Exhibit 99.1 FOR IMMEDIATE RELEASE Contacts: Johanna Schmitt Mark Stoutenberg Media Relations Investor Relations Akamai Technologies Akamai Technologies AkamaiPR@akamai.com mstouten@akamai.com AKAMAI REPORTS FOURTH QUARTER 2025 AND FULL-YEAR 2025 FINANCIAL RESULTS Fourth quarter highlights Full-year highlights CAMBRIDGE, Mass. – February 19, 2026 – Akamai Technologies, Inc. (NASDAQ: AKAM), the cybersecurity and cloud computing company that powers and protects business online, today reported financial result ...

Financial Performance - Total revenue for Q4 2025 was $71.1 million, a decrease of 1.8% compared to Q4 2024[3] - Adjusted EBITDA for Q4 2025 was $22.4 million, down 4.0% from the previous year, with an Adjusted EBITDA margin of 31.5%[12] - Net income attributable to RE/MAX Holdings for Q4 2025 was $1.4 million, with GAAP EPS of $0.07, compared to $5.8 million and $0.31 in Q4 2024[11] - Revenue excluding Marketing Funds for Q4 2025 was $53.6 million, a decrease of 0.4% year-over-year, driven by negative organic revenue growth of 0.4%[6] - Continuing franchise fees decreased to $27,077,000 in Q4 2025 from $29,788,000 in Q4 2024, representing a decline of 9.1%[28] - Net income attributable to RE/MAX Holdings, Inc. for Q4 2025 was $1,440,000, down from $5,805,000 in Q4 2024, a decrease of 75.2%[28] - Operating income increased to $9,318,000 in Q4 2025 compared to $4,271,000 in Q4 2024, reflecting a growth of 118.8%[28] - Adjusted EBITDA for the year ended December 31, 2025, was $93,721 million, with an adjusted EBITDA margin of 32.1%[36] - Adjusted EBITDA for the year ended December 31, 2025, was $93,721 million, a decrease of 4.0% from $97,700 million in 2024[51] Agent Count and Market Presence - Total agent count increased by 1.4% to 148,660 agents, while U.S. and Canada combined agent count decreased by 4.6% to 72,977 agents[5] - The total agent count in the U.S. and Canada decreased to 72,977 as of December 31, 2025, down from 76,457 in the previous year, reflecting a decline of approximately 4.8%[34] Cash and Liquidity - Cash and cash equivalents as of December 31, 2025, were $118.7 million, an increase of $22.1 million from the previous year[14] - Cash and cash equivalents rose to $118,736,000 as of December 31, 2025, up from $96,619,000 in 2024, an increase of 22.9%[30] - The company’s cash, cash equivalents, and restricted cash at the end of the period increased to $193,068 million from $169,287 million at the beginning of the period[32] Future Guidance - For Q1 2026, the company expects revenue in the range of $69.0 million to $74.0 million and Adjusted EBITDA between $14.0 million and $17.0 million[16] - For the full year 2026, the company anticipates revenue between $285.0 million and $305.0 million, with Adjusted EBITDA in the range of $90.0 million to $100.0 million[16] - The company anticipates continued focus on innovation and enhancing its value proposition in the upcoming quarters[24] - The company anticipates that future Adjusted EBITDA will be impacted by similar charges and costs as in prior quarters, affecting financial guidance[60] Expenses and Liabilities - Total operating expenses for Q4 2025 were $61.8 million, a decrease of 9.4% compared to $68.2 million in Q4 2024[8] - Total liabilities decreased to $611,463,000 in 2025 from $639,988,000 in 2024, a reduction of 4.5%[30] Shareholder Returns - The company paid dividends totaling $498 million to Class A common stockholders in 2025, compared to $13,553 million in 2023[32] Cash Flow and Investments - Cash flows from operating activities for the year ended December 31, 2025, were $40,878 million, compared to $28,264 million in 2023, representing a growth of 44.7%[32] - The company reported a net cash used in investing activities of $7,782 million for the year ended December 31, 2025, an increase from $5,643 million in 2023[32] - Cash flow from operations for the year ended December 31, 2025, was $40,878 million, a decrease of 31.6% compared to $59,652 million in 2024[51] - Adjusted free cash flow for the year ended December 31, 2025, was $31,840 million, down 37.5% from $51,002 million in 2024[51] - Unencumbered cash generated for the year ended December 31, 2025, was $27,240 million, a decline of 41.3% compared to $46,402 million in 2024[51] Bad Debt and Interest Expense - The company incurred interest expense of $31,700 million for the year ended December 31, 2025, down from $36,258 million in 2024[36] - The company recorded a bad debt expense of $3,278 million in 2025, compared to $6,784 million in 2023, reflecting a decrease of 51.6%[32] Share Count - The weighted average shares of Class A common stock outstanding increased to 20,078,818 in Q4 2025 from 18,921,229 in Q4 2024[28] - Total diluted pro forma weighted average shares outstanding increased to 33,463,932 in Q4 2025 from 32,545,071 in Q4 2024[48] - Total basic pro forma weighted average shares outstanding rose to 32,638,418 in Q4 2025 from 31,480,829 in Q4 2024[48] - The dilutive effect of unvested restricted stock units was 825,514 for Q4 2025, compared to 1,064,242 in Q4 2024[48]

