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).
FTI Consulting reported record fourth-quarter 2025 revenue of $990.7 million, up 10.7%, and full-year revenue of $3.789 billion, up 2.4%. Fourth-quarter EPS rose to $1.78 from $1.38 despite a $0.38 per-share charge for a valuation allowance on prior-year foreign deferred tax assets, and the company introduced 2026 guidance of $3.940 billion to $4.100 billion in revenue and $8.90 to $9.60 in EPS.
Q4 2025 revenue of $990.7 million, up from $894.9 million; diluted EPS of $1.78 versus $1.38 a year earlier
Full-year 2025 diluted EPS of $8.24 versus $7.81; full-year net income of $270.9 million versus $280.1 million
2026 guidance: revenue of $3.940 billion to $4.100 billion and EPS of $8.90 to $9.60
Repurchased $858.6 million of common stock in 2025; about $491.8 million remained under the buyback program at December 31, 2025
DTE Energy furnished audited 2025 financial statements for its indirect subsidiary DTE Gas Company, which show higher revenue and net income than in 2024. The filing is a subsidiary disclosure and does not change DTE Energy's own guidance, but it shows the gas utility's growth and a pending rate request that could raise its base rates.
Operating revenues were $2,033 million in 2025, up $250 million from $1,783 million in 2024, mainly from weather ($119 million) and gas cost recovery ($111 million).
Net income was $296 million in 2025, compared with $259 million in 2024; operating income was $498 million, compared with $438 million.
DTE Gas filed a rate case on November 13, 2025, requesting a net base rate increase of $163 million and a return on equity increase from 9.8% to 10.25%; a final MPSC order is expected in September 2026.
PricewaterhouseCoopers LLP issued an unqualified audit opinion dated February 27, 2026.
PrimeEnergy Resources signed a Fifth Amendment to its senior secured revolving credit agreement on February 24, 2026, as part of a scheduled borrowing base redetermination. The borrowing base was reaffirmed at $115.0 million, and the full amount was available with no borrowings outstanding as of February 27, 2026. The amendment lowers loan margins by 50 basis points, which reduces borrowing costs if the company draws on the facility.
Borrowing base reaffirmed at $115.0 million effective February 24, 2026
SOFR loan margin now 2.75% to 3.75%, down from 3.25% to 4.25%
Commodity hedging covenant utilization threshold raised from 25% to 30%
No borrowings outstanding as of February 27, 2026; full $115.0 million available
National HealthCare Corporation reported results for the year and quarter ended December 31, 2025, in a press release furnished under Item 2.02. Full-year net operating revenues and grant income rose 16.1% to $1.5 billion, and GAAP net income attributable to NHC rose to $120.0 million from $101.9 million. For shareholders, both revenue and reported profit increased, though the filing notes that the year's GAAP results include unrealized gains on marketable equity securities.
FY2025 net operating revenues and grant income: $1,517,781,000, up from $1,307,382,000 in 2024
FY2025 GAAP net income attributable to NHC: $120,015,000 (diluted EPS $7.67), up from $101,927,000 in 2024
FY2025 adjusted diluted EPS: $6.65, compared with $4.93 in 2024
Q4 2025 GAAP diluted EPS: $1.58, compared with $0.39 in Q4 2024; Q4 adjusted diluted EPS: $1.83, compared with $1.66
Assured Guaranty Ltd. filed audited 2025 combined financial statements for its subsidiary Assured Guaranty Inc. and posted them on its website, along with a financial supplement and a fixed income investor presentation. The subsidiary reported total revenues of $806 million for 2025, up from $668 million in 2024, and net income attributable to Assured Guaranty Inc. of $437 million, up from $402 million. The filing covers the subsidiary only, not the parent's consolidated results.
Total revenues were $806 million in 2025, compared with $668 million in 2024.
Net income attributable to Assured Guaranty Inc. was $437 million in 2025, compared with $402 million in 2024.
Dividends paid to the parent were $287 million in 2025, compared with $400 million in 2024.
Total shareholder's equity was $5,485 million as of December 31, 2025, compared with $5,376 million a year earlier.
NIQ Global Intelligence reported fourth-quarter 2025 revenue of $1,139.1 million, up 9.2% year over year, and full-year revenue of $4,198.4 million, up 5.7%. The net loss attributable to NIQ narrowed to $32.2 million in the quarter and $353.3 million for the year, and the company introduced 2026 guidance along with a cost program that carries $50 million to $60 million of pre-tax restructuring charges.
Q4 2025 net loss attributable to NIQ was $32.2 million, compared with $172.9 million in Q4 2024.
Full-year 2025 adjusted EBITDA was $916.5 million, up 23.8%, and the adjusted EBITDA margin was 21.8%.
2026 full-year guidance calls for as-reported revenue of $4,439 million to $4,452 million and adjusted EBITDA of $1,043 million to $1,060 million.
In February 2026 the company approved a cost program expected to generate $55 million to $65 million of annualized savings by the end of 2026.
ANI Pharmaceuticals reported record fourth-quarter and full-year 2025 results, with Q4 net revenue of $247.1 million and GAAP net income available to common shareholders of $27.5 million, compared with a loss in the prior-year quarter. The company reaffirmed its full-year 2026 guidance, including total net revenue of $1,055 million to $1,115 million, which matters to shareholders as a reaffirmation rather than a change in outlook.
