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).
Vir Biotechnology entered into an underwriting agreement on February 25, 2026, to sell 17,647,059 shares of common stock at $8.50 per share. The company expects net proceeds of about $141.1 million, or about $162.3 million if underwriters fully exercise their option for additional shares, but the sale adds new shares outstanding, which dilutes existing shareholders.
Offering of 17,647,059 common shares at $8.50 per share, with underwriters led by Goldman Sachs & Co. LLC, Leerink Partners LLC, Evercore Group L.L.C. and Barclays Capital Inc.
Expected net proceeds of approximately $141.1 million, or approximately $162.3 million if the underwriters' option is fully exercised.
Underwriters hold a 30-day option to buy up to 2,647,058 additional shares at the public offering price.
Offering is expected to close on February 27, 2026, subject to customary closing conditions.
MARA Holdings reported preliminary, unaudited results for the fourth quarter and full year 2025, showing revenue down 6% in the quarter and a net loss of $1.7 billion, compared with net income of $528.3 million a year earlier. The company attributed the swing mainly to a $1.5 billion loss on fair value of digital assets as bitcoin prices fell, and it also announced a joint venture with Starwood Digital Ventures to develop AI and high-performance compute infrastructure. Final figures will come in the Form 10-K, so the reported numbers could change.
Q4 2025 revenue fell 6% to $202.3 million from $214.4 million in Q4 2024, driven by a 14% decrease in the average bitcoin price.
Q4 2025 net loss was $1.7 billion, or $4.52 per diluted share, versus net income of $528.3 million, or $1.24 per diluted share, in Q4 2024.
Full-year 2025 revenue rose 38% to $907.1 million, while the full-year net loss was $1.3 billion compared with net income of $541.0 million in 2024.
Adjusted EBITDA was a loss of $1.5 billion in Q4 2025 versus $796.0 million in Q4 2024; results remain preliminary and unaudited.
Assured Guaranty reported fourth quarter 2025 net income attributable to the company of $119 million, or $2.53 per diluted share, up from $18 million, or $0.35 per share, a year earlier. For full year 2025, net income was $503 million, or $10.26 per share, compared with $376 million, or $6.87 per share, in 2024. The company also reported that it returned $500 million to shareholders through share repurchases in 2025.
Q4 2025 adjusted operating income was $109 million, or $2.32 per share, versus $66 million, or $1.27 per share, in Q4 2024.
FY 2025 adjusted operating income was $445 million, or $9.08 per share, versus $389 million, or $7.10 per share, in FY 2024.
Q4 2025 gross written premiums were $61 million, down from $186 million in Q4 2024; FY 2025 gross written premiums were $256 million, down from $440 million.
Shareholders' equity attributable to the company was $125.32 per share as of December 31, 2025, up from $108.80 a year earlier.
SBA Communications reported fourth-quarter 2025 results, with net income of $370.4 million ($3.47 per diluted share) versus $178.8 million a year earlier, though that figure includes a $226.3 million gain on the sale of its Canadian operations. AFFO per share fell 8.1% to $3.19, and the company issued initial 2026 guidance that excludes all contracted EchoStar revenue while declaring a dividend of $1.25 per share, up about 13%.
Q4 2025 site leasing revenue rose 3.1% to $666.2 million; net income was $370.4 million, or $3.47 per diluted share, versus $1.61 a year earlier.
AFFO fell 9.2% to $340.4 million, and AFFO per share fell 8.1% to $3.19 from $3.47.
2026 outlook projects total revenues of $2,815.0 million to $2,860.0 million and AFFO per share of $11.84 to $12.29, excluding all contracted EchoStar revenue.
Quarterly dividend of $1.25 per share is payable March 27, 2026, to holders of record on March 13, 2026.
DoubleVerify reported fourth-quarter and full-year 2025 results, with full-year revenue up 14% to $748.3 million but net income down to $50.7 million from $56.2 million in 2024. The Board also approved a $300 million share repurchase program that replaces the November 2024 program, and the company guided 2026 revenue growth of 8% to 10%.
Full-year 2025 revenue of $748.3 million, up 14%; net income of $50.7 million versus $56.2 million in 2024, and diluted EPS of $0.30 versus $0.32.
Fourth-quarter 2025 revenue of $205.6 million, up 8%, with net income of $29.3 million.
2026 guidance: full-year revenue of $810 million to $826 million, up 8% to 10%, and adjusted EBITDA margin of about 34%.
Board approved a $300 million repurchase program, replacing the November 2024 program; it has no time limit and does not obligate the company to buy a specific number of shares.
Brink's agreed to acquire NCR Atleos in a transaction valued at approximately $6.6 billion, combining cash, Brink's stock and assumed debt. The deal requires approval from shareholders of both companies and customary regulatory clearances, and is expected to close in the first quarter of 2027, so shareholders face a large acquisition with significant new debt and dilution.
Each NCR Atleos share would receive $30.00 in cash and 0.1574 Brink's shares, an implied $50.40 per share based on Brink's February 25, 2026 closing price of $129.58.
Deal value is approximately $6.6 billion, including 13.3 million Brink's shares, $2.2 billion in cash and assumption of about $2.6 billion of NCR Atleos debt.
Post-closing, Brink's shareholders would own about 78% and NCR Atleos shareholders about 22% of Brink's common stock.
Brink's has obtained $4.5 billion in committed bridge financing from Morgan Stanley Senior Funding; closing is expected in the first quarter of 2027.
Dentsply Sirona reported a fourth quarter and full-year 2025 net loss, with fourth-quarter net sales up 6.2% but full-year net sales down 3.0%. The company also eliminated its quarterly dividend, announced a restructuring plan, and set 2026 net sales and adjusted EPS outlooks below its 2025 adjusted EPS of $1.60, which matters to shareholders because the dividend is gone and the outlook implies lower per-share earnings.
