Revenue and Financial Performance - Genie Retail Energy (GRE) generated approximately 95.7% of consolidated revenues for the three and nine months ended September 30, 2025, compared to 94.5% and 94.6% for the same periods in 2024[166]. - Total revenues for the nine months ended September 30, 2025, reached $363,838,000, a 19.3% increase from $304,982,000 in the same period of 2024[179]. - Electricity revenues increased by 25.7% to $126,575,000 in Q3 2025 compared to Q3 2024, driven by a 21.2% increase in electricity consumption[180]. - Natural gas revenues rose by 14.6% to $5,795,000 in Q3 2025, primarily due to a 14.4% increase in average revenue per therm sold[182]. - Revenues for the three months ended September 30, 2025, decreased by 2.7% to $5.954 million from $6.117 million in the same period in 2024[200]. - Diversegy's revenues increased by $1.3 million in the three months ended September 30, 2025, due to strong growth in customer numbers and transactions[201]. Profitability and Costs - Gross profit for Q3 2025 was $27,563,000, a decrease of 22.9% compared to $35,772,000 in Q3 2024[179]. - Average unit cost of electricity increased by 20.2% in Q3 2025 compared to Q3 2024, impacting gross margins negatively[193]. - Total gross margin percentage for Q3 2025 was 20.8%, down from 33.8% in Q3 2024, primarily due to rising costs[192]. - The average unit cost of natural gas surged by 136.7% in Q3 2025 compared to Q3 2024, significantly affecting profitability[195]. - Cost of revenues for natural gas increased by 26.8% in the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to higher natural gas consumption and average unit costs[196]. - Income from operations decreased by 40.6% to $6.9 million for the three months ended September 30, 2025, and by 32.2% to $21.8 million for the nine months ended September 30, 2025 compared to the same periods in 2024[217]. Customer Metrics and Retention - Customer A accounted for 11.4% of revenues for the three months ended September 30, 2025, down from 20.9% in 2024, indicating a decrease in revenue concentration risk[173]. - The average churn rate decreased to 5.1% in Q3 2025 from 5.6% in Q3 2024, indicating improved customer retention[188]. - Gross meter acquisitions in Q3 2025 were 47,000, down from 104,000 in Q3 2024, reflecting a return to normal acquisition levels[186]. Expenses and Administrative Costs - Selling, general and administrative expenses decreased by 16.1% in the three months ended September 30, 2025, compared to the same period in 2024, mainly due to reductions in marketing and customer acquisition costs[197]. - Selling, general and administrative expenses increased by 21.7% in the three months ended September 30, 2025, primarily due to higher employee-related costs and legal expenses[204]. - Corporate general and administrative expenses increased by 13.4% in the three months ended September 30, 2025, primarily due to higher auditing fees[209]. - Selling, general and administrative expenses as a percentage of total revenues decreased from 19.6% in Q3 2024 to 13.1% in Q3 2025[197]. Discontinued Operations and Losses - The net loss from discontinued operations of Lumo Sweden was $0.1 million and $0.4 million for the nine months ended September 30, 2025, and 2024, respectively[161]. - The company recognized an estimated loss of €2.5 million (equivalent to $2.6 million) related to claims from the Lumo Finland bankruptcy, recorded in the fourth quarter of 2024[165]. - The maximum exposure for claims related to the Lumo Finland bankruptcy is expected to be in the range of €2.0 million to €4.0 million[165]. - Losses from derivative instruments were $4.1 million and $4.9 million for the three and nine months ended September 30, 2025, respectively[246]. - The company recognized losses from derivative instruments of $6.2 million and $20.1 million for the three and nine months ended September 30, 2024, respectively[246]. Cash Flow and Capital Expenditures - Cash flows provided by operating activities of continuing operations decreased by $21.1 million to $28.1 million for the nine months ended September 30, 2025 compared to $49.2 million for the same period in 2024[225]. - The company had working capital of $113.3 million and a cash balance of $206.2 million as of September 30, 2025, sufficient to meet cash requirements until at least November 6, 2026[223]. - Total capital expenditures for the twelve months ending December 31, 2025 are anticipated to be between $7.0 million to $10.0 million, primarily related to solar projects[232]. Financing and Debt - SUT Holdings, LLC entered into a Term Loan Agreement for $7.4 million with National Cooperative Bank, with a weighted average interest rate of 6.3% as of September 30, 2025[242]. - The Credit Agreement with JPMorgan Chase Bank was amended to extend the maturity date to December 31, 2024, with a reduced credit line facility of $3.0 million[243]. - As of September 30, 2025, $7.3 million was outstanding under the Term Loan, with compliance to all financial covenants[242]. - The company pays a commitment fee of 0.1% per annum on the unused portion of the $3.0 million Credit Line[243]. Strategic Initiatives - The company is evaluating the financial viability of early-stage solar projects due to the One Big Beautiful Bill Act, which affects federal investment tax credits[155]. - Genie Renewables (GREW) holds a 95.5% interest in Genie Solar, which develops utility-scale solar energy projects[154]. - The company intends to seek acquisitions to expand the geographic scope and size of its retail energy provider businesses[156]. - The company has adopted a hedging policy for electricity and natural gas prices to mitigate market volatility[246].