Q4 2025 net revenue was $247.1 million, up 29.6%; Cortrophin Gel rose 87.6% to $111.4 million, while Brands fell 37.9% to $12.3 million
Q4 GAAP diluted EPS was $1.18 versus a loss of $0.55 a year earlier; adjusted non-GAAP diluted EPS was $2.33 versus $1.63
Full-year 2025 net revenue was $883.4 million, up 43.8%, with GAAP net income available to common shareholders of $77.2 million
2026 guidance reaffirmed: total net revenue $1,055 million to $1,115 million and adjusted non-GAAP diluted EPS $8.83 to $9.34
Amneal Pharmaceuticals reported fourth-quarter 2025 net revenue of $814 million, up 11% from a year earlier, and GAAP net income attributable to the company of $35 million, compared with a loss of $31 million in the fourth quarter of 2024. For the full year, revenue rose 8% to $3.02 billion and adjusted diluted EPS was $0.83, and the company gave 2026 guidance of $3.05 billion to $3.15 billion in net revenue and $0.93 to $1.03 in adjusted diluted EPS, which is above 2025 results.
Q4 2025 net revenue was $814 million, up 11%, with Specialty up 38% and Affordable Medicines down 1%
Q4 2025 GAAP diluted EPS was $0.11 versus a loss of $0.10 a year earlier; adjusted diluted EPS was $0.21 versus $0.12
Full year 2025 net revenue was $3.02 billion and adjusted EBITDA was $688 million, up 10%
2026 guidance: net revenue of $3.05 billion to $3.15 billion, adjusted EBITDA of $720 million to $760 million, adjusted diluted EPS of $0.93 to $1.03
BrightSpring reported fourth-quarter 2025 revenue of $3,551 million, up 29.3%, and net income from continuing operations of $49.6 million, up from $4.3 million a year earlier. The company also initiated full-year 2026 revenue guidance of $14,450 million to $15,000 million and Adjusted EBITDA guidance of $760 million to $790 million, both excluding the Community Living business.
Q4 2025 Adjusted EBITDA was $184 million, up 40.7% from $130 million; full-year 2025 Adjusted EBITDA was $618 million, up 34.2%.
Full-year 2025 net income from continuing operations was $104.8 million, compared with a net loss of $68.9 million in 2024.
Leverage fell to 2.99x at December 31, 2025, from 4.16x a year earlier.
The Community Living divestiture to Sevita is expected to close by the end of the first quarter of 2026.
NW Natural Holdings reported full-year 2025 GAAP EPS of $2.77, up from $2.03, and adjusted EPS of $2.93, up from $2.33. For the fourth quarter, GAAP EPS rose to $1.39 from $1.12, while adjusted EPS was $1.39 versus $1.41 a year earlier. The company set 2026 EPS guidance of $2.95–3.15 and announced the MX3 Mist gas storage expansion, which is expected to cost about $300 million.
Full-year 2025 GAAP net income was $113.3 million ($2.77 per share), up from $78.9 million ($2.03 per share) in 2024.
Fourth-quarter 2025 GAAP net income was $57.8 million ($1.39 per share), up from $45.0 million ($1.12 per share); adjusted EPS was $1.39 versus $1.41.
2026 EPS guidance is $2.95–3.15; the company targets 4.0–6.0% long-term EPS growth through 2030.
MX3 storage expansion is expected to cost about $300 million and be in service by the end of 2029; the company declared a quarterly dividend of $0.4925 per share.
Arlo Technologies reported fourth-quarter and full-year 2025 results on February 26, 2026, with Q4 revenue of $141.3 million, up from $121.6 million a year earlier, and a GAAP profit of $0.05 per share compared with a loss of $0.05. The company also gave first-quarter 2026 revenue guidance of $135 million to $145 million and non-GAAP EPS guidance of $0.17 to $0.23, and said it has a partnership with Comcast for connected home security.
Q4 2025 revenue of $141.3 million, versus $121.6 million in Q4 2024
Q4 2025 GAAP EPS of $0.05 versus a loss of $0.05 in Q4 2024; full-year GAAP EPS of $0.14 versus a loss of $0.31 in 2024
Full-year 2025 revenue of $529.3 million, versus $510.9 million in 2024
Q1 2026 guidance: GAAP revenue of $135 million to $145 million; non-GAAP diluted EPS of $0.17 to $0.23
Concentra reported fourth-quarter 2025 revenue of $539.1 million, up 15.9%, and net income attributable to the Company of $34.7 million, up 61.2%. For full-year 2025, revenue rose 13.9% to $2,163.4 million, while net income attributable to the Company was flat at $166.4 million and EPS fell to $1.30 from $1.46. The company also gave 2026 guidance of $2.25 billion to $2.35 billion in revenue and declared a $0.0625 per share dividend.
Q4 2025 EPS was $0.27 versus $0.17 in Q4 2024; Adjusted EBITDA was $95.3 million, up 22.9%.
Full-year 2025 EPS was $1.30 versus $1.46 in 2024; full-year net income attributable to the Company was $166.4 million, down 0.1%.
2026 guidance: revenue of $2.25 billion to $2.35 billion and Adjusted EBITDA of $450 million to $470 million.
Board declared a $0.0625 per share dividend, payable on or about March 19, 2026, to holders of record on March 12, 2026.