Q4 2025 net sales were $961 million, up 6.2%, but the company posted a net loss of $146 million, or $0.74 per diluted share, driven by $144 million in net-of-tax goodwill and intangible impairments.
FY 2025 net sales were $3,680 million, down 3.0%, and the net loss was $598 million, or $3.00 per diluted share, compared with a $910 million loss in 2024.
FY 2026 outlook: net sales of $3.5 billion to $3.6 billion and adjusted EPS of $1.40 to $1.50, versus FY 2025 adjusted EPS of $1.60.
The Board eliminated the quarterly cash dividend, which the company said will redirect capital to debt retirement and share repurchases; a restructuring plan carries $55 million to $65 million in charges and about $120 million in annualized
National Health Investors reported fourth quarter 2025 results and introduced 2026 annual guidance. Diluted earnings per share fell to $0.80 from $0.95 a year earlier, while normalized FFO per diluted share rose to $1.22 from $1.12, and the company projects 2026 normalized FFO per diluted share of $4.94 to $4.99.
Q4 2025 diluted EPS was $0.80 versus $0.95 in Q4 2024; NAREIT FFO per diluted share was $1.22 versus $1.24.
Full-year 2025 normalized FFO per diluted share was $4.91 versus $4.44 in 2024; diluted EPS was $3.02 versus $3.13.
2026 guidance: normalized FFO per diluted share of $4.94 to $4.99 and normalized FAD of $248.9 million to $251.4 million.
As of December 31, 2025, net debt was $1.2 billion and net debt to adjusted EBITDA was 3.8x.
NCR Atleos reported fourth quarter and full year 2025 results alongside an agreement to be acquired by The Brink's Company in a cash and stock transaction. Results improved, with 2025 revenue up 1% to $4.35 billion and net income attributable to Atleos up 103% to $162 million, but the company will not issue 2026 guidance and has suspended its share repurchase program.
Definitive agreement to be acquired by The Brink's Company in a cash and stock transaction, announced February 26, 2026.
2025 revenue of $4.35 billion, up 1%; diluted EPS of $2.14, up 98%; adjusted diluted EPS of $4.13, up 24%.
Operating cash flow of $356 million for 2025, up 35%; 1.2 million shares repurchased for $44 million through February 2026.
No 2026 financial guidance will be issued, the share repurchase program is suspended, and the February 27, 2026 earnings call was cancelled.
Fox Factory reported fourth-quarter fiscal 2025 net sales of $361.1 million, up 2.3%, but posted a net loss of $287.0 million, or $6.86 per diluted share, driven mainly by goodwill impairment. Adjusted EBITDA fell to $35.0 million from $40.4 million, and the company launched a Phase 2 profit plan and introduced fiscal 2026 guidance for adjusted EBITDA of $174 million to $203 million.
Q4 net sales rose 2.3% to $361.1 million; net loss was $287.0 million, or $6.86 per diluted share, versus a $0.1 million loss a year earlier.
Adjusted EPS was $0.20 versus $0.31 in the prior-year quarter; adjusted EBITDA was $35.0 million versus $40.4 million.
Full-year fiscal 2025 goodwill impairment was $557.3 million; goodwill fell to $83.6 million from $639.5 million.
Phase 2 targets about $40 million in additional savings in 2026; fiscal 2026 net sales guidance is $1.328 billion to $1.416 billion, and the company expects to divest its Phoenix, Arizona AAG operations by the end of Q1 fiscal 2026.
Solventum reported fourth-quarter 2025 net sales of $1,998 million, down 3.7% on a reported basis but up 3.5% organically, and introduced 2026 full-year guidance. Adjusted diluted EPS rose to $1.57 from $1.41, while the company guided to 2026 adjusted EPS of $6.40 to $6.60, compared with $6.11 for full-year 2025.
Q4 2025 reported net sales of $1,998 million, down 3.7%; organic sales up 3.5%
Q4 2025 GAAP diluted EPS of $0.36 versus $0.17; adjusted diluted EPS of $1.57 versus $1.41
2026 guidance: organic sales growth of 2.0% to 3.0%, adjusted EPS of $6.40 to $6.60, and free cash flow of about $200 million
Full-year 2025 free cash flow was negative $10 million and adjusted EPS was $6.11, down 8.8%
Sunrun reported fourth-quarter 2025 revenue of $1,158.8 million, up 124% from a year earlier, and net income attributable to common stockholders of $103.6 million, compared with a loss of $2.81 billion a year earlier that included a $3.1 billion goodwill impairment. However, the company's Contracted Net Value Creation fell 44% to $176 million, and it gave full-year 2026 guidance for Contracted Net Value Creation of $650 million to $1.05 billion and Cash Generation of $250 million to $450 million.
Q4 2025 total revenue was $1,158.8 million, up $640.3 million, or 124%, driven partly by a third-quarter 2025 transaction in which certain systems were sold to a third party.
Q4 2025 net income attributable to common stockholders was $103.6 million ($0.38 per diluted share), versus a loss of $2,813.7 million in Q4 2024.
Contracted Net Value Creation was $176 million in Q4 2025, down 44%, and Subscriber Additions were 25,475, down 17%.
For full-year 2026, Sunrun expects Aggregate Subscriber Value of $4.8 billion to $5.2 billion and Contracted Net Value Creation of $650 million to $1.05 billion.
BioLife Solutions reported fourth quarter and full year 2025 results and introduced 2026 guidance of $112.5 million to $115.0 million in revenue, up 17% to 20%. Revenue grew in both periods and the company returned to a quarterly net profit from continuing operations, but the full-year loss from continuing operations widened to $12.1 million from $8.8 million, including a $15.5 million in-process R&D expense.
Q4 2025 revenue from continuing operations was $24.8 million, up 20% from $20.7 million; full-year revenue was $96.2 million, up 29%.
Q4 2025 GAAP net income from continuing operations was $2.1 million, or $0.04 per share, compared with a $1.2 million loss in Q4 2024.