Financial Performance - Net sales increased by 6.7% to $337.9 million for the three months ended September 30, 2025, and by 4.2% to $1,001.5 million for the nine months ended September 30, 2025, compared to the same periods in 2024[89]. - Orthopedic surgery sales grew by 5.9% and 3.0% for the three and nine months ended September 30, 2025, respectively, driven by specific product offerings[90]. - General surgery sales increased by 7.3% and 5.1% for the three and nine months ended September 30, 2025, respectively, primarily due to growth in key product lines[90]. - Gross profit margins decreased by 250 basis points to 53.1% for the nine months ended September 30, 2025, compared to 55.6% in the same period of 2024[90]. Costs and Expenses - Cost of sales rose to $171.8 million for the three months ended September 30, 2025, compared to $137.7 million in the same period of 2024, leading to a gross profit margin decrease of 730 basis points to 49.2%[90]. - Selling and administrative expenses increased to $140.3 million for the three months ended September 30, 2025, compared to $99.7 million in the same period of 2024, with a percentage of net sales rising by 1,000 basis points to 41.5%[93]. - The company incurred $3.7 million and $12.3 million in consulting costs for supply chain and manufacturing improvements during the three and nine months ended September 30, 2025, respectively[91]. - A write-off of $19.7 million in inventory, equipment, tooling, and patents occurred due to the cancellation of planned new product lines during the three and nine months ended September 30, 2025[92]. - The company experienced higher manufacturing and operating costs due to inflationary pressures and ongoing supply chain challenges[109]. International Sales - International sales accounted for approximately 43% of consolidated net sales for both the nine months ended September 30, 2025, and 2024[83]. Future Agreements and Sales - The company will not renew its Distribution Agreement for the Gore® VIABIL® device after December 31, 2026, which represented $44.1 million in net sales for the nine months ended September 30, 2025[86]. Research and Development - Research and development expense increased to $13.9 million in Q3 2025, compared to $13.6 million in Q3 2024, while it decreased to $41.0 million in the nine months ended September 30, 2025, from $41.3 million in the same period in 2024[95]. Interest and Tax Expenses - Interest expense decreased to $7.6 million in Q3 2025 from $9.3 million in Q3 2024, and to $23.7 million in the nine months ended September 30, 2025, from $28.4 million in the same period in 2024[96]. - Income tax expense recorded an effective tax rate of 33.1% for Q3 2025, compared to 13.2% for Q3 2024, and 27.6% for the nine months ended September 30, 2025, compared to 17.4% for the same period in 2024[100]. Cash Flow and Financing - Net cash provided by operating activities was $124.4 million in the nine months ended September 30, 2025, compared to $123.6 million in the same period in 2024[105]. - Capital expenditures increased to $14.7 million in the nine months ended September 30, 2025, from $9.0 million in the same period a year ago[107]. - Net cash used in financing activities was $98.5 million in the nine months ended September 30, 2025, compared to $99.9 million in the same period in 2024[108]. - As of September 30, 2025, there were $60.0 million in borrowings outstanding on the term loan facility, with no borrowings under the revolving credit facility[110]. - The Board of Directors authorized a $150.0 million share repurchase program effective October 31, 2025, with expectations to repurchase at least $25.0 million in shares annually starting in 2026[115]. Debt Covenants - The eighth amended and restated senior credit agreement contains covenants requiring the maintenance of certain financial ratios and restricting dividend payments[111].

