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]

Table of Contents 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 Commission file number: 1-12882 BOYD GAMING CORPORATION (Exact name of registrant as specified in its charter) Nevada 88-0242733 (State or other jurisdiction of incorporation o ...

Acquisition and Strategic Growth - Abbott entered into a definitive agreement to acquire Exact Sciences Corporation, expected to enhance its presence in the cancer diagnostics market[18] - Abbott's acquisition of Exact Sciences Corporation is expected to cost approximately $21 billion, with a total enterprise value of $23 billion, including $1.8 billion of net debt[145] - The company may pursue acquisitions and strategic alliances, which could incur significant expenses and impact profitability if not successfully integrated[68] Workforce and Employee Programs - As of December 31, 2025, Abbott employed approximately 115,000 people, with 69% based outside the U.S.[42] - Abbott has an integrated global talent management process that supports employee development and succession planning[43] - Abbott's global wellness programs, including the "Exercise Across Abbott" initiative, saw participation from over 50,000 employees across 84 countries in 2025[48] - Abbott provides market competitive compensation and benefits, including financial support for employees with student loan debt and a global long-term incentive program[49] Product Segments and Sales Performance - Abbott's Established Pharmaceutical Products segment includes a broad line of branded generic pharmaceuticals, primarily marketed in emerging markets[20] - The Diagnostic Products segment includes core laboratory systems and rapid diagnostics for infectious diseases, contributing to Abbott's competitive edge in technology[25][26] - Abbott's Nutritional Products segment features a wide range of pediatric and adult nutritional products, including Similac and Ensure brands, targeting both consumers and healthcare professionals[27][30] - The Medical Devices segment includes advanced products for cardiovascular diseases and diabetes care, with a focus on continuous glucose monitoring systems[32][34] - Abbott's revenues in 2025 were significantly driven by the Medical Devices and Established Pharmaceuticals segments, with international sales comprising 61% of consolidated net sales[144] - Abbott's sales growth in emerging markets increased by 5.1% in 2025, representing 37% of total company sales, despite a decline in COVID-19 testing-related sales[147] - The Medical Devices segment saw a sales increase of 11.9% in 2025, with continuous glucose monitoring systems generating $7.6 billion in sales[148] - The Established Pharmaceutical Products segment saw an 8.0% increase in sales in key emerging markets, with a total of $4.167 billion in 2025[167] Financial Performance and Position - Abbott's consolidated indebtedness was approximately $12.9 billion as of December 31, 2025, and plans to fund the Exact Sciences acquisition with about $20 billion of borrowings[76] - Abbott's cash and cash equivalents totaled $8.9 billion as of December 31, 2025, compared to $8.0 billion in 2024, while long-term debt decreased to $12.9 billion[154] - Abbott's operating margin improved to 18.2% in 2025, up from 16.3% in 2024, reflecting margin improvement initiatives[147] - The company declared dividends of $2.40 per share in 2025, a 7.1% increase from $2.24 per share in 2024, with total dividends paid amounting to $4.1 billion[155] Regulatory and Compliance Challenges - The company is subject to comprehensive government regulations affecting product development, marketing, and distribution, which can significantly impact operational costs and timelines[50] - Abbott's products are subject to rigorous FDA regulations, and non-compliance could result in significant financial penalties and operational disruptions[79] - Legal and regulatory risks, including compliance with government benefit program regulations, could impose new obligations and restrict Abbott's operations, adversely affecting revenues[82] - The regulatory environment regarding data privacy and security is becoming more complex, with significant compliance obligations and potential penalties for noncompliance[60] Market Risks and Competitive Landscape - Abbott's competitive landscape includes pressures from generic drug substitutions and innovations from other healthcare companies[24][31] - The company faces intense competition, with competitors potentially introducing superior products or technologies that could negatively affect Abbott's market position[92] - Abbott anticipates continued pressure on healthcare product pricing due to governmental cost containment efforts and budgetary pressures on payors[56] - Approximately 61% of Abbott's net sales in 2025 came from international markets, exposing the company to geopolitical and macroeconomic risks[88] Research and Development - Abbott's research and development efforts require substantial ongoing expenditures without assurance of commercial success, which could lead to revenue and profitability declines[72] - Research and development (R&D) expenses increased to $2.9 billion in 2025, driven by higher spending on various projects[179] - Abbott plans to allocate approximately 7% of total sales to research and development spending in 2026, focusing on competitive project management[214] - The company is actively developing numerous pharmaceutical, medical device, diagnostic, and nutritional products, with a focus on geographic expansion and product enhancements[198][210] Legal Matters - Abbott is involved in 1,760 lawsuits related to its specialty infant formula products, with significant legal challenges impacting its financial position[118] - The U.S. Department of Justice is conducting a criminal investigation into Abbott's powdered infant formula manufacturing, which may lead to further legal and financial implications[119] - Abbott is engaged in ongoing discussions with the IRS regarding disputed items in the SNODs from 2017 to 2020[193] Economic and Currency Factors - Abbott's profitability is influenced by the U.S. dollar's exchange rate against other currencies, which affects the reported value of its assets, liabilities, and cash flows[93] - Economic deterioration in certain countries could increase the time to collect trade receivables, negatively impacting Abbott's cash utilization[96]