Full-year 2025 GAAP net loss from continuing operations was $12.1 million, compared with $8.8 million in 2024; adjusted EBITDA was $25.0 million, or 26% of revenue.
The company completed the sale of evo on October 6, 2025, for $25.5 million in cash; cash, equivalents and marketable securities were $120.2 million at December 31, 2025.
Talen Energy reported a full-year 2025 GAAP net loss attributable to stockholders of $219 million, compared with net income of $998 million in 2024. The loss reflects a $501 million fourth-quarter charge tied to a change in accounting for certain stock-based awards, while Adjusted EBITDA rose to $1,035 million from $770 million and Adjusted Free Cash Flow reached $524 million. The company reaffirmed its 2026 guidance of $1,750 million to $2,050 million in Adjusted EBITDA, which excludes the pending Cornerstone Acquisition.
Full-year 2025 GAAP net loss attributable to stockholders was $219 million, versus net income of $998 million in 2024.
Full-year 2025 Adjusted EBITDA was $1,035 million, up from $770 million, and Adjusted Free Cash Flow was $524 million, up from $283 million.
The company reaffirmed 2026 Adjusted EBITDA guidance of $1,750 million to $2,050 million and Adjusted Free Cash Flow guidance of $980 million to $1,180 million.
Talen signed a definitive agreement on January 15, 2026 for the Cornerstone Acquisition, with a purchase price of $3.45 billion, expected to close early in the second half of 2026.
Evertec reported preliminary fourth-quarter 2025 results, with revenue up 13.1% but GAAP net income attributable to common shareholders down 11.2%, driven by higher depreciation, amortization, cost of revenues and personnel expenses. Full-year 2025 revenue rose 10.2% and GAAP net income rose 25.7%, and the board raised the share repurchase authorization to $150 million through December 31, 2027, with about $84.4 million remaining before the increase.
Q4 2025 revenue was $244.8 million, up 13.1% from $216.4 million; GAAP net income attributable to common shareholders was $35.6 million, or $0.56 per diluted share, down 11.2%.
Full-year 2025 revenue was $931.8 million, up 10.2%; GAAP net income was $141.6 million, or $2.20 per diluted share, up 25.7%.
On February 25, 2026, the board approved raising the share repurchase authorization to $150 million through December 31, 2027.
The revised 2026 outlook calls for total revenue of $1,024 million to $1,036 million and adjusted earnings per share of $3.84 to $3.96.
Block said it will reduce its workforce by more than 40%, with estimated charges of $450 million to $500 million, mostly in the first quarter of 2026 and substantially complete by the end of the second quarter. The same day, it reported fourth-quarter 2025 gross profit up 24% to $2.87 billion and raised its 2026 gross profit guidance, but GAAP diluted EPS was $0.19 after a $234 million bitcoin remeasurement loss.
Workforce to fall by more than 40%; the letter says Block will go from over 10,000 people to just under 6,000, with over 4,000 people asked to leave or entering consultation.
Estimated restructuring charges of $450 million to $500 million, mainly cash costs for notice periods, severance and benefits, plus non-cash share-based award expenses.
Q4 2025 gross profit rose 24% year over year to $2.87 billion; GAAP diluted EPS was $0.19 versus $3.05 a year earlier, and Adjusted Diluted EPS was $0.65.
2026 guidance raised to $12.20 billion gross profit (18% growth) and $3.20 billion Adjusted Operating Income.
CoreWeave reported fourth-quarter and full-year 2025 results, with revenue up sharply from a year earlier. The net loss also widened substantially, and the company reported a revenue backlog of $66.8 billion as of December 31, 2025. The company said it will give forward-looking guidance on its earnings call, so shareholders will not see guidance in this filing.
Q4 2025 revenue was $1,572 million, compared with $747 million in Q4 2024.
Q4 2025 net loss was $452 million, or $0.89 per share, compared with a net loss of $51 million, or $0.34 per share, a year earlier.
Full-year 2025 revenue was $5,131 million, compared with $1,915 million in 2024, and full-year net loss was $1,167 million.
Revenue backlog was $66.8 billion as of December 31, 2025; the company will provide guidance on its earnings call.
MP Materials reported fourth-quarter 2025 net income of $9.4 million, compared with a net loss of $22.3 million a year earlier, while revenue fell 14% to $52.7 million. The quarter was lifted by $51.0 million of price protection agreement income tied to the U.S. Department of War's NdPr price floor, which began October 1, 2025, and by the company's cessation of rare earth concentrate sales to China. For full year 2025, revenue rose 10% to $224.4 million, but the net loss widened to $85.9 million from $65.4 million.
Q4 2025 revenue of $52.7 million, down 14% year over year; diluted EPS of $0.05 versus $(0.14) in Q4 2024
Q4 2025 Adjusted EBITDA of $39.2 million versus $(10.7) million a year earlier, including $51.0 million of price protection agreement income
Full year 2025 revenue of $224.4 million, up 10%; net loss of $85.9 million; diluted EPS of $(0.50) versus $(0.57) in 2024
The filing contains no forward revenue or earnings guidance; the release says the company expects to break ground on its Northlake, Texas 10X magnetics facility in 2026
Duolingo reported fourth-quarter 2025 revenue of $282.9 million, up 35% year over year, and full-year 2025 revenue of $1,037.6 million, up 39%. The company also guided to slower 2026 bookings growth of 10% to 12% and an Adjusted EBITDA margin of about 25%, and authorized a share repurchase program of up to $400 million, which management says reflects a deliberate shift toward user growth.