Revenue and Sales Performance - Revenue for YTD 2026 was generated approximately 44% from outside the United States, compared to 50% in YTD 2025[104] - Sales for the three months ended September 30, 2025, increased by 15% to $131.7 million compared to $114.6 million in 2024, driven by higher demand and contributions from acquisitions[121] - For the six months ended September 30, 2025, sales increased by 5% to $240.6 million compared to $229.8 million in 2024[135] - EMEA segment revenue doubled to $18.1 million, reflecting a 100% year-over-year increase, largely due to the F.A.T.I. acquisition[123] Profitability and Income - Gross profit rose by 20% to $61.1 million, with a gross margin improvement of 200 basis points to 46.4%[121] - Net income for the three months ended September 30, 2025, increased by 58% to $14.9 million, up from $9.5 million in 2024[121] - Gross profit for the six-month period rose by 8% to $109.1 million, with a gross margin improvement of 120 basis points to 45.3%[135] Costs and Expenses - Incremental direct tariff costs incurred were approximately $0.7 million for the three months and $1.6 million for the six months ended September 30, 2025[115] - Selling, general and administrative expenses increased by 14% to $35.5 million, but as a percentage of sales, it slightly decreased to 27.0% from 27.3%[121] - Interest expense decreased by 28% to $2.0 million due to a lower average outstanding principal balance and reduced interest rates[121] Cash Flow and Capital Expenditures - Free Cash Flow for YTD 2026 totaled $12.7 million, a decrease from $15.4 million in YTD 2025, primarily due to increased investments in working capital[162] - Operating cash flows decreased by $3.054 million in YTD 2026 compared to YTD 2025, attributed to higher investments in working capital[154] - The company expects capital expenditures to be approximately 2.5% to 3.0% of revenue in fiscal 2026[153] Financial Position and Debt - As of September 30, 2025, the company had $29.7 million in cash and cash equivalents and $99.4 million in available borrowing capacity under its Revolving Credit Facility[150] - The company had $125.0 million of outstanding principal under its Term Loan Facilities as of September 30, 2025, with a 1% change in interest rate impacting annual interest expense by $1.4 million[174] - In YTD 2026, the company had a net interest expense decrease due to a lower average debt balance of $139.3 million compared to $169.1 million in YTD 2025, and a reduced average interest rate of 5.79% versus 6.87%[145] Tax and Regulatory - The effective tax rate for the company was 24.1% in YTD 2026, down from 25.0% in YTD 2025, influenced by discrete tax items[147] Strategic Initiatives and Growth - The company aims to strategically pursue emerging growth opportunities, including acquisitions in diverse regions[98] - The company has a diversified product offering with over 250 products, software, and services across multiple brands[102] - The company entered into an amendment to its existing Credit Agreement on July 24, 2025, to align with long-term strategic initiatives[117] Risks and Challenges - The company is exposed to commodity price risks due to reliance on market prices for raw materials without long-term purchase commitments or hedging instruments[175] - Recent periods have seen shortages in certain raw materials and increased costs attributed to tariffs, alternative suppliers, higher freight costs, and increased lead times[175] - The company cannot guarantee the ability to mitigate temporary raw material shortages or pass cost increases to customers, which may adversely affect operational results[176] - A 10% appreciation of the U.S. dollar relative to the Canadian dollar would result in a net decrease in net income of $1.4 million for YTD 2026[170] Currency and Foreign Exchange - The company had approximately $14.6 million in notional forward contracts to mitigate foreign currency exchange rate fluctuations as of September 30, 2025[172] - The unrealized effects of foreign currency translations resulted in gains of $12.1 million in YTD 2026, compared to $1.7 million in YTD 2025[173]

Recruitment and Sales Performance - The number of new recruits decreased to 101,156 in Q3 2025 from 142,655 in Q3 2024, reflecting a decline of approximately 29%[114] - New life-licensed independent sales representatives fell to 12,482 in Q3 2025 from 14,349 in Q3 2024, a decrease of about 13%[114] - The average number of life-licensed independent sales representatives increased to 152,494 in Q3 2025 from 147,128 in Q3 2024, an increase of approximately 4%[116] - New policies issued decreased to 79,379 in Q3 2025 from 93,377 in Q3 2024, a decline of about 15%[116] Financial Metrics and Revenue - Total revenues for the three months ended September 30, 2025, increased by 8% to $839,852,000 compared to $774,129,000 for the same period in 2024[158] - Net premiums rose by 3% to $454,547,000 for the three months ended September 30, 2025, up from $439,807,000 in 2024[158] - Commissions and fees increased by 20% to $325,490,000 for the three months ended September 30, 2025, compared to $271,901,000 in 2024[158] - Total revenues in the Term Life Insurance segment rose by 3% to $463,301,000 for the three months ended September 30, 2025, from $450,306,000 in 2024[167] - Net income for the three months ended September 30, 2025, was $206,793,000, up from $164,373,000 in 2024, reflecting a significant increase[158] Investment and Asset Management - Investment and savings product sales increased by 28% to $3,712 million for the three months ended September 30, 2025, compared to $2,905 million in the same period of 2024[122] - Managed investments saw a significant increase of 74% in sales, reaching $717 million for the three months ended September 30, 2025, up from $412 million in 2024[122] - Client asset values rose to $126,793 million at the end of the period, reflecting a 5% increase from $111,247 million in the prior year[126] - Average client asset values increased by 14% to $123,117 million for the three months ended September 30, 2025, compared to $108,151 million in 2024[123] Expenses and Claims - Total benefits and expenses increased by 9% to $568,173,000 for the three months ended September 30, 2025, from $519,551,000 in 2024[160] - Benefits and claims in the Term Life Insurance segment increased by 5% to $168,319,000 for the three months ended September 30, 2025, compared to $160,652,000 in 2024[167] - Total expenses for the nine months ended September 30, 2025, were $652.9 million, a 19% increase from $550.4 million in the same period of 2024[179] Risk Management and Capital Structure - The company reinsured between 80% and 90% of the mortality risk on term life insurance, which significantly affects its operational results[140] - The company intends to continue ceding approximately 90% of its mortality risk on new business, which helps reduce volatility associated