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 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: 001-15787 MetLife, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...

Financial Performance - Reported net sales reached $3,457.5 million, a 6% increase overall and a 1% organic growth[147]. - Adjusted diluted EPS attributable to the company increased by 1% to $7.95, while reported diluted EPS decreased by 3% to $6.41[147]. - Operating cash flow was $680.4 million, up 2% and representing 141% of net income, an increase from 132%[147]. - Free cash flow increased by 2% to $616.8 million, equating to 103% of adjusted net income, up from 101%[147]. - Domestic sales increased by 9% to $1,760.8 million, while international sales rose by 3% to $1,696.7 million[150]. - Adjusted EBITDA for 2025 was $925.9 million, an increase from $874.3 million in 2024, reflecting a margin of 26.8%[199]. - Reported net income attributable to IDEX for 2025 was $483.2 million, down from $505.0 million in 2024, with diluted EPS of $6.41 compared to $6.64 in the previous year[198]. - Gross profit for 2025 was $1,538.8 million, with an adjusted gross profit of $1,539.4 million, resulting in a gross margin of 44.5%[197]. - Organic sales growth for 2025 was 4%, with acquisitions contributing 10% to the change in net sales[196]. Segment Performance - IDEX's Health & Science Technologies (HST) segment contributed 43% of net sales in 2025, up from 39% in 2024, while Adjusted EBITDA increased from 36% to 39%[21]. - The Fluid & Metering Technologies (FMT) segment accounted for 35% of net sales in 2025, a slight decrease from 38% in 2024, with Adjusted EBITDA dropping from 42% to 40%[21]. - The Fire & Safety/Diversified Products (FSDP) segment represented 22% of net sales in both years, with Adjusted EBITDA remaining stable at 21% in 2025 and 22% in 2024[21]. - The company anticipates continued growth in the HST segment, driven by strong demand in data center, semiconductor, and pharmaceutical markets[146]. - The FMT segment expects ongoing momentum in the Water business, although core industrial markets remain flat[146]. Corporate Strategy and Operations - IDEX's diverse business model is supported by over 50 wholly-owned subsidiaries, focusing on organic growth and strategic acquisitions[16]. - The company plans to expand its Life Sciences segment to include analytical instruments and pharmaceutical sales starting in 2025[19]. - IDEX's strategic acquisitions and integration capabilities have been key drivers of its strong financial performance[21]. - The Company plans to pursue disciplined bolt-on acquisitions while maintaining a balanced capital deployment strategy[145]. - The Company operates approximately 210 plants and office facilities globally, with about 20% owned and the remainder leased, indicating a strong operational footprint[127]. Employee Engagement and Culture - The Company maintains a focus on employee engagement and development, conducting annual surveys and implementing improvements based on feedback[57]. - The Company offers competitive pay and benefits, including performance-based compensation and a 401(k) retirement plan for U.S. employees[60][61]. - The Company is committed to fostering a strong and inclusive culture, with initiatives such as inclusive leadership training and employee resource groups[58]. - The Company has conducted pay equity analyses for U.S. employees since 2018, providing base pay adjustments for identified outliers[62]. Risk Management and Compliance - The Company emphasizes a commitment to Environmental, Health, and Safety (EH&S) policies, overseen by senior executives and local specialists[63]. - Cybersecurity risks are increasing, with potential impacts on operations and financial condition due to system interruptions or data breaches[82]. - The Company is subject to evolving data privacy laws, which may increase compliance costs and operational interruptions[83]. - The Company has experienced a rise in cyberattacks, which may adversely affect its financial condition and operational results[86]. - The Company faces risks related to environmental regulations that may increase expenses and adversely affect operating results due to compliance costs[89]. - Increased public awareness regarding environmental risks may lead to more stringent sustainability-related reporting requirements, potentially imposing substantial additional costs[90]. - The Company is subject to various legal and regulatory proceedings that could materially affect future operating results[108]. Financial Position and Capital Management - The company maintains a Credit Agreement with a revolving credit facility of $800 million, which could see increased costs if interest rates rise unexpectedly[104]. - The company's goodwill and indefinite-lived intangible assets totaled $3,505.4 million, representing 51% of total assets as of December 31, 2025[192]. - The interest coverage ratio was 13.13 to 1, and the leverage ratio was 1.96 to 1, indicating compliance with financial covenants[185]. - The company had net borrowings of $58.2 million on the Revolving Facility subsequent to December 31, 2025[179]. - The Company has authorized a total of $1.135 billion for common stock repurchases, with $924.69 million remaining under the current plans[134]. - The Company purchased 432,280 shares of its common stock during the quarter ended December 31, 2025, at an average price of $173.50 per share[135]. Market Presence and Customer Base - In 2025, the Company reported that no single customer accounted for more than 3% of net sales, indicating a broad customer base[46]. - The Company maintains a global operational presence, with facilities in the United States, Europe, and Asia, enhancing its market reach and service capabilities[28]. - The Company has a diverse international presence, with manufacturing and sales facilities in over 20 countries, including the UK, Germany, and China, allowing for greater operational stability and access to new markets[47]. - In 2025, 51% of the company's sales were derived from customers within the U.S. and 49% from international customers, indicating a balanced market presence[99]. - Approximately 34% of net sales in 2025 were recorded by subsidiaries with functional currencies other than the U.S. Dollar, exposing the company to foreign currency exchange rate fluctuations[103].