Q4 2025 revenue $282.9 million, up 35%; Q4 net income $42.0 million, versus $13.9 million in Q4 2024
Full-year 2025 net income $414.1 million, including a one-time income-tax benefit of $256.7 million
FY 2026 guidance: bookings $1,274 million to $1,298 million (10% to 12% growth); revenue $1,197 million to $1,221 million; Adjusted EBITDA margin about 25%, versus 29.5% in 2025
Board authorized share repurchases of up to $400 million with no expiration date
Pacira reported fourth-quarter 2025 revenue of $196.9 million, up 5 percent, and GAAP net income of $1.6 million, or $0.04 per diluted share, down from $16.0 million, or $0.34 per diluted share, a year earlier. For full-year 2025, revenue rose 4 percent to $726.4 million and GAAP net income was $7.0 million, compared with a net loss of $99.6 million in 2024. The company also issued 2026 guidance for total revenue of $745 million to $770 million.
Q4 2025 total revenue was $196.9 million, up 5 percent from $187.3 million; EXPAREL net product sales were $155.8 million, up 5 percent.
Q4 2025 total operating expenses were $194.5 million versus $162.5 million; SG&A was $101.6 million versus $79.6 million, which the company said included unanticipated business development due diligence and litigation costs.
Q4 2025 non-GAAP net income was $24.4 million, or $0.57 per diluted share, compared with $44.3 million, or $0.91 per diluted share, in Q4 2024.
2026 guidance: EXPAREL net product sales of $600 million to $620 million and total revenue of $745 million to $770 million.
International Bancshares Corporation (IBC) reported annual net income of approximately $412.3 million, or $6.62 per diluted share, for the year ended December 31, 2025, up about 0.8% from 2024. Net income for the three months ended December 31, 2025 fell about 7.1% year over year to approximately $106.9 million, and fourth-quarter diluted EPS fell 7.6% to $1.71. Shareholders see a slight full-year gain alongside a weaker fourth quarter, with the company citing higher interest expense from rates paid on deposits.
Full-year 2025 net income of approximately $412.3 million, or $6.62 diluted EPS, versus $409.2 million, or $6.57, in 2024
Fourth-quarter 2025 net income of approximately $106.9 million, or $1.71 diluted EPS, versus $115.1 million, or $1.85, in the same period of 2024
Net interest income was negatively affected by higher interest expense, primarily from increased rates paid on deposits
Total assets were approximately $16.6 billion at December 31, 2025, compared with $15.7 billion a year earlier
Sempra reported full-year 2025 GAAP earnings of $1.80 billion, or $2.75 per diluted share, down from $2.82 billion, or $4.42, in 2024, mainly due to large regulatory disallowances and tax items. On an adjusted basis, full-year earnings rose to $3.07 billion, or $4.69 per share, from $4.65, while fourth-quarter adjusted EPS fell to $1.28 from $1.50. The company affirmed its 2026 adjusted EPS guidance of $4.80 to $5.30, issued 2027 guidance of $5.10 to $5.70, and raised its five-year capital plan to $65 billion.
Full-year 2025 GAAP EPS was $2.75, versus $4.42 in 2024; fourth-quarter GAAP EPS was $0.54, versus $1.04.
Full-year 2025 adjusted EPS was $4.69, versus $4.65 in 2024; fourth-quarter adjusted EPS was $1.28, versus $1.50.
Five-year 2026-2030 capital plan raised to approximately $65 billion from $56 billion; 2026 adjusted EPS guidance of $4.80 to $5.30 affirmed.
Quarterly dividend declared at $0.6575 per share, payable April 15, 2026, an annualized $2.63 versus $2.58 in 2025.
Essential Utilities reported full-year 2025 net income of $616.4 million, or $2.20 per share, up from $2.17 in 2024, on revenues of $2.47 billion, up 18.6%. Fourth-quarter net income fell to $132.7 million, or $0.47 per share, from $184.8 million, or $0.67, a year earlier. Shareholders of both companies approved the proposed merger with American Water on February 10, 2026, and the merger remains on track to close in the first quarter of 2027.
Full-year 2025 revenues rose 18.6% to $2,474.6 million from $2,086.1 million, and EPS was $2.20 versus $2.17 in 2024.
Fourth-quarter 2025 net income was $132.7 million, or $0.47 per share, down from $184.8 million, or $0.67, in the fourth quarter of 2024.
Latest guidance targets long-term EPS growth of 5% to 7% compounded annually through 2027, from an adjusted 2024 base of $1.97, with $1.7 billion of regulated infrastructure investment expected in 2026.
The board declared a quarterly dividend of $0.3426 per share, payable June 1, 2026.
PSEG reported full-year 2025 net income of $2.11 billion, or $4.22 per share, up from $3.54 per share in 2024, and non-GAAP operating earnings of $4.05 per share, up from $3.68. It initiated 2026 non-GAAP operating earnings guidance of $4.28 to $4.40 per share, about 7% above 2025 at the midpoint, and raised its indicative 2026 dividend to $2.68 per share, but fourth-quarter operating earnings fell to $0.72 per share from $0.84.
Full-year 2025 non-GAAP operating earnings were $2.03 billion, or $4.05 per share, versus $1.84 billion, or $3.68 per share, in 2024.
Fourth-quarter 2025 non-GAAP operating earnings were $362 million, or $0.72 per share, down from $421 million, or $0.84 per share, a year earlier.
The 2026 non-GAAP operating earnings guidance range is $4.28 to $4.40 per share.
The regulated 2026-2030 capital spending plan is $22.5 billion to $25.5 billion, and the 2026 indicative annual dividend is $2.68 per share, up $0.16.
Koppers reported fourth-quarter 2025 net sales of $432.7 million, down 9.3% from a year earlier, while net income attributable to Koppers rose to $29.7 million from a loss of $10.2 million. Adjusted EPS fell to $0.70 from $0.77 in the quarter and to $4.07 from $4.11 for the full year. The company forecast 2026 adjusted EPS of $4.20 to $5.00 and net sales of $1.9 billion to $2.0 billion.
Q4 2025 diluted EPS was $1.47 versus a loss of $(0.50) per share in Q4 2024.