with mortality rate variances[143] - The company's financial results are affected by its capital structure, including senior unsecured notes and a revolving credit facility[153] - The U.S. life insurance subsidiaries maintained statutory capital and surplus substantially in excess of regulatory requirements as of September 30, 2025[209] Cash Flow and Investments - Cash flows from operating activities decreased to $562.9 million for the nine months ended September 30, 2025, down from $591.4 million in the prior year[206] - Cash flows used in investing activities improved to $(115.8) million in 2025 from $(181.6) million in 2024, primarily due to fluctuations in the timing of maturities and sales of debt securities[207] - Cash flows used in financing activities increased to $(491.6) million in 2025, primarily due to higher stockholder dividend payments[208] Accounting and Regulatory Compliance - The company prepares financial statements in accordance with U.S. GAAP, requiring estimates and assumptions that could affect results of operations and financial position[155] - Critical accounting estimates include DAC, future policy benefit reserves, income taxes, and the valuation of investments, which are susceptible to changes[156] - The company has adopted a principle-based reserves approach (PBR) which significantly reduced redundant statutory policy benefit reserve requirements while ensuring adequate liabilities are held[214] Currency and Market Impact - Changes in the Canadian dollar relative to the U.S. dollar affect the consolidated financial results reported in U.S. dollars[154] - Economic uncertainty in 2025 has impacted consumer behavior, potentially reducing demand for financial products[111] - The cumulative impact of inflation has led to elevated costs for middle-income families, adversely affecting policy persistency[111] Forward-Looking Statements - Forward-looking statements in the report involve risks and uncertainties, including future financial performance and business strategies[221]

Financial Performance - Net income attributable to Ameren common shareholders for Q3 2025 was $640 million, or $2.35 per diluted share, compared to $456 million, or $1.70 per diluted share in Q3 2024, representing a 40.3% increase in net income and a 38.2% increase in earnings per share [203]. - For the nine months ended September 30, 2025, net income attributable to Ameren common shareholders was $1,204 million, or $4.43 per diluted share, compared to $975 million, or $3.65 per diluted share in the same period of 2024, reflecting a 23.4% increase in net income and a 21.4% increase in earnings per share [223]. - Net income increases for Q3 2025 were primarily driven by Ameren Missouri ($137 million), Ameren Transmission ($61 million), and Ameren Illinois Electric Distribution ($1 million), partially offset by losses in Ameren Illinois Natural Gas ($3 million) [222]. - The total net income for the nine months ended September 30, 2025, was $522 million, an increase from $454 million in the same period of 2024 [229]. - Operating income for Ameren for the nine months ended September 30, 2025, was $1,666 million, compared to $1,318 million for the same period in 2024, indicating an increase of approximately 26.4% [227]. Revenue Growth - Electric revenues for Ameren reached $1,685 million in Q3 2025, compared to $1,324 million in Q3 2024, reflecting a year-over-year increase of approximately 27.3% [226]. - The total electric revenues for the nine months ended September 30, 2025, were $6,223 million, compared to $4,920 million for the same period in 2024, marking an increase of approximately 26.4% [227]. - Ameren's electric revenues increased by $528 million, or 26%, for the three months ended September 30, 2025, and by $1,303 million, or 26%, for the nine months ended September 30, 2025, compared to the previous year [234]. - Ameren Missouri's electric revenues rose by $361 million, or 27%, for the three months and by $991 million, or 34%, for the nine months ended September 30, 2025, compared to the year-ago periods [236]. - Ameren Illinois' electric revenues increased by $157 million, or 23%, for the three months and by $304 million, or 16%, for the nine months ended September 30, 2025, compared to the previous year [238]. Capital Investments - Ameren invested $3.1 billion in its rate-regulated businesses in the nine months ended September 30, 2025, focusing on energy infrastructure and regulatory frameworks [204]. - Ameren Missouri's Smart Energy Plan includes a five-year capital investment of approximately $16.2 billion from 2025 to 2029, aimed at upgrading electric infrastructure and accommodating renewable energy [211]. - Ameren Missouri plans to invest up to $27.4 billion in capital expenditures from 2025 to 2029, with up to $17.5 billion allocated to Ameren Missouri [353]. Regulatory Approvals - An increase of $355 million to Ameren Missouri's annual revenue requirement for electric retail service was approved, effective June 1, 2025, based on infrastructure investments as of December 31, 2024 [207]. - In July 2025, an increase of $32 million to Ameren Missouri's annual revenue requirement for natural gas delivery service was approved, effective September 1, 2025 [210]. - The ICC approved Ameren Illinois' energy-efficiency plan, which includes annual investments of approximately $126 million per year from 2026 through 2029 [217]. Operating Expenses - Ameren's electric fuel and purchased power expenses increased by $269 million, or 54%, and $910 million, or 79%, for the three and nine months ended September 30, 2025, respectively [249]. - Other operations and maintenance expenses decreased by $18 million and $8 million in the three and nine months ended September 30, 2025, respectively [262]. - Interest charges for Ameren increased by $35 million and $78 million in the three and nine months ended September 30, 2025, respectively, due to higher levels of short-term borrowings and long-term debt issuances [295]. Cash Flow and Liquidity - Ameren's cash provided by operating activities increased by $451 million in the first nine months of 2025 compared to the same period in 2024, totaling $2.397 billion [307]. - As of September 30, 2025, Ameren's net available liquidity was $1.647 billion, including $9 million in cash and cash equivalents [324]. - Ameren expects cash used for capital expenditures and dividends to exceed cash provided by operating activities over the next several years [355]. Future Outlook and Strategic Initiatives - The company aims for a net-zero carbon emissions target by 2045, with a 60% reduction by 2030 and an 85% reduction by 2040 based on 2005 levels [351]. - Ameren plans to add 3,200 MWs of renewable generation by 2030, including 650 MWs of solar generation projects [352]. - The execution of strategic initiatives, including acquisitions and cost reductions, may materially impact Ameren's future results and financial position [357].

