UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission File No. 001-40314 WHERE FOOD COMES FROM, INC. (exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Colorado 43-1802805 (I.R.S. Employer Identification No.) 202 6 Street, Suite 400 Castle Rock, CO 80104 (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (303) 895-3002 Indicate by check mark ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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 0-16106 CLEARFIELD, INC. (Exact name of registrant as specified in its charter) Minnesota 41-1347235 (State ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited financial statements show a slight asset decrease, with six-month net income and operating cash flow significantly improving year-over-year [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$3.78 billion**, while liabilities increased and partners' equity declined as of June 30, 2025 Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total current assets** | $1,215,163 | $1,207,380 | $7,783 | | Property and equipment, net | $1,668,367 | $1,706,605 | ($38,238) | | **Total assets** | **$3,784,338** | **$3,788,198** | **($3,860)** | | **Total current liabilities** | $1,027,264 | $1,000,121 | $27,143 | | Senior notes | $1,270,916 | $1,186,723 | $84,193 | | **Total liabilities** | **$3,098,033** | **$3,071,585** | **$26,448** | | **Total partners' equity** | **$686,305** | **$716,613** | **($30,308)** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 sales increased but net income decreased, while six-month sales and net income both improved year-over-year Consolidated Statements of Operations Summary (in thousands, except per unit data) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Sales | $4,626,925 | $4,409,698 | $9,219,122 | $8,555,090 | | Gross Profit | $272,362 | $287,884 | $527,603 | $503,019 | | Operating Income | $60,066 | $83,869 | $115,953 | $109,705 | | Net Income | $25,210 | $46,149 | $43,894 | $40,547 | | Diluted EPS | $0.55 | $1.10 | $0.92 | $0.73 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow significantly improved to a provision of **$164.7 million**, while investing and financing activities shifted due to acquisitions and debt refinancing Six Months Ended June 30, Cash Flow Summary (in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $164,730 | ($158,356) | | Net cash used in investing activities | ($44,435) | ($232,174) | | Net cash (used in) provided by financing activities | ($112,406) | $385,002 | | **Increase (decrease) in cash and cash equivalents** | **$7,889** | **($5,528)** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, significant 2025 events including debt refinancing and credit agreement amendments, and segment performance - In June 2025, the Partnership issued **$450.0 million** of 7.125% senior notes due 2033, using proceeds to redeem 2027 notes and repay credit facility borrowings[20](index=20&type=chunk)[21](index=21&type=chunk) - The credit agreement was amended in March 2025, extending maturity to March 2028, increasing the working capital facility to **$1.0 billion**, and decreasing the revolving credit facility to **$500.0 million**[22](index=22&type=chunk)[47](index=47&type=chunk) - The Gasoline Distribution and Station Operations (GDSO) segment is the largest contributor to product margin, accounting for **68%** and **67%** of the consolidated total in Q2 and H1 2025, respectively[31](index=31&type=chunk) Cash Distributions Paid in 2025 (in thousands, except per unit data) | Payment Date | Security | Quarter Ended | Per Unit | Total Paid | | :--- | :--- | :--- | :--- | :--- | | 2/14/2025 | Common Units | 12/31/24 | $0.7400 | $29,483 | | 5/15/2025 | Common Units | 03/31/25 | $0.7450 | $29,815 | | 2/18/2025 | Series B Preferred | 11/15/24 - 2/14/25 | $0.59375 | $1,781 | | 5/15/2025 | Series B Preferred | 2/15/25 - 5/14/25 | $0.59375 | $1,781 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=55&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses increased sales driven by volume, a Q2 gross profit decline due to market conditions, and key financing activities impacting liquidity [Results of Operations](index=66&type=section&id=Results%20of%20Operations) Q2 sales increased but gross profit declined due to gasoline margins, while H1 sales and gross profit grew, with SG&A expenses rising Gross Profit by Period (in millions) | Period | Q2 2025 | Q2 2024 | Change | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gross Profit | $272.4 | $287.9 | -5% | $527.6 | $503.0 | +5% | - Wholesale segment product margin decreased by **16%** in Q2 2025 for gasoline due to unfavorable market conditions, but increased by **53%** for distillates