Financial Performance - Revenues for the year ended December 31, 2025 were essentially flat at $7,705.9 million, compared to $7,736.0 million for the prior year[241]. - Revenues for the year ended December 31, 2025 decreased by $30.1 million, or 0.4%, to $7,705.9 million from $7,736.0 million in the prior year[268]. - Revenues in the integrated and embedded solutions service line increased by $211.6 million, or 6.6%, while revenues in the point of sale and software solutions service line decreased by $190.9 million, or 12.6%[269]. - Consolidated operating income for the year ended December 31, 2025 was $1,754.6 million, down from $1,974.5 million, with an operating margin of 22.8% compared to 25.5% in the prior year[275]. - Income from continuing operations was $1,128.7 million, compared to $1,359.0 million for the prior year[283]. - Diluted earnings per share for continuing operations decreased to $4.43 from $5.04 in the prior year[284]. Cost Management - Merchant Solutions segment operating income and operating margin for the year ended December 31, 2025 increased due to cost reduction activities associated with the transformation program[241]. - Cost of service increased by $79.9 million, or 3.9%, to $2,113.4 million, with cost of service as a percentage of segment revenues rising to 27.4% from 26.3%[270]. - Selling, general and administrative expenses decreased by $262.9 million, or 8.4%, to $2,857.3 million, with expenses as a percentage of segment revenues at 37.1% compared to 40.3% in the prior year[272][273]. - Corporate expenses increased by $382.4 million, or 43.4%, to $1,263.3 million, primarily due to higher acquisition and transformation costs[274]. Transformation Initiatives - The company expects transformation initiatives to generate more than $650 million of annual run-rate operating income benefit by the first half of 2027[245]. - The company continues to assess its business portfolio for potential asset dispositions to streamline operations and create shareholder value[244]. Acquisitions and Divestitures - The company acquired 100% of Worldpay for approximately $6.2 billion in cash and 43.3 million shares of common stock, while divesting its Issuer Solutions business for approximately $7.7 billion in cash[236]. - The Issuer Solutions business has been classified as a discontinued operation, with historical operations presented accordingly[237]. Cash Flow and Financing Activities - Operating activities generated net cash of $2,656.6 million for the year ended December 31, 2025, a decrease from $3,057.6 million in 2024, primarily due to increased cash use in net working capital[296]. - The company used net cash in investing activities of $230.3 million in 2025, including $352.1 million for acquisitions and $617.8 million for capital expenditures[297]. - Financing activities provided net cash of $3,732.5 million in 2025, compared to a net cash usage of $2,291.8 million in 2024[298]. - Proceeds from long-term debt were $12,300.9 million in 2025, an increase from $9,635.0 million in 2024, while repayments were $7,207.6 million in 2025[299]. - The company repurchased 13.2 million shares of common stock for $1,191.0 million in 2025, with an average price of $84.61 per share[302]. - Dividends paid to common shareholders amounted to $238.5 million in 2025, down from $252.8 million in 2024[303]. Debt and Credit Facilities - The company has $16.4 billion in aggregate principal amount of senior unsecured notes outstanding as of December 31, 2025[304]. - The company entered into a $7.25 billion revolving credit facility, with $5.75 billion available immediately and an additional $1.5 billion upon closing the acquisition of Worldpay[322]. - As of December 31, 2025, there were $1.5 billion in borrowings outstanding under the revolving credit facility at an interest rate of 5.11%[325]. - The company established a $2.0 billion commercial paper program, backstopped by the revolving credit facility, with no net borrowings as of December 31, 2025[326][328]. - The company obtained $7.7 billion in committed bridge financing for the acquisition of Worldpay, reduced to $6.2 billion upon entering the revolving credit facility[332]. Impairment and Asset Valuation - The company recognized a goodwill impairment charge of $33.2 million in discontinued operations during Q2 2025 due to the Issuer Solutions disposal group being classified as held for sale[344]. - The company recognized a charge of $160.4 million to reduce the carrying amount of the Issuer Solutions disposal group to estimated fair value less costs to sell during the year ended December 31, 2025[348]. - The company regularly evaluates whether events indicate that the carrying amount of long-lived assets may not be recoverable, assessing potential impairment at the asset group level[347]. Foreign Currency and Interest Rate Risk - The company is exposed to foreign currency exchange rate fluctuations, but the effect on consolidated revenues and operating income for the year ended December 31, 2025, was insignificant[358]. - The company has designated €800 million Euro-denominated senior notes due March 2031 as a hedge of its net investment in Euro-denominated operations to offset volatility due to foreign currency exchange rate changes[361]. - The company has interest rate swaps with a total notional amount of $1.5 billion to hedge interest rate risk on a portion of its variable-rate debt[364]. - A hypothetical increase of 50 basis points in applicable interest rates would increase annual interest expense by approximately $1.7 million and annual interest income by approximately $34.4 million[366]. - The exposure of net income to interest rate changes is partially mitigated as increases in rates would raise both interest income and interest expense[365].

