Telehealth Services and Expansion - Hims & Hers has facilitated over 50 million telehealth consultations, enhancing access to personalized care across the U.S., Canada, the U.K., and the EU[17]. - The company is pursuing international expansion, with operations established in the U.K., parts of the EU, and Canada, and plans to acquire Eucalyptus, a digital health company operating in multiple countries[33][34]. - Hims & Hers aims to expand its product offerings into new specialties, including testosterone, menopause, sleep disorders, and diabetes, which represent significant market opportunities[28][29]. - The company has partnerships with leading health systems in the U.S., enhancing customer access to in-person care while maintaining a telehealth focus[39]. Regulatory Compliance and Challenges - The company operates under a complex regulatory environment, ensuring compliance with healthcare laws and regulations at both state and federal levels[42]. - The healthcare industry is subject to significant government regulation, impacting operations and compliance costs[43]. - Compliance with government regulations may require operational modifications and incur additional costs, increasing complexity if third-party payor programs are accepted in the future[45]. - Telehealth services are regulated differently across jurisdictions, with evolving laws affecting the practice and delivery of remote healthcare[47]. - The company is subject to various privacy laws, including HIPAA and GDPR, which may impose significant compliance costs and operational challenges[90]. - The company has executed business associate agreements to comply with HIPAA-related requirements, indicating a proactive approach to data privacy and security[85]. Financial Performance and Growth - Revenue increased from $872.0 million in 2023 to $2,347.6 million in 2025, representing a growth of approximately 169% over two years[114]. - Employee count rose significantly from 1,046 in 2023 to 2,442 in 2025, indicating a growth of about 133%[114]. - The company’s revenue is significantly dependent on subscription-based purchases, and its marketing function must effectively promote its platform to meet forecasts[133]. Marketing Strategies and Brand Awareness - Hims & Hers focuses on building brand awareness through various marketing channels, which has contributed to an increase in market share in the digital health and wellness space[25][26]. - The marketing strategy leverages analytics to measure consumer behavior and marketing effectiveness, focusing on maximizing return on marketing budgets[95]. - The company relies heavily on social media, emails, and influencers for marketing, but evolving regulations could impact its ability to attract and retain customers[123]. - The company’s marketing strategy includes maintaining a presence on various social media platforms, which is critical for customer acquisition and retention[127]. Product Offerings and Innovations - The company has expanded its offerings to include compounded injectable semaglutide as part of its weight loss specialty, responding to elevated consumer demand[119]. - The company began offering access to GLP-1s as part of its weight loss offering, starting with compounded injectable semaglutide, and acquired a licensed 503B outsourcing facility in September 2024[208]. - The company may offer prescription drugs regulated as controlled substances in the future, requiring compliance with DEA regulations[59]. Acquisitions and Market Position - The company completed the acquisition of Zava in July 2025 and Medici in November 2025, expanding its operations into the UK, Germany, Ireland, France, Spain, and Canada[163]. - A definitive agreement to acquire Eucalyptus, an Australia-based digital health company, was announced in February 2026, further enhancing international market presence[163]. - The planned acquisition of Eucalyptus is subject to regulatory approvals and other conditions, which may delay or prevent completion[198]. Operational Risks and Challenges - The company faces significant risks related to competition from established healthcare providers and evolving regulatory environments, which could affect its market position[113]. - Future growth may be constrained by the inability to attract and retain high-quality Providers, which is critical for maintaining service quality[113]. - The company faces challenges in integrating acquired technologies and operations, which could result in substantial costs and delays[162]. - The company is dependent on relationships with Affiliated Medical Groups for healthcare consultation services, and disruptions in these relationships could adversely affect its business[150]. Supply Chain and Economic Factors - The company faces potential disruptions in its global supply chain, which could adversely impact its business operations and financial condition[179]. - Supply chain constraints are expected to continue affecting the availability of branded GLP-1 offerings and compounded GLP-1 products[179]. - Economic uncertainty, including inflation and geopolitical tensions, has led to increased market volatility, affecting customer spending and operational planning[167].