due to more favorable conditions[227](index=227&type=chunk)[230](index=230&type=chunk) - GDSO segment gasoline distribution product margin decreased **6%** in Q2 2025, primarily due to lower sales volume and a reduced site count year-over-year[232](index=232&type=chunk) - SG&A expenses increased by **$2.4 million (3%)** in Q2 2025, driven by wages, benefits, and professional fees, partially offset by lower expenses related to the Revere Terminal sale[239](index=239&type=chunk) [Liquidity and Capital Resources](index=60&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is supported by operations and credit facilities, with working capital decreasing and significant debt refinancing activities undertaken - Working capital decreased by **$19.3 million** from year-end 2024 to **$187.9 million** at June 30, 2025, mainly due to a **$98.5 million** decrease in inventories and an **$80.4 million** increase in accounts payable[251](index=251&type=chunk) 2025 Capital Expenditure Outlook | Category | Expected 2025 Capex | | :--- | :--- | | Maintenance | $60.0 million - $70.0 million | | Expansion (ex-acquisitions) | $65.0 million - $75.0 million | - On June 23, 2025, the Partnership issued **$450.0 million** of 7.125% senior notes due 2033 and used the proceeds to redeem **$360.3 million** of its 2027 notes, resulting in a **$2.8 million** loss on early extinguishment of debt[286](index=286&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) - As of June 30, 2025, the Partnership had **$1.13 billion** in remaining availability under its credit facilities, subject to borrowing base limitations[280](index=280&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=64&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The Partnership faces interest rate risk from variable debt and commodity price risk managed by derivatives, with a 10% price change impacting derivatives by **$45.0 million** - The company is exposed to interest rate risk on its **$286.7 million** of variable rate debt, where a **1%** increase in interest rates would raise annual interest expense by about **$2.9 million**[302](index=302&type=chunk) Commodity Derivative Sensitivity Analysis (in thousands) | Derivative Type | Fair Value at June 30, 2025 | Effect of 10% Price Increase | Effect of 10% Price Decrease | | :--- | :--- | :--- | :--- | | Exchange traded | ($28,648) | ($26,324) | $26,324 | | Forward contracts | $4,251 | ($18,698) | $18,698 | | **Total** | **($24,397)** | **($45,022)** | **$45,022** | [Item 4. Controls and Procedures](index=66&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal controls - The Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[312](index=312&type=chunk) - No material changes to the internal control over financial reporting occurred during the quarter ended June 30, 2025[313](index=313&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=67&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings not expected to have a material adverse impact on its financial condition - The company does not believe it is a party to any litigation that will have a material adverse impact on its financial condition or results of operations, with details provided in Note 15[151](index=151&type=chunk)[316](index=316&type=chunk) [Item 1A. Risk Factors](index=67&type=section&id=Item%201A.%20Risk%20Factors) No material changes occurred to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 - The report refers to the risk factors discussed in the Annual Report on Form 10-K for the year ended December 31, 2024, for a detailed discussion of potential risks[317](index=317&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **58,367** common units during Q2 2025 under its LTIP, with over **1 million** units remaining authorized for repurchase Common Unit Repurchases (Q2 2025) | Period | Units Purchased | Average Price Paid ($) | | :--- | :--- | :--- | | April 2025 | — | — | | May 2025 | 33,367 | — | | June 2025 | 25,000 | $53.21 | - The repurchase program is for meeting obligations under the LTIP and employment agreements, with **1,001,654** units remaining authorized for repurchase as of August 7, 2025[318](index=318&type=chunk) [Item 5. Other Information](index=67&type=section&id=Item%205.