Shareholder Information - As of December 31, 2025, the company's common stock was held by 1,406 shareholders of record, with no dividends paid or anticipated in the foreseeable future [154]. - The company repurchased 32.2 million shares for $5.6 billion during 2025, with approximately 45.9 million shares remaining under the existing repurchase authorization [233]. - The company’s stock performance over five years shows a cumulative total shareholder return compared to the S&P 500 and NASDAQ indices, with no cash dividends declared [157]. Acquisitions and Business Strategy - The company acquired StoneCastle Cash Management, LLC and other businesses for an aggregate purchase price of $856 million, enhancing its deposit funding solutions and expanding the Clover platform [171][168]. - The company expects to divest businesses not aligned with its market or financial strategies, while pursuing acquisitions that meet strategic needs [167]. - The company acquired several businesses in 2025 for a total purchase price of $856 million, funded through available cash and commercial paper [234]. Financial Performance - Total revenue increased by $737 million, or 4%, in 2025 compared to 2024, with Merchant segment growth of 5% and Financial segment growth of 2% [210]. - Total expenses increased by $798 million, or 5%, with total expenses as a percentage of total revenue rising to 72.5% in 2025, an increase of 120 basis points [213]. - Operating income decreased by $61 million, or 1%, with total operating margin decreasing by 120 basis points to 27.5% in 2025 compared to 2024 [218]. - Net income attributable to Fiserv, Inc. per share-diluted increased to $6.34 in 2025 from $5.38 in 2024, supported by a 6% reduction in diluted weighted average outstanding shares [227]. - Income from investments in unconsolidated affiliates was $37 million in 2025, a significant recovery from a loss of $(685) million in 2024, which included a $595 million non-cash impairment [225]. Revenue Composition - Processing and services revenue comprised 80% of total revenue in 2025, generating $16,879 million, while product revenue comprised 20%, generating $4,314 million [204][205]. - Revenue in the Merchant segment rose by $509 million, or 5%, driven by small business volume growth and enterprise transaction growth [211]. - Revenue in the Financial segment increased by $187 million, or 2%, driven by growth in Digital Payments and Issuing [212]. Expenses and Costs - Interest expense, net increased by $298 million, or 25%, in 2025 due to debt financing activities, including the issuance of $2.0 billion in senior notes [222]. - Cost of processing and services as a percentage of processing and services revenue increased to 34.4% in 2025 from 32.2% in 2024 [214]. - Cost of product as a percentage of product revenue decreased to 65.1% in 2025 from 69.4% in 2024, positively impacted by high margin data and analytics sales [215]. Cash Flow and Capital Expenditures - Operating cash flow was $6.1 billion in 2025, a decrease of 9% from $6.6 billion in 2024, primarily due to lower profitability [230]. - Capital expenditures were approximately 8% of total revenue in both 2025 and 2024, totaling $1.763 billion in 2025, an increase of 12% from $1.569 billion in 2024 [229]. - Future cash requirements under contractual obligations total $42.220 billion as of December 31, 2025, with $4.092 billion due within one year [232]. Debt and Financing - Total long-term debt increased to $27.758 billion in 2025 from $23.730 billion in 2024, with significant new issuances including $2.0 billion of senior notes in August 2025 [239]. - The company maintained variable rate debt totaling $2.115 billion with a weighted average interest rate of 11.870% as of December 31, 2025 [245]. - The company has guaranteed $399 million in senior unsecured debt for its Lending Joint Ventures as of December 31, 2025 [252]. Economic and Market Conditions - The global payments landscape is evolving with increasing digital payments and e-commerce, driving competition and necessitating modernization of technology [175]. - Financial institutions are increasingly focusing on innovative payment solutions, with a growing demand for faster and more convenient options across mobile channels, online applications, and digital currencies [181]. - The company actively monitors global macroeconomic conditions, including interest rates and inflation, which could materially affect business operations and financial results [182]. Goodwill and Intangible Assets - As of December 31, 2025, the company's goodwill of $37.7 billion was not impaired, with fair values exceeding carrying values for each reporting unit [188]. - The company performed an additional evaluation of intangible assets and determined no impairment as of December 31, 2025 [189]. - The company has no accumulated goodwill impairment through December 31, 2025, indicating stable asset valuation [188]. Compliance and Credit Ratings - The company was in compliance with all financial debt covenants during the year ended December 31, 2025, and expects to remain compliant [251]. - Fiserv's corporate credit rating was Baa2 with a stable outlook from Moody's and BBB with a negative outlook from S&P as of December 31, 2025 [254].

