UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (MARK ONE) ☒ 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 ___________ to _____________ 001-13106 (Essex Property Trust, Inc.) 333-44467-01 (Essex Portfolio, L.P.) (Commission File Number) ESSEX PROPERTY TRUST, INC. ESSEX ...

Financial Performance - U.S. Consumer net sales for the first quarter were $328.5 million, reflecting a 4% decrease compared to the prior year[22] - GAAP gross margin rate improved by 90 basis points to 25.0%, while non-GAAP adjusted gross margin rate also improved by 90 basis points to 25.4%[8] - GAAP net loss from continuing operations was $0.83 per share, an improvement of $0.32 per share compared to the prior year[8] - Non-GAAP adjusted EBITDA for the quarter was $3.0 million, an increase of $2.1 million over the prior year[8] - The U.S. Consumer segment reported a segment profit of $9.0 million, down 8% from the previous year[22] - The net loss from continuing operations for the three months ended December 27, 2025, was $47.8 million, compared to a net loss of $66.1 million in the same period of 2024[26] - Adjusted EBITDA for the three months ended December 27, 2025, was $3.0 million, up from $0.9 million in the same period of 2024[26] - The company reported a diluted net loss per common share from continuing operations of $0.83 for the three months ended December 27, 2025, compared to $1.15 in the same period of 2024[26] Guidance and Future Expectations - The company reaffirmed its fiscal 2026 guidance, including non-GAAP adjusted net income per share from continuing operations projected between $4.15 and $4.35[15] - The company anticipates free cash flow of $275 million, which will drive the leverage ratio down to the high 3's[15] Asset and Liability Management - Total assets decreased to $3,034.0 million in December 2025 from $3,170.2 million in December 2024, a decline of approximately 4.3%[24] - Total current assets increased to $1,257.2 million in December 2025, compared to $940.3 million in September 2025, reflecting a growth of approximately 33.7%[24] - Long-term debt decreased to $2,250.2 million in December 2025 from $2,636.9 million in December 2024, a reduction of approximately 14.7%[24] - The current portion of debt increased significantly to $278.3 million in December 2025 from $54.6 million in December 2024[24] - The total liabilities decreased to $3,534.6 million in December 2025 from $3,649.7 million in December 2024, a decline of approximately 3.1%[24] Discontinued Operations - The planned divestiture of the Hawthorne subsidiary is expected to close in the fiscal second quarter, with the business classified as a discontinued operation[2] - The Company has classified the Hawthorne business as held for sale, impacting its financial statements for all periods presented[43] - Effective in the first quarter of fiscal 2026, the results of operations for the Hawthorne business will be reflected as a discontinued operation[43] - The Company incurred a loss from discontinued operations of $77.2 million for the three months ended December 27, 2025, compared to $3.4 million in the same period of 2024[42] - The decision to classify the Hawthorne business as held for sale was made during the three months ended December 27, 2025[43] Accounting and Reporting Practices - The Company does not provide a GAAP outlook due to the unpredictability of certain excluded items, which could significantly impact GAAP results[43] - Forward-looking non-GAAP measures are presented, but no reconciliation to GAAP measures is provided due to unreasonable efforts[43] - The reclassification of the Hawthorne business affects the Condensed Consolidated Balance Sheets for all periods presented[43] - Management does not forecast many of the excluded items for internal use, complicating the creation of a GAAP outlook[43] - The Company emphasizes that changes in excluded items are dependent on future events that are less predictable[43] - The classification of the Hawthorne business aligns with the criteria for being held for sale as per accounting standards[43] - The Company aims to ensure the accuracy of its financial reporting while navigating the complexities of non-GAAP measures[43] Shareholder Returns - A share repurchase program of up to $500 million has been approved, expected to commence in late 2026[3] Leverage and Financial Ratios - Net leverage improved to 4.03x, a reduction of 0.49x compared to the previous year[8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ 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________to________ Commission File Number 001-38434 Dropbox, Inc. (Exact name of registrant as specified in its charter) Nevada 26-0138832 (State or other jurisdict ...

| | | Page | | --- | --- | --- | | | Special Note Regarding Forward-Looking Statements | 3 | | PART I | | | | Item 1 | Business | 6 | | Item 1A | Risk Factors | 17 | | Item 1B | Unresolved Staff Comments | 47 | | Item 1C | Cybersecurity | 47 | | Item 2 | Properties | 49 | | Item 3 | Legal Proceedings | 50 | | Item 4 | Mine Safety Disclosures | 50 | | PART II | | | | Item 5 | Market for Registrant's Common Equity, Related Stockholder | | | | Matters and Issuer Purchases of Equity Securities | 50 | | Item 6 | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 27, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-50307 FormFactor, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