Full-year 2025 net sales were $1.88 billion versus $2.09 billion in 2024; full-year diluted EPS was $2.74 versus $2.46.
2026 outlook calls for adjusted EBITDA of $250 million to $270 million, compared with $257 million in 2025.
In February 2026 the company decided to idle production at its Vance, Alabama and Florence, South Carolina facilities.
Chief Financial Officer Carey Hendrickson will leave U.S. Physical Therapy on April 24, 2026 to take another CFO job at a publicly traded company, and the company says the decision was not tied to any disagreement about accounting or financial reporting. Senior Vice President of Finance and Accounting Jason Curtis will serve as interim CFO during a search for a permanent successor. The same filing reports fourth-quarter results in which adjusted EBITDA rose 13.5% while GAAP net income attributable to USPH shareholders fell to $4.2 million from $9.2 million.
Hendrickson's last day is April 24, 2026; Jason Curtis becomes interim CFO while the company searches for a permanent successor.
Q4 2025 Non-GAAP Adjusted EBITDA was $24.8 million, up 13.5% from $21.8 million; USPH net income was $4.2 million versus $9.2 million, mainly due to a $5.2 million net loss from contingent earnout consideration.
Q4 2025 loss per share was $0.44 versus earnings per share of $0.52 a year earlier.
2026 Adjusted EBITDA guidance is $102.0 million to $106.0 million; quarterly dividend raised to $0.46 per share from $0.45, payable April 10, 2026.
Viatris reported fourth-quarter 2025 total revenues of $3.7 billion, up 5% from a year earlier, and adjusted EPS of $0.57, up 6%, while full-year 2025 revenues fell 3% to $14.3 billion and adjusted EPS fell 11% to $2.35. The company also completed its enterprise-wide strategic review, which includes a global workforce reduction of up to approximately 10% and pre-tax restructuring charges of $700 million to $850 million, with estimated annual savings of $600 million to $700 million once fully implemented.
Q4 2025: total revenues $3.7 billion (up 5%); U.S. GAAP net loss $340 million, compared with $517 million a year earlier
Full-year 2025: total revenues $14.3 billion (down 3%); U.S. GAAP net loss $3.5 billion, including a $2.9 billion goodwill impairment charge
2026 guidance: total revenues $14.45 billion to $14.95 billion; adjusted EPS $2.33 to $2.47
Restructuring charges of $700 million to $850 million, mostly cash, to be completed primarily over the next three years; a mid-February 2026 fire at the Nashik, India plant has suspended manufacturing there, with operations expected to resu
ACM Research reported fourth quarter 2025 revenue of $244.4 million, up 9.4%, but GAAP net income attributable to the company fell to $8.0 million from $31.1 million, and diluted EPS dropped to $0.11 from $0.46. For the full year, revenue rose 15.2% to $901.3 million while net income fell to $94.1 million from $103.6 million, and the company kept its 2026 revenue guidance of $1.08 billion to $1.175 billion.
Q4 2025 revenue was $244.4 million, up 9.4%, while Q4 GAAP gross margin fell to 40.9% from 49.6%.
Full-year 2025 GAAP diluted EPS was $1.37, down from $1.53 in 2024.
The company maintained its fiscal 2026 revenue guidance range of $1,080 million to $1,175 million.
Net cash was $845.5 million at December 31, 2025, versus $259.1 million a year earlier.
Gibraltar Industries reported fourth-quarter 2025 net sales of $268.7 million, up 16.0%, while adjusted diluted EPS fell 14.6% to $0.76 and adjusted EBITDA fell 7.6% to $36.6 million. The company also issued 2026 guidance that includes OmniMax International, which closed on February 2, 2026, with adjusted EPS expected between $3.65 and $4.05 versus $3.92 in 2025.
Q4 2025 net sales $268.7 million (up 16.0%); GAAP income from continuing operations $11.8 million (down 75.1%)
Full-year 2025 net sales $1.14 billion (up 11.0%); GAAP diluted EPS $3.25 versus $4.39 in 2024
2026 guidance: net sales $1.76 billion to $1.83 billion; adjusted EPS $3.65 to $4.05 versus $3.92 in 2025
Full-year 2025 net loss of $44.4 million, including a $141.9 million loss from discontinued operations
Lantheus reported fourth-quarter 2025 revenue of $406.8 million, up 4.0%, and GAAP diluted EPS of $0.82 versus a loss of $(0.17) a year earlier. For full year 2025, revenue was $1.54 billion, up 0.5%, while adjusted diluted EPS fell to $6.08 from $6.76. The company also said it is pursuing value-maximizing alternatives for its radiotherapeutic assets and issued 2026 revenue guidance of $1.4 billion to $1.45 billion and adjusted diluted EPS guidance of $5.00 to $5.25.
Q4 2025 revenue $406.8 million, up 4.0%; Q4 adjusted operating income down 8.5% to $138.9 million
Full year 2025 GAAP diluted EPS $3.41 versus $4.36 in 2024; adjusted diluted EPS $6.08 versus $6.76
Company repurchased $100 million of common stock in Q4 2025 and completed the divestiture of the legacy SPECT business to SHINE Technologies effective January 1, 2026
FY 2026 guidance: revenue $1.4 billion to $1.45 billion; adjusted diluted EPS $5.00 to $5.25
Payoneer reported fourth-quarter and full-year 2025 results on February 26, 2026. Revenue rose in both periods, but full-year net income fell 40% to $73.2 million, and the company guided 2026 revenue to $1,090 million to $1,130 million and adjusted EBITDA to $275 million to $285 million. For shareholders, sales growth came with lower full-year profit, and the 2026 revenue guidance includes a 300 basis point estimated headwind from customer portfolio changes.
Q4 2025 revenue was $274.7 million, up 5% from $261.7 million, and Q4 net income was $19.0 million, up 5% from $18.2 million.