%20Other%20Information) The COO adopted a Rule 10b5-1 trading plan on March 25, 2025, for the sale of up to **44,994** common units - Mark A. Romaine, the company's COO, adopted a Rule 10b5-1 trading plan on March 25, 2025, for the sale of up to **44,994** common units[320](index=320&type=chunk) [Item 6. Exhibits](index=67&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including officer certifications and XBRL data files - Lists various filed exhibits, including certifications under Rule 13a-14(a)/15d-14(a) and Section 1350, as well as Inline XBRL documents[321](index=321&type=chunk)[323](index=323&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission file number 1-34682 Eagle Bancorp Montana, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Delaware 27-1449820 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED: JUNE 30, 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: 001-16109 (I.R.S. Employer Identification Number) 37027 (Zip Code) (615) 263-3000 (Registrant's telephone number, including area code) Securit ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 10-K ___________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2025 OR o 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 001-31400 ___________________________________ CACI International Inc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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: 001-35159 THERMON GROUP HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 58-1954497 (IRS Employer Identification Number) 8302 Dunwoody Place, Suite 250, Atlanta, GA Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________to_________________ Commission File No. 001-11596 PERMA-FIX ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Tennant Company's unaudited consolidated financial statements for Q2 2025, including Income, Comprehensive Income, Balance Sheets, Cash Flows, Equity, and detailed Notes [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Q2 2025 net sales decreased to **$318.6 million**, with net income falling to **$20.2 million** and diluted EPS to **$1.08**, reflecting a similar trend for the six-month period Consolidated Statements of Income (Q2 & H1 2025 vs 2024) | (In millions, except per share data) | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :---: | :---: | | | **2025** | **2024** | **2025** | **2024** | | **Net sales** | $318.6 | $331.0 | $608.6 | $642.0 | | **Gross profit** | $134.1 | $142.7 | $254.1 | $280.2 | | **Operating income** | $30.6 | $38.6 | $50.2 | $76.1 | | **Net income** | $20.2 | $27.9 | $33.3 | $56.3 | | **Diluted EPS** | $1.08 | $1.45 | $1.77 | $2.94 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$1,241.5 million**, with total liabilities at **$587.8 million** and total equity at **$653.7 million** Consolidated Balance Sheet Highlights | (In millions) | June 30, 2025 | December 31, 2024 | | :--- | :---: | :---: | | **Total current assets** | $574.6 | $576.6 | | **Total assets** | $1,241.5 | $1,190.1 | | **Total current liabilities** | $274.8 | $292.2 | | **Total liabilities** | $587.8 | $568.0 | | **Total equity** | $653.7 | $622.1 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 operating cash flow was **$22.1 million**, investing activities used **$10.6 million**, and financing activities used **$32.8 million**, resulting in a **$19.7 million** net cash decrease Cash Flow Summary (Six Months Ended June 30) | (In millions) | 2025 | 2024 | | :--- | :---: | :---: | | **Net cash provided by operating activities** | $22.1 | $21.5 | | **Net cash used in investing activities** | $(10.6) | $(64.9) | | **Net cash (used in) provided by financing activities** | $(32.8) | $12.4 | | **Net decrease in cash and cash equivalents** | $(19.7) | $(32.5) | | **Cash and cash equivalents at end of period** | $80.1 | $84.6 | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, financial results, revenue disaggregation, debt, derivatives, and recent segment reporting changes and acquisitions - The company designs, manufactures, and markets cleaning solutions for various environments, reaching customers through direct sales and a distributor network[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Effective December 31, 2024, the company adopted ASU 2023-07, which enhances disclosures about reportable segments, although it had no impact on the consolidated financial statements themselves[33](index=33&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 financial results, noting a **3.7%** net sales decrease to **$318.6 million** and a 100 bps gross margin contraction, while managing macroeconomic challenges and maintaining strong liquidity - The company is facing macroeconomic challenges including geopolitical tensions, elevated interest rates, and trade policy uncertainty, particularly U.S. tariffs which could increase input costs[100](index=100&type=chunk)[101](index=101&type=chunk) - Demand trends are mixed globally: China's recovery is slow, uncertainty in Mexico is delaying spending, and Europe faces heightened competition[102](index=102&type=chunk) - To manage challenges, the company is focusing on cost control, operational