Financial Performance - Net income for the third quarter of 2025 was $12.825 million, a significant increase of 18.68% compared to $10.805 million in the previous quarter[182]. - Net income for Q3 2025 was $12.8 million, up from $10.8 million in Q2 2025, driven by a $1.6 million increase in net interest income and a $1.1 million increase in non-interest income[188]. - Net income for the three months ended September 30, 2025, was $12,825 thousand, a 42.9% increase from $8,975 thousand in the same period of 2024[270]. - For the nine months ended September 30, 2025, net income was $29,940 thousand, an 18.6% increase from $25,239 thousand in the same period of 2024[278]. Earnings and Income Metrics - Diluted earnings per share rose to $0.77, up 45.3% from $0.53 year-over-year[270]. - Year-to-date Net Interest Income for the period ended September 30, 2025, was $98,021,000, compared to $82,045,000 for the same period in 2024[211]. - Net interest income for the quarter ended September 30, 2025, was $34,131,000, an increase from $32,533,000 in the previous quarter[209]. - Total non-interest income for the third quarter of 2025 was $8,716 thousand, reflecting a 7.2% increase from $8,133 thousand in the prior year[273]. Asset and Equity Growth - Total stockholders' equity increased to $417.687 million as of September 30, 2025, up from $408.506 million at June 30, 2025, representing a growth of 0.29%[182]. - Stockholders' equity increased to $417.7 million at September 30, 2025, a 4.2% rise from $400.9 million at December 31, 2024[199]. - Total assets reached $4.6 billion as of September 30, 2025, reflecting a $172.4 million increase, or 3.9%, from June 30, 2025[194]. - As of September 30, 2025, total assets increased to $4.59 billion, up by $280.8 million or 6.5% from December 31, 2024[213]. Loan and Deposit Information - Total loans were $3.4 billion as of September 30, 2025, with loan growth of $17.3 million primarily in residential real estate loans[196]. - Total deposits rose to $4.10 billion, an increase of $272.1 million or 7.1% from December 31, 2024, driven by a $125 million addition of brokered CDs[214]. - Noninterest-bearing deposits accounted for 18.8% of total deposits as of September 30, 2025, compared to 18.4% at the end of 2024[214]. - The total loans as of September 30, 2025, reached $3,424,784,000, an increase from $3,394,541,000 as of December 31, 2024[228]. Interest Income and Margins - Net interest income on a GAAP basis was $34.131 million for Q3 2025, an increase of 4.91% from $32.533 million in Q2 2025[183]. - The net interest margin improved to 3.24% for Q3 2025, compared to 3.16% in Q2 2025, indicating a positive trend in interest income generation[183]. - The Net Interest Margin improved to 3.22% for the quarter ended September 30, 2025, up from 3.15% in the previous quarter[209]. - The annualized yield on total loans improved to 5.43% for the quarter ended September 30, 2025, compared to 5.30% for the quarter ended December 31, 2024[230]. Risk Management and Credit Quality - The allowance for credit losses was $34.2 million, representing 0.99% of loans outstanding, stable compared to previous periods[204]. - Nonperforming loans decreased to $6.3 million, or 0.18% of period-end loans, down from 0.62% at December 31, 2024[205]. - The provision for credit losses for Q3 2025 was $0.8 million, up from $0.6 million in Q2 2025, influenced by charge-offs and loan balance growth[243]. - Nonperforming assets decreased to $6.7 million as of September 30, 2025, down from $21.5 million at December 31, 2024, and $22.3 million at September 30, 2024[245]. Operational Efficiency - The efficiency ratio improved to 59.56% from 65.59%, indicating better cost management[276]. - The efficiency ratio improved to 63.06% in 2025 from 67.10% in 2024, reflecting a decrease of 4.04% or 6.0%[283]. - The average balance of loans was $3,424,784 thousand with an interest rate of 5.43% for the quarter ended September 30, 2025, compared to $3,329,873 thousand at 5.27% in the same quarter of 2024[210]. Regulatory Capital and Compliance - Arrow Bank's Common Equity Tier 1 (CET1) capital ratio was 13.07% as of September 30, 2025, significantly above the minimum requirement of 4.5%[253]. - Arrow Bank qualified as "well-capitalized" under the federal banking regulatory standards as of September 30, 2025[253]. - Arrow issued $20 million of Junior Subordinated Obligations, which will continue to qualify as Tier 1 regulatory capital until maturity or redemption[241].