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 001-33497 Amicus Therapeutics, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 71-0869350 (State or Other Jurisdicti ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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: 001-34674 Calix, Inc. (Exact Name of Registrant as Specified in Its Charter) | Delaware | | 68-0438710 | | --- | --- | --- | | (State or O ...

Financial Performance - In 2025, the company achieved total revenue of $1.9 billion, primarily from sales of its COVID vaccines[22]. - The company expects to drive revenue growth in 2026 from long-term partnerships in the UK, Canada, and Australia, along with strong uptake of mNEXSPIKE in the U.S.[37]. Product Development and Clinical Trials - The company is advancing a pipeline of development candidates across oncology, rare disease, and infectious disease, with eight Phase 2 and Phase 3 clinical trials underway for intismeran[23]. - The company has a diverse development pipeline consisting of 35 therapeutic and vaccine programs, with 6 in late-stage development[58]. - The company continues to advance its early-stage pipeline, including oncology programs and multiple early-stage vaccine programs[38]. - The company anticipates pivotal trial data readouts in 2026 across its oncology, rare disease, and infectious disease portfolios, with plans to launch several new infectious disease products[37]. - The Phase 3 trial for mRNA-1018 is expected to begin in early 2026, following CEPI's investment[78]. - The Phase 3 trial of the trivalent vaccine candidate mRNA-1403 has enrolled about 38,000 participants, focusing on older adults who are at the highest risk of severe outcomes[95]. - The ongoing Phase 1/2 study of mRNA-4349 includes cohorts for first-line metastatic melanoma and first-line metastatic NSCLC[122]. - The registrational study for mRNA-3927 has reached target enrollment, and an infant dose-finding study is also ongoing[131]. Regulatory Approvals - The company has regulatory filings under review for its seasonal flu+COVID combination vaccine candidate (mRNA-1083) and expects a Prescription Drug User Fee Act (PDUFA) goal date of August 5, 2026, for mRNA-1010[24]. - The FDA has approved the 2025-2026 Spikevax formula for high-risk individuals aged six months through 64 years and all adults 65 years and older, with approvals received in 40 countries[64]. - The RSV vaccine (mRNA-1345 or mRESVIA) has been approved for adults 60 years and older, with recommendations for unvaccinated individuals aged 75 and older and high-risk individuals aged 50-74[66]. - The FDA accepted the BLA for mRNA-1010 for review, with a PDUFA goal date of August 5, 2026[71]. Manufacturing and Production - The company streamlined its production sites into a global manufacturing network, adding three facilities in the UK, Canada, and Australia to enhance local access to mRNA vaccines[26]. - The Marlborough biomanufacturing facility, completed in 2025, is designed for speed and scalability, and began shipping patient batches in September 2025[141]. - mRNA manufacturing facilities in the UK, Canada, and Australia were fully licensed in 2025, with multi-year commitments from local governments to purchase mRNA products[142]. - The company has invested significantly in manufacturing process science to produce mRNA medicines at scales ranging from micrograms to kilograms[52]. Strategic Collaborations - The company entered into a strategic collaboration with Recordati to advance its propionic acidemia therapeutic (mRNA-3927) through final stages of clinical development[25]. - Moderna's strategic alliance with Merck for personalized mRNA cancer vaccines includes an upfront payment of $200 million and a subsequent option exercise fee of $250 million[178][179]. - The collaboration with BARDA for the development of mRNA-1273, the original COVID vaccine, had a maximum award of approximately $1.8 billion, concluding on June 15, 2025[183]. - The company has entered into a collaboration with Recordati to advance investigational PA therapeutic (mRNA-3927) through clinical development and commercialization[182]. Intellectual Property - Moderna's intellectual property estate includes over 260 issued or allowed U.S. patents and more than 140 granted patents outside the U.S., with most patents not expiring until at least 2033[189]. - The projected expiration for U.S. patents covering the company's approved products, such as Spikevax and mNEXSPIKE, is 2041, while European patents are set to expire in 2036[198]. - The company maintains a multi-program effort to develop vaccines for potential future pandemics, targeting diseases such as Zika, dengue, HIV, and Nipah virus[206]. - The company's trademark portfolio includes at least 1,400 registrations and 180 pending applications across more than 55 jurisdictions[214]. Research and Innovation - The company has implemented AI-driven data analytics to optimize drug design, clinical trial operations, and manufacturing processes, enhancing efficiency and product quality[164][165][166]. - In early 2023, Moderna began a collaboration with OpenAI to integrate AI capabilities across various business functions, including legal, research, and manufacturing[167]. - The company is focused on expanding its modalities, which allows for rapid acceleration of programs based on learnings from earlier initiatives[56]. Economic Impact - Norovirus causes an estimated 685 million illnesses and 200,000 deaths annually, with a significant economic impact of approximately $60 billion per year globally[90]. - The economic burden of norovirus in the U.S. is estimated at $2 billion annually, with 20 million infections and 100,000 hospitalizations each year[90].