Core Viewpoint - Consolidated Edison, Inc. reported a strong financial performance for 2025, with net income increasing to $2,023 million or $5.66 per share, up from $1,820 million or $5.26 per share in 2024, reflecting the resilience of its regulated businesses and strategic investments [1][2]. Financial Performance - For 2025, adjusted earnings were $2,038 million or $5.70 per share, compared to $1,868 million or $5.40 per share in 2024, excluding certain impairment losses and transaction costs [1][2]. - In Q4 2025, net income was $297 million or $0.82 per share, down from $310 million or $0.90 per share in Q4 2024, while adjusted earnings were $320 million or $0.89 per share, compared to $340 million or $0.98 per share in the same period [1][2]. Strategic Investments and Future Outlook - The company plans to invest $6,595 million in 2026 and $6,759 million in 2027, with a total of $24,339 million expected from 2028 to 2030, funded through internal resources and long-term debt issuance [1][2]. - Con Edison anticipates a compounded annual growth rate of 6% to 7% for adjusted earnings per share over the next five years, with 2026 adjusted EPS guidance set between $6.00 and $6.20 [1][2]. Operational Highlights - The company emphasized the importance of maintaining cost discipline while investing in critical projects to support the clean energy transition and regional growth [1][2]. - Con Edison has increased its dividend for the 52nd consecutive year, reflecting its commitment to delivering value to shareholders [1][2]. Revenue and Expenses - Total operating revenues for 2025 were $16,918 million, up from $15,256 million in 2024, driven by higher electric and gas sales [3][4]. - Operating expenses increased to $13,987 million in 2025 from $12,524 million in 2024, primarily due to higher costs in purchased power and maintenance [3][4].

Core Insights - Fermi America has secured over $100 million in committed equipment financing from Keystone National Group, part of a larger $200 million facility arranged by Cape Commercial Finance, aimed at supporting its power ramp and infrastructure development [1][6][8] - The financing will be utilized for acquiring critical utility-grade equipment, including breakers, transformers, substations, and switchgears, essential for the company's Project Matador [3][8] - Project Matador is positioned to deliver gigawatt-scale, reliable power to high-demand sectors such as AI infrastructure and semiconductor manufacturing, addressing the current limitations of public grids [5][6] Financing Details - The financing from Keystone National Group highlights strong institutional investor support for Project Matador, which is seen as a critical asset for America's energy future [2][6] - Fermi America has secured over $600 million in institutional equipment commitments within 30 days, including a previous $500 million turbine warehouse financing from MUFG [6][7] - The financing structure allows for capital recycling, enabling future procurement as assets are refinanced through subsequent project financings [8][9] Project Development - In the past 180 days, Fermi America has achieved significant milestones, including advancing licensing, securing long-term site control, and completing key infrastructure construction [4] - The company aims to deliver the first 2.3 gigawatts of long-duration, reliable power at scale, contributing to the development of a next-generation private electric grid [1][5] - Fermi America's Project Matador is expected to integrate various energy sources, including natural gas, nuclear power, solar energy, and battery storage, to support advanced computing needs [10]