Revenue Performance - Total revenues decreased by 6% to $9,045 million for the three months ended September 30, 2025, compared to $9,623 million in the same period of 2024[178]. - Distribution revenue declined by 4% for the three months ended September 30, 2025, primarily due to a 9% decrease in domestic linear subscribers[180]. - Advertising revenue fell by 17% for the three months ended September 30, 2025, attributed to a 26% decline in audience for domestic networks[181]. - Content revenue decreased by 3% for the three months ended September 30, 2025, impacted by the sublicensing of Olympic sports rights in Europe[182]. - Total revenues for the three months ended September 30, 2025, were $9,045 million, a decrease of 6% compared to $9,623 million in the same period in 2024[199]. - The Global Linear Networks segment reported revenues of $3,883 million for the three months ended September 30, 2025, a decline of 22% from $5,010 million in the same period in 2024[199]. - Total revenues decreased by 22% to $3.883 billion for the three months ended September 30, 2025, and by 13% to $13.460 billion for the nine months ended September 30, 2025[227]. - Distribution revenue fell by 8% for both the three and nine months ended September 30, 2025, primarily due to a 9% decline in domestic linear subscribers[229]. - Advertising revenue decreased by 21% and 14% for the three and nine months ended September 30, 2025, respectively, driven by a 26% decline in domestic network audiences[230]. - Content revenue plummeted by 74% for the three months and 37% for the nine months ended September 30, 2025, largely due to the sublicensing of Olympic sports rights[231]. Expenses and Costs - Costs of revenues decreased by 12% for the three months ended September 30, 2025, primarily due to lower expenses related to the broadcast of the Olympics in 2024[185]. - Selling, general and administrative expenses decreased by 2% for the three months ended September 30, 2025, mainly due to lower marketing and overhead expenses[186]. - Costs of revenues decreased by 30% for the three months and 9% for the nine months ended September 30, 2025, benefiting from the broadcast of the Olympics in 2024[232]. - Selling, general and administrative expenses decreased by 7% and 4% for the three and nine months ended September 30, 2025, respectively, mainly due to lower overhead costs[233]. Income and Profitability - Operating income increased to $611 million for the three months ended September 30, 2025, compared to $281 million in the same period of 2024[178]. - Adjusted EBITDA for the total company was $2,470 million for the three months ended September 30, 2025, reflecting a 2% increase compared to $2,413 million in the same period in 2024[200]. - Adjusted EBITDA for the Streaming segment was $345 million for the three months ended September 30, 2025, representing a 19% increase compared to the same period in 2024[197]. - Adjusted EBITDA decreased by 20% for the three months and 19% for the nine months ended September 30, 2025[234]. - The company reported an operating income of $389 million for the nine months ended September 30, 2025, compared to a loss of $10,194 million in the same period of 2024[275]. Strategic Initiatives - The company plans to separate into two publicly traded companies by mid-2026, with Warner Bros. focusing on Streaming and Studios, and Discovery Global on Global Linear Networks[169]. - The company is evaluating a range of strategic options, including advancing the Separation or potential merger structures[170]. - Management is reviewing strategic alternatives, including the potential separation of business units, which may affect future operations[276]. Subscriber Growth - The company experienced a 16% increase in Streaming subscribers for the three months ended September 30, 2025, due to global expansion of HBO Max[180]. - Total Domestic subscribers increased by 10% to 58.0 million, while Total International subscribers rose by 21% to 70.0 million, resulting in a Total Streaming subscriber count of 128.0 million, a 16% increase year-over-year[205]. Financial Position - As of September 30, 2025, the company had $4.3 billion in cash and cash equivalents and a $4.0 billion revolving credit facility[241]. - The company entered into a Bridge Loan Facility of $17.0 billion to finance early settlements and repay a $1.5 billion term loan facility[242]. - The company repaid $1,000 million of its Bridge Loan Facility during the three months ended September 30, 2025[250]. - The company repurchased or repaid $21,663 million of its senior notes during the nine months ended September 30, 2025, with $139 million of senior notes due through September 2026[251]. - Cash provided by operating activities was $2,515 million for the nine months ended September 30, 2025, a decrease from $2,660 million in the same period of 2024[256]. - Cash used in investing activities increased to $761 million for the nine months ended September 30, 2025, compared to $355 million in 2024[257]. - Cash used in financing activities was $3,123 million for the nine months ended September 30, 2025, slightly lower than $3,149 million in 2024[258]. - As of September 30, 2025, the company had cash and cash equivalents of $4,294 million and unused capacity of $8,294 million[260]. - The company expects its cash balance and cash generated from operations to be sufficient to fund its cash needs in the short and long term[261]. Market and Economic Conditions - The company anticipates potential impacts from macroeconomic conditions and competitive pressures on advertising revenues[276]. - The company is continuously monitoring the impact of the OECD's Pillar Two Global Anti-Base Erosion model rules, which introduce a global minimum tax of 15% applicable to multinational enterprises[193]. - The company faces risks related to market acceptance of new products and services, as well as operational challenges from ongoing business integration[276].