Revenue Segments - In 2025, the Commercial segment generated revenue of $1,511 million, accounting for 49.7% of total revenues excluding divestitures[35] - The Government segment revenue for 2025 was $922 million, representing 30.3% of total revenues excluding divestitures[36] - The Transportation segment revenue for 2025 was $609 million, making up 20.0% of total revenues excluding divestitures[37] Government Services - In 2025, Conduent processed over 454 million Medicaid claims and disbursed approximately $80 billion in government benefit payments[19] - The company generates revenue from its Government Service Solutions based on the number of cases or card holders, with approximately $80 billion disbursed annually for federally sponsored programs[47] - In 2025, the company processed over 454 million claims within its Government Healthcare Solutions business[46] Market and Operations - The addressable market size in the global business process services industry is estimated to be $219 billion in 2025[29] - The U.S. healthcare market is projected to grow at an average rate of 5.8% per year between 2024-2033, with the company serving over 111 million recipients in 34 states and the District of Columbia[53] - Conduent managed approximately 2 billion customer service interactions and captured over 14 billion documents and claims in 2025[17] Technology and Innovation - The company continues to invest in AI and automation, with over 20 prioritized use cases for GenAI to enhance operational efficiency[27] - The company owns approximately 489 U.S. patents and has 10 pending applications as of December 31, 2025[61] Workforce and Culture - Approximately 34% of Conduent's global workforce is located in North America, with the remainder primarily in Asia Pacific, Latin America, the Caribbean, and Europe[22] - As of December 31, 2025, the company had approximately 51,000 associates, with 34% located in North America[64] - The company was recognized among Newsweek's Top 100 Global Most Loved Workplaces in 2025, reflecting strong emotional connections with associates[69] - The company achieved an 18% increase in utilization of its learning platforms in 2025, with approximately 1.73 million learning assets completed[68] - The company emphasizes the importance of annual business ethics training for its employees to foster an ethical culture[72] Financial Management - Conduent's total debt as of December 31, 2025, was approximately $691 million, with $109 million of borrowings outstanding under the Revolving Credit Facility at a weighted average interest rate of 6.58%[274] - The consolidated weighted-average interest rates for total debt in 2025 were approximately 6.20% for Senior Notes and 8.13% for finance lease obligations[274] - A 10% appreciation or depreciation in foreign currency exchange rates would impact the cumulative translation adjustment portion of equity by approximately $39 million, with net investments in foreign subsidiaries totaling around $393 million[273] - Conduent utilized derivative financial instruments to hedge economic exposures and reduce earnings and cash flow volatility from shifts in market rates[271] - The company has not materially modified its financial risk management strategies regarding foreign currency risk due to recent market events[272] - A 10% increase in market interest rates would decrease the fair values of fixed-rate financial instruments by approximately $15 million, while a 10% decrease would increase their fair values by the same amount[274] Leadership - Conduent's executive team includes Harsha V. Agadi as President and CEO, appointed in January 2026, with a background in various leadership roles across multiple companies[79] - The company is committed to maintaining high standards of integrity and compliance through its Code of Business Conduct and Ethics[73] - Conduent's revenues are influenced by client demand patterns, including peak windows for benefit enrollment and new product launches[74]