Financial Performance - Harmonic reported Q4 2025 net revenue of $157.3 million, with a full-year revenue of $570.8 million[4]. - Total revenue for the year ended December 31, 2025, was $360.52 million, down 26.2% from $488.20 million in 2024[38]. - Total GAAP revenue for the twelve months ended December 31, 2024, was $488.2 million, with a gross profit of $240.1 million, resulting in a gross margin of 49.2%[45]. - The company reported a basic loss per share of $0.49 for Q4 2025, compared to earnings of $0.33 per share in Q4 2024[32]. - For the year ended December 31, 2025, Harmonic Inc. reported a net loss of $43.31 million compared to a net income of $39.22 million in 2024[34]. - The company incurred $57.52 million in goodwill impairment charges, significantly impacting net income[34]. - Diluted earnings per share (EPS) for the year was $0.01 under GAAP and $0.23 under non-GAAP[43]. - For the three months ended December 31, 2025, GAAP income from continuing operations was $219, with a net income loss of $54.8 million[48]. - Non-GAAP income for the three months ended December 31, 2025, was $52.432 million, which is 23.6% of total revenue[48]. Revenue Segmentation - The Americas contributed $320.57 million, accounting for 89% of total revenue, while EMEA and APAC contributed $33.89 million (9%) and $6.06 million (2%), respectively[38]. - The top two customers represented 62% of total revenue, down from 81% in the previous year, indicating a diversification in the customer base[38]. Bookings and Backlog - The company achieved a record quarterly Broadband bookings of $346.9 million, resulting in a book-to-bill ratio of 3.5 for Q4 2025[3][8]. - Backlog and deferred revenue increased by 73% year-over-year to $573.8 million, up from $332.3 million[4][6]. Cash and Liquidity - Harmonic's cash position improved to $124.1 million as of December 31, 2025, compared to $101.5 million the previous year[6]. - Cash and cash equivalents increased to $124.46 million from $101.79 million in 2024, reflecting a strong liquidity position[34]. - The company generated net cash provided by operating activities of $107.97 million, an increase of 74.5% from $61.92 million in the previous year[34]. Expenses - Research and development expenses for the year ended December 31, 2025, were $74.958 million, an increase of 3.3% from $72.574 million in 2024[32]. - Selling, general and administrative expenses for the year ended December 31, 2025, were $82.755 million, up from $79.169 million in 2024[32]. - The total operating expense for the twelve months ended December 31, 2024, was $165.373 million, which is 33.9% of total revenue[45]. - The company experienced a significant impairment of goodwill, with charges of $57.521 million for the three months ended December 31, 2025[48]. Future Guidance - Q1 2026 GAAP financial guidance estimates net revenue between $100 million and $105 million, with a gross margin of 53.0% to 54.3%[9]. - For FY 2026, Harmonic projects net revenue between $440 million and $480 million, with a gross margin of 50.5% to 52.5%[11]. - Q1 2026 GAAP revenue guidance is projected to be between $100 million and $105 million, with Non-GAAP revenue expected to be in the same range[50]. - FY26 GAAP revenue guidance is estimated to be between $440 million and $480 million, while Non-GAAP revenue is also projected to be in the same range[50]. - Q1 2026 GAAP gross profit is expected to be between $53 million and $57 million, with Non-GAAP gross profit projected between $54 million and $58 million[50]. - FY26 GAAP gross profit guidance is between $222 million and $252 million, while Non-GAAP gross profit is expected to be between $224 million and $254 million[50]. - Q1 2026 GAAP diluted earnings per share is projected to be between $0.04 and $0.04, while Non-GAAP diluted earnings per share is expected to be between $0.11 and $0.12[50]. - FY26 GAAP diluted earnings per share guidance is estimated to be between $0.27 and $0.43, with Non-GAAP diluted earnings per share projected between $0.46 and $0.63[50]. - Total operating expenses for Q1 2026 