Financial Performance - International Bancshares Corporation reported net income for the three and nine months ended September 30, 2025, with specific figures detailed in the attached news release[5]. Compliance and Reporting - The report was filed on November 6, 2025, indicating timely compliance with SEC regulations[2]. Stock Information - The company is listed on The Nasdaq Stock Market under the trading symbol IBOC[4].

Production and Operations - Production totaled 853 MBoe/d, exceeding guidance by 2%[167] - Total production volumes increased by 20% from 700 MBoe/d in 2024 to 836 MBoe/d in 2025, primarily driven by the Grayson Mill acquisition and new well activity[188] - Oil production increased by 18% from 330 MBbls/d in 2024 to 388 MBbls/d in 2025, with significant growth in the Rockies region, which saw a 116% increase[187] - Total production expenses remained stable at $895 million, with a per Boe cost of $6.14 for LOE[177] - Production expenses rose by 18% from $2.302 billion in 2024 to $2.706 billion in 2025, largely due to increased activity in the Rockies and Delaware Basin[192] - Approximately 30% and 35% of anticipated 2025 oil and gas production are currently hedged, respectively[174] Financial Performance - Generated $1.7 billion of operating cash flow and $6.8 billion for the past twelve trailing months[167] - Earnings attributable to Devon were $687 million, or $1.09 per diluted share[167] - Net earnings for the nine months ended September 30, 2025, were $2.1 billion, a decrease from $2.3 billion for the same period in 2024, reflecting a change of approximately 9%[185] - Realized prices for oil decreased by 10% from $42.19 per Boe in 2024 to $37.86 per Boe in 2025, contributing to an $884 million decrease in earnings[189] - Operating cash flow for Q3 2025 was $1.69 billion, compared to $1.66 billion in Q3 2024, and $5.18 billion for the nine months ended September 30, 2025, compared to $4.94 billion in 2024[204][206] - Core earnings attributable to Devon for the three months ended September 30, 2025, were $856 million, or $1.04 per share[247] - EBITDAX for the three months ended September 30, 2025, was $1.86 billion, reflecting strong operational performance[252] Acquisitions and Investments - The acquisition of the Williston Basin business of Grayson Mill was for approximately $5.0 billion, enhancing oil production and operating scale[163] - Devon issued $3.25 billion of debt in Q3 2024 to partially fund the Grayson Mill acquisition and retired $472 million of debt in the same quarter[201] - On August 1, 2025, Devon acquired all outstanding noncontrolling interests in CDM for $260 million, fully attributing future net income and cash flows to Devon[218] Cash Management and Shareholder Returns - Cash-return objectives include opportunistic share repurchases, funding dividends, and repaying debt, with approximately 83% of the $5.0 billion share repurchase program completed[167] - Devon repurchased approximately 23.7 million shares for $800 million in the first nine months of 2025, compared to 16.3 million shares for $744 million in 2024[215] - A cash dividend of $0.24 per share was announced for the fourth quarter of 2025, totaling approximately $150 million[237] - The Board of Directors has authorized a $5.0 billion share repurchase program, with $4.2 billion executed through October 2025[237] Tax and Regulatory - The effective income tax rate for Q3 2025 was 24%, up from 21% in Q2 2025, influenced by the OBBB legislation[184] - For the nine months ended September 30, 2025, Devon's total income tax expense was $600 million, with an effective income tax rate of 22%[202] Asset Management - The company recognized a pre-tax gain of $307 million from the sale of its investment in Matterhorn, recorded as asset dispositions[183] - Asset impairments totaled $254 million in the first quarter of 2025 due to the rationalization of two headquarters-related real estate assets[196] - In Q2 2025, Devon sold its investment in Matterhorn for $372 million, recognizing a pre-tax gain of $307 million ($239 million net of tax) from the asset disposition[200] - Devon generated $134 million from divesting headquarters-related real estate assets and $372 million from the sale of Matterhorn in the first nine months of 2025[210] Financial Position and Outlook - Total debt as of September 30, 2025, was $8.4 billion, with $7.4 billion in fixed-rate debt averaging 5.7%[255] - As of September 30, 2025, Devon had approximately $3.0 billion of available borrowing capacity under its Senior Credit Facility[233] - The company has a credit rating of BBB from Standard and Poor's, BBB+ from Fitch, and Baa2 from Moody's, all with a stable outlook[234] - Capital expenditures for the first nine months of 2025 totaled $2.76 billion, representing approximately 53% of operating cash flow[208] - Capital expenditures for the remainder of 2025 are expected to be approximately $0.9 billion to $1.0 billion[238] - The capital expenditures budget indicates a focus on maintaining operational efficiency and growth[238] Business Optimization - The business optimization plan is expected to