UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 number 001-31978 Assurant, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) (I.R.S. Employer Iden ...

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 25, 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 001-38070 Floor & Decor Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 27-3730271 (State ...

Financial Performance - Total revenues for the year ended December 31, 2025, were $2,541 million, a decrease of 2.2% compared to $2,599 million in 2024[14]. - Net loss attributable to stockholders for the year ended December 31, 2025, was $283 million, compared to a net income of $212 million in 2024[16]. - Adjusted EBITDA for the year ended December 31, 2025, was $609 million, down from $652 million in 2024, reflecting a decrease of 6.6%[19]. - Hotel Adjusted EBITDA for the year ended December 31, 2025, was $644 million, compared to $683 million in 2024, indicating a decline of 5.7%[23]. - Total assets decreased to $7,700 million as of December 31, 2025, from $9,161 million in 2024, a reduction of 16.0%[13]. - Total liabilities decreased to $4,624 million as of December 31, 2025, from $5,567 million in 2024, a decline of 16.9%[13]. - The company reported a total debt of $3,838 million as of December 31, 2025, which is relatively stable compared to $3,841 million in 2024[13]. - Net debt as of December 31, 2025, was $3,721 million, an increase from $3,582 million in 2024[34]. - The net debt to full-year current adjusted EBITDA ratio increased to 6.15x in 2025 from 5.61x in 2024[34]. - Interest expense for 2025 was $209 million, indicating a significant cost of debt[77]. - The company incurred impairment and casualty losses of $319 million in 2025, impacting overall profitability[77]. Revenue and Occupancy Trends - Total revenues for the three months ended December 31, 2025, were $629 million, a 0.7% increase from $625 million in 2024[24]. - Comparable hotel revenues increased by 2.2% to $605 million for the three months ended December 31, 2025, compared to $593 million in 2024[24]. - Current RevPAR for 2025 was $189.92, a decrease from $193.35 in 2024, reflecting a decline of 2.2%[75]. - Current occupancy rate for 2025 was 73.1%, a slight decrease from 74.5% in 2024[75]. - The occupancy rate for comparable hotels in Q4 2025 was 70.2%, consistent with the previous year[53]. Future Projections - The company expects full-year 2026 RevPAR to range from $190 to $194, reflecting a change of 0.0% to 2.0% compared to 2025[38]. - Adjusted EBITDA for full-year 2026 is projected to be between $580 million and $610 million[41]. - Operating expenses for Park's hotels are expected to increase by 2% to 3% in 2026[40]. - The company anticipates approximately $9 million of incremental interest expense from refinancing $1.4 billion of mortgage debt maturing in 2026[40]. - Nareit FFO attributable to stockholders is projected to be between $313 million and $343 million for the year ending December 31, 2026[42]. - Adjusted FFO attributable to stockholders is expected to range from $348 million to $380 million, with diluted adjusted FFO per share estimated at $1.73 to $1.89[42]. Portfolio and Asset Management - The current hotel portfolio consists of 34 hotels with a total of 22,561 rooms and a combined meeting space of 2,321,000 square feet[49]. - The total equity for the current hotel portfolio is valued at $1,759 million[49]. - The company plans to continue expanding its portfolio and enhancing its market presence through strategic acquisitions and new hotel developments[49]. - The company sold 1 hotel in 2023 for gross proceeds of $118.3 million, contributing to a total of 41 hotels sold to date[68]. - The remaining non-core hotels to be sold include 10 hotels with a total room count of 4,414 and an estimated 2025 Adjusted EBITDA of $44 million[72]. Operational Metrics - Average Daily Rate (ADR) is calculated as rooms revenue divided by total room nights sold, reflecting pricing trends and customer base characteristics[110]. - Revenue per Available Room (RevPAR) combines occupancy and ADR, serving as a key performance indicator for hotel operations[111]. - Total RevPAR includes rooms, food and beverage, and other hotel revenues, providing a comprehensive view of revenue generation[112]. - The Company utilizes EBITDA, Adjusted EBITDA, Hotel Adjusted EBITDA, and Hotel Adjusted EBITDA margin as key performance measures to evaluate operating performance and make operational decisions[99]. - The Company believes that Net Debt, calculated as total debt minus cash and cash equivalents, is a useful measure of financial leverage for investors[106]. Challenges and Strategic Focus - The company is facing macroeconomic challenges, including elevated inflation and interest rates, which may impact future performance[5]. - The company plans to continue focusing on market expansion and new product development to enhance revenue streams[79]. - The company anticipates the completion of anticipated dispositions, including non-core hotels, to improve financial performance[5].