Core Viewpoint - Select Medical Holdings Corporation reported significant growth in revenue and income for the fourth quarter and full year ended December 31, 2025, alongside a positive business outlook for 2026 and the declaration of a cash dividend [1][2]. Financial Performance - For Q4 2025, revenue increased by 6.4% to $1,396.6 million from $1,312.6 million in Q4 2024 [1]. - Income from continuing operations before other income and expense surged by 203.1% to $63.9 million compared to $21.1 million in the prior year [1]. - Net income from continuing operations, net of tax, rose by 461.0% to $37.7 million, reversing a loss of $10.5 million in Q4 2024 [1]. - Adjusted EBITDA for Q4 2025 was $104.7 million, down from $116.0 million in Q4 2024 [1]. - Earnings per common share from continuing operations increased by 184.2% to $0.16, compared to a diluted loss per share of $0.19 in the prior year [1]. Annual Performance - For the year ended December 31, 2025, revenue grew by 5.1% to $5,452.8 million from $5,187.1 million in 2024 [1]. - Income from continuing operations before other income and expense increased by 25.3% to $336.2 million compared to $268.3 million in 2024 [1]. - Net income from continuing operations, net of tax, increased by 65.0% to $214.5 million from $130.0 million in the prior year [1]. - Adjusted EBITDA for the year was $493.2 million, down from $510.4 million in 2024 [1]. - Earnings per common share from continuing operations, net of tax, increased by 127.5% to $1.16, compared to $0.51 in 2024 [1]. Segment Performance - Critical Illness Recovery Hospital Segment: Q4 revenue increased by 4.9% to $629.7 million, with adjusted EBITDA rising by 5.3% to $66.4 million [2]. - Rehabilitation Hospital Segment: Q4 revenue increased by 15.2% to $339.2 million, with adjusted EBITDA increasing by 11.1% to $69.2 million [2]. - Outpatient Rehabilitation Segment: Q4 revenue increased by 1.6% to $324.6 million, but adjusted EBITDA fell to $11.2 million from $26.6 million in the prior year [2]. Business Outlook - For 2026, Select Medical expects revenue to be between $5.6 billion and $5.8 billion, with adjusted EBITDA projected between $520.0 million and $540.0 million [3]. - Fully diluted earnings per share are anticipated to range from $1.22 to $1.32 [3]. Dividend and Stock Repurchase - A cash dividend of $0.0625 per share was declared, payable on or about March 12, 2026 [2]. - The company authorized a stock repurchase program of up to $1.0 billion, with $96.5 million spent on repurchasing 6,375,512 shares in 2025 [2].

Core Viewpoint - NNN REIT, Inc. announces the retirement of Board Chair Steven D. Cosler and the appointment of Edward J. Fritsch as the new Chair, effective February 18, 2026, highlighting a transition in leadership during a period of significant market disruption [1]. Group 1: Leadership Transition - Steven D. Cosler has retired from the Board after serving since August 2016 and as Chair since May 2021 [1]. - Edward J. Fritsch, an independent director since February 2012, has been appointed as the new Chair, bringing extensive REIT experience from his previous role as President and CEO of Highwoods Properties, Inc. [1]. - The CEO, Steve Horn, expressed gratitude for Cosler's contributions and emphasized the importance of cohesive leadership moving forward [1]. Group 2: Company Overview - NNN REIT, Inc. invests in high-quality properties under long-term net leases with minimal ongoing capital expenditures [1]. - As of December 31, 2025, the company owned 3,692 properties across all 50 states, the District of Columbia, and Puerto Rico, with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 years [1]. - NNN is recognized as one of only three publicly traded REITs that have increased annual dividends for 36 or more consecutive years [1].

Core Viewpoint - A class action lawsuit has been initiated against NuScale Power Corporation for alleged securities fraud, with the Rosen Law Firm representing investors who purchased Class A common stock between May 13, 2025, and November 6, 2025 [1] Company Overview - NuScale Power Corporation is facing legal challenges due to claims that it made false or misleading statements regarding its partnerships and operational capabilities in the nuclear power sector [1] - The lawsuit alleges that NuScale entrusted its commercialization and deployment of its NuScale Power Module to ENTRA1 Energy LLC, which lacked significant experience in nuclear energy generation [1] Legal Details - The lawsuit claims that during the class period, NuScale failed to disclose critical information about ENTRA1's lack of experience in building or operating significant projects in the nuclear power field [1] - It is asserted that the qualifications attributed to ENTRA1 were misleading and actually referred to another entity, the Habboush Group, which also lacked relevant experience [1] - The lawsuit indicates that these undisclosed risks could lead to failures, delays, and regulatory challenges for NuScale's commercialization strategy [1]

CORPORATION AND SUBSIDIARY COMPANIESCondensed Consolidated Balance Sheets(In millions, except shares)December 31,December 31,20252024AssetsCurrent assets:Cash and cash equivalents$26.9$27.7Restricted cash0.91.6Receivables, less provisions of $2.7 at December 31, 2025 and $2.5 at December 31, 2024460.8425.6Inventories648.3684.6Prepaid expenses and other current assets85.968.1Total current assets1,222.81,207.6Property, plant, and equipment, at cost1,179.81,152.0Less: accumulated depreciation570.0515.3Property ...