Shareholder Information - As of December 31, 2025, the company's common stock was held by 1,406 shareholders of record, with no dividends paid or anticipated in the foreseeable future [154]. - The company repurchased 32.2 million shares for $5.6 billion during 2025, with approximately 45.9 million shares remaining under the existing repurchase authorization [233]. - The company’s stock performance over five years shows a cumulative total shareholder return compared to the S&P 500 and NASDAQ indices, with no cash dividends declared [157]. Acquisitions and Business Strategy - The company acquired StoneCastle Cash Management, LLC and other businesses for an aggregate purchase price of $856 million, enhancing its deposit funding solutions and expanding the Clover platform [171]. - The company expects to divest businesses not aligned with its market, product, or financial strategies, while actively seeking acquisitions to meet strategic needs [167]. - The company has expanded its presence in the Asia-Pacific region through acquisitions, including Pinch Payments, to enhance flexible payment services [169]. - The company acquired several businesses in 2025 for an aggregate purchase price of $856 million, funded through available cash and commercial paper [234]. Financial Performance - Total revenue increased by $737 million, or 4%, in 2025 compared to 2024, with Merchant segment growth of 5% and Financial segment growth of 2% [210]. - Processing and services revenue comprised 80% of total revenue in 2025, generating $16,879 million, while product revenue comprised 20%, generating $4,314 million [204][205]. - Total expenses increased by $798 million, or 5%, with total expenses as a percentage of total revenue rising to 72.5% in 2025, an increase of 120 basis points [213]. - Operating income decreased by $61 million, or 1%, with total operating margin declining to 27.5% in 2025, a decrease of 120 basis points [218]. - Net income attributable to Fiserv, Inc. was $3,480 million, a 10% increase from $3,131 million in 2024 [226]. - Net income per share-diluted increased to $6.34 in 2025 from $5.38 in 2024, aided by a 6% reduction in diluted weighted average outstanding shares [227]. Revenue Recognition and Accounting - Revenue from processing and services is recognized in the period the service is performed, with arrangements typically billed and paid on a monthly basis [193]. - The company recognizes product revenue from software licenses and hardware sales, with distinct performance obligations accounted for separately [194]. - Significant judgments are required in determining revenue recognition, particularly for multi-element arrangements [195]. - The company engages independent valuation specialists to assist in fair value determinations for acquired long-lived assets [200]. Debt and Financing - Total long-term debt increased to $27.758 billion in 2025 from $23.730 billion in 2024, with significant new issuances including $2.0 billion of senior notes in August 2025 [239]. - Future cash requirements under contractual obligations total $42.220 billion as of December 31, 2025, with $4.092 billion due within one year [232]. - The company maintained variable rate debt totaling $2.115 billion with a weighted average interest rate of 11.870% as of December 31, 2025 [245]. - The company entered into a new senior unsecured multicurrency revolving credit facility in August 2025, with a maximum availability of $8.0 billion, maturing in August 2030 [248]. - The interest rates on certain senior notes may increase by up to two percent if credit ratings from Moody's or S&P fall below investment grade [255]. Operational Insights - The company’s operations are divided into Merchant Solutions and Financial Solutions segments, focusing on non-discretionary products and services essential for clients [161]. - Financial institutions are increasingly focusing on innovative payment solutions, with a growing demand for faster and more convenient options across mobile channels, online applications, and digital currencies [181]. - The company aims to enhance customer experience by integrating omnichannel strategies and simplifying payment orchestration for merchants [176]. - The operating loss in Corporate and Other decreased by $103 million in 2025, favorably impacted by a reduction in amortization of acquisition-related intangible assets [221]. Economic and Market Conditions - The global payments landscape is evolving with increasing digital payments and e-commerce, driving competition and necessitating modernization of technology [175]. - The company actively monitors global macroeconomic conditions, including interest rates and inflation, which could materially affect its business and financial results [182]. - The company has exposure to currency risks, particularly with fluctuations in exchange rates for currencies like the Euro and British Pound, which could negatively impact revenue and earnings [183].