Company Operations - Brookdale operates and manages 584 senior living communities across 41 states, serving approximately 51,000 residents as of December 31, 2025[19]. - As of December 31, 2025, Brookdale Senior Living operated 584 communities with a total of 48,244 units, with Assisted Living and Memory Care representing 63.3% of total units[46]. - The company managed 36 communities (4,374 units) on behalf of others, representing 9% of its senior housing capacity as of December 31, 2025[58]. - The company owned 370 communities, leased 178 communities, and managed 36 communities on behalf of others as of December 31, 2025[194]. - The company provides memory care services at 312 communities, totaling 8,353 memory care units across its segments[54]. Financial Performance - For the year ended December 31, 2025, total resident fee and management fee revenue reached $3,053,565, with Assisted Living and Memory Care contributing 68.9% of this revenue[47]. - 93.9% of resident fee revenue was generated from private pay residents, while government reimbursement programs accounted for 4.8%[46]. - Medicare and Medicaid reimbursements accounted for 1.2% and 3.6% of consolidated resident fee revenue for the year ended December 31, 2025[90]. - The average rate adjustment for in-place private pay residents effective January 1, 2026, was higher than typical annual adjustments to offset increased costs due to inflation[106]. - The company anticipates selling 29 owned communities (2,364 units) in 2026, projecting approximately $200.0 million in proceeds[30]. Growth Strategy - The company aims to enhance operational excellence, targeting increased revenue and disciplined expense management to drive growth[21]. - Brookdale plans to acquire 25 senior living communities (875 units) for $135.0 million, and five communities (686 units) for $175.0 million, both transactions expected to close in February 2025[25][28]. - The company is focused on driving organic growth through increased occupancy and revenue per available room (RevPAR) growth, benefiting from lower supply growth in the industry[22]. - Brookdale's strategic priorities include enhancing associate engagement and trust among residents and families to improve service quality and operational performance[21]. Operational Challenges - The regulatory environment for the senior living industry is intensifying, impacting the company's operations and expansion capabilities[80]. - The company faces challenges in maintaining occupancy rates due to state regulations allowing residents to terminate agreements with short notice, potentially affecting revenues and cash flow[109]. - Changes in federal, state, and local employment-related laws could increase operational costs significantly due to labor being a large portion of operating expenses[89]. - The company is subject to various environmental regulations that could impose liabilities for hazardous substances, potentially affecting financial condition and operations[95]. Employee Engagement and Retention - As of December 31, 2025, the company employed approximately 33,000 associates, with 68% being full-time[71]. - In 2025, the company focused on reducing turnover, resulting in contract labor costs returning to pre-pandemic inflation-adjusted levels[72]. - The company has implemented quality assurance programs to achieve high resident and family satisfaction, including regular community inspections[68]. - The company has established resident councils to enhance engagement and responsiveness to residents' needs[69]. Market and Competitive Landscape - The senior living industry is projected to see over one million new potential residents annually for the next decade due to demographic trends[38]. - The senior living industry faces significant competition, with numerous organizations offering similar services, which could impact occupancy and revenue[107]. - The company’s competitive strengths include a skilled management team and a nationwide network of senior living communities, positioning it to benefit from industry growth[59]. Financial Risks and Liabilities - As of December 31, 2025, the company had $3.9 billion in mortgage financing and $369.4 million in convertible senior notes due 2029, indicating significant indebtedness[128]. - The company faces significant indebtedness and lease obligations, which could adversely affect future operations and stockholder interests if cash flow is insufficient to cover required payments[134]. - The company may need additional capital to fund operations and strategic priorities, but financing may not be available on favorable terms, potentially delaying or abandoning plans[145]. - The company is exposed to interest rate risk due to variable-rate debt obligations, which could increase costs and adversely affect results of operations and cash flow[144]. Legal and Compliance Issues - The company is currently involved in litigation and claims that could lead to increased operating costs and uninsured liabilities, potentially affecting financial condition[151]. - Government inquiries and audits could negatively impact the company's business and financial results, with potential sanctions and penalties for non-compliance[154]. - Compliance with various federal and state laws, including the Americans with Disabilities Act and Fair Housing Act, may require unanticipated expenditures[163][164]. Stock and Market Performance - The company has a share repurchase program authorized for up to $100 million, with $44 million remaining available as of December 31, 2025[215]. - The company’s stock is traded on the NYSE under the symbol "BKD," with approximately 282 holders of record as of February 17, 2026[201]. - The market price of the company's common stock may be volatile, influenced by various factors including economic conditions and market interest rates[182].