are expected to be between $46 million and $48 million, while Non-GAAP operating expenses are projected to be between $36 million and $38 million[50]. - Total operating expenses for FY26 are estimated to be between $176 million and $181 million, with Non-GAAP operating expenses expected to be between $150 million and $155 million[50]. Adjusted Metrics - Adjusted EBITDA for Q4 2025 was $12.1 million, while the full-year adjusted EBITDA was $47.3 million[4][8]. - Adjusted EBITDA for the twelve months ended December 31, 2025, was $47.288 million, with total revenue of $360.523 million, resulting in an adjusted EBITDA margin of 13.1%[49]. - Stock-based compensation for the twelve months ended December 31, 2025, amounted to $21.641 million, contributing to total adjustments of $97.191 million[48]. - Harmonic Inc. reported a significant increase in stock-based compensation expenses, totaling $31.88 million in 2025 compared to $28.07 million in 2024[34].

Exhibit 99.1 (3) Based on weighted average shares outstanding during the period of 105,200,841. Investment Portfolio and Balance Sheet Highlights | Income Statement | Three Months Ended December 31, 2025 | | Three Months Ended September 30, 2025 | | Full Year Ended December 31, 2025 | | | --- | --- | --- | --- | --- | --- | --- | | | | Per | | Per | | Per | | (dollars in millions, except per share data) | Total Amount | (1) Share | Total Amount | (2) Share | Total Amount | (3) Share | | Net investment incom ...

Company Overview - As of December 31, 2025, Capital One Financial Corporation was the largest issuer of credit cards in the U.S. based on outstanding credit card loan balances [16]. - Capital One had approximately 76,300 employees worldwide as of December 31, 2025, focusing on recruitment, development, and retention strategies [124]. Acquisitions and Mergers - The acquisition of Discover Financial Services was completed on May 18, 2025, with a purchase consideration of $51.8 billion and total identifiable assets acquired valued at $168.6 billion [23]. - Capital One plans to acquire Brex Inc. for $5.15 billion, consisting of approximately $2.58 billion in cash and about 10.6 million shares of common stock [26]. - The Global Payment Network, acquired through the Discover merger, enhances Capital One's transaction processing capabilities and customer base [21]. Financial Performance - Capital One's consolidated total net revenues are primarily derived from lending activities, with significant contributions from non-interest income such as discount and interchange income [30]. - The Credit Card segment includes domestic consumer card lending and international card businesses in the U.K. and Canada [36]. - The Consumer Banking segment encompasses deposit gathering and lending activities for consumers and small businesses, including auto lending [36]. Regulatory Compliance - Capital One's operations are subject to extensive regulation and supervision by U.S. federal and state laws, impacting its business and organizational structure [42]. - The Company is classified as a Category III institution under the Basel III Capital Rules, with total consolidated assets between $250 billion and $700 billion [52]. - The minimum common equity Tier 1 (CET1) capital ratio required is 4.5%, with a Tier 1 capital ratio of 6.0% and a total capital ratio of 8.0% [54]. - The Company's stress capital buffer requirement is set at 4.5% for the period from October 1, 2025, to September 30, 2026 [59]. - The Bank's minimum capital requirements, including its capital conservation buffer, are 7.0% for CET1 capital, 8.5% for Tier 1 capital, and 10.5% for total capital ratios [60]. - The Federal Reserve's capital plan rule requires the Company to submit a capital plan annually, detailing planned capital actions over a nine-quarter horizon [74]. - The Company is subject to supervisory stress testing requirements, including the Dodd-Frank Act stress tests, to assess capital sufficiency during adverse economic conditions [77]. - The Basel III Finalization Proposal, released in July 2023, aims to revise capital rules for institutions with total assets of $100 billion or more [66]. - The Market Risk Rule requires adjustments to risk-based capital ratios to reflect market risk in the trading book, applicable to institutions with trading assets and liabilities equal to 10% or more of total assets or $1 billion or more [65]. - The capital conservation buffer for the Bank is fixed at 2.5%, with a countercyclical capital buffer currently set at 0% [60]. - The Company is not classified as a Global Systemically