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: 001-37461 ALARM.COM HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 26-4247032 (State or other jurisdicti ...

Financial Performance - Farmer Mac reported a record outstanding business volume of $33.4 billion, reflecting a net change of $3.8 billion, or 13% growth year-over-year[6]. - Net interest income increased by 10% year-over-year to $390.7 million, while the net effective spread rose by 13% to a record $383.0 million[6]. - Core earnings reached $182.9 million, or $16.66 per diluted share, representing a 7% increase compared to the previous year[6]. - The diluted EPS (GAAP) decreased by 20% year-over-year to $3.71, while diluted core EPS (Non-GAAP) fell by 8% to $3.66[5]. - Total revenues rose to $410,299,000 in 2025, up from $361,990,000 in 2024, marking an increase of 13.3%[27]. - Core earnings reached $182,949,000 in 2025, compared to $171,630,000 in 2024, representing a growth of 6.6%[27]. - Basic earnings per common share for the year ended December 31, 2025, were $16.73, up from $16.59 in 2024, an increase of 0.8%[23]. - The company reported a net earnings figure of $256,288,000 for 2025, up from $244,918,000 in 2024, which is an increase of 4.6%[27]. Capital and Assets - Farmer Mac's total core capital stood at $1.7 billion, with a Tier 1 Capital Ratio of 13.3% as of December 31, 2025[6]. - Total assets increased to $35,370,157 thousand as of December 31, 2025, up from $31,324,742 thousand in 2024, representing a growth of 12.8%[22]. - Total liabilities increased to $33,651,208 thousand in 2025, compared to $29,835,716 thousand in 2024, reflecting a growth of 12.5%[22]. - Total investment securities rose to $17,550,379 thousand in 2025, compared to $16,576,887 thousand in 2024, marking an increase of 5.9%[22]. - Loans held for investment increased to $13,877,051 thousand in 2025, up from $11,183,408 thousand in 2024, a growth of 24.1%[22]. - Outstanding business volume in Agricultural Finance increased to $21,515,452,000 as of December 31, 2025, compared to $20,494,673,000 as of December 31, 2024[34]. Dividends and Shareholder Returns - The Board of Directors declared a quarterly dividend of $1.60 per share, marking a 7% increase year-over-year and the fifteenth consecutive annual increase[7]. Risk Management and Expenses - The provision for losses for the year ended December 31, 2025, was $32,860 thousand, significantly higher than $11,579 thousand in 2024, indicating increased risk management measures[23]. - Total credit-related expenses increased significantly to $34,210,000 in 2025 from $11,686,000 in 2024, reflecting a rise of 192.5%[27]. - Operating expenses rose to $119,801,000 in 2025, up from $105,386,000 in 2024, which is an increase of 13.7%[27]. - The provision for losses surged to $32,860,000 in 2025, compared to $11,579,000 in 2024, indicating a significant increase of 183.5%[27]. Quarterly Performance - For the three months ended December 31, 2025, total core earnings amounted to $57,091,000, with segment core earnings from Agricultural Finance at $25,571,000[33]. - The company reported a net income of $47,924,000 for the quarter, reflecting the impact of unallocated expenses and income tax effects[33]. - Core earnings for December 2025 were reported at $39,996 thousand, compared to $49,622 thousand in September 2025, indicating a decrease of 19.5%[38]. - Total revenues for December 2025 amounted to $107,911 thousand, up from $105,086 thousand in September 2025, representing an increase of 2.7%[38]. - Net earnings for December 2025 were $59,652 thousand, down from $67,858 thousand in September 2025, a decline of 12.9%[38]. Management and Future Outlook - Management expressed confidence in the company's resilient business model and ability to deliver value to rural America and shareholders[3]. - The earnings conference call to discuss the financial results was scheduled for February 19, 2026[9]. - Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2025, was filed with the SEC, providing more detailed performance information[10].

Farmer Mac Reports 2025 Results - Announces 7% Dividend Increase - - Outstanding Business Volume of $33.4 Billion - WASHINGTON, D.C., February 19, 2026 — The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure, today announced its results for the fiscal quarter and year ended December 31, 2025. "Farmer Mac delivered another ...