Financial Performance - Newmont Corporation reported sales of $22,669 million for 2025, a 21.5% increase from $18,682 million in 2024 and a 92.2% increase from $11,812 million in 2023[13] - The net income from continuing operations for 2025 was $7,167 million, significantly up from $3,313 million in 2024 and a loss of $2,494 million in 2023[13] - Adjusted net income for 2025 was $7,634 million, compared to $3,991 million in 2024 and $1,324 million in 2023, reflecting a strong performance[13] - Free cash flow for 2025 was reported at $7,299 million, a significant increase from $2,916 million in 2024 and $88 million in 2023[13] - Net income attributable to Newmont stockholders was $7,085 million or $6.39 per diluted share, an increase of $3,805 million from the prior year[25] - Adjusted net income reported was $7,634 million or $6.89 per diluted share, an increase of $3.41 per diluted share from the prior year[25] - Adjusted EBITDA reached $13,480 million, reflecting a 55% increase from the prior year[25] - Net cash provided by operating activities was $10,334 million, a 64% increase from the prior year, with free cash flow of $7,299 million[25] Production and Costs - Consolidated gold production for 2025 was 5,530 thousand ounces, a decrease from 6,545 thousand ounces in 2024 but an increase from 5,401 thousand ounces in 2023[17] - The average realized price of gold per ounce in 2025 was $3,498, up from $2,408 in 2024 and $1,954 in 2023[17] - Consolidated costs applicable to sales for gold per ounce in 2025 were $1,199, an increase from $1,126 in 2024 and $1,050 in 2023[19] - Attributable gold production was approximately 6 million ounces, a decrease of 14% from the prior year due to divestments[25] Projects and Investments - The Tanami Expansion 2 project is expected to increase average annual gold production and improve efficiency, with total capital costs estimated between $1,700 million and $1,800 million[23] - The Cadia Panel Caves project aims to recover approximately 5 million ounces of gold and 1.1 million tonnes of copper, with capital costs estimated between $2,000 million and $2,400 million[24] Dividends and Shareholder Returns - Regular cash dividends declared per common share for 2025 were $1.01, consistent with $1.00 in 2024 but down from $1.45 in 2023[13] - A total dividend of $1.01 per share was declared for the year[25] Cash and Liquidity - The company ended the year with $7.6 billion in consolidated cash and $11.6 billion in total liquidity[25] - The company redeemed $3.4 billion of senior notes and settled $2.3 billion in share repurchases during the year[25] Tax and Valuation - The Company has recorded a valuation allowance for deferred tax assets in Peru and Argentina due to recent pretax losses and expectations of future pretax losses[655] - The realizable amount of deferred tax assets could be adjusted if future taxable income estimates increase or if cumulative losses are no longer present[655] - Additional risk factors affecting the realization of deferred tax assets are detailed in Note 2 to the Consolidated Financial Statements[656] Future Outlook - A long-term gold price assumption of $2,500 per ounce is significant for future cash flow assessments[634]

Financial Performance - Generated fourth quarter revenue of $1.10 billion, a decrease of 4.9% quarter-over-quarter, but an increase of 9.7% year-over-year[5] - Full-year 2025 net sales were $4.57 billion, a decrease of 0.6% compared to 2024[11] - Net sales for Q4 2025 reached $1,104.8 million, a 9.7% increase from $1,007.4 million in Q4 2024[32] - In Q4 2025, carbon steel net sales were $538 million, down 7.9% quarter-over-quarter but up 5.5% year-over-year[23] - For FY 2025, carbon steel net sales totaled $2.263 billion, a decrease of 5.0% compared to FY 2024[24] Profitability - Net loss attributable to Ryerson Holding Corporation for Q4 2025 was $37.9 million, or $1.18 per diluted share, compared to a net loss of $14.8 million in Q3 2025[10] - Gross profit for Q4 2025 was $168.9 million, down from $191.1 million in Q4 2024, reflecting a gross profit margin decrease[32] - Operating loss for Q4 2025 was $(37.9) million compared to an operating profit of $2.6 million in Q4 2024[32] - Adjusted EBITDA, excluding LIFO, was $20.4 million in Q4 2025, down 49.4% from Q3 2025[10] - Adjusted EBITDA for Q4 2025 was $(2.1) million, while for Q4 2024 it was $35.7 million, indicating a significant decline[35] Cash Flow and Assets - Cash flow provided by operating activities in Q4 2025 was $112.7 million, up from $92.2 million in Q4 2024[32] - Free cash flow for Q4 2025 was $91.9 million, with a free cash flow yield of 11.3%, compared to 11.7% in Q4 2024[40] - Total current assets as of December 31, 2025, were $1,222.8 million, slightly up from $1,207.6 million as of December 31, 2024[34] - Total liabilities as of December 31, 2025, were $1,641.1 million, compared to $1,615.0 million as of December 31, 2024[34] - Total equity decreased to $763.6 million as of December 31, 2025, from $824.5 million as of December 31, 2024[34] Market and Shareholder Information - Declared a first quarter 2026 dividend of $0.1875 per share, payable to shareholders of record as of March 5, 2026[5] - Market capitalization as of December 31, 2025, was $810.4 million, an increase from $589.5 million at the end of 2024[40] - Adjusted diluted loss per share for the year ended December 31, 2025, was $(1.56), compared to $(0.18) in 2024[38] Future Projections - Ryerson expects same-store customer shipments to increase by 13% to 15% in the first quarter, with net sales projected between $1.26 billion and $1.30 billion[21] - The combined company anticipates first quarter 2026 revenue in the range of $1.52 billion to $1.58 billion, with Adjusted EBITDA, excluding LIFO, between $63 million and $67 million[22] - EBITDA for Q1 2026 is projected to be between $48 million and $52 million, with adjusted EBITDA excluding LIFO expense expected to range from $63 million to $67 million[42] - Ryerson anticipates gross margin expansion in Q1 2026 as inventory cost increases from Q4 2025 are realized[21] - The company expects to generate net income of $10 million to $12 million before merger-related fees in the first quarter[21] Merger and Financing - Completed merger with Olympic Steel, projected to generate $120 million in annual run-rate synergies over the next two years[5] - Extended and expanded credit facility from $1.3 billion to $1.8 billion, enhancing financial stability and growth opportunities[5] - Olympic Steel is expected to generate revenue of $260 million to $280 million in the last six weeks of the quarter[22] Shipping and Pricing - Tons shipped in Q4 2025 were 461, down 4.9% from Q3 2025, but up 3.1% compared to Q4 2024[4] - Average selling price per ton was $2,397, flat compared to Q3 2025, and up 6.3% year-over-year[4] - Average selling prices for carbon steel in Q4 2025 were $1,490 per ton, a decrease of 2.8% quarter-over-quarter but an increase of 3.2% year-over-year[23] - Tons shipped in Q4 2025 totaled 461,000, an increase from 447,000 tons in Q4 2024[32]