Revenue Growth - Revenues increased by 18% to $751.5 million for the year ended December 31, 2025, compared to $637.8 million in 2024, marking the 100th consecutive quarter of revenue growth [184]. - The number of recurring revenue customers grew by 20% to approximately 54,600 at December 31, 2025, up from approximately 45,350 at the end of 2024 [185]. - Annual Revenue Per User (ARPU) increased by 8% to approximately $14,350 for the year ended December 31, 2025, from approximately $13,300 in 2024 [185]. - Recurring revenues rose by 20% to $718.0 million in 2025, accounting for 96% of total revenues, compared to 94% in 2024 [186]. - The company expects continued growth in recurring revenue customers and ARPU as part of its market penetration strategy [186]. Expenses and Costs - Cost of revenues increased by $20.9 million, primarily due to a $12.4 million rise in personnel-related costs and a $5.2 million increase in software subscriptions [187]. - Operating expenses totaled $401.6 million in 2025, a 19% increase from $338.2 million in 2024 [184]. - Sales and marketing expenses increased by $14.9 million due to higher personnel-related costs and $3.9 million from channel partner fees, primarily from the acquisition of Carbon6 [188]. - Research and development expenses rose by $9.5 million, mainly from increased headcount and third-party personnel, partially offset by $5.2 million from higher capitalization of software development costs [189]. - General and administrative expenses increased by $15.2 million, driven by higher personnel-related costs and ongoing integration costs from acquisitions [190]. Profitability - Net income for 2025 was $93.3 million, reflecting a 21% increase from $77.1 million in 2024 [184]. - Adjusted EBITDA for the year ended December 31, 2025, was $231.4 million, up from $186.6 million in 2024, reflecting a margin increase to 31% from 29% [195]. - Net income for 2025 was $93.3 million, compared to $77.1 million in 2024, with net income per share increasing to $2.46 from $2.07 [196]. Cash Flow and Financial Position - Cash and cash equivalents as of December 31, 2025, were $151.4 million, with net accounts receivable at $68.2 million [198]. - Net cash provided by operating activities increased to $178.8 million in 2025 from $157.4 million in 2024, driven by growth in revenue [199]. - Cash used in investing activities rose to $169.2 million in 2025, primarily due to net cash inflow from investments in 2024 [201]. - Cash used in financing activities increased to $100.8 million in 2025, largely due to $76.7 million for share repurchases [202]. - The company expects cash flows from operations to be sufficient to meet working capital and capital expenditure requirements for at least the next twelve months [206]. Strategic Initiatives - The company plans to continue expanding its distribution channels and international presence while selectively pursuing acquisitions to enhance functionalities and customer base [160]. - New product development and enhancements are ongoing, focusing on improving supply chain operations and analytics capabilities [162].

COMMUNITY HEALTH SYSTEMS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 4000 Meridian Boulevard 37067 Franklin, Tennessee (Address of principal executive of ices) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) Commission file number 001-15925 Registrant's telephone number, including area code: (615) 465-7000 Securities registered pursuant to Section 12(b) of the Act: | Title of Each Cla ...

Revenue Growth - Rental revenues increased by $37.9 million, or 32.4%, compared to fiscal year 2024, driven by new leases and acquisitions[5] - Rental revenues increased to $154,999,000 in 2025 from $117,058,000 in 2024, representing a growth of 32.3%[25] - Net income rose to $33.3 million in 2025 from $26.5 million in 2024, attributed to increased rental revenues[11] - Net income attributable to common shareholders was $7,575,000 in 2025, compared to $4,095,000 in 2024, reflecting an increase of 85.5%[25] Funds from Operations - Funds from Operations (FFO) reached $79.6 million, up from $60.2 million, with FFO per share increasing to $1.43 from $1.15[8] - Funds from Operations (FFO) reached $79,567,000 in 2025, a 32.2% increase from $60,193,000 in 2024[28] - Adjusted Funds from Operations (AFFO) amounted to $72,465,000 in 2025, up from $55,825,000 in 2024, indicating a growth of 29.7%[28] Acquisitions - The Company acquired 6 facilities in Kansas for $24.0 million, increasing annual rents by $2.4 million, with a 3% annual increase[2] - The Company completed the acquisition of nine skilled nursing facilities in Missouri for $59.0 million, increasing annual rents by $5.5 million[2] - The Company plans to continue seeking accretive deals while maintaining a disciplined acquisition approach in 2026[4] Expenses - General and administrative expenses increased by $1.8 million, or 25.6%, primarily due to higher payroll expenses[7] - Depreciation expense increased by $6.7 million, or 23.2%, due to acquisitions and new real estate investments[6] - Total expenses rose to $70,713,000 in 2025, up from $55,755,000 in 2024, marking an increase of 26.8%[25] - Depreciation and amortization expenses totaled $46,249,000 in 2025, compared to $33,688,000 in 2024, reflecting a rise of 37.2%[28] Assets and Stock - Total assets increased to $885.2 million in 2025 from $787.6 million in 2024[23] - The weighted average number of common stock outstanding increased to 12,696,831 in 2025 from 7,124,158 in 2024, an increase of 78.5%[25] Other Financial Metrics - The Company issued Series B Bonds totaling approximately $89.5 million at a fixed interest rate of 6.70%[2] - Basic and diluted income per common share increased to $0.60 in 2025 from $0.57 in 2024, a rise of 5.3%[25] - The company reported a loss from real estate disposition of $12,000 in 2025, while there was no such loss in 2024[28] - Comprehensive income was $(447,000) in 2025, a decrease from $3,906,000 in 2024, indicating a decline of 111.5%[25]