Important Bank (G-SIB) and therefore is not subject to the G-SIB Surcharge [56]. - The Company and the Bank are required to maintain a liquidity coverage ratio (LCR) of at least 100% of projected adjusted net cash outflows over a 30-day period [82]. - As a Category III institution, the Company and the Bank's total net cash outflows are adjusted by an outflow percentage of 85% [83]. - The net stable funding ratio (NSFR) requires the Company and the Bank to maintain available stable funding of at least 85% of their required stable funding [84]. - The Company is subject to minimum liquidity standards set by the Federal Reserve and OCC, including conducting internal liquidity stress tests [85]. - The FDIC has finalized a rule to implement a special assessment to recover losses to the Deposit Insurance Fund (DIF) due to the protection of uninsured depositors, with a quarterly rate of 3.36 basis points starting in Q2 2024 [98]. - The Company is required to submit a resolution plan every three years to the Federal Reserve and FDIC, with the next full submission due by July 1, 2026 [89]. - The Federal Banking Agencies proposed a rule requiring the Company to maintain a minimum outstanding eligible long-term debt amount of no less than 6% of total risk-weighted assets [92]. - The Company must comply with the Volcker Rule, which prohibits proprietary trading and certain investments in covered funds [104]. - The Bank's consumer lending activities are regulated under various federal laws, including the Truth in Lending Act and the Equal Credit Opportunity Act [106]. - The FDIC has established a plan to restore the DIF reserve ratio to meet or exceed 1.35% by September 30, 2028 [97]. - The Bank earns interchange fees from debit cards issued on networks not owned by the Company, subject to Regulation II, which limits fees for issuers with over $10 billion in assets [108]. - In 2023, the Federal Reserve proposed amendments to Regulation II that could lower the cap on debit interchange fees, potentially impacting revenue from four-party networks [109]. - The Bank is registered as a swap dealer with the CFTC, subjecting it to additional regulatory requirements regarding swaps and derivatives activities [121]. Risk Management - Capital One is facing risks related to the integration of the Discover transaction, which may incur substantial expenses and could take longer to realize anticipated benefits [139]. - The company is monitoring changes in the macroeconomic environment, including inflation, geopolitical conflicts, and potential recessions, which could impact its operations and results [139]. - Fluctuations in interest rates and their effect on funding and liquidity sources are critical factors for the company's financial health [139]. - The company is experiencing increases in credit losses and delinquencies, which may lead to inadequate reserves if expected losses are incorrectly estimated [139]. - Capital One is focused on maintaining adequate capital and liquidity levels to comply with revised requirements, which is essential for returning capital to stockholders [139]. - The company is addressing risks related to cyber-attacks and security incidents that could disrupt operations and damage reputation [139]. - Compliance with evolving domestic and foreign laws, particularly regarding privacy and data protection, remains a priority for the company [139]. Strategic Initiatives - The company is committed to executing its strategic initiatives and operational plans to enhance its market position [139]. - Capital One is adapting its operational and technological infrastructure to meet the demands of its business environment [139]. - The company is working to create a strong base of network licensees to achieve meaningful global card acceptance [139]. Technology and Innovation - The Company leverages technology, including cloud and AI, to improve operational efficiency and reduce costs [130]. - Capital One relies on third-party service providers, such as AWS and TSYS, for cloud infrastructure and credit card processing services [132]. - The Company is subject to evolving privacy and data protection laws, including the Gramm-Leach-Bliley Act and the California Consumer Privacy Act, which may increase compliance costs [113]. - The Bank must comply with the Bank Secrecy Act and the Anti-Money Laundering Act, which require implementing risk-based compliance programs to prevent money laundering [116]. - Climate change risks are a focus for regulatory bodies, and new laws or regulations may impact the Company's operations in the future [123].