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 Barings BDC, Inc. For the transition period from to Commission file number 814-00733 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

Financial Performance - Net income attributable to common shareholders for Q4 2025 was $123.8 million, or $0.33 per diluted share, a slight increase from $123.2 million, or $0.33 per diluted share, in Q4 2024[8] - For the full year 2025, net income attributable to common shareholders was $439.0 million, or $1.18 per diluted share, up from $398.5 million, or $1.08 per diluted share, in 2024[15] - Funds from Operations (FFO) attributable to common share and unit holders for the year ended December 31, 2025, was $756.9 million, an increase of 9.6% from $690.7 million in 2024[53] - Net income for the trailing twelve months ended December 31, 2025, was $513,392,000, showing an increase from $468,142,000 for the same period in 2024[134] Revenue Growth - Rents and other single-family property revenues increased by 4.2% to $455.0 million in Q4 2025, compared to $436.6 million in Q4 2024, driven primarily by higher rental rates[9] - Rents and other single-family property revenues for the full year 2025 increased by 7.0% to $1.85 billion, compared to $1.73 billion in 2024, attributed to a growth in the average occupied portfolio[16] - Core revenues for 2025 reached $1,609,010,000, up from $1,507,266,000 in 2024, indicating a growth of approximately 6.8%[44] - Core revenues for Q4 2025 reached $402,928, an increase from $387,485 in Q4 2024, representing a growth of 3.7% year-over-year[48] Operating Income - Core Net Operating Income (Core NOI) from the total portfolio rose by 5.0% to $268.3 million in Q4 2025, compared to $255.6 million in Q4 2024, supported by a 4.0% increase in core revenues[10] - Same-Home Core NOI for 2025 is reported at $235,121,000, an increase from $227,197,000 in 2024[44] - Core NOI for Q4 2025 was $268,272, up from $255,561 in Q4 2024, indicating a growth of 4.9% year-over-year[48] - The Core NOI margin improved to 66.6% in Q4 2025, compared to 66.0% in Q4 2024[48] Expenses - Total property operating expenses for 2025 amounted to $663,954,000, an increase from $625,883,000 in 2024[44] - General and administrative expenses for 2025 totaled $83,006,000, slightly down from $83,590,000 in 2024[44] - Property management expenses for the year ended December 31, 2025, totaled $134,808,000, compared to $129,321,000 in 2024, indicating an increase of approximately 4.3%[143] Debt and Financing - As of December 31, 2025, the company had total outstanding debt of $5.2 billion, with a weighted-average interest rate of 4.5%[24] - Total debt increased to $5,160,000 in Q4 2025 from $5,075,391 in Q4 2024, representing a rise of 1.7%[48] - The Total Debt to Total Capitalization ratio was 27.5% in Q4 2025, up from 24.1% in Q4 2024[48] - The company holds $360,000 in floating rate debt, representing 7.0% of total debt[75] Shareholder Returns - The company declared a distribution of $0.30 per common share for Q4 2025, consistent with the previous quarter and an increase from $0.26 in Q4 2024[48] - The company repurchased 4.7 million Class A common shares at an average price of $31.77 per share for a total of $150.0 million in Q4 2025[23] Future Outlook - The company expects Core FFO for 2026 to be in the range of $1.89 to $1.95 per share, reflecting a growth of 1.1% to 4.3%[28] - The company plans to deliver 1,300 to 1,500 wholly-owned development properties in 2026, with an investment of $500 to $600 million[28] - Same-Home core revenues growth for 2026 is anticipated to be between 1.25% and 3.25%[108] Property Portfolio - The company owned over 61,000 single-family properties as of December 31, 2025, across various regions in the United States[37] - The company reported a total of 61,479 properties owned as of December 31, 2025, which includes 52,757 same-home properties and 4,304 stabilized properties[56] - The average occupancy rate for Q4 2025 was 95.0%, down from 95.3% in Q4 2024[69] Conference and Communication - A conference call is scheduled for February 20, 2026, to discuss the financial results for the quarter and full year ended December 31, 2025[35] - Investor relations can be contacted at (855) 794-2447 or via email at investors@amh.com[162] - Media relations are available at (855) 774-4663 or (702) 847-7800, with inquiries directed to media@amh.com[162]