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 001-13251 SLM Corporation (Exact Name of Registrant as Specified in Its Charter) | Delaware | | | 52-2013874 | | --- | --- | --- | --- | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the fiscal year ended December 31, 2025 Form 10-K or (Mark One) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ACT OF 1934 For the transition period from to Commission file number 001-13251 SLM Corporation (Exact Name of Registrant as Specified in Its Charter) | Delaware | | | 52-2013874 | | --- | --- | --- | --- | ...

Financial Performance - As of December 31, 2025, the company reported $53.80 trillion in Assets Under Custody/Administration (AUC/A) and $5.67 trillion in Assets Under Management (AUM) [26] - The consolidated total assets were $366.05 billion, with total deposits of $274.35 billion and total shareholders' equity of $27.84 billion [26] - State Street Investment Management had approximately $5.67 trillion in assets under management (AUM) as of December 31, 2025 [41] - The company’s fee revenue is a significant portion of total revenue and may decline due to market conditions and client preferences [21] - The company may need to raise additional capital or debt in the future, which may not be available on favorable terms [22] - State Street's investment securities portfolio and financial condition could be adversely affected by changes in financial markets and interest rates [21] Competition and Market Environment - The company is subject to intense competition, which could negatively affect profitability and financial results [17] - The company faces competitive pressures from a wide range of financial institutions, including custodial banks and investment management firms, as it navigates a rapidly evolving market [43] - The company faces increasing competition from a broad range of financial institutions and technology companies as markets evolve [43] - Significant pricing pressure and variability in financial results are anticipated, particularly in AUC/A and AUM [17] Employee and Operational Insights - The company had approximately 52,000 employees as of December 31, 2025 [26] - The employee population decreased by approximately 2% to around 52,000 employees as of December 31, 2025, primarily due to operational simplification efforts [54] - Approximately 77% of State Street's employees are located outside the United States [54] - State Street's human capital strategy emphasizes employee development and retention, with a focus on creating an inclusive culture that drives productivity and innovation [48] - The company aims to implement efficiencies through organization design and technology, contributing to its operational simplification efforts [54] Regulatory Environment - The company is subject to extensive regulation as a Global Systemically Important Bank (G-SIB), which impacts its operational flexibility compared to some competitors [47] - The company is subject to extensive regulation and supervision, with ongoing changes expected in regulatory requirements and interpretations [58] - Regulatory compliance costs have increased due to heightened expectations from U.S. and international regulators regarding capital and liquidity management [104] - The Dodd-Frank Act mandates that bank holding companies act as a source of financial strength for their banking subsidiaries, impacting resource allocation decisions [151] Risk Management - The company faces risks associated with acquisitions, strategic alliances, and the integration of these transactions [17] - State Street's risk management framework may face challenges in effectively identifying and mitigating risks, which could adversely affect its financial condition and operational results [1] - The execution of an SPOE Strategy may result in holders of unsecured debt of the Parent Company absorbing losses in a resolution scenario [123] Technology and Innovation - The company is focused on enhancing operational efficiency through the adoption of new technologies, including artificial intelligence, to improve service delivery and risk management [1] - The development of new products and services, including those related to artificial intelligence, may impose costs and increase risks [17] - State Street aims to expand its digital asset solutions, providing end-to-end capabilities across the asset servicing lifecycle on a secure platform with blockchain connectivity [39] Economic and Financial Conditions - Economic policies of the U.S. government, particularly those of the Federal Reserve, directly influence interest rates and overall credit conditions, impacting State Street's operating environment [160] - The financial services industry is facing increased regulatory scrutiny regarding cybersecurity and data privacy, with significant fines and litigation risks for noncompliance [154]

www.valaris.com Press Release Dibowitz added, "Our strong operating performance continues to translate into significant contracting success. Since our last quarterly report, we secured nearly $900 million of additional backlog, further strengthening our robust contract coverage across 2026 and 2027. After addressing the white space on our open drillship capacity earlier this year, we recently announced contract awards for VALARIS DS-7 and DS-9, and we expect all ten of our active drillships to be working as ...