Financial Performance - Revenue from continuing operations for Q1 2025 was $2,746,000, a decrease of 30% from $3,934,000 in Q1 2024[2] - Net loss from continuing operations was $1,412,000 or $0.13 per share, compared to a net loss of $1,600,000 or $0.16 per share in the prior year[2][18] - Oil and natural gas revenues decreased by $1,267,000, with oil prices down 20% and natural gas prices up 64% compared to the prior year[4] Expenses and Costs - General and administrative expenses increased by $453,000, or 39%, primarily due to higher personnel costs and professional service fees[3] - Oil and natural gas operating results increased by $84,000, attributed to a $613,000 decrease in ceiling test impairment and a $425,000 decrease in operating expenses[4] Strategic Initiatives - The company has formally closed its Honolulu office and relocated its headquarters to Houston, Texas, aiming for operational efficiency and cost savings[9] - The board has tasked the CFO with evaluating strategic alternatives beyond the energy sector to enhance value creation opportunities[13] Financial Position - Barnwell's working capital at the end of the quarter was $1,826,000, including $3,622,000 in cash and cash equivalents[2] - In November 2025, the company completed a private placement generating gross proceeds of $2,443,000, strengthening its debt-free balance sheet[11] Foreign Currency Impact - The company recorded a foreign currency gain of $47,000, a positive shift from a $351,000 loss in the prior year[5]

Production and Operations - As of December 31, 2025, USA Operations had total production averaging approximately 142.3 Mbbls/d of oil, 87.3 Mbbls/d of NGLs, and 515 MMcf/d of natural gas[54] - The USA Operations accounted for 64% of upstream production revenues and 64% of total proved reserves as of December 31, 2025[54] - In 2025, average daily production from the Permian region was approximately 118.6 Mbbls/d of oil, 52.5 Mbbls/d of NGLs, and 265 MMcf/d of natural gas[63] - The Anadarko region produced approximately 22.2 Mbbls/d of oil, 34.7 Mbbls/d of NGLs, and 246 MMcf/d of natural gas in 2025[66] - As of December 31, 2025, the total number of producing wells in the USA operations is 5,217 gross and 3,064 net, with 5,107 gross oil wells and 110 gross natural gas wells[59] - The total number of productive wells as of December 31, 2025, is 7,823 gross wells, with 4,976 net wells[117] Financial Performance - In 2025, total capital investment for USA Operations was approximately $1,537 million, with 151 net wells drilled primarily in the Permian[54] - The company reported production costs of $11.33 per BOE for total production in 2025[106] - The company’s capital investments for 2025 were $2,143 million, with $1,537 million in the U.S. and $606 million in Canada[94] - The company produced 224.3 MMBOE in 2025, with purchases of reserves totaling 311.8 MMBOE primarily from the Montney Acquisition and properties in Permian[98] - The company experienced a net increase of 268.0 MMBOE in proved reserves compared to 2024, driven by positive revisions and improved recovery techniques[97] Reserves and Acreage - As of December 31, 2025, the company's total proved reserves are 2,325.1 MMBOE, with 64% classified as proved developed reserves[94] - The company’s proved undeveloped reserves at the end of 2025 were 831.3 MMBOE, with no reserves expected to remain undeveloped for five years or more[101] - The established land position for USA Operations was approximately 720,000 net acres, including 132,000 net undeveloped acres[54] - The company’s acreage in the Permian region comprises approximately 193,000 net acres, while the Anadarko region has approximately 360,000 net acres[63][66] - The Company has 1.8 million net acres, with approximately 1.7 million net acres held by production[125] Strategic Focus and Innovation - The company focuses on maximizing returns through innovation and disciplined capital allocation strategies[44][45] - Ovintiv aims to enhance shareholder value by providing competitive returns while maintaining balance sheet strength[45] - The company is committed to sustainability and has published an annual Sustainability Report since 2005[49] Workforce and Culture - As of December 31, 2025, the company employed 1,465 employees, with 765 in the U.S. and 700 in Canada[139][140] - The average employee tenure is 10 years, with a voluntary turnover rate of approximately 4%[144] - The company hires an average of 13 