Financial Performance - Revenues for the year ended December 31, 2025, were $4,050.7 million, a decrease of 4% compared to $4,209.7 million in 2024[217] - Operating income increased by 4% to $757.3 million in 2025 from $725.8 million in 2024[217] - Net income for 2025 was $499.6 million, down 47% from $934.2 million in 2024[217] - Basic earnings per share decreased to $1.53 in 2025, a decline of 44% from $2.75 in 2024[228] - Total expenses for 2025 were $3,293.4 million, down 5% from $3,483.9 million in 2024[217] Segment Performance - Consumer Money Transfer segment revenues decreased by 8% to $3,507.4 million in 2025 from $3,798.0 million in 2024[234] - The Consumer Money Transfer segment accounted for 87% of total revenues in 2025, down from 90% in 2024[232] - Consumer Services segment revenues increased by 32% to $543.3 million in 2025, up from $411.7 million in 2024[244] - Operating income for Consumer Money Transfer decreased due to reduced revenue, partially offset by lower agent commissions and technology expenses[243] Cash Flow and Liquidity - Cash provided by operating activities increased to $543.7 million in 2025 from $406.3 million in 2024, primarily due to an income tax settlement[258] - As of December 31, 2025, cash and cash equivalents were $1,234.4 million, down from $1,474.0 million in 2024[254] - The company has $392.0 million in outstanding commercial paper borrowings as of December 31, 2025, with a weighted-average interest rate of approximately 3.9%[262] Debt and Financing - The Revolving Credit Facility was increased to $1.62 billion, maturing on November 30, 2029[263] - The company had $800.0 million outstanding under the Term Loan Facility, maturing on December 13, 2027[266] - The Delayed Draw Term Loan Facility was established with an aggregate amount of $800.0 million, with the option to increase to $1.0 billion[267] - The consolidated interest coverage ratio was 7:1 for the year ended December 31, 2025[271] - Projected interest payments on outstanding borrowings were $698.6 million as of December 31, 2025[280] Capital Expenditures and Shareholder Returns - Capital expenditures totaled $150.8 million in 2025, up from $130.6 million in 2024[276] - Share repurchases amounted to 23.7 million shares for $224.7 million in 2025, with an average cost of $9.49 per share[277] - Quarterly cash dividends of $0.235 per common share were declared in all four quarters of 2025, totaling $304.7 million[278] Assets and Goodwill - As of December 31, 2025, the carrying value of goodwill was $2,098.5 million, representing approximately 25% of consolidated assets[298] - Goodwill in the Consumer Money Transfer reporting unit was $1,986.4 million, with no impairments recorded for the years ended December 31, 2025 and 2024[298] - The net carrying value of other intangible assets as of December 31, 2025 was $356.3 million, with immaterial impairments recorded during the years ended December 31, 2025 and 2024[303] - The company has approximately $2.4 billion in interest-bearing assets, with $1.0 billion bearing floating interest rates[309] Risk Management - A hypothetical 100 basis point increase in interest rates would decrease annual pre-tax income by approximately $12 million based on sensitive borrowings[313] - The company manages foreign exchange risk through short-duration foreign currency forward contracts, with maturities ranging from a few days to one month[306] - A hypothetical 10% strengthening or weakening of the U.S. dollar would result in a pre-tax annual income change of approximately $40 million[308] - Credit and non-credit losses have been less than 2% of consolidated revenues in all periods presented[317] - The company evaluates the recoverability of goodwill and other intangible assets based on qualitative and quantitative assessments, including discounted cash flows[295] Regulatory and Compliance Risks - The company faces risks related to mergers, acquisitions, and the integration of acquired businesses, which may not yield anticipated financial benefits[323] - There are potential liabilities from litigation, including class-action lawsuits and regulatory enforcement actions, which could incur significant costs[326] - The company must comply with evolving regulations regarding consumer privacy and data security, which may impact operational costs and business practices[326] - Changes in tax laws and their interpretations could adversely affect the company's financial position and operations[323] - The company is exposed to foreign exchange rate fluctuations, which may impact financial results and require effective management[323] - There are risks associated with the ability to attract and retain qualified key employees, which is crucial for operational success[323] - The company must navigate increased regulatory costs and changes in laws affecting digital currencies and related technologies[323] - The company may face adverse rating actions from credit rating agencies, impacting its financial stability and borrowing costs[323] - The company is at risk of material changes in the market value or liquidity of securities it holds, which could affect its financial health[323] - The company must manage credit and fraud risks presented by agents and clients, which is essential for maintaining operational integrity[323]

For the transition period from to Commission file number 001-13958 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ 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 The Hartford Insurance Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-3317783 (State or other j ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________ FORM 10-K ________________________________________________________ (Mark One) S 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 ___ to ___ Commission File Numb ...

Table of Contents 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__________to__________ Commission File No. 001-38220 Angi Inc. (Exact name of Registrant as specified in its charter) Delaware 82-1204801 (State or other jur ...