Full-year 2025 net income was $73.2 million, down 40% from $121.2 million, while revenue ex. interest income rose 14% to $821.2 million.
2026 guidance: revenue of $1,090 million to $1,130 million and adjusted EBITDA of $275 million to $285 million, including a 300 basis point estimated headwind from customer portfolio optimization.
The company repurchased $175 million of shares in 2025, according to CEO John Caplan.
Collegium reported fourth-quarter and full-year 2025 results on February 26, 2026. Product revenues grew 13% in the quarter and 24% for the year, led by Jornay PM, but full-year GAAP net income fell to $62.9 million from $69.2 million. The company reaffirmed its 2026 guidance for product revenues, Jornay PM revenues and adjusted EBITDA.
Q4 2025 product revenues, net were $205.4 million, up 13% year-over-year; Jornay PM revenue was $45.9 million, up 57%.
FY 2025 GAAP net income was $62.9 million, or $1.73 per diluted share, versus $69.2 million, or $1.86 per diluted share, in FY 2024.
2026 guidance reaffirmed: product revenues, net of $805 to $825 million and adjusted EBITDA of $455 to $475 million.
The company repurchased $25 million of shares in 2025 and ended the year with $386.7 million in cash, cash equivalents and marketable securities.
J.M. Smucker reported fiscal third-quarter results for the period ended January 31, 2026, with net sales of $2.3 billion, up 7%, but a GAAP net loss of $6.79 per diluted share driven by noncash impairment charges tied to Sweet Baked Snacks. Adjusted earnings per share fell 9% to $2.38. The company lowered the top end of its full-year net sales growth outlook because of a February fire at its Emporia, Kansas facility, while keeping its adjusted EPS guidance of $8.75 to $9.25.
Net sales were $2,339.4 million, up 7% from $2,186.0 million; adjusted EPS was $2.38, down 9% from $2.61.
GAAP net loss was $6.79 per diluted share versus a $6.22 loss a year earlier, including a $507.5 million goodwill impairment and a $454.2 million other intangible assets impairment.
Full-year net sales growth outlook is now 3.5% to 4.0%, down from 3.5% to 4.5%, citing the Emporia, Kansas fire; adjusted EPS guidance of $8.75 to $9.25 is unchanged.
Cash provided by operations was $558.5 million versus $239.4 million a year earlier; free cash flow was $487.0 million versus $151.3 million.
TG Therapeutics reported fourth-quarter and full-year 2025 results, with total revenue of $192.6 million for the quarter and $616.3 million for the year, driven by BRIUMVI sales. Fourth-quarter net income was $23.0 million, slightly below the prior-year quarter, while full-year net income of $447.2 million includes a non-recurring income tax benefit of approximately $339.8 million. The company set a 2026 target of approximately $875-$900 million in total global revenue.
Q4 2025 total revenue was $192.6 million, versus $108.2 million in Q4 2024; full-year 2025 total revenue was $616.3 million, versus $329.0 million in 2024.
Q4 2025 net income was $23.0 million, versus $23.3 million in Q4 2024; full-year 2025 net income of $447.2 million includes a tax benefit of approximately $339.8 million.
2026 targets: total global revenue of approximately $875-$900 million and BRIUMVI U.S. net product revenue of approximately $825-$850 million.
Cash, cash equivalents and investment securities were $199.5 million as of December 31, 2025; a new share repurchase program of up to $100 million was announced.
Middleby reported fourth-quarter 2025 net sales of $866.4 million, up 4.5%, while operating income fell to $150 million from $182 million and diluted EPS from continuing operations fell to $1.72 from $2.17. The results are restated to exclude Residential Kitchen, which was sold 51% to a joint venture on February 2, 2026, and the company also gave 2026 guidance of $3.27-$3.36 billion in net sales and $9.20-$9.36 in adjusted EPS for the full year.
Q4 net sales were $866.4 million, up 4.5% from the prior year, but organic sales rose only 0.3%.
Q4 adjusted EBITDA was $197.1 million versus $226.2 million a year earlier, and adjusted EPS from continuing operations was $2.14 versus $2.53.
The Residential Kitchen sale was valued at about $885 million, with net cash proceeds of approximately $565 million and a $135 million promissory note.
2026 guidance: net sales of $3.27-$3.36 billion, adjusted EBITDA of $745-$780 million, and adjusted EPS of $9.20-$9.36.
Teleflex reported full-year 2025 continuing operations GAAP revenue of $1,992.7 million, up 17.2%, and GAAP diluted EPS of $1.31 versus $1.21, with adjusted diluted EPS of $6.98 versus $6.42. The company also began a multi-year restructuring plan tied to its Strategic Divestitures, with total charges of $31 million to $37 million and expected annual pre-tax savings of $48 million to $52 million once fully implemented. For 2026, it guided adjusted diluted EPS to $6.25 to $6.55, below the 2025 adjusted figure of $6.98, while the filing notes stranded costs of $90 million that transition agreements are expected to offset on an annualized basis.
Full-year 2025 GAAP revenue from continuing operations was $1,992.7 million, up 17.2%; adjusted revenue was $1,983.7 million, up 16.3%.
2026 guidance: GAAP diluted EPS of $2.90 to $3.20 and adjusted diluted EPS of $6.25 to $6.55, versus $6.98 adjusted EPS in 2025.
Strategic Divestitures restructuring plan carries total charges of $31 million to $37 million, with $15 million to $19 million of cash outlays expected in 2026, and substantial completion by mid-2028.
Fourth-quarter 2025 GAAP diluted loss per share from continuing operations was $0.08, compared with earnings of $0.77 in the fourth quarter of 2024.
Shentel reported fourth-quarter 2025 revenue up 7.2% to $91.6 million and a narrower net loss from continuing operations of $5.4 million, compared with $6.2 million a year earlier. For full-year 2025, revenue rose 9.1% to $357.9 million, but the net loss from continuing operations widened to $32.9 million from $28.4 million. The company also initiated 2026 guidance and announced a reduction in force of about 10% of employees.