new graduates and 44 interns per year over the past three years to support talent recruitment[142] - The company promotes workplace safety with comprehensive training programs and compliance with safety protocols[146] - The company fosters a culture of equity and inclusion, enhancing overall effectiveness and performance[145] Regulatory and Environmental Compliance - The company is subject to numerous federal, state, and provincial regulations affecting its operations, including drilling, production, and environmental assessments[150][161] - The company is subject to various environmental and occupational health and safety regulations, which could lead to significant costs and liabilities if not complied with[166][170] - Ovintiv has established monitoring and reporting programs to ensure compliance with environmental and regulatory standards[169] - The company maintains insurance coverage for environmental and occupational health risks, but is not fully insured against all such risks[170] Market and Economic Factors - As of December 31, 2025, commodity price fluctuations could result in unrealized gains or losses impacting pre-tax net earnings, with a 10% increase in oil prices potentially leading to a loss of $41 million[488] - Foreign exchange rate fluctuations could impact pre-tax net earnings, with a 10% increase in the Canadian dollar potentially resulting in a gain of $29 million[493] - As of December 31, 2025, Ovintiv had floating rate borrowings of $351 million, with a 1% change in interest rates affecting earnings by $4 million[495] - The company may enter into various derivative financial instruments to mitigate commodity price risk, governed by formal policies set by the Board of Directors[487] Acquisitions and Divestitures - The company announced a definitive agreement to sell its Anadarko assets for proceeds of $3.0 billion, expected to close in Q2 2026[55] - During 2025, the company divested its Uinta assets for proceeds of approximately $1.9 billion after closing adjustments[55] - The company completed an acquisition of Montney assets for approximately $2.274 billion, adding 109,000 net acres in the Alberta Montney region[71] Future Commitments - The Company is committed to deliver approximately 11.6 MMbbls of oil and NGLs and 34.7 Bcf of natural gas from 2026 to 2027 in the USA Operations[131] - In Canadian Operations, the Company is committed to deliver approximately 25.9 MMbbls of oil and NGLs and 572.5 Bcf of natural gas from 2026 to 2035[131] - The total transportation and processing commitments for USA and Canadian Operations amount to $6,256 million[132] - The Company expects to fulfill delivery commitments primarily from proved developed reserves, with longer-term commitments from proved undeveloped reserves[133]

Marketplace Performance - In 2025, the company had 22,062 active Marketplace Buyers and 14,905 active Marketplace Sellers, generating $10.4 billion in Marketplace GMV, reflecting changes of 5%, 4%, and 9% respectively from the prior year[41]. - The company’s marketplace platform enables real-time transactions of wholesale vehicles, with thousands of dealers transacting daily[35]. - The company’s operational metrics, such as Marketplace Buyers and Sellers, are tracked internally and may be subject to inaccuracies, affecting business perception[98]. - The company’s ability to grow the share of wholesale transactions from existing customers is critical for maintaining revenue, but customer retention is uncertain[104]. - Seasonal fluctuations in vehicle sales may impact quarterly results, with sales typically peaking in the first quarter and declining in the fourth quarter[120]. Financial Performance and Risks - The company recorded a loss of $18.7 million for the year ended December 31, 2025, related to the bankruptcy of Tricolor Holdings LLC and its affiliates[112]. - The company faces risks related to fluctuations in benchmark interest rates, which could adversely affect its business and financial condition[97]. - A decrease in the supply of used vehicles coming to the wholesale market could negatively impact sales volumes and profitability[106]. - The company is exposed to credit risk from dealer borrowers, which could negatively impact its financial condition due to defaults and fraud[112]. - The company may face challenges in identifying and integrating acquisitions, which could divert management's attention and adversely affect financial performance[113]. - The company