NCR Atleos entered into a merger agreement under which Brink's will acquire it in a cash and stock transaction valued at about $6.6 billion, including the assumption of about $2.6 billion of NCR Atleos debt. NCR Atleos shareholders would receive $30.00 in cash and 0.1574 Brink's shares per share, an implied $50.40 per share based on Brink's February 25, 2026 closing price, and the deal is expected to close in the first quarter of 2027 subject to approvals, including shareholder votes at both companies.
Consideration per NCR Atleos share: $30.00 in cash plus 0.1574 Brink's common shares, an implied $50.40 based on Brink's $129.58 close on February 25, 2026
Implied price represents a premium of about 24% over NCR Atleos' February 25, 2026 closing price and 26% over its 30-day volume weighted average price
After closing, Brink's shareholders would own about 78% and NCR Atleos shareholders about 22% of the combined company
Closing is expected in the first quarter of 2027, subject to stockholder and shareholder approvals, regulatory approvals and other conditions
Monster Beverage reported fourth-quarter and full-year 2025 results on February 26, 2026, with net sales, net income and diluted earnings per share all higher than in 2024. The company also named new regional leaders and said no shares were repurchased in the fourth quarter, leaving about $500.0 million available under its buyback program.
Q4 2025 net income rose 65.9% to $449.2 million, and diluted EPS rose to $0.46 from $0.28 a year earlier.
Full-year 2025 net sales rose 10.7% to $8.29 billion, and diluted EPS rose to $1.94 from $1.49.
Effective February 25, 2026, Rob Gehring became CEO, Americas, Guy Carling became CEO, EMEA & OSP, and Emelie Tirre became Chief Strategy Officer.
No shares were repurchased in Q4 2025; about $500.0 million remained available under the existing repurchase program as of February 26, 2026.
MasTec reported fourth quarter 2025 revenue of $3.9 billion, up 16% year over year, and GAAP diluted EPS of $1.81 versus $0.95 a year earlier. The company also issued initial guidance for 2026 of $17.0 billion in revenue and $8.40 in adjusted diluted EPS, compared with $6.55 in 2025, so shareholders get a forecast of continued growth.
Q4 2025 revenue was $3.9 billion, up 15.8% from $3.4 billion; GAAP net income was $153 million versus $85 million
Full-year 2025 revenue was $14.3 billion and GAAP net income was $422 million, both up from 2024
2026 guidance: revenue of $17.0 billion and adjusted EBITDA of $1.45 billion for the full year
Q1 2026 guidance: revenue of $3.475 billion and adjusted diluted EPS of $1.00
Arcosa reported fourth-quarter 2025 net income of $52.1 million, compared with a net loss of $7.7 million a year earlier, and full-year 2025 revenue of $2.88 billion, up 12%. The company also guided to 2026 revenue of $2.95 billion to $3.10 billion and adjusted EBITDA of $590 million to $640 million, excluding its planned $450 million sale of the barge business, which is expected to close in the second quarter of 2026.
Q4 2025 net income was $52.1 million, or $1.06 diluted EPS, versus a net loss of $7.7 million, or $(0.16) per share, in Q4 2024.
Full-year 2025 revenue was $2.88 billion, up 12%, and adjusted EBITDA was $583.3 million, up 30%.
2026 guidance: revenue of $2.95 billion to $3.10 billion and adjusted EBITDA of $590 million to $640 million, excluding the barge divestiture.
Barge business (Arcosa Marine Products) to be sold to Wynnchurch Capital L.P. for $450 million in cash, expected to close in Q2 2026; Group President Jesse E. Collins Jr. retires effective April 3, 2026.
American Healthcare REIT reported fourth quarter and full year 2025 results on February 26, 2026, showing a swing to net income from prior-year losses and higher Normalized FFO per diluted share. The company also issued 2026 guidance for Normalized FFO of $1.99 to $2.05 per diluted share, with a $2.02 midpoint, compared with $1.72 in 2025. The guidance does not assume any transactions or capital markets activity beyond those already completed.
Q4 2025 GAAP net income attributable to controlling interest was $10.8 million, or $0.06 per diluted share, versus a loss of $31.8 million, or $0.21 per share, in Q4 2024.
Full-year 2025 GAAP net income attributable to controlling interest was $69.8 million, or $0.42 per diluted share, versus a loss of $37.8 million, or $0.29 per share, in 2024.
Normalized FFO was $0.46 per diluted share in Q4 2025 versus $0.40 a year earlier, and $1.72 for 2025 versus $1.41 in 2024; total portfolio same-store NOI grew 11.8% in Q4 and 14.2% for the year.
2026 guidance calls for net income of $0.75 to $0.81 per diluted share and total portfolio same-store NOI growth of 7.0% to 11.0%.
Tutor Perini reported fourth-quarter and full-year 2025 results in a press release furnished as Exhibit 99.1 to a Form 8-K dated February 26, 2026. Full-year revenue rose 28% to $5.5 billion, and the company returned to a profit after a loss in 2024, with diluted EPS of $1.51 compared with a loss of $3.13. The company also gave 2026 adjusted EPS guidance of $4.90 to $5.30, which excludes share-based compensation expense.
2025 revenue was $5.5 billion, up 28% from 2024.
Income from construction operations was $232.0 million in 2025, compared with a loss of $103.8 million in 2024.
Operating cash flow was a record $748.1 million in 2025, up 49% year-over-year.
The company expects 2026 adjusted EPS of $4.90 to $5.30 and does not provide GAAP EPS guidance.