Financial Performance - For the three months ended January 31, 2026, Copart reported revenue of $1.1 billion, a decrease of $41.6 million or 3.6% year-over-year[4] - Gross profit for the same period was $492.8 million, down $32.7 million or 6.2% compared to the previous year[4] - Net income attributable to Copart, Inc. for the quarter was $350.7 million, reflecting a decrease of $36.7 million or 9.5% year-over-year[4] - For the six months ended January 31, 2026, total revenue was $2.3 billion, a decrease of $33.4 million or 1.4% from the same period last year[5] - The company reported a fully diluted earnings per share of $0.36 for the quarter, down 10.0% from $0.40 in the prior year[4] - Operating income for the three months ended January 31, 2026, was $388.7 million, a decline of 8.8% compared to the same period last year[11] - Total service revenues and vehicle sales for the three months ended January 31, 2026, reached $1,121,674,000, a decrease from $1,163,316,000 in the same period of 2025[19] - Operating income for the six months ended January 31, 2026, was $819,405,000, compared to $832,578,000 for the same period in 2025, indicating a decline[19] - Service revenues for the six months ended January 31, 2026, totaled $1,943,896,000, down from $1,977,617,000 in the same period of 2025[19] Cash and Assets - Cash, cash equivalents, and restricted cash increased to $5.1 billion as of January 31, 2026, from $2.8 billion as of July 31, 2025[14] - Total assets as of January 31, 2026, were $10.6 billion, up from $10.1 billion as of July 31, 2025[14] - Net cash provided by operating activities for the six months ended January 31, 2026, was $662,753,000, slightly up from $660,401,000 in 2025[17] - Cash, cash equivalents, and restricted cash at the end of the period increased to $5,101,820,000 from $3,338,909,000 year-over-year[17] - The company experienced a net increase in cash of $2,321,289,000 for the six months ended January 31, 2026, compared to $1,824,798,000 in 2025[17] Vehicle Sales and Operations - The company sold over 4 million units in the last year, maintaining its position as a global leader in online vehicle auctions[7] - Copart's interest income increased by 22.7% to $50.0 million for the quarter, compared to $40.7 million in the previous year[11] - Net income for the six months ended January 31, 2026, was $752,177,000, compared to $747,717,000 for the same period in 2025, reflecting a slight increase[17] - Vehicle sales for the six months ended January 31, 2026, amounted to $332,808,000, compared to $332,528,000 in the same period of 2025, showing a marginal increase[19] Expenses - General and administrative expenses for the six months ended January 31, 2026, were $210,406,000, slightly up from $205,080,000 in the same period of 2025[19] - The company reported a net cash provided by investing activities of $1,858,621,000 for the six months ended January 31, 2026, compared to $1,127,508,000 in 2025[17]

Revenue Performance - Revenues for Q4 2025 were $469.1 million, an increase of $41.6 million or 9.7% compared to Q4 2024, driven by acquisitions and price growth [4]. - Fiscal year 2025 revenues reached $1.837 billion, up $279.6 million or 18.0% from fiscal year 2024 [6]. - Revenues for the three months ended December 31, 2025, increased to $469.1 million, up 9.7% from $427.5 million in the same period of 2024 [25]. - Total revenues for the three months ended December 31, 2025, were $573.297 million, an increase from $518.419 million in the same period of 2024, representing a growth of 10.6% [40]. Income and Profitability - Net income for Q4 2025 was $(2.5) million, a decrease of $(7.4) million compared to Q4 2024, while adjusted net income was $18.9 million, down 15.1% [7]. - Operating income for the twelve months ended December 31, 2025, was $63.7 million, a decrease of 12.5% compared to $72.8 million in 2024 [25]. - Net loss for the three months ended December 31, 2025, was $2.5 million, compared to a net income of $4.9 million in the same period of 2024 [25]. - Adjusted net income for the twelve months ended December 31, 2025, was $80,634,000, an increase from $78,840,000 in 2024, reflecting a growth of approximately 2% [33]. - Adjusted diluted earnings per common share for the twelve months ended December 31, 2025, was $1.27, compared to $1.32 in 2024, indicating a slight decrease of about 3.8% [33]. Cash Flow and Financial Position - Net cash provided by operating activities for fiscal year 2025 was $329.8 million, up $48.4 million or 17.2% from fiscal