improve annual pre-tax cash flow by $1.0 billion, with $600 million anticipated to be completed by the end of 2025[166] - Devon's business optimization plan is expected to improve annual pre-tax cash flow by $1.0 billion, with $600 million anticipated to be achieved by the end of 2025[223] Market Conditions - Realized price for oil (unhedged) increased to $63.21 per Bbl, a 2% increase from Q2 2025[173] - Field-level cash margin increased to $24.41 per Boe, up from $23.68 in Q2 2025[179] - Cash settlements from hedges totaled $107 million in the first nine months of 2025, a decrease of 23% compared to $139 million in 2024[190] - A 10% change in the forward curves of commodity derivatives would have impacted net positions by approximately $200 million[254] - The company’s Field-Level Cash Margin for the nine months ended September 30, 2025, was $5.94 billion[252]

Customer Base and Operations - The company serves over 1.35 million customers across 800+ communities in eight states, focusing on operational excellence and growth[126] Financial Performance - For the three months ended September 30, 2025, Electric Utilities' operating income decreased by $2.7 million to $62.4 million, while Gas Utilities' operating income increased by $9.9 million to $20.8 million[141] - For the nine months ended September 30, 2025, Electric Utilities' operating income decreased by $10.3 million to $165.7 million, while Gas Utilities' operating income increased by $43.1 million to $207.7 million[141] - The company’s net income for the nine months ended September 30, 2025, was $191.1 million, an increase of $8.5 million compared to the same period in 2024[141] - Electric Utilities revenue for the three months ended September 30, 2025, was $249.7 million, an increase of 7.4% compared to $232.5 million in the same period of 2024[148] - Total revenue for the nine months ended September 30, 2025, was $706.3 million, up from $659.8 million in 2024, reflecting a 7.0% increase[154] - Gas Utilities revenue for the three months ended September 30, 2025, was $184.4 million, up 6.2% from $173.6 million in 2024[162] - The total revenue for Gas Utilities for the nine months ended September 30, 2025, was $979.9 million, an increase of 10.8% from $884.2 million in 2024[162] Margins and Expenses - Electric Utility margin (non-GAAP) for the three months ended September 30, 2025, increased by $2.3 million to $179.9 million from $177.6 million in 2024[149] - The Electric Utility margin for the nine months ended September 30, 2025, increased by $10.0 million to $514.1 million compared to $504.1 million in 2024[149] - Operations and maintenance expenses rose by $4.7 million to $69.8 million for the three months ended September 30, 2025, compared to $65.1 million in 2024[148] - Operations and maintenance expenses for Gas Utilities decreased by $4.5 million in Q3 2025 compared to Q3 2024, primarily due to lower employee-related expenses[163] Energy Generation and Demand - Wyoming Electric set a new all-time peak load of 379 MW on June 20, 2025, surpassing the previous peak of 314 MW set in January 2024[140] - Coal generation decreased to 556.8 GWh for the three months ended September 30, 2025, from 645.7 GWh in 2024, primarily due to unplanned outages[155] - Total purchased energy increased to 734.8 GWh for the three months ended September 30, 2025, compared to 516.1 GWh in 2024, driven by increased demand[156] - Total generated electricity for the nine months ended September 30, 2025, was 3,856.7 GWh, a decrease of 2.9% from 3,971.3 GWh in 2024[157] - Total purchased electricity for the nine months ended September 30, 2025, was 2,225.3 GWh, a 30.8% increase from 1,701.3 GWh in 2024[157] Debt and Capital Expenditures - Interest expense increased by $17.7 million for the nine months ended September 30, 2025, primarily due to higher interest rates on long-term debt[142] - Capital expenditures for the nine months ended September 30, 2025, totaled $(550.2) million, an increase of $19.7 million compared to $(530.5) million in 2024, primarily due to the Ready Wyoming and Lange II projects[180] - The company completed a public debt offering of $450 million on October 2, 2025, with net proceeds intended to repay $300 million of senior unsecured notes due January 2026[175] Equity and Liquidity - Total stockholders' equity as of September 30, 2025, was $3,768.0 million, compared to $3,501.5 million as of December 31, 2024, indicating a growth in equity[174] - Available liquidity as of September 30, 2025, was $642.0 million, slightly up from $628.8 million as of December 31, 2024[174] - The company's debt to capitalization ratio improved to 53.7% as of September 30, 2025, down from 55.6% at the end of 2024[174] Tax and Other Expenses - Income tax expense increased by $2.9 million primarily due to higher pre-tax income[147] - The effective tax rate for the three months ended September 30, 2025, was 13.5%, up from 10.0% in 2024, primarily due to non-deductibility of certain merger-related expenses[177] Merger Activity - The company is in the process of a merger with NorthWestern, which was agreed upon on August 18, 2025[