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 | ...

Business Segments and Operations - FormFactor, Inc. operates in two reportable segments: Probe Cards and Systems, with sales from probe cards and analytical probes included in the Probe Cards segment[17]. - The company is consolidating its manufacturing operations in California, with a new facility in Farmers Branch, Texas expected to support probe card production by late fiscal 2026[41]. - The company purchased a manufacturing site in Farmers Branch, Texas, with production expected to ramp up in late Q4 fiscal 2026[97]. - The company has 2,153 regular full-time employees as of December 27, 2025, with 1,298 in operations, 422 in research and development, 235 in sales and marketing, and 198 in general and administrative functions[73]. Revenue and Financial Performance - The company generated a record annual revenue of $785.0 million in fiscal 2025, driven by strong growth in the DRAM product segment, particularly for HBM chips used in AI applications[190]. - Fiscal 2025 revenues increased by 2.8% to $784.993 million compared to $763.599 million in fiscal 2024[207]. - Net income for fiscal 2025 was $54.4 million, a decrease from $69.6 million in fiscal 2024, primarily due to a non-recurring gain from the sale of the China operations in the previous year[185]. - Gross profit margin decreased to 39.3% in fiscal 2025 from 40.3% in fiscal 2024, while cost of revenues increased to 60.7% from 59.7%[206]. - Net income for fiscal 2025 was 6.9%, down from 9.1% in fiscal 2024[206]. - Revenue from the Foundry & Logic market decreased by 3.0% to $369.897 million in fiscal 2025, while DRAM revenue increased by 8.8% to $247.397 million[208][210]. - The company generated no revenue from metrology systems in fiscal 2025 and fiscal 2024, compared to $21.2 million in fiscal 2023 due to the sale of the FRT business[207]. Customer Concentration and Market Dynamics - The company reported that SK hynix Inc. represented 19.2% of quarterly revenues for the quarter ended December 27, 2025, while Intel Corporation contributed 12.4% for the quarter ended June 28, 2025[36]. - One customer accounted for 22.9% of total revenues in fiscal 2025, indicating a high revenue concentration risk[84]. - Approximately 7% of fiscal 2025 revenue and 14% of fiscal 2024 revenue was derived from sales to customers in China, which is subject to expanded export license requirements by the U.S. government[50]. - The company anticipates that sales to a small number of customers will continue to drive significant revenue fluctuations[84]. Research and Development - FormFactor allocates significant resources to research and development to maintain its competitive position and address next-generation electrical test challenges[43]. - The company has invested significantly in proprietary probe card design tools to enable rapid customization, enhancing competitiveness and time-to-market[22]. - The company offers over 50 different analytical probe models for diverse applications, including device characterization and failure analysis[25]. - The company has a substantial patent portfolio relevant to its products, which is intended to create a competitive advantage and support research and development investments[62]. Competitive Landscape - The company competes favorably in the advanced probe card market, particularly for high signal integrity testing of wireless radio frequency devices needed for 5G applications[53]. - The markets for the company's products are highly competitive, with increased competition leading to potential price reductions and reduced gross margins[77]. - The company faces strong competition for engineering talent, which is critical for developing custom designs for customers' new product designs[72]. - The semiconductor industry is experiencing consolidation, which may reduce the customer base and increase pricing pressures[88]. Risks and Challenges - The company faces risks from sole source suppliers, which could lead to production delays and increased costs[104]. - Manufacturing delays and inefficiencies could negatively impact the company's operating results and ability to compete[99]. - The complexity of product designs may lead to defects, impacting reputation and revenues[101]. - The company has observed increasing risks and challenges in international business activities, including expanded tariffs and trade barriers[124]. - The geopolitical tensions, particularly between the U.S. and China, could impact the company's operations and access to critical technologies[120]. - The company faces risks from currency fluctuations due to significant international operations, which could adversely affect revenues and earnings[125]. - Changes in customer test strategies may decrease demand for the company's products[90]. - The company must continuously improve manufacturing processes to enhance yields and reduce costs[96]. Cybersecurity and Compliance - The company has not experienced any material cybersecurity incidents, and related expenses have been immaterial[154]. - The Governance and Nominating Committee oversees cybersecurity risks, ensuring effective management and governance[157]. - The company has implemented various cybersecurity processes and controls to manage material risks effectively[150]. - Compliance with evolving data privacy and security laws requires significant investment, and failure to comply could result in substantial fines and reputational damage[114]. - The reliance on electronic data systems exposes the company to risks of disruptions and security breaches, which could materially affect operations[112]. Stock and Investor Relations - The stock price fluctuated between $23.18 and $59.25 during fiscal 2025, indicating high volatility in trading[141]. - The trading price of the company's stock may decline due to loss of investor confidence or external market factors[142]. - The company has no plans to pay cash dividends on its common stock in the foreseeable future[172]. - As of February 13, 2026, there were 95 registered holders of the company's common stock[171]. Restructuring and Future Plans - The company announced restructuring plans expected to result in charges between $30 million to $40 million due to the consolidation of manufacturing facilities[132]. - The company plans to restructure its operations to align cost structures and improve gross margins, consolidating manufacturing facilities in California[188]. - The company acquired Keystone Photonics in December 2025, enhancing its position in the silicon photonics market and AI infrastructure[189]. - The company acquired a 20% equity interest in FICT Limited in February 2025, expanding its capabilities in semiconductor testing and high-performance computing[192].

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]

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]