bears settlement risk for vehicles sold through its marketplace, which could lead to significant net losses if receivables are not collected[115]. - Economic conditions, including consumer confidence and credit availability, significantly impact demand for used vehicles and overall financial performance[134]. Regulatory and Compliance Issues - The company is subject to extensive regulations affecting the wholesale, financing, and transportation of used vehicles, which vary by state and could impact operations[69]. - The company is required to comply with various laws and regulations regarding data security, and failure to do so could lead to costly legal actions and reputational damage[157]. - The company is subject to numerous federal, state, local, and international data privacy and security laws, which are continuously evolving and may lead to significant compliance costs[164]. - The California Consumer Privacy Act (CCPA) provides California residents with expanded rights regarding their personal information, including the right to request deletion and opt-out of data sharing, with potential civil penalties for violations[164]. - The company anticipates that compliance with evolving laws and regulations regarding artificial intelligence (AI) will increase operating expenses significantly[191]. - The regulatory framework governing the company's operations is subject to continuous change, which could lead to increased compliance costs and operational challenges[199]. Technology and Innovation - The company’s technology platform supports efficient vehicle movement through ACV Transportation, providing real-time transportation quotes during transactions[35]. - The company must continuously innovate and introduce new products, including those powered by artificial intelligence, to maintain a competitive edge in the marketplace[147]. - The reliance on third-party technology for critical business functions poses risks that could affect the integrity and efficiency of operations[146]. - The company utilizes AI technologies, which could expose it to reputational and legal risks if the outputs are perceived as flawed or biased[189]. Marketing and Brand Strategy - The company’s marketing initiatives focus on driving brand awareness and customer retention, utilizing various channels including digital and direct marketing[52]. - The company’s competitive advantage lies in its deep expertise in the used vehicle market and a transparent digital approach, enhancing trust and efficiency in transactions[40]. - The company’s ability to maintain and protect its reputation and brand recognition is crucial, as failure to do so could adversely affect its business[180]. Legal and Intellectual Property Risks - The company may face legal proceedings alleging infringement of third-party intellectual property rights, which could materially affect its business and financial condition[177]. - The use of open source software could expose the company to litigation regarding ownership and compliance with licensing terms[184]. - The company may incur significant expenses and distractions from management due to litigation related to intellectual property claims[179]. Stock and Capital Structure - The company expects to issue additional capital stock in the future, which will dilute existing stockholders' ownership interests[216]. - The market price of the company's common stock may be highly volatile due to various factors, including economic and regulatory conditions[217]. - The company does not intend to pay dividends in the foreseeable future, limiting returns for common stockholders to potential price appreciation[229]. - Anti-takeover provisions in the company's charter may make acquisitions more difficult and limit stockholder influence over management[223].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from (not applicable) Commission file number 1-6880 U.S. BANCORP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizati ...