Core Viewpoint - Darden Restaurants, Inc. is set to release its fiscal 2026 third quarter financial results on March 19, 2026, before market opening [1] Group 1: Financial Results Announcement - The financial results will be discussed in a conference call led by President and CEO Rick Cardenas and CFO Raj Vennam [1] - The conference call is scheduled for March 19, 2026, at 8:30 a.m. ET and will be accessible via the Company's Investor Relations website [1] - Supplementary materials will be available on the website prior to the conference call, and a replay will be accessible shortly after the call concludes [1] Group 2: Company Overview - Darden Restaurants operates a diverse portfolio of restaurant brands, including Olive Garden, LongHorn Steakhouse, and Ruth's Chris Steak House, among others [1] - The Company emphasizes its commitment to providing differentiated dining experiences through its various brands [1]

Core Viewpoint - Select Water Solutions, Inc. has announced a public offering of $175.0 million of its Class A common stock to support general corporate purposes, including water infrastructure growth, potential acquisitions, and debt repayment [1] Group 1: Offering Details - The public offering is for $175.0 million of Class A common stock, with a par value of $0.01 per share [1] - The company plans to grant underwriters a 30-day option to purchase up to $26.25 million of additional shares at the public offering price [1] - J.P. Morgan Securities LLC and BofA Securities are the lead book-running managers for the offering [1] Group 2: Use of Proceeds - Net proceeds from the offering will be used for general corporate purposes, including water infrastructure growth capital projects, potential acquisitions, or debt repayment under the sustainability-linked credit facility [1] Group 3: Regulatory and Market Conditions - The offering is subject to market and other conditions, with no assurance on the completion or terms of the offering [1] - The offering is being conducted under an effective shelf registration statement filed with the SEC [1]

Core Viewpoint - Palo Alto Networks has announced an offer to purchase CyberArk Software Ltd.'s 0.00% Convertible Senior Notes due 2030 as part of the acquisition process, which closed on February 11, 2026 [1] Group 1: Acquisition Details - The acquisition is governed by an Agreement and Plan of Merger dated July 30, 2025, involving Palo Alto Networks, CyberArk, and Athens Strategies Ltd. [1] - The Offer to Purchase is made to satisfy CyberArk's obligations related to the Notes in accordance with the Indenture dated June 10, 2025 [1] - The Effective Date of the Make-Whole Fundamental Change was February 11, 2026, coinciding with the acquisition closing [1] Group 2: Repurchase Rights - Holders of the Notes can require repurchase of their Notes at a price equal to 100% of the principal amount plus any accrued and unpaid Special Interest, with a repurchase date set for March 24, 2026 [1] - The Make-Whole Conversion Period allows holders to convert their Notes at an increased conversion rate from the Effective Date until March 20, 2026 [1] - Holders must withdraw their Notes from the tender to convert them if they choose to participate in the Offer to Purchase [1] Group 3: Company Overview - Palo Alto Networks is recognized as a global leader in AI cybersecurity, offering a comprehensive portfolio of solutions across various domains including Network, Cloud, and Security Operations [1] - The company serves over 70,000 customers and utilizes Unit 42 threat intelligence to enhance its cybersecurity platforms [1]

Group 1: Fourth Quarter 2025 Highlights - Total revenue decreased by 1.8% to $71.1 million compared to the fourth quarter of 2024 [1] - Revenue excluding Marketing Funds decreased by 0.4% to $53.6 million, impacted by a negative 0.4% organic revenue growth and flat foreign currency movements [1] - Net income attributable to RE/MAX Holdings, Inc. was $1.4 million, with a GAAP EPS of $0.07 [1] - Adjusted EBITDA decreased by 4.0% to $22.4 million, with an Adjusted EBITDA margin of 31.5% and an Adjusted EPS of $0.30 [1] - Total agent count increased by 1.4% to 148,660 agents, while the U.S. and Canada combined agent count decreased by 4.6% to 72,977 agents [1] Group 2: Full-Year 2025 Highlights - Total revenue decreased by 5.2% to $291.6 million compared to the full year of 2024 [1] - Revenue excluding Marketing Funds decreased by 4.3% to $218.8 million, driven by negative 3.9% organic growth and adverse foreign currency movements of 0.4% [1] - Net income attributable to RE/MAX Holdings, Inc. was $8.2 million, with a GAAP EPS of $0.40 [1] - Adjusted EBITDA decreased by 4.1% to $93.7 million, with an Adjusted EBITDA margin of 32.1% and an Adjusted EPS of $1.30 [1] Group 3: Company Strategy and Market Context - The company stated that its strategy is working and beginning to yield results despite 2025 being the third consecutive year of a historically tough housing market in the United States and Canada [1]