Rocket Lab reported fourth-quarter 2025 revenue of $179.7 million, up from $132.4 million a year earlier, and full-year revenue of $601.8 million, up from $436.2 million. The company also guided to first-quarter 2026 revenue of $185 million to $200 million, but its net loss widened for the full year to $198.2 million from $190.2 million.
Q4 2025 revenue $179.7 million vs $132.4 million in Q4 2024; net loss $52.9 million, or $0.09 per share, vs $52.3 million, or $0.10 per share
Full-year 2025 revenue $601.8 million vs $436.2 million in 2024; net loss $198.2 million, or $0.37 per share
Q1 2026 guidance: revenue $185 million to $200 million; adjusted EBITDA loss $21 million to $27 million
Backlog reached $1.85 billion at year-end, up 73% year on year; Neutron first launch now targeted for Q4 2026
Dell reported record fiscal 2026 fourth-quarter revenue of $33.4 billion, up 39%, and record full-year revenue of $113.5 billion, up 19%. It guided fiscal 2027 revenue to $138.0 billion to $142.0 billion, and it raised its cash dividend by 20% and its share repurchase authorization by $10 billion.
Q4 FY26 revenue of $33.4 billion, up 39%; diluted EPS of $3.37, up 57%
FY26 revenue of $113.5 billion, up 19%; diluted EPS of $8.68, up 36%
FY27 revenue guidance of $138.0 billion to $142.0 billion; GAAP diluted EPS midpoint of $11.52
Strategic Education reported fourth quarter 2025 revenue of $323.2 million, up 3.8%, and diluted earnings per share of $1.66 compared with $1.05 a year earlier. For full-year 2025, revenue rose 4.0% to $1,268.2 million and diluted EPS was $5.41 versus $4.67, with the company also declaring a $0.60 quarterly dividend for shareholders of record as of March 9, 2026.
Q4 2025 income from operations was $51.6 million, or 16.0% of revenue, versus $36.0 million, or 11.6%, in Q4 2024
Full-year 2025 net income was $126.6 million, compared with $112.7 million in 2024, and the company repurchased shares for $138.9 million during the year
Quarterly cash dividend of $0.60 per share, payable March 16, 2026
The filing does not include financial guidance for 2026
Brink's reported fourth-quarter 2025 revenue of $1,379 million, up 9% (5% organic), and GAAP earnings per share of $1.62, up 93%. For full-year 2025, revenue reached $5,261 million (up 5%) and GAAP EPS was $4.70 (up 30%), and the company gave first-quarter 2026 non-GAAP guidance and a 2026 framework.
Q4 2025 operating profit was $180 million on a GAAP basis, up 72%, and non-GAAP EPS was $2.54, up 20%.
Full-year 2025 adjusted EBITDA was $977 million, up 7%, with operating cash flow of $640 million and free cash flow of $436 million.
Q1 2026 non-GAAP guidance calls for revenue of $1,335 million to $1,395 million, adjusted EBITDA of $220 million to $240 million, and EPS of $1.50 to $1.90.
Net debt leverage fell to 2.7 times adjusted EBITDA, and the company returned over $250 million to shareholders through dividends and share repurchases.
DiamondRock Hospitality reported fourth quarter and full year 2025 results. Q4 net income attributable to common stockholders was $23.8 million, or $0.12 per diluted share, compared with a loss of $13.7 million a year earlier, and Adjusted FFO per diluted share rose 12.5% to $0.27. The company also issued 2026 guidance of $287 million to $302 million in Adjusted EBITDA and $1.09 to $1.16 in Adjusted FFO per share, against 2025 Adjusted EBITDA of $297.6 million.
Q4 2025 Adjusted EBITDA was $71.9 million, up 3.3%, and comparable RevPAR fell 0.3% to $201.83
Full year 2025 Adjusted FFO per diluted share was $1.08, up 3.8%, and full year net income attributable to common stockholders was $91.6 million, or $0.44 per diluted share
2026 guidance: Adjusted EBITDA $287 million to $302 million and Adjusted FFO per share $1.09 to $1.16, versus 2025 actuals of $297.6 million and $1.08
Preferred stock redeemed December 31, 2025 for $121.5 million; regular quarterly dividend of $0.09 per share payable April 14, 2026
Autodesk reported fourth-quarter fiscal 2026 revenue of $1.96 billion, up 19% from a year earlier, and GAAP diluted earnings of $1.48 per share, up from $1.40. The company also issued fiscal 2027 guidance for revenue of $8.100 billion to $8.170 billion and GAAP diluted EPS of $7.76 to $8.39, and said it expects temporary risk to billings and revenue as it rolls out a sales optimization plan.
Q4 fiscal 2026 revenue was $1,957 million, up 19%, and non-GAAP diluted EPS was $2.85, up from $2.29
Restructuring, other exit costs, and facility reductions were $100 million in Q4, up from $15 million a year earlier
Fiscal 2027 guidance: revenue $8,100 million to $8,170 million, free cash flow $2,700 million to $2,800 million
First-quarter fiscal 2027 revenue guidance is $1,885 million to $1,900 million
NetApp reported third-quarter fiscal 2026 results for the quarter ended January 23, 2026, with net revenues of $1.71 billion, up 4% year over year, and GAAP diluted earnings per share of $1.67, up from $1.44. The company also guided fourth-quarter net revenues to $1.795 billion to $1.945 billion and full-year fiscal 2026 GAAP EPS to $6.07 to $6.17, which matters to shareholders because it sets the company's near-term financial expectations.
