to $292.3 million ($66.47 per diluted share), largely reflecting lower non-operating pension income after a $653.4 million pension settlement gain in the fourth quarter of 2024.
Fourth-quarter 2025 revenue was $1,251.0 million, up slightly from $1,245.8 million, while operating income fell to $47.6 million from $72.5 million.
Television broadcasting fourth-quarter revenue fell 32% to $110.5 million, mainly due to a $48.4 million decline in political advertising revenue.
Excluding certain items, 2025 net income attributable to common shares was $226.5 million ($51.50 per share), compared with $282.2 million ($63.63 per share) in 2024.
On November 24, 2025, the company issued $500 million of 5.625% notes due December 1, 2033 and redeemed $400 million of 5.75% notes due June 1, 2026.
Pinnacle West reported fourth-quarter and full-year 2025 results. Net income attributable to common shareholders rose to $616.5 million, or $5.05 per diluted share, for 2025, compared with $608.8 million, or $5.24 per diluted share, in 2024, so the per-share figure declined even as profit grew. The company also continued its 2026 EPS guidance of $4.55 to $4.75 per diluted share on a weather-normalized basis.
Full-year 2025 operating revenues were $5.34 billion, up from $5.12 billion in 2024.
Fourth-quarter 2025 net income was $15.4 million, or $0.13 per diluted share, compared with a net loss of $6.8 million, or $(0.06) per diluted share, in the fourth quarter of 2024.
The company continued its 2026 EPS guidance of $4.55 to $4.75 per diluted share on a weather-normalized basis.
Full-year diluted weighted-average shares rose to 121.971 million from 116.232 million in 2024.
Southwest Gas Holdings reported fourth-quarter 2025 diluted EPS of $1.43, up from $1.28 a year earlier, while consolidated operating revenues fell to $480.7 million from $553.1 million. The company also raised its quarterly dividend 4% to $0.645 per share starting in the second quarter of 2026 and initiated 2026 EPS guidance of $4.17 to $4.32 per share.
Q4 2025 diluted EPS $1.43 vs. $1.28 a year earlier; adjusted EPS from continuing operations $1.36 vs. $1.20
Q4 2025 consolidated operating revenues $480.7 million vs. $553.1 million; full year $1.94 billion vs. $2.48 billion
2026 EPS from continuing operations guidance of $4.17 to $4.32; 2026 capital expenditures of about $1.25 billion
Quarterly common dividend raised 4% to $0.645 per share, beginning with the second quarter of 2026
APi Group reported fourth-quarter and full-year 2025 results on February 25, 2026, with net revenues up 13.8% in the quarter and 12.7% for the year, and adjusted EBITDA up 21.9% in the quarter. The company also gave initial 2026 guidance for net revenues of $8.4 billion to $8.6 billion and adjusted EBITDA of $1.14 billion to $1.20 billion. GAAP diluted EPS was negative in both periods, mainly because of a $590 million accrued stock dividend on Series A Preferred Stock in the fourth quarter.
Q4 2025 net revenues of $2.1 billion, up 13.8% (11.1% organic); Q4 adjusted EBITDA of $295 million, up 21.9%
Full-year 2025 net income of $302 million and adjusted diluted EPS of $1.48, up 20.3%; GAAP diluted EPS was $(0.69)
Q4 2025 GAAP diluted EPS was $(1.19), versus $(0.07) a year earlier, reflecting $590 million in accrued Series A Preferred stock dividends
HNI reported fourth quarter 2025 net sales of $888.4 million, up 38.3% after the Steelcase acquisition, but a net loss of $49.2 million, or ($0.94) per diluted share, compared with $0.79 a year earlier. Non-GAAP diluted EPS fell to $0.83 from $0.87, and the company expects first quarter 2026 non-GAAP EPS to decrease slightly from 2025 levels, while still targeting double-digit full-year non-GAAP EPS growth.
Q4 2025 net sales $888.4 million, up 38.3%; non-GAAP diluted EPS $0.83 vs. $0.87
Full-year 2025 net sales $2.8 billion, up 12.4%; non-GAAP diluted EPS $3.46 vs. $3.06, up 13.1%
Full-year GAAP diluted EPS $1.11 vs. $2.88; Q4 acquisition costs of $86.3 million
Outlook: non-GAAP EPS expected to grow double digits in 2026, but to decrease slightly in Q1 2026
Acadia Healthcare reported fourth-quarter 2025 revenue of $821.5 million, up 6.1% year over year, but posted a net loss of $(13.02) per diluted share compared with net income of $0.35 a year earlier, driven by a $996.2 million non-cash goodwill impairment charge. Adjusted earnings per diluted share fell to $0.07 from $0.64, and the company also gave 2026 guidance calling for revenue of $3.37 to $3.45 billion and adjusted EBITDA of $575 to $610 million, with Debbie Osteen announced as chief executive officer.
Q4 2025 adjusted EBITDA was $99.8 million, compared with $153.1 million a year earlier, including a $52.7 million adjustment to professional and general liability reserves.
Full-year 2025 revenue was $3,312.8 million, up 5.0%, while the full-year net loss was $(12.16) per diluted share.
2026 guidance: revenue of $3.37 to $3.45 billion, adjusted EBITDA of $575 to $610 million, and adjusted earnings per diluted share of $1.30 to $1.55.