Exhibit 99.1 iRhythm Holdings Announces Fourth Quarter and Full Year 2025 Financial Results SAN FRANCISCO, February 19, 2026 (GLOBE NEWSWIRE) -- iRhythm Holdings, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months and full year ended December 31, 2025. Fourth Quarter 2025 Financial Highlights Full Year 2025 Financial Highlights Fourth Quarter 2025 Financial Results R ...

Financial Performance - Net sales for Q4 2025 were $1,129.7 million, a 2.0% increase from $1,107.4 million in Q4 2024[6] - Comparable store sales decreased by 4.8% in Q4 2025[6] - Diluted EPS for Q4 2025 was $0.36, down 18.2% from $0.44 in Q4 2024[6] - Operating income for Q4 2025 was $51.9 million, a decrease of 12.3% from $59.2 million in Q4 2024[6] - For the full fiscal year 2025, net sales were $4,684.1 million, a 5.1% increase from $4,455.8 million in fiscal 2024[6] - Full year diluted EPS was $1.92, an increase of 1.1% from $1.90 in fiscal 2024[6] - Net income for the fiscal year ended December 25, 2025, was $208,647,000, slightly up from $205,872,000 in 2024, indicating a growth of 0.4%[19] - Adjusted EBITDA for the fiscal year ended December 25, 2025, was $538,171,000, compared to $512,504,000 in 2024, reflecting an increase of 5.0%[20] Store Expansion - The company opened eight new warehouse stores in Q4 2025, bringing the total to 270 warehouse stores[6] - The company plans to open 20 new warehouse stores in fiscal 2026[10] Future Guidance - Fiscal 2026 guidance includes net sales of approximately $4,880 million to $5,030 million[10] - Adjusted EBITDA for fiscal 2026 is projected to be approximately $560 million to $590 million[10] Assets and Liabilities - Total assets increased to $5,469,358,000 in 2025 from $5,050,478,000 in 2024, representing a growth of 8.3%[18] - Total liabilities increased to $3,060,522,000 in 2025 from $2,880,320,000 in 2024, a rise of 6.3%[18] - Current liabilities decreased to $1,151,390,000 in 2025 from $1,244,192,000 in 2024, a reduction of 7.5%[18] - Fixed assets, net, increased to $1,856,127,000 in 2025 from $1,786,587,000 in 2024, showing a growth of 3.9%[18] Cash Flow - Cash and cash equivalents at the end of the period rose to $249,296,000 from $187,669,000, marking a significant increase of 32.8%[19] - The company reported a net cash provided by operating activities of $381,836,000 for the fiscal year 2025, down from $603,155,000 in 2024, a decline of 36.6%[19] Strategic Outlook - The company anticipates continued growth despite macroeconomic challenges, including high interest rates and competition[22] - The company plans to focus on managing new store growth and enhancing brand awareness to drive future performance[24]

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 1-5684 W.W. Grainger, Inc. (Exact name of registrant as specified in its charter) Illinois 36-1150280 (State or other juri ...