Net revenues were $1.71 billion, up 4% from $1.64 billion; billings were $1.89 billion, up 10%.
GAAP diluted EPS was $1.67 versus $1.44 a year earlier; non-GAAP diluted EPS was $2.12 versus $1.91.
Fourth-quarter fiscal 2026 net revenue guidance is $1.795 billion to $1.945 billion, with GAAP EPS of $1.76 to $1.86.
Cash provided by operations was $317 million, down 18% from $385 million; the company returned $303 million to stockholders.
Progyny reported fourth-quarter 2025 revenue of $318.4 million, up 6.7%, and full-year revenue of $1,288.7 million, up 10%. Full-year diluted earnings per share rose to $0.65 from $0.57, and the company issued 2026 guidance for revenue of $1.355 billion to $1.405 billion and net income of $95.4 million to $106.1 million. The Q1 2026 revenue outlook of (1.6)% to 2.5% growth signals modest near-term growth.
Q4 2025 revenue was $318.4 million, up from $298.4 million; a large client that did not renew contributed $35.9 million in Q4 2024 and none in Q4 2025.
Full-year 2025 net income was $58.5 million, or $0.65 per diluted share, versus $54.3 million, or $0.57, in 2024.
2026 outlook: revenue of $1.355 billion to $1.405 billion and net income of $95.4 million to $106.1 million.
Q1 2026 revenue is projected at $319.0 million to $332.0 million, growth of (1.6)% to 2.5%.
Intuit reported fiscal second-quarter 2026 results for the quarter ended January 31, 2026, with revenue of $4.7 billion, up 17%, and GAAP diluted earnings per share of $2.48, up 49%. The company reiterated its full-year fiscal 2026 guidance, issued third-quarter guidance, and declared a $1.20 per share quarterly dividend, which the filing says is a 15% increase from the same period last year.
Q2 revenue was $4.7 billion, up 17%; Global Business Solutions revenue rose 18% to $3.2 billion and Consumer revenue rose 15% to $1.5 billion.
GAAP diluted EPS was $2.48, up 49%; non-GAAP diluted EPS was $4.15, up 25%.
Full-year fiscal 2026 guidance was reiterated: revenue of $20.997 billion to $21.186 billion and non-GAAP diluted EPS of $22.98 to $23.18.
Third-quarter fiscal 2026 non-GAAP diluted EPS is expected at $12.45 to $12.51; the $1.20 dividend is payable April 17, 2026 to holders of record on April 9, 2026.
Alignment Healthcare reported fourth-quarter 2025 total revenue of $1,012.8 million, up 44.4%, and a net loss of $11.0 million, compared with a $31.1 million loss a year earlier. For full-year 2025, revenue was $3.95 billion, up 46.1%, and the net loss narrowed to $1.0 million from $128.1 million. The company guided 2026 revenue to $5.14 billion to $5.19 billion and adjusted EBITDA to $133 million to $163 million, which signals expected continued growth and a path toward profitability for shareholders.
Q4 2025 total revenue was $1,012.8 million, up 44.4%; net loss was $11.0 million versus $31.1 million a year earlier.
Full-year 2025 revenue was $3.95 billion, up 46.1%; net loss was $1.0 million versus $128.1 million in 2024.
2026 guidance: revenue of $5.14 billion to $5.19 billion, adjusted EBITDA of $133 million to $163 million, and 292,000 to 298,000 health plan members.
Health plan membership guidance was raised by 2,000 at the midpoint; membership at the end of Q4 2025 was about 236,300, up 25.0%.
DXP Enterprises reported fourth-quarter and fiscal 2025 results on February 25, 2026. Sales and net income rose in both periods, with Q4 diluted EPS up to $1.39 from $1.29 and full-year diluted EPS up to $5.37 from $4.22. The filing gives no forward guidance, and the company said it raised an incremental $205 million under its Term Loan B during the fourth quarter.
Q4 2025 sales rose 12.0% to $527.4 million; Q4 net income rose 6.9% to $22.8 million
Q4 diluted EPS was $1.39 vs. $1.29 a year earlier; adjusted diluted EPS was $1.39 vs. $1.38
Fiscal 2025 sales rose 11.9% to $2.0 billion; net income rose 25.8% to $88.7 million
Refinancing raised an incremental $205 million and cut borrowing costs by 50 basis points; cash was $303.8 million at year end
Standard Motor Products reported fourth-quarter and full-year 2025 results on February 26, 2026, with net sales up 12.2% in the quarter and 22.4% for the year, and it raised its quarterly dividend. Full-year GAAP diluted EPS from continuing operations rose to $3.52 from $2.41, and the company guided to low to mid-single digit sales growth and an adjusted EBITDA margin of 11%-12% for 2026.
Q4 net sales were $385.1 million, up from $343.4 million; GAAP diluted EPS from continuing operations was $0.41 versus a $0.04 loss a year earlier.
Full-year 2025 net sales were $1.79 billion; adjusted diluted EPS was $4.02, up 26.8% from $3.17.
2026 guidance: low to mid-single digit sales growth and adjusted EBITDA margin of 11.0%-12.0%.
Quarterly dividend increased from $0.31 to $0.33 per share, payable March 2, 2026.