Financial Performance - In 2025, CDW generated net sales of $22.4 billion, a 6.8% increase from $21.0 billion in 2024[47] - Net sales for the year ended December 31, 2025, totaled $22,424.1 million, representing a 6.8% increase from $20,998.7 million in 2024[202] - Gross profit for 2025 rose by $271 million, or 5.9%, with a gross profit margin of 21.7%, a decrease of 20 basis points from the previous year[176] - Total gross profit for the year ended December 31, 2025, was $4,873.4 million, a 5.9% increase from $4,602.4 million in 2024[180] - Operating income for 2025 was $1,655.6 million, reflecting a slight increase of 0.3% compared to 2024, with an operating income margin of 7.4%[174] - Operating income for the year ended December 31, 2025, increased by $4 million, or 0.3%, to $1,656 million compared to $1,651 million for 2024[177] - Non-GAAP net income for 2025 was $1,323.0 million, compared to $1,287.2 million in 2024, with non-GAAP net income per diluted share increasing to $10.02 from $9.52[170] - Non-GAAP operating income for 2025 was $1,996.7 million, or 8.9% of net sales, compared to $1,947.0 million, or 9.3% of net sales in 2024[199] - Free cash flow for 2025 was $1,088.1 million, down from $1,154.7 million in 2024, indicating a decrease of 5.7%[203] Sales Breakdown - The US business accounted for approximately 90% of net sales, with five dedicated customer channels each generating over $1.7 billion in net sales[29] - CDW's net sales from hardware amounted to $16.1 billion, representing 71.6% of total net sales in 2025[47] - Net sales from software reached $4.2 billion, accounting for 18.7% of total net sales in 2025[47] - Corporate segment net sales increased by $605 million, or 6.8%, driven by higher customer demand in software and hardware products[186] - Small Business segment net sales rose by $203 million, or 13.3%, primarily due to increased demand for notebooks/mobile devices and software[188] - Public segment net sales increased by $378 million, or 4.6%, attributed to higher demand in software and services across various customer channels[190] - Other segment net sales increased by $240 million, or 9.7%, driven by growth in notebooks/mobile devices and services within UK and Canada operations[192] Operational Insights - The company operates two distribution centers in North America and one in the UK, handling approximately 22 million units annually[35] - Drop-shipment arrangements represented about 51% of total North America net sales in 2025[36] - The company has approximately 14,800 coworkers globally, with 11,200 in the US and 3,600 internationally[51] - Over 50% of US net sales are generated by account managers with more than seven years of tenure[51] - The company maintains a diverse solutions portfolio with over 100,000 products and services from more than 1,000 brands, delivered through approximately 10,500 customer-facing employees[165] Strategic Initiatives - The company plans to realign its customer-facing organization into three reportable segments: Commercial, Government, and Education, effective January 1, 2026[30] - The company focuses on advanced digital transformation solutions, leveraging cloud-native deployment, DevOps, AI, and automation[49] - The company plans to further invest in AI capabilities to drive scale and efficiency across operations[73] Risk Factors - The company operates in a highly competitive industry, facing substantial competition from resellers, manufacturers, and service providers, which could harm financial performance[76] - Cybersecurity threats and data breaches could significantly impact business operations and reputation, with potential legal and regulatory consequences[89] - The reliance on cloud-based solutions may disrupt traditional business models and increase direct sales to customers, impacting hardware sales[78] - The ability to attract and retain key personnel is crucial for business success, with competitive labor markets increasing the risk of higher costs and turnover[92] - The company is exposed to accounts receivable risks, particularly during economic downturns, which could impact cash flows[100] - Inventory risks are heightened due to rapid technological changes and potential obsolescence, affecting business operations[101] - Legal and regulatory compliance risks could result in fines or contract terminations, adversely affecting business operations[118] Financial Position - As of December 31, 2025, the company had a total debt outstanding of $5.6 billion and $353 million in obligations under inventory financing agreements[128] - The company has $1.9 billion available to borrow under its senior unsecured revolving loan facility[128] - The company reported $635 million in variable rate debt outstanding, exposing it to interest rate risk[130] - Total unsecured indebtedness as of December 31, 2025, was $5.6 billion, with compliance to covenants under credit agreements[209] - The company entered into a new credit agreement in December 2025, increasing its borrowing capacity by $650 million[208] Shareholder Returns - The company declared a quarterly cash dividend of $0.630 per share, payable on March 10, 2026[149] - During the three months ended December 31, 2025, the company repurchased a total of 1.1 million shares of its common stock[151] - The average price paid per share for repurchases in October, November, and December 2025 was $155.34, $143.05, and $143.46 respectively[151] - The company has approximately $685 million remaining under its share repurchase program as of December 31, 2025[152]