Management attributes record profitability and gross margins to a favorable customer and product mix, specifically the acceleration of grid edge intelligence and high-margin Outcomes growth. The company is transitioning from a hardware-centric model to a system manager role, focusing on data, AI, and software to address utility needs for electrification and decentralization. Performance in the Outcomes segment, which grew 22% on a constant currency basis, was driven by increased delivery services and ...

Achieved record adjusted EBITDA of $2,120,000,000 for 2025, driven by the successful integration of NuStar and the initial two-month contribution from the Parkland acquisition. Expanded the operational footprint to 32 countries, transitioning from a U.S.-centric model to the largest independent fuel distributor in the Americas with new scale in Canada, the Caribbean, and Europe. Attributed fuel distribution outperformance to a 'gross profit optimization' playbook, which successfully grew legacy volume ...

Achieved record profitability in 2025 by executing 'Competitive Edge' initiatives, focusing on dynamic pricing and operational cost controls across all product lines. Capitalized on a vertically integrated model to capture higher margins through the 'pull-through' of upstream materials like aggregates into asphalt and ready-mix projects. Leveraged a favorable geographic footprint where population growth in Knife River states is forecasted to outpace non-Knife River states by double over the next 20 ye ...

Core Insights - The company achieved revenue exceeding $1 billion in 2025, driven by 13% organic growth and the strategic acquisition of Iodine Software, which expanded its addressable market into clinical mid-cycle intelligence [1] - Strong Q4 performance was attributed to record bookings and a significant increase in high-value clients, with those spending over $100,000 annually more than doubling since the previous quarter [1] - The platform is positioned as mission-critical infrastructure with a 97% gross revenue retention, emphasizing its integral role in the flow of dollars and denials rather than being a lightweight overlay [1] AI and Data Utilization - The company leveraged a proprietary dataset that encompasses one-third of all U.S. hospital discharges and 7 billion annual transactions to train AI models that general-purpose LLM vendors cannot replicate [1] - Approximately 40% of total revenue is now driven by AI embedded in mission-critical workflows, with 30% of new bookings specifically coming from AI-powered capabilities [1] Financial Performance - The company maintained a 'Rule of 50' profile by pairing 24% total revenue growth with a 42.5% adjusted EBITDA margin, exceeding long-term profitability targets through operational efficiency [1] - A competitive moat is highlighted, built on 100,000 live integrations across the healthcare ecosystem, creating a multisided network that strengthens with every transaction [1]

The company achieved its $500,000,000 inventory reduction goal, returning to a debt-free balance sheet for the entirety of 2025.Strategic focus has shifted from managing supply chain and regulatory hurdles to driving sales growth and market share through modernized technology platforms.Operating efficiency improved as SG&A expenses dropped 2%, reflecting proactive rightsizing by business unit leaders to match the current market environment.The unit volume decline was attributed to a difficult 20% growth com ...

Performance in Q4 2025 exceeded expectations due to higher-than-forecasted volumes in Specialty and less severe tire factory curtailments than customers had indicated. The Rubber segment faced a uniquely difficult backdrop driven by elevated Western tire imports and a consumer 'trade down' to lower-value, imported brands amid high inflation. Management pivoted from a historical strategy of trading volume for price to a 'win-with-our-customer' approach to defend market share during challenging 2026 con ...

Management declared the multi-year portfolio transformation complete, having reduced 20 diversified businesses into two core segments: Consumer and Industrial. The shift toward consumer-facing markets now accounts for over two-thirds of sales, aimed at improving earnings predictability and durability through economic cycles. Record performance in U.S. Metal Packaging was driven by food can unit growth of 9% for the full year, significantly exceeding reported industry averages. Industrial segment mar ...

Management attributed Q4 performance to successful US sales force expansion and initial revenue contributions from early launches in Germany, France, and Japan. The US market is evolving toward a 'start-stop' regime where longer-tenured patients transition to intermittent treatment as disease management stabilizes. International expansion is identified as the primary revenue growth driver for 2026, leveraging a larger patient pool outside the US and favorable product labels. The company is maintaini ...

Core Insights - The company experienced its strongest growth in the Cardiovascular portfolio in 10 years, achieving an 11% increase, primarily due to the rapid adoption of Pulse Field Ablation (PFA) [1] - Cardiac Ablation Solutions (CAS) saw an 80% growth attributed to the successful launch of the Affera mapping and navigation system and Sphere-9 catheter [1] - The company is shifting from foundational market-building to active commercial scaling for the Symplicity Spyral hypertension treatment and Altaviva for incontinence [1] - Strategic positioning in the spine market is being enhanced by the Stealth AXiS platform, which integrates AI-powered planning and robotics into existing surgical workflows [1] - A 30-basis-point benefit from pricing helped to mitigate negative impacts from inflation, prior-year non-recurring items, and a 20-basis-point headwind from cost-efficiency programs [1] - The Diabetes business experienced accelerated growth in the U.S. following the launch of Simplera Sync and Instinct, supported by expanded pharmacy channel access for the 780G system [1]

Performance was significantly impacted by Algoma's breach of contract, which necessitated the idling of the Haverhill 1 facility and shifted the sales mix toward lower-margin spot markets. Management successfully mitigated approximately $40,000,000 of the potential $70,000,000 working capital impact from the Algoma breach through third-party sales and facility turndowns. The acquisition of Phoenix Global is a key strategic pivot to diversify revenue streams, contributing five months of results in 2025 ...