EMCOR reported record fourth-quarter and full-year 2025 revenue and diluted EPS, and gave 2026 guidance of $17.75 billion to $18.50 billion in revenue and $27.25 to $29.25 in diluted EPS. Fourth-quarter GAAP diluted EPS included a $144.9 million gain on the sale of its United Kingdom operations, and non-GAAP diluted EPS was $7.19. Remaining performance obligations reached a record $13.25 billion, which the company cites as support for its 2026 outlook.
Q4 2025 revenues were $4.51 billion, up 19.7% from $3.77 billion; organic growth was 9.5%.
Q4 2025 GAAP diluted EPS was $9.68 versus $6.32 a year earlier; non-GAAP diluted EPS was $7.19.
Full-year 2025 revenues were $16.99 billion and GAAP diluted EPS was $28.19; non-GAAP diluted EPS was $25.87.
2026 guidance: revenues of $17.75 billion to $18.50 billion, operating margin of 9.0% to 9.4%, and diluted EPS of $27.25 to $29.25.
Millrose Properties reported fourth-quarter 2025 net income of $122.2 million, or $0.74 per share, and AFFO of $0.76 per share, with full-year 2025 net income of $379.9 million, or $2.44 per share. The company expects to deploy about $1 billion of additional invested capital by mid-2026, with up to $2 billion of total net new capital deployment for full-year 2026, which it says implies about 10% year-over-year AFFO per share growth.
Q4 2025 net income attributable to common shareholders was $122.2 million, or $0.74 per share; Q4 AFFO was $125.6 million, or $0.76 per share.
Full-year 2025 net income was $379.9 million, or $2.44 per share; full-year AFFO was $427.9 million, or $2.58 per share.
2026 outlook targets a second-quarter 2026 exit AFFO run rate of $0.78 to $0.80 per share and up to $2 billion of net new capital deployment for the full year.
Invested Capital outside the Lennar Master Program Agreement reached about $2.4 billion, above the $2.2 billion stretch target; the filing reports zero option terminations.
Universal Health Services reported fourth-quarter 2025 net income attributable to UHS of $445.9 million, or $7.06 per diluted share, up from $332.4 million, or $4.96, a year earlier, on net revenues up 9.1% to $4.486 billion. It also issued a 2026 forecast of $18.417 billion to $18.789 billion in net revenues and $22.64 to $24.52 in diluted EPS, and disclosed that a Nevada judge granted a new trial in a lawsuit where a jury had awarded $500 million in punitive damages against a subsidiary, which the company says would likely be vacated.
Q4 2025 net income attributable to UHS was $445.9 million ($7.06 per diluted share) vs. $332.4 million ($4.96) in Q4 2024; adjusted EPS was $5.88 vs. $4.92.
Q4 2025 net revenues rose 9.1% to $4.486 billion; full-year 2025 net revenues were $17.365 billion.
2026 forecast: net revenues of $18.417 billion to $18.789 billion and diluted EPS of $22.64 to $24.52.
On February 25, 2026, the judge in the Washoe County, Nevada case granted a new trial over juror misconduct; the company had recorded an $18 million legal reserve in Q3 2025.
Vericel reported fourth-quarter 2025 total revenue of $92.9 million, up 23%, and net income of $23.2 million, up 17%. For the full year, revenue rose 16% to $276.3 million and net income rose 59% to $16.5 million. The company guided 2026 total revenue to $316 million to $326 million and MACI revenue to $280 million to $286 million.
Q4 2025 net income was $23.2 million, or $0.45 per diluted share, versus $19.8 million, or $0.38, in Q4 2024
Full-year 2025 net income was $16.5 million, or $0.32 per diluted share, versus $10.4 million, or $0.20, in 2024
2026 guidance: total revenue of $316 to $326 million, gross margin of about 75%, and adjusted EBITDA margin of about 27%
Operating expenses rose to $50.7 million in Q4 2025 from $40.0 million, mainly from headcount and costs tied to the new Burlington facility
ACI Worldwide reported full-year 2025 revenue of $1.76 billion, up 10%, and net income of $227 million, up 12%. It guided 2026 revenue to $1.88 billion to $1.91 billion, or 7% to 9% growth, and adjusted EBITDA to $530 million to $550 million. Fourth-quarter net income fell to $64.3 million from $98.6 million, and two directors resigned while Kimberly deBeers joined the board.
Full-year 2025 revenue was $1.76 billion, up 10%; net income was $227 million, up 12%; diluted EPS was $2.16 versus $1.91.
Fourth-quarter 2025 net income was $64.3 million versus $98.6 million a year earlier; diluted EPS was $0.62 versus $0.93.
2026 guidance: revenue of $1.88 billion to $1.91 billion and adjusted EBITDA of $530 million to $550 million, compared with $506 million in 2025.
Charles Peters and Janet Estep resigned from the board effective February 23, 2026; Kimberly deBeers was appointed as an independent director the same day.
Installed Building Products reported fourth-quarter 2025 net income of $76.6 million, up 14.5% and a record, with diluted EPS of $2.83, up 18.4%. Net revenue fell 0.4% to $747.5 million, while full-year net revenue rose 1.0% to a record $3.0 billion and full-year diluted EPS rose to $9.71 from $9.10. The board also approved a $0.39 quarterly dividend and a $1.80 annual variable dividend, both payable March 31, 2026, and a new $500 million buyback program.