Debbie Osteen is identified as Chief Executive Officer; the conference call is scheduled for February 25, 2026 at 9:00 a.m. Eastern Time.
Astec reported record fourth-quarter 2025 net sales of $400.6 million, up 11.6%, but fourth-quarter net income fell to $12.0 million from $21.1 million, and diluted EPS fell to $0.52 from $0.92. For the full year, net income rose to $38.8 million from $4.3 million, and the company expects 2026 adjusted EBITDA of $170 million to $190 million.
Q4 2025 net sales were $400.6 million, up 11.6%; Materials Solutions sales rose 60.6% to $177.0 million while Infrastructure Solutions fell 10.1% to $223.6 million.
Q4 2025 diluted EPS was $0.52 versus $0.92 a year earlier; adjusted EPS was $1.06 versus $1.22.
Full-year 2025 adjusted EBITDA was $140.7 million, up 25.8%, at the top end of guidance.
2026 adjusted EBITDA is expected to be in the $170 million to $190 million range.
Steven Madden reported fourth quarter 2025 revenue up 29.4% to $753.7 million, with GAAP diluted EPS falling to $0.32 from $0.49 a year earlier. For full year 2025, revenue rose 11.0% to $2,534.1 million while GAAP diluted EPS fell to $0.63 from $2.35, and the company expects 2026 revenue to grow 9% to 11% but is not providing earnings guidance due to tariff uncertainty.
Q4 2025 revenue rose 29.4% to $753.7 million; GAAP diluted EPS was $0.32 versus $0.49, and adjusted diluted EPS was $0.48 versus $0.55.
Full-year 2025 revenue rose 11.0% to $2,534.1 million; GAAP diluted EPS was $0.63 versus $2.35, and adjusted diluted EPS was $1.70 versus $2.67.
2026 outlook calls for revenue growth of 9% to 11%; no earnings guidance is provided because of tariff uncertainty.
Board declared a quarterly cash dividend of $0.21 per share, payable March 20, 2026 to holders of record as of March 11, 2026.
Owens Corning reported a fourth-quarter 2025 net loss from continuing operations of $282 million, compared with earnings of $126 million a year earlier, and a full-year net loss of $188 million, compared with earnings of $947 million in 2024. The results include non-cash, pre-tax impairment charges of $1.2 billion for the Doors business, while full-year net sales rose 3% to $10.1 billion. For shareholders, the charges sharply reduced reported profit, and the company guided to first-quarter 2026 revenue of $2.1 billion to $2.2 billion.
Fourth-quarter net sales were $2.14 billion, down 17% from $2.57 billion a year earlier; full-year net sales were $10.1 billion, up 3%.
Full-year diluted EPS from continuing operations was $(2.24), versus $10.79 in 2024; adjusted diluted EPS was $12.05, versus $14.85.
The company returned $1.0 billion to shareholders in 2025 through dividends and share repurchases and reported operating cash flow of $1.8 billion.
For first-quarter 2026, Owens Corning expects revenue from continuing operations of $2.1 billion to $2.2 billion and adjusted EBITDA margin in the mid-teens.
LivaNova reported fourth-quarter and full-year 2025 results and issued 2026 guidance. Full-year revenue rose 10.7% to $1.39 billion and adjusted diluted EPS reached $3.90, but a $365.6 million SNIA environmental liability expense produced a GAAP diluted loss of $4.45 per share. The company expects 2026 adjusted diluted EPS of $4.15 to $4.25, which sets the earnings outlook shareholders will track in the coming year.
Fourth-quarter 2025 revenue was $360.9 million, up 12.1% on a reported basis; GAAP diluted EPS was $0.56 versus $1.02, and adjusted diluted EPS was $0.86 versus $0.81.
Full-year 2025 revenue was $1.39 billion, up 10.7%; GAAP diluted loss was $4.45 per share, including the $365.6 million SNIA charge, and adjusted diluted EPS was $3.90 versus $3.38.
2026 guidance calls for constant-currency revenue growth of 6.0% to 7.0%, adjusted diluted EPS of $4.15 to $4.25, and adjusted free cash flow of $160 million to $180 million.
Increased CMS reimbursement for VNS Therapy for drug-resistant epilepsy takes effect January 1, 2026, with hospital outpatient payments rising about 48% for new patient implants.
CLEAR Secure reported fourth-quarter and full-year 2025 results on February 25, 2026. Revenue and Total Bookings grew, but full-year net income attributable to Clear Secure fell from $169.7 million to $109.2 million, and diluted EPS fell from $1.56 to $1.12, partly because the prior year included a large income tax benefit. The board also raised the dividend and expanded the share repurchase authorization.
Q4 2025 revenue was $240.8 million, up 16.7%; Total Bookings were $287.1 million, up 25.4%.
Full-year 2025 net income attributable to Clear Secure was $109.2 million, versus $169.7 million in 2024; diluted EPS was $1.12 versus $1.56.
Q4 2025 diluted EPS was $0.31 versus $0.83 a year earlier; the prior-year quarter included a $165.8 million income tax benefit.
Board declared a quarterly dividend of $0.15 per share (a 20% increase) and a special dividend of $0.20 per share, payable March 24, 2026; buyback authorization increased by $125.0 million to about $250.3 million remaining.
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