Financial Performance - Total revenue for Q4 2025 was $636.2 million, down 1.1% year-over-year; excluding FormSwift, revenue grew 0.4%[4] - Total annual recurring revenue (ARR) was $2.526 billion, a decrease of 1.9%; excluding FormSwift, ARR was $2.504 billion, a decrease of 0.3%[4] - Total revenue for fiscal 2025 was $2.521 billion, down 1.1%; excluding FormSwift, revenue grew 0.2%[7] - Revenue for Q4 2025 was $636.2 million, a decrease of 1.9% from $643.6 million in Q4 2024[13] - Gross profit for Q4 2025 was $504.1 million, down from $522.8 million in Q4 2024, representing a decline of 3.9%[13] - Gross profit for the period was $2,020.2 million, with a gross margin of 80.1%[23] - Gross profit margin for Q4 2025 was 82.5%, a slight increase of 0.9% from the previous year[25] - The company reported a net gain on real estate assets of $(1.3) million, with a margin of (0.1%) on these assets[23] Net Income and Margins - GAAP net income for Q4 2025 was $108.7 million, compared to $102.8 million; non-GAAP net income was $173.9 million, down from $222.6 million[4] - GAAP net income for fiscal 2025 was $508.4 million, compared to $452.3 million; non-GAAP net income was $775.4 million, down from $803.8 million[7] - Net income for Q4 2025 increased to $108.7 million, compared to $102.8 million in Q4 2024, reflecting a growth of 4.6%[13] - Basic net income per share for Q4 2025 was $0.43, up from $0.34 in Q4 2024, indicating a growth of 26.5%[13] - GAAP net income for Q4 2025 was $108.7 million, compared to $102.8 million in Q4 2024, representing a growth of 7.8%[27] - Non-GAAP net income for Q4 2025 was $173.9 million, down from $222.6 million in Q4 2024, indicating a decrease of 22%[27] Operating Expenses and Cash Flow - Net cash provided by operating activities was $235.4 million, compared to $213.8 million; unlevered free cash flow was $250.5 million, up from $210.5 million[4] - The company reported total operating expenses of $341.9 million for Q4 2025, down from $434.9 million in Q4 2024, a reduction of 21.4%[13] - Net cash provided by operating activities for the twelve months ended December 31, 2025, was $951.8 million, compared to $894.1 million in 2024, reflecting a year-over-year increase of 6.4%[17] - Free cash flow for Q4 2025 was $224.9 million, compared to $210.5 million in Q4 2024, reflecting an increase of 6.9%[28] - Unlevered free cash flow for Q4 2025 reached $250.5 million, up from $210.5 million in Q4 2024, marking a growth of 18.9%[28] User Metrics - Paying users totaled 18.08 million, down from 18.22 million; average revenue per paying user was $139.68, compared to $140.06[4] - Dropbox's user base grew to 18 million paid users, marking a 10% increase from the previous quarter[35] - The average revenue per user (ARPU) increased to $33, reflecting a 5% year-over-year growth[35] Research and Development - Research and development expenses for Q4 2025 were $186.9 million, a significant decrease of 23.1% compared to $243.0 million in Q4 2024[13] - Research and development expenses totaled $732.0 million, resulting in a research and development margin of 29.0%[23] - Research and development expenses for Q4 2025 totaled $914.9 million, down 19.5% from $1.2 billion in Q4 2024[25] Strategic Initiatives - The company plans to drive engagement and adoption of its product Dash and invest in future growth in 2026[3] - The company plans to wind down operations of FormSwift by the end of 2026, which is expected to impact future revenue growth[29] - Dropbox is investing $50 million in new product development, focusing on enhancing collaboration tools and cloud storage solutions[35] - Dropbox is exploring potential acquisitions to enhance its technology stack and expand its service offerings[35] Shareholder Actions - The company repurchased approximately 60.4 million shares for $1.7 billion during fiscal 2025[7] - Common stock repurchases for the twelve months ended December 31, 2025, totaled $1,713.9 million, up from $1,241.6 million in 2024, reflecting a significant increase in share buybacks[17] Balance Sheet Highlights - Total current assets decreased to $1,190.5 million as of December 31, 2025, down from $1,738.4 million as of December 31, 2024[15] - Total liabilities increased to $4,642.1 million as of December 31, 2025, compared to $4,077.6 million as of December 31, 2024[15] - The accumulated deficit grew to $(3,815.1) million as of December 31, 2025, from $(3,146.5) million as of December 31, 2024[15] - Total stockholders' deficit increased to $(1,797.2) million as of December 31, 2025, compared to $(752.4) million as of December 31, 2024[15]