Q4 net income $76.6 million, up from $66.9 million; diluted EPS $2.83 versus $2.39 a year earlier
Q4 net revenue $747.5 million, down 0.4%; residential same branch sales fell 9.3% while commercial rose 22.9%
Dividends: $0.39 quarterly and $1.80 annual variable, payable March 31, 2026 to holders of record March 13, 2026
New $500 million buyback replaces the prior program and runs through March 1, 2027
Hilton Grand Vacations reported fourth-quarter 2025 results on February 26, 2026, with total revenues, net income and Adjusted EBITDA attributable to stockholders all higher than a year earlier. The company expects full-year 2026 Adjusted EBITDA attributable to stockholders, excluding deferrals and recognitions, of $1.185 billion to $1.225 billion. Results were reduced by a $32 million net construction deferral, and the company repurchased 3.5 million shares for $150 million during the quarter.
Q4 2025 total revenues were $1.333 billion, up from $1.284 billion in Q4 2024.
Q4 2025 diluted EPS was $0.55 versus $0.19; net income attributable to stockholders was $48 million versus $20 million.
Adjusted EBITDA attributable to stockholders was $292 million versus $240 million, after a $32 million net construction deferral.
2026 full-year Adjusted EBITDA outlook is $1.185 billion to $1.225 billion, excluding deferrals and recognitions.
Frontdoor reported fourth-quarter and full-year 2025 results, with full-year revenue up 14% to $2.09 billion and net income up 9% to $255 million. Fourth-quarter net income fell to $1 million from $9 million a year earlier, and the company gave 2026 revenue and Adjusted EBITDA guidance above 2025 levels.
Full-year 2025 revenue rose 14% to $2.09 billion, with organic revenue growth of 3.7%
Fourth-quarter 2025 net income was $1 million, down from $9 million; diluted EPS was $0.02 versus $0.11
2026 outlook: revenue of $2.155 billion to $2.195 billion and Adjusted EBITDA of $565 million to $580 million
Repurchased $280 million of shares in 2025; long-term Adjusted EBITDA margin outlook raised to the mid-20% range
Ligand reported fourth quarter 2025 total revenue of $59.7 million, up 39% from a year earlier, and GAAP net income of $44.8 million, or $2.12 per diluted share, compared with a net loss in the prior-year quarter. For the full year, revenue rose to $268.1 million from $167.1 million, and the company reiterated its 2026 guidance of $245 million to $285 million in total revenue and $8.00 to $9.00 in adjusted earnings per diluted share.
Q4 2025 royalties were $50.5 million, up 45% from $34.8 million, driven mainly by Filspari, Capvaxive and Ohtuvayre sales.
Full-year 2025 GAAP net income was $124.5 million, or $6.13 per diluted share, versus a net loss of $4.0 million in 2024.
Full-year 2025 research and development expenses rose to $81.2 million from $21.4 million, including a $44.3 million one-time charge tied to the Castle Creek financing and a $17.8 million charge tied to Orchestra BioMed.
2026 guidance calls for royalty revenue of $200 million to $225 million, Captisol sales of $35 million to $40 million and contract revenue of $10 million to $20 million.
Bentley Systems reported fourth-quarter and full-year 2025 results that showed higher revenue and per-share earnings than a year earlier, and issued 2026 guidance calling for total revenues of $1,685 million to $1,715 million. The company also declared a $0.07 per share quarterly dividend, which shareholders of record on March 10, 2026 will receive on March 19, 2026.
Q4 2025 total revenues were $391.6 million, up 11.9% year over year; diluted EPS was $0.18 versus $0.16, and adjusted EPS was $0.27 versus $0.21.
Full-year 2025 total revenues were $1,501.8 million, up 11.0%; diluted EPS was $0.85 versus $0.72 in 2024.
2026 outlook: total revenues of $1,685 million to $1,715 million and free cash flow of $500 million to $570 million.
Board declared a $0.07 per share dividend, payable March 19, 2026 to holders of record as of March 10, 2026.
Shift4 Payments reported fourth-quarter and full-year 2025 results, with Q4 gross revenue of $1,189 million (up 34%), gross profit of $429 million (up 58%), and gross revenue less network fees of $610 million (up 51%). The company also introduced 2026 guidance calling for 26%-31% gross revenue less network fee growth, while GAAP net income was $53 million and GAAP diluted EPS was $0.36 for the quarter.
Q4 2025 gross revenue less network fees of $610 million, up 51% from Q4 2024
Q4 2025 net income of $53 million; GAAP diluted EPS of $0.36; non-GAAP EPS of $1.60
Q4 2025 Adjusted EBITDA of $304 million, up 48%, with a 50% Adjusted EBITDA margin
2026 guidance calls for 26%-31% gross revenue less network fee growth
Shake Shack reported fourth-quarter 2025 total revenue of $400.5 million, up 21.9% from a year earlier, and net income attributable to Shake Shack Inc. of $11.8 million, or $0.28 per diluted share, compared with $8.7 million, or $0.21, in the prior-year quarter. For the fiscal year ended December 31, 2025, total revenue rose 15.4% to $1,445.3 million and diluted EPS was $1.09, versus $0.24 in fiscal 2024. The company noted that fiscal 2025 had 53 weeks, with the extra week falling in the fourth quarter.
Q4 2025 total revenue was $400.5 million, up 21.9%; same-Shack sales rose 2.1%.
Q4 2025 net income attributable to Shake Shack Inc. was $11.8 million, or $0.28 per diluted share, versus $0.21 a year earlier.