Financial Performance - Hamilton reported a net income of $577 million for 2025, representing a 44% increase compared to the previous year, with a return on average equity of 22%[2] - Net income attributable to common shareholders increased by $176.2 million, or 44.0%, to $576.7 million[11] - Net income for 2025 prior to non-controlling interest was $840,029,000, compared to $613,158,000 in 2024, marking an increase of about 37%[32] - In Q4 2025, net income was $172.2 million, or $1.69 per diluted share, with an annualized return on average equity of 25.1%[6] - Net income attributable to common shareholders for Q4 2025 was $172,185 thousand, significantly higher than $33,920 thousand in Q4 2024, marking a growth of 408.5%[25] Premiums and Underwriting - Gross premiums written grew by 21% to $2.9 billion, while net premiums earned increased by 21.6% to $2.1 billion compared to 2024[6] - The combined ratio for the year was 92.9%, indicating strong underwriting performance[6] - The combined ratio for the year was 92.9%, an increase of 1.6 percentage points from 91.3% in 2024[11] - The combined ratio for the company indicates underwriting profitability, with a ratio under 100% suggesting a positive performance[41] - The attritional loss ratio for Q4 2025 was 56.5%, an increase of 5.3 points from the previous year, driven by more large losses[7] Shareholder Returns - A special dividend of $2.00 per common share was declared, resulting in an aggregate payment of approximately $206 million[3] - The company repurchased common shares totaling $93.4 million in 2025, with $7.7 million repurchased in Q4[6] Asset and Equity Growth - Book value per share rose by 24% to $28.50, reflecting a 64% increase since the company's listing in 2023[2] - Total shareholders' equity increased to $2.8 billion from $2.3 billion at December 31, 2024[17] - Total assets increased to $9,571,613 thousand in 2025 from $7,796,033 thousand in 2024, representing a growth of 22.5%[24] - Cash and cash equivalents rose to $1,062,359 thousand in 2025, compared to $996,493 thousand in 2024, indicating a growth of 6.6%[24] Revenue and Investment Income - Total revenues for 2025 reached $2,905,524 thousand, a 24.7% increase from $2,329,924 thousand in 2024[25] - Net investment income for the year 2025 was $88,021 thousand, up from $63,267 thousand in 2024, a growth of 39.2%[25] - Total net realized and unrealized gains on investments for 2025 reached $775,132,000, compared to $574,674,000 in 2024, reflecting a growth of approximately 35%[32] Operational Efficiency - Corporate expenses for 2025 totaled $57,167,000, a decrease from $61,111,000 in 2024, representing a reduction of approximately 6%[36] - Other underwriting expenses for Q4 2025 were $57,079,000, down from $69,674,000 in Q4 2024, showing a decrease of about 18%[37] Market Outlook and Risks - The company anticipates continued growth in its market position and profitability, driven by strategic initiatives and operational efficiencies[42] - Risks include competitive pressures, regulatory changes, and macroeconomic factors that could impact future performance and strategic execution[43]

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 ...