Revenue and Operations - The company expects to recognize approximately 40% of the revenue associated with its backlog by the end of 2026[220]. - The Government Operations segment's revenues are significantly influenced by U.S. Government national security spending, with no negative impact from federal budget reductions to date[221]. - The Government Operations segment experienced a favorable impact of $29.4 million in revenue and operating income due to material contract adjustments in 2025[227]. - The Government Operations segment also recognized favorable adjustments totaling $27.9 million in 2023 from successful negotiations related to cost growth[228]. - The Commercial Operations segment's revenues depend on the demand for nuclear energy and are affected by maintenance and refueling outages[223]. - Consolidated revenues increased by 18.3%, or $494.8 million, to $3,198.4 million in 2025 compared to $2,703.7 million in 2024, driven by increases in Government Operations and Commercial Operations segments[246]. - Operating income rose by $23.9 million to $404.5 million in 2025, with Government Operations and Commercial Operations contributing increases of $16.8 million and $10.9 million, respectively[247]. - Government Operations revenues increased by 7.7%, or $167.1 million, to $2,350.1 million in 2025, primarily due to long-lead material procurements and uranium processing operations[249]. - Commercial Operations revenues surged by 62.8%, or $329.1 million, to $853.1 million in 2025, largely due to the acquisition of Kinectrics[252]. Financial Position and Cash Flow - Liquidity position improved by approximately $950.7 million to $1,748.4 million at December 31, 2025, primarily due to the issuance of $1.25 billion of Convertible Senior Notes[260]. - Cash and cash equivalents increased by $424.3 million to $515.4 million at December 31, 2025, from $91.2 million at December 31, 2024[291]. - Net cash provided by operating activities increased by $71.4 million to $479.8 million for the year ended December 31, 2025, compared to $408.4 million in 2024[292]. - Net cash used in investing activities increased by $587.5 million to $742.1 million for the year ended December 31, 2025, primarily due to acquisitions of A.O.T. and Kinectrics[293]. - Net cash provided by financing activities increased by $946.4 million to $693.6 million for the year ended December 31, 2025, compared to cash used in financing activities of $252.8 million in 2024[294]. Debt and Financing - A new credit facility was established on November 10, 2025, with a $1.25 billion senior secured revolving credit facility, maturing on November 10, 2030[261]. - The maximum permitted leverage ratio under the new credit facility is 4.00 to 1.00, which may be increased to 4.50 to 1.00 for up to four consecutive fiscal quarters after a material acquisition[267]. - As of December 31, 2025, total long-term debt principal amounts to $2,051,967,000, with $400,000,000 due in 1-3 years and $1,650,000,000 due after 5 years[297]. - The company has $1.25 billion in 2030 Notes and $400 million in Senior Notes due 2028 and 2029, with no outstanding borrowings under the New Credit Facility as of December 31, 2025[303]. Investments and Expenditures - Significant investments in property, plant, and equipment since 2017 include the expansion of Government Operations facilities and the commercialization of medical radioisotope technology[299]. - The company expects capital spending levels to decline as major capital expansion projects are largely complete[299]. - Capital expenditures and other cash requirements include approximately $12.7 million for pension plan contributions and $2.7 million for other postretirement benefit plans in 2026[302]. Tax and Corporate Expenses - The provision for income taxes increased by $1.8 million to $68.3 million in 2025, with an effective tax rate of 17.1%, down from 19.0% in 2024[256]. - Unallocated Corporate expenses increased by $4.0 million to $48.1 million in 2025, mainly due to higher legal and consulting costs related to merger and acquisition activities[254]. - Other income (expense) improved by $25.5 million, resulting in a loss of $6.3 million in 2025 compared to a loss of $31.9 million in 2024, influenced by favorable changes in pension and postretirement benefit plans[255]. Shareholder Returns - The company paid $92.5 million in dividends during the year ended December 31, 2025, with future dividends subject to the Board of Directors' discretion[300]. - The remaining share repurchase authorization as of December 31, 2025, is $347.6 million, from an initial authorization of $500 million[301].