Q4 2025 Adjusted EBITDA was $56.1 million, versus $46.7 million in Q4 2024; Restaurant-level profit margin was 22.7% of Shack sales, unchanged from the prior year.
Fiscal 2025 total revenue was $1,445.3 million, up 15.4%, and Adjusted EBITDA was $209.9 million.
Indivior reported fourth-quarter 2025 net revenue of $358 million, up 20% from a year earlier, and GAAP net income of $102 million ($0.79 per diluted share) versus $21 million a year earlier. The company also authorized a new $400 million share repurchase program and reaffirmed its full-year 2026 guidance, including net revenue of $1,125 million to $1,195 million and adjusted EBITDA of $535 million to $575 million.
Q4 2025 total SUBLOCADE net revenue was $252 million, up 30% year over year; full-year SUBLOCADE net revenue was $856 million, up 13%.
FY 2025 GAAP net income was $210 million ($1.64 per diluted share), compared with $7 million in FY 2024.
New share repurchase program of up to $400 million with a term of up to 18 months, to be made opportunistically from available cash.
Cash and investments ended Q4 2025 at $222 million, down from $347 million a year earlier, after the $295 million legacy DOJ payment.
PENN Entertainment reported fourth-quarter 2025 revenue of $1.8 billion, up from $1.7 billion a year earlier, and a net loss of $73.4 million, down from $133.8 million. Full-year 2025 net loss was $845.3 million, including $945.3 million in impairment losses, and management expects 2026 segment Adjusted EBITDAR to grow 20%.
Q4 revenues were $1,806.2 million versus $1,669.0 million a year earlier.
Diluted loss per share was $0.55 versus $0.88; Adjusted EPS was $0.07 versus a loss of $0.44.
Q4 impairment losses were $105.3 million; full-year 2025 impairment losses were $945.3 million.
Management expects 2026 segment Adjusted EBITDAR growth of 20% and traditional net leverage to fall by more than 2 turns.
Warby Parker reported fourth-quarter and full-year 2025 results, with full-year net revenue up 13.0% to $871.9 million and net income of $1.6 million, its first full year of positive net income. The company also authorized a $100 million share repurchase program and gave 2026 guidance of $959 million to $976 million in net revenue and $117 million to $119 million in Adjusted EBITDA.
Full-year 2025 net revenue rose $100.6 million, or 13.0%, to $871.9 million; fourth-quarter revenue rose 11.2% to $212.0 million.
Full-year 2025 net income was $1.6 million, compared with a net loss of $20.4 million in 2024; fourth-quarter net loss narrowed to $6.0 million.
Gross margin fell to 54.0% for the year from 55.3%, which the company attributed mainly to tariff costs on glasses.
The Board authorized repurchases of up to $100.0 million of Class A common stock with no fixed expiration date.
Wolverine World Wide reported fourth-quarter 2025 revenue of $517.5 million, up 4.6% from $494.7 million a year earlier, and diluted earnings per share of $0.38, up from $0.28. For fiscal 2026 it expects revenue of $1.960 billion to $1.985 billion and diluted earnings per share of $1.31 to $1.46, with adjusted diluted earnings per share of $1.35 to $1.50.
Q4 2025 revenue $517.5 million, up 4.6%; Active Group up 12.4%, Work Group down 11.3%
Q4 2025 diluted EPS $0.38 vs $0.28; adjusted diluted EPS $0.45 vs $0.40
Fiscal 2025 revenue $1,874.3 million, up 6.8%; diluted EPS $1.14 vs $0.55
Fiscal 2026 guidance: revenue $1.960 billion to $1.985 billion; diluted EPS $1.31 to $1.46
Privia Health reported fourth-quarter and full-year 2025 results, with Q4 revenue of $541.2 million, up 17.4% from a year earlier, and full-year revenue of $2.12 billion, up 22.3%. The company also issued 2026 guidance calling for GAAP revenue of $2.35 billion to $2.45 billion and Adjusted EBITDA of $145 million to $155 million, compared with $125.5 million in 2025.
Q4 2025 net income attributable to Privia was $9.2 million, versus $4.4 million in Q4 2024; full-year net income was $22.9 million, up 59.3%.
Full-year 2025 Adjusted EBITDA was $125.5 million, up 38.8%, and operating cash flow was $163.4 million, up 49.5%.
Year-end 2025 cash was $479.7 million with no debt.
2026 guidance: GAAP revenue $2,350 million to $2,450 million; Adjusted EBITDA $145 million to $155 million; about $600 million expected year-end cash.
First Advantage reported fourth-quarter 2025 revenue of $420.0 million, up from $307.1 million a year earlier, and net income of $3.5 million, compared with a net loss of $100.4 million in the prior-year quarter. For full-year 2025, revenue rose to $1,574.4 million from $860.2 million, while the company posted a net loss of $34.8 million, narrower than the $110.3 million loss in 2024. The board also approved a $100 million share repurchase program and the company introduced 2026 guidance for revenue of $1,625 million to $1,700 million.
Q4 2025 diluted EPS was $0.02 versus a loss of $0.62 in Q4 2024; Q4 Adjusted Diluted EPS was $0.30 versus $0.18
Full-year 2025 revenue was $1,574.4 million; the net loss was $34.8 million, or $(0.20) per diluted share
Board approved a share repurchase program of up to $100 million with no expiration date
2026 guidance: revenue of $1,625 million to $1,700 million and Adjusted Diluted EPS of $1.15 to $1.25
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.
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.
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