improvements, proactive pricing, and supply-chain initiatives to mitigate tariff impacts[103](index=103&type=chunk)[106](index=106&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q2 2025 net sales declined **3.7%** to **$318.6 million** due to lower volumes, gross margin contracted by **100 bps**, and operating income dropped to **$30.6 million** Net Sales Change Components (2025 vs. 2024) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :---: | :---: | | **Price** | 1.8% | 0.9% | | **Volume** | (6.3)% | (5.6)% | | **Organic decline** | (4.5)% | (4.7)% | | **Acquisitions** | —% | 0.2% | | **Foreign currency** | 0.8% | (0.7)% | | **Total** | (3.7)% | (5.2)% | Net Sales by Geographic Area (Q2 2025 vs 2024) | (In millions) | Q2 2025 | Q2 2024 | % Change | | :--- | :---: | :---: | :---: | | **Americas** | $213.5 | $227.8 | (6.3)% | | **EMEA** | $84.7 | $81.5 | 3.9% | | **Asia Pacific** | $20.4 | $21.7 | (6.0)% | | **Total** | $318.6 | $331.0 | (3.7)% | - The gross profit margin decrease was primarily attributed to a shift in product/customer mix, inflation, and lower productivity, partially offset by price realization. Prior-year periods benefited from a significant reduction in backlog of higher-margin products[112](index=112&type=chunk) - S&A expense increased in Q2 2025 due to strategic investments (including ERP costs) and a bad debt charge, partly offset by lower variable compensation[113](index=113&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, cash was **$80.1 million**, operating cash flow was **$22.1 million**, and financing activities used **$32.8 million**, with **$434.3 million** unused borrowing capacity - Cash and cash equivalents decreased to **$80.1 million** at June 30, 2025, from **$99.8 million** at December 31, 2024[123](index=123&type=chunk) - Net cash from operating activities for H1 2025 was **$22.1 million**, slightly up from **$21.5 million** in H1 2024, despite a **$28.4 million** spend on an ERP project[125](index=125&type=chunk) - Net cash used in financing activities was **$32.8 million** in H1 2025, a significant shift from **$12.4 million** provided in H1 2024, driven by increased common stock repurchases[127](index=127&type=chunk) - The company had approximately **$434.3 million** of unused borrowing capacity on its revolving facility as of June 30, 2025[124](index=124&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in the company's market risk have occurred since December 31, 2024 - There have been no material changes in the company's market risk since December 31, 2024[136](index=136&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal controls over financial reporting - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[137](index=137&type=chunk) - There were no changes in internal controls over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[138](index=138&type=chunk) [PART II - OTHER INFORMATION](index=37&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) No material developments in legal proceedings were reported during the quarter - There have been no material developments in any legal proceedings that require reporting in this Form 10-Q[139](index=139&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the 2024 Form 10-K filing - No material changes to the company's risk factors have occurred since the filing of the 2024 Form 10-K[140](index=140&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **183,749** shares at an average of **$73.85** per share in Q2 2025, with **2,207,371** shares remaining authorized for repurchase Share Repurchases for the Quarter Ended June 30, 2025 | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased as Part of Publicly Announced Programs | | :--- | :---: | :---: | :---: | | April 1-30, 2025 | 58,263 | $72.17 | 58,169 | | May 1-31, 2025 | 66,413 | $73.78 | 62,582 | | June 1-30, 2025 | 59,073 | $75.57 | 59,073 | | **Total** | **183,749** | **$73.85** | **179,824** | - On February 11, 2025, the Board of Directors authorized the repurchase of an additional **2,000,000** shares of common stock[141](index=141&type=chunk) [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during Q2 2025 - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[143](index=143&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and iXBRL financial data - The report includes CEO and CFO certifications (Rule 13a-14(a)/15d-14(a) and Section 1350) and financial statements in iXBRL format as exhibits[144](index=144&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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: 1-12672 AVALONBAY COMMUNITIES, INC. (Exact name of registrant as specified in its charter) Maryland 77-0404318 (State or other ju ...