Financial Performance - Total revenues for 2025 were $8,908 million, a decrease of 2.67% from $9,152 million in 2024[2] - Net earnings for 2025 increased to $1,242 million, compared to $1,125 million in 2024, representing a growth of 10.43%[2] - Operating income for 2025 was $1,131 million, down from $1,579 million in 2024, reflecting a decline of 28.29%[2] - The company reported a comprehensive income of $1,438 million for 2025, compared to $852 million in 2024, indicating a significant increase[3] - Basic earnings per share for 2025 were $4.83, an increase from $4.25 in 2024[2] - Net earnings for 2025 reached $1,242 million, a significant increase from a loss of $159 million in 2024, with diluted earnings per share rising to $4.78 from $(0.61)[7] - Non-GAAP adjusted earnings for 2025 were $1,257 million, compared to $1,560 million in 2024, with diluted adjusted earnings per share at $4.84, down from $5.83[7] - Non-GAAP cash flow for 2025 totaled $3,785 million, slightly lower than $4,042 million in 2024, with diluted cash flow per share at $14.57 compared to $15.12[7] - Adjusted EBITDA for the year ended December 31, 2025, was significantly impacted by impairments totaling $920 million[34] - Net earnings for Q4 2025 reached $946 million, contributing to a year-to-date total of $1,242 million[38] - Adjusted EBITDA for Q4 2025 was $1,007 million, with a year-to-date total of $4,252 million[38] Assets and Liabilities - The total assets as of December 31, 2025, were $20,390 million, up from $19,254 million in 2024[4] - The company's long-term debt decreased to $4,392 million in 2025 from $4,853 million in 2024[4] - The company's long-term debt, including the current portion, stood at $5,202 million, resulting in a debt to capitalization ratio of 32%[36] - The debt to EBITDA ratio stands at 1.6 times, while the debt to adjusted EBITDA ratio is at 1.2 times[38] Production and Operations - Average production volumes for oil and NGLs in 2025 were 304.2 Mbbls/d, a slight decrease from 294.4 Mbbls/d in 2024[11] - Natural gas production averaged 1,862 MMcf/d in 2025, up from 1,764 MMcf/d in 2024, reflecting an increase in gas output[11] - The company reported a total production of 614.5 MBOE/d in 2025, compared to 588.3 MBOE/d in 2024, indicating overall growth in production[11] - Total production volumes for USA Operations were 315.3 MBOE/d in Q4 2025, down from 344.4 MBOE/d in Q4 2024, a decline of 8.5%[12] - Total oil production in USA operations for Q4 2025 was 142.3 Mbbls/d, down from 150.3 Mbbls/d in Q4 2024, reflecting a decline of 5.3%[21] - Total Canadian operations produced 0.4 Mbbls/d in Q4 2025, consistent with Q4 2024, indicating stable production levels[21] - Total production for Canadian Operations was 299.2 MBOE/d in Q4 2025, up from 240.6 MBOE/d in Q4 2024, marking a 24.3% increase[25] Capital Expenditures - Capital expenditures in 2025 totaled $2,147 million, a decrease from $2,303 million in 2024[5] - Total capital expenditures for USA operations in Q4 2025 were $1,537 million, a decrease of 18% compared to Q4 2024's $1,868 million[27] - Total capital expenditures for Canadian operations in Q4 2025 were $606 million, up from $428 million in Q4 2024, marking a 42% increase[27] - The total net capital investment for Q4 2025 was $2,757 million, reflecting a 10% increase from $2,501 million in Q4 2024[27] Market and Pricing - The average foreign exchange rate for 2025 was 1.398 C$ per US$1, compared to 1.370 C$ per US$1 in 2024, affecting revenue calculations[7] - The average price for USA Operations oil was $39.54 per BOE in Q4 2025, compared to $44.39 per BOE in Q4 2024, reflecting a decrease of 11.5%[16] - The total price per BOE for USA operations in 2025 was $39.54, down from $46.02 in 2024, reflecting a decline of about 14.0%[18] - The average oil price for USA operations was $65.66 per barrel in 2025, while for Canadian operations it was $63.17 per barrel, compared to $71.79 and $71.46 per barrel in 2024 respectively, indicating a decrease of approximately 8.5% and 11.6% year-over-year[18] - The total operations' oil and NGLs price per barrel in 2025 was $49.86, down from $56.14 in 2024, reflecting a decline of about 11.5%[19] Future Outlook - The company plans to continue focusing on operational efficiency and cost management to enhance profitability in the upcoming quarters[8] - Future guidance indicates a cautious outlook with expectations of stable production levels and continued investment in new technologies and market expansion strategies[8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 23, 2026 HERITAGE INSURANCE HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 001-36462 45-5338504 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) Securities registered pursuant to Section 12(b) o ...