Q4 2025 Glo Fiber Expansion Markets revenue grew 39.0% to $23.0 million; adjusted EBITDA grew 31.3% to $33.5 million.
Full-year 2025 loss per share from continuing operations was $0.71, compared with $0.59 in 2024.
Closed $567.4 million of secured fiber network revenue term notes; total available liquidity was $234.9 million as of December 31, 2025.
2026 guidance: total revenue $370 million to $377 million, adjusted EBITDA $131 million to $136 million, and capital expenditures net of grants $220 million to $250 million; the workforce reduction is expected to save $12.3 million annually
International Seaways reported fourth-quarter 2025 net income of $128 million, or $2.56 per diluted share, up from $36 million, or $0.72, a year earlier. For the full year, net income was $309 million, or $6.23 per diluted share, down from $416.7 million, or $8.38, in 2024. The board also declared a combined dividend of $2.15 per share, payable March 30, 2026, to holders of record on March 20, 2026.
Q4 2025 shipping revenues were $268 million, compared with $195 million in Q4 2024; full-year shipping revenues were $843 million, compared with $952 million in 2024.
Q4 2025 adjusted EBITDA was $175 million, compared with $95 million a year earlier; full-year adjusted EBITDA was $475 million, compared with $583 million in 2024.
The combined dividend of $2.15 per share includes a regular quarterly dividend of $0.12 and a supplemental dividend of $2.03, and is payable March 30, 2026.
Total liquidity was $724 million as of December 31, 2025, including total cash of $167 million.
Vistra reported fourth-quarter and full-year 2025 results and issued 2026 guidance. Full-year GAAP net income fell $1,868 million to $944 million, mainly due to an $808 million unrealized pre-tax hedge loss, while Ongoing Operations Adjusted EBITDA rose $269 million to $5,912 million. Shareholders face a mixed picture: operating earnings measures improved for the year, but reported profit declined sharply and fourth-quarter results were lower than a year earlier.
Full-year 2025 net income was $944 million versus $2,812 million in 2024, including an $808 million unrealized pre-tax hedge loss.
Full-year 2025 Ongoing Operations Adjusted EBITDA was $5,912 million, up from $5,643 million, and about $112 million above the midpoint of the original guidance range.
Fourth-quarter 2025 net income was $233 million versus $490 million, and Adjusted EBITDA was $1,742 million versus $1,983 million.
2026 guidance: Ongoing Operations Adjusted EBITDA of $6.8 billion to $7.6 billion and Adjusted FCFbG of $3.925 billion to $4.725 billion, excluding any impact from the Cogentrix assets.
NCR Voyix reported fourth-quarter 2025 revenue of $720 million, up from $678 million a year earlier, and GAAP net income from continuing operations of $78 million, compared with a loss of $11 million. Full-year 2025 revenue fell 5% to $2,687 million, while the company's 2026 outlook projects reported revenue of $2,210 million to $2,325 million, a decline of 13% to 18%, largely due to the hardware transition, against adjusted EBITDA of $440 million to $455 million.
Q4 2025 adjusted EBITDA was $130 million, up from $111 million, and non-GAAP diluted EPS was $0.31, up from $0.21.
Full-year 2025 revenue was $2,687 million, down from $2,818 million, while full-year adjusted EBITDA rose to $425 million from $348 million.
2026 outlook: revenue of $2,210 million to $2,325 million; adjusted EBITDA of $440 million to $455 million; non-GAAP diluted EPS of $0.93 to $0.96.
In Q4 2025 the company repurchased 400,000 common shares and 68,566 preferred shares for a total of $78 million.
Certara reported fourth-quarter 2025 revenue of $103.6 million, up 3%, but swung to a net loss of $5.9 million from net income of $6.6 million a year earlier. It also guided full-year 2026 revenue growth of 0-4% and adjusted diluted EPS of $0.44-$0.48, with adjusted EPS for 2025 at $0.44. Shareholders face flat-to-modest growth guidance and lower profit, with new CEO Jon Resnick, effective January 1, 2026, describing 2026 as a year of transition and investment.
Q4 2025 revenue was $103.6 million, up 3%; software revenue rose 10% to $46.4 million and services revenue fell 1% to $57.3 million.
Q4 2025 net loss was $5.9 million, versus net income of $6.6 million in Q4 2024; adjusted diluted EPS was $0.09, versus $0.15.
Full-year 2025 revenue was $418.8 million, up 9%; full-year adjusted diluted EPS was $0.44, versus $0.45 in 2024.
2026 guidance: revenue growth of 0-4%, adjusted EBITDA margin of 30-32%, and adjusted diluted EPS of $0.44-$0.48.
Enovis reported full-year 2025 net sales of $2.2 billion, up 7% on a reported basis, but a $1.05 billion non-cash goodwill impairment pushed its net loss from continuing operations to $1,182 million. The company also gave 2026 guidance of $2.31-2.37 billion in revenue, $425-435 million in adjusted EBITDA and $3.52-3.73 in adjusted earnings per share, which shareholders can compare with the 2025 results.
Full-year 2025 net sales of $2.2 billion grew 7% reported and 6% organically; Recon rose 10% and Prevention & Recovery rose 4%.
Full-year 2025 net loss from continuing operations was $1,182 million, including a $1,050 million non-cash goodwill impairment charge.
Full-year 2025 adjusted earnings per diluted share were $3.30, compared with $2.84 in 2024; GAAP loss was $20.72 per share.
2026 outlook: revenue of $2.31-2.37 billion, adjusted EBITDA of $425-435 million and adjusted EPS of $3.52 to $3.73.