year 2024 [12]. - Cash flows from operating activities for the twelve months ended December 31, 2025, were $329.8 million, up from $281.4 million in 2024 [30]. - Net cash provided by operating activities for the twelve months ended December 31, 2025, was $329,776,000, up from $281,355,000 in 2024, representing an increase of approximately 17.2% [35]. - Adjusted Free Cash Flow for fiscal year 2025 was $179.9 million, an increase of $21.6 million or 13.6% from fiscal year 2024 [12]. - Adjusted free cash flow for the twelve months ended December 31, 2025, was $179,913,000, compared to $158,309,000 in 2024, marking a growth of about 13.7% [35]. - Cash, cash equivalents, and restricted cash decreased to $216.9 million as of December 31, 2025, from $383.3 million at the end of 2024 [30]. Acquisitions and Growth Strategy - The company acquired nine businesses in fiscal year 2025, contributing approximately $115 million in annualized revenue, with an additional $30 million from the Mountain State Waste acquisition [6]. - The company plans to continue focusing on acquisitions to expand its geographic footprint and enhance shareholder value [3]. - The company incurred acquisition-related expenses of $24.2 million for the twelve months ended December 31, 2025, compared to $24.9 million in 2024 [32]. - The company incurred acquisition expenses of $15,000,000 in fiscal year 2026, highlighting ongoing strategic growth initiatives [38]. Guidance and Future Outlook - Guidance for fiscal year 2026 includes revenues between $1.970 billion and $1.990 billion, and adjusted EBITDA between $455 million and $465 million [17]. - The company expects adjusted EBITDA for fiscal year 2026 to be between $455,000,000 and $465,000,000, reflecting a strong operational outlook [38]. - Estimated net cash provided by operating activities for fiscal year 2026 is projected to be between $370,000,000 and $380,000,000, indicating robust cash generation capabilities [38]. - Capital expenditures for fiscal year 2026 are estimated at $260,000,000, which includes acquisition-related capital expenditures of $65,000,000 [38]. Asset and Liability Management - Total assets as of December 31, 2025, were $3.3 billion, compared to $3.2 billion as of December 31, 2024 [27]. - Current liabilities decreased to $293.9 million as of December 31, 2025, from $307.3 million in 2024 [27]. Operational Performance - Adjusted EBITDA for Q4 2025 was $107.0 million, an increase of $12.0 million or 12.7% from Q4 2024 [7]. - Adjusted EBITDA for the twelve months ended December 31, 2025, was $422.8 million, representing an increase of 17.3% from $360.6 million in 2024 [32]. - Solid waste pricing increased by 4.9% in fiscal year 2025, with collection prices growing by 5.0% and disposal prices by 4.9% [6]. - Solid waste operations contributed $33.801 million to revenue growth, accounting for 9.9% of the total increase, while Resource Solutions operations added $7.768 million, representing a 9.1% growth [41]. - The company reported a gross revenue of $331.252 million from collection services for the three months ended December 31, 2025, compared to $292.637 million in 2024, marking a growth of 13.2% [40]. - Disposal services generated $138.062 million in gross revenue for the three months ended December 31, 2025, up from $131.329 million in 2024, an increase of 5.3% [40]. - The company experienced a solid waste price increase contributing $15.174 million to revenue growth, which is 4.4% of the total solid waste operations growth [41]. - Total solid waste volume decreased by $3.709 million, representing a decline of 1.1% in the same period [41]. Capital Expenditures - Acquisition capital expenditures for the three months ended December 31, 2025, were $12.127 million, compared to $24.006 million in the same period of 2024, indicating a decrease of 49.5% [42]. - Total capital expenditures for the twelve months ended December 31, 2025, reached $245.071 million, up from $203.227 million in 2024, reflecting a year-over-year increase of 20.6% [42]. - Replacement capital expenditures for the three months ended December 31, 2025, were $39.442 million, down from $47.484 million in 2024, a decrease of 16.9% [42].

Washington, D.C .20549 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ 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 _________________ FORM 10-K (Mark One) Commission File Number: 001-38233 CARGURUS, INC. (Exact name of Registrant as specified in its charter) De ...