Financial Performance - Gross premiums written decreased by 11% to $156.8 million for Q4 2025 compared to $176.3 million in Q4 2024[4] - Net premiums earned slightly decreased by 1% to $188.5 million for Q4 2025 from $190.2 million in Q4 2024, while annual net premiums earned increased by 2% to $761.9 million[4] - The company reported a net loss of $23.4 million in Q4 2025, a significant decline from a net income of $28.3 million in Q4 2024, representing a 183% decrease[4] - Adjusted net income for Q4 2025 was $14.5 million, down 49% from $28.7 million in Q4 2024[4] - Net income for the three months ended December 31, 2025, was a loss of $23.4 million, compared to a profit of $28.3 million in the same period of 2024[11] - Adjusted net income for the year ended December 31, 2025, was $21.8 million, down from $94.0 million in 2024[11] - Basic earnings per share (EPS) for Q4 2025 was $(1.06), compared to $1.14 in Q4 2024, indicating a significant decline[22] Investment Income - Net investment income increased by 18% to $31.4 million in Q4 2025, up from $26.7 million in Q4 2024, and annual net investment income rose by 9% to $116.7 million[4] - The company reported net realized and unrealized gains on investments of $49.7 million in Q4 2025, compared to $0.4 million in Q4 2024, indicating a significant improvement[22] Assets and Equity - Total assets decreased by 3% to $3,436.6 million as of December 31, 2025, compared to $3,541.3 million as of December 31, 2024[7] - Stockholders' equity fell by 11% to $955.7 million in 2025 from $1,068.7 million in 2024[7] - The average stockholders' equity for the year ended December 31, 2025, was $1,012.2 million, down from $1,041.3 million in 2024[11] - Stockholders' equity decreased to $955.7 million in 2025 from $1,068.7 million in 2024, a decline of approximately 10.5%[19] Underwriting Performance - The combined ratio excluding LPT increased to 106.8% in Q4 2025 from 95.5% in Q4 2024, indicating a decline in underwriting performance[4] - The GAAP combined ratio for the three months ended December 31, 2025, was 106.1%, compared to 95.5% in 2024, indicating a decline in underwriting performance[13] - The loss and LAE ratio for the three months ended December 31, 2025, was 71.3%, up from 59.5% in the same period of 2024[13] Shareholder Returns - Cash dividends declared per share increased by 7% to $0.32 in Q4 2025 from $0.30 in Q4 2024[4] - Cash dividends declared per share rose to $1.26 in 2025 from $1.18 in 2024, an increase of 6.8%[19] - The book value per share increased by 8% to $46.98 in 2025 from $43.52 in 2024[7] - Book value per share increased by 10.8% to $46.98 in 2025 from $43.52 in 2024[19] - Adjusted book value per share was $50.95 in 2025, slightly up from $50.71 in 2024, showing a modest increase[19] Share Count - Average common shares outstanding (basic) decreased to 21,922,345 in Q4 2025 from 24,725,425 in Q4 2024, a reduction of approximately 11.5%[22] Other Financial Metrics - Total investments and cash as of December 31, 2025, amounted to $2,498.8 million, a decrease from $2,532.4 million in 2024[17] - The weighted average ending book yield on fixed income securities, cash, and cash equivalents was 4.9% as of December 31, 2025, compared to 4.5% in 2024[17] - The impact of the LPT Agreement on net income was a loss of $1.4 million in Q4 2025, compared to a gain of $0.1 million in Q4 2024[22] - Net unpaid losses and LAE at the end of the period for December 31, 2025, were $1,419.3 million, unchanged from the previous year[15] - The company reported a return on stockholders' equity of (2.3)% for the three months ended December 31, 2025, compared to 2.6% in 2024[11]