Integra LifeSciences reported fourth-quarter 2025 revenue of $434.9 million, down 1.7%, with adjusted earnings of $0.83 per diluted share versus $0.97 a year earlier. Full-year 2025 GAAP net loss was $516.5 million, driven mainly by a $511 million non-cash goodwill impairment charge, while full-year adjusted earnings fell to $2.23 per share from $2.56. The company guided 2026 adjusted earnings to $2.30 to $2.40 per diluted share, which shareholders can compare against the 2025 result.
Q4 2025 revenue $434.9 million, down 1.7% reported and 2.5% organic; GAAP loss of $(0.02) per diluted share
Full-year 2025 revenue $1,635.2 million, up 1.5% reported; GAAP net loss $516.5 million, or $(6.74) per share
2026 guidance: revenue $1,662 million to $1,702 million; adjusted EPS $2.30 to $2.40
Net debt about $1.6 billion at December 31, 2025; consolidated total leverage ratio 4.5x
Fortrea reported fourth-quarter and full-year 2025 results and issued 2026 guidance. Full-year revenue rose to $2,723.4 million, but the net loss reached $986.2 million after an $797.9 million goodwill impairment, and full-year adjusted EBITDA fell to $189.9 million from $202.5 million. The company guided 2026 revenue of $2,550 million to $2,650 million and adjusted EBITDA of $190 million to $220 million.
Fourth-quarter revenue was $660.5 million, down from $697.0 million a year earlier; fourth-quarter adjusted diluted EPS was $0.09 versus $0.18.
Full-year 2025 GAAP net loss was $(986.2) million, or $(10.81) per diluted share, including a $797.9 million goodwill impairment recognized in the first half of 2025.
Full-year 2025 adjusted diluted EPS was $0.43, up from $0.33 in 2024; adjusted EBITDA was $189.9 million versus $202.5 million.
2026 guidance: revenue of $2,550 million to $2,650 million and adjusted EBITDA of $190 million to $220 million; earnings call set for 8:00 am ET on February 26, 2026.
Qnity reported fourth-quarter and full-year 2025 results, with full-year net sales up 10% to $4.75 billion and adjusted pro forma EPS up 12% to $3.35, while fourth-quarter GAAP net income fell to $109 million from $221 million. The company also gave 2026 guidance, announced a multi-year transformation plan, and authorized up to $500 million in share repurchases.
Full-year 2025 GAAP net income was $729 million, up 1%, and GAAP diluted EPS was $3.30 versus $3.31 in 2024.
Fourth-quarter 2025 GAAP net income was $109 million versus $221 million a year earlier; diluted EPS was $0.48 versus $1.02.
2026 guidance: net sales of $4.97 billion to $5.17 billion and adjusted EPS of $3.55 to $3.95.
The transformation plan targets about $100 million in run-rate Adjusted Operating EBITDA benefit by the end of 2028, with about $140 million in costs over two to three years.
Celsius reported fourth-quarter and full-year 2025 results on February 26, 2026. Full-year revenue rose 86% to $2,515.3 million, but net income fell 26% to $108.0 million and GAAP diluted EPS fell to $0.25 from $0.45, mainly due to $327.5 million of distributor termination costs tied to the Alani Nu distribution transition. Shareholders get a split picture: sales grew strongly, while GAAP profit declined and the company's margin and CELSIUS brand trends remain under pressure.
Full-year 2025 revenue was $2,515.3 million, up 86% from $1,355.6 million, with Alani Nu contributing $1,001.9 million.
Full-year 2025 net income was $108.0 million, down 26%; GAAP diluted EPS was $0.25 versus $0.45, while non-GAAP adjusted diluted EPS rose to $1.34 from $0.70.
Fourth-quarter revenue was $721.6 million, up 117%, but CELSIUS brand revenue fell approximately 8% in the quarter, which the company attributed to integration timing.
The company expects gross margin to return to the low 50s as the Alani Nu integration completes by the end of the first quarter of 2026 and Rockstar Energy by the end of the second quarter of 2026.
Acushnet reported full-year 2025 net sales of $2.56 billion, up 4.1%, while net income attributable to the company fell 12.0% to $188.5 million. Fourth-quarter net sales rose 7.2% to $477.2 million, but the company posted a net loss of $34.9 million, which included a $17.0 million loss on debt extinguishment. The company also raised its quarterly dividend 8.5% to $0.255 per share and gave 2026 guidance of $2,625 million to $2,675 million in net sales and $415 million to $435 million in Adjusted EBITDA.
Full-year 2025 Adjusted EBITDA was $410.4 million, up 1.5%, with an Adjusted EBITDA margin of 16.0% versus 16.5% a year earlier.
Fourth-quarter Adjusted EBITDA was $9.8 million, down 21.0% from $12.4 million, and net loss attributable to the company was $34.9 million versus $1.1 million a year earlier.
The quarterly cash dividend rises to $0.255 per share, payable March 20, 2026 to holders of record as of March 6, 2026.
2026 outlook calls for net sales of $2,625 million to $2,675 million, up 3.6% at the midpoint on a reported basis, and Adjusted EBITDA of $415 million to $435 million.
Walker & Dunlop reported a fourth-quarter 2025 net loss of $13.9 million, or $0.41 per diluted share, compared with net income of $44.8 million a year earlier, while total revenues were flat at $340.0 million. Transaction volume rose 36% to $18.3 billion, but the company recorded $66.2 million of expenses, mainly impairment charges and losses tied to underperforming assets and repurchased loans. The Board declared a $0.68 per share dividend for the first quarter of 2026.
Q4 2025 net loss of $13.9 million, or $0.41 per diluted share, versus net income of $44.8 million in Q4 2024
Total revenues of $340.0 million, flat from Q4 2024; total transaction volume up 36% to $18.3 billion
$66.2 million of expenses, primarily impairment charges on assets the company plans to sell in 2026 and losses on indemnified and repurchased loans
Quarterly dividend of $0.68 per share declared for Q1 2026, a 1.5% increase over the 2025 quarterly dividend
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