Financial Performance - BWX Technologies reported a fourth quarter 2025 net income of $93.7 million, with diluted non-GAAP EPS of $1.08, representing a 17% increase year-over-year[4]. - For the full year 2025, BWX Technologies achieved a net income of $329.9 million and diluted non-GAAP EPS of $4.01, up 20% from 2024[4]. - BWXT's total net income attributable to the company for the year ended December 31, 2025, was $368.0 million, compared to $84.7 million in 2024, representing a substantial increase of approximately 334.5%[36][35]. - The company's Diluted Earnings per Common Share (EPS) for the year ended December 31, 2025, was $4.01, up from $0.92 in 2024, indicating a significant increase of approximately 336.9%[36][35]. - Basic earnings per share for 2025 rose to $3.59, up from $3.08 in 2024, marking an increase of 16.5%[53]. - Operating income for the year ended December 31, 2025, was $404,459 thousand, compared to $380,607 thousand in 2024, indicating a growth of 6.2%[53]. Revenue Growth - Revenue for Q4 2025 was $885.8 million, a 19% increase compared to Q4 2024, with commercial operations revenue growing by 95%[5]. - Full year revenue reached $3.198 billion, an 18% increase from 2024, driven by growth in both government and commercial operations[5]. - Revenues for the year ended December 31, 2025, increased to $3,198,425 thousand, up from $2,703,654 thousand in 2024, representing a growth of 18.3%[53]. - Total revenues for the year 2025 were $3,198,425,000, a 18.3% increase from $2,703,654,000 in 2024[61]. - Total revenues for Q4 2025 reached $885,842,000, a 18.7% increase from $746,266,000 in Q4 2024[61]. Backlog and Bookings - The company ended 2025 with a backlog of $7.3 billion, reflecting a 50% year-over-year growth driven by significant awards in naval propulsion and commercial nuclear power[4]. - The company reported a total backlog of $7,260,692,000, a significant increase from $4,842,460,000 year-over-year[61]. - Total bookings for the year reached $5,359,903,000, up from $3,549,096,000 in the previous year, reflecting strong demand[61]. Cash Flow and Capital Expenditures - Operating cash flow for 2025 was $479.8 million, a 17% increase from the previous year, while capital expenditures rose by 20% to $184.6 million[4]. - Free cash flow for the year ended December 31, 2025, was $295.3 million, an increase from $254.8 million in 2024[50]. - Cash provided by operating activities for 2025 was $479,848 thousand, an increase from $408,428 thousand in 2024, representing a growth of 17.4%[55]. - Capital expenditures for Q4 2025 totaled $70,192,000, compared to $52,520,000 in Q4 2024, indicating increased investment in operations[61]. - Government Operations capital expenditures increased to $38,472,000 from $28,050,000, highlighting ongoing investment in this segment[61]. Strategic Initiatives and Acquisitions - BWX Technologies expanded its service and product offerings through two acquisitions in 2025, enhancing its competitive position in the market[3]. - The company incurred restructuring and transformation costs of $29.6 million in 2025, aimed at optimizing business processes and implementing strategic initiatives[26]. - BWXT's acquisition-related costs for the year were $10.6 million, associated with integrating acquired businesses into its operations[27]. - The company anticipates growth opportunities in its reportable segments, particularly in medical radioisotopes and small modular reactor (SMR) components, as part of its strategic initiatives[28]. Operational Efficiency - BWXT reported a Free Cash Flow (FCF) conversion rate, calculated as free cash flow divided by net income, which provides insight into the company's operational efficiency[25]. - The effective tax rate for the year ended December 31, 2025, was 20.4%, compared to 18.9% for the previous year, indicating a slight increase in tax obligations[36][35]. - BWXT's adjusted EBITDA for the year ended December 31, 2025, was $475.7 million, reflecting the company's strong operational performance[36]. - Adjusted EBITDA for the year ended December 31, 2025, was $574.3 million, compared to $513.6 million in 2024[44]. Employee and Facility Information - The company has approximately 10,000 employees and operates 15 manufacturing facilities globally, supporting its strategic partnerships with the U.S. and Canadian governments[29].

Adam Anderson, CEO, commented, "We delivered a strong finish to 2025, with revenues exceeding the high end of our guidance range due to higher-than-expected subsea deliveries, revenue synergies from the DWS and Citadel acquisitions, and new product introductions. Despite a softer macro environment, we continued to grow market share across the U.S. Land, Offshore, and International markets while also generating substantial Free Cash Flow. During the quarter, we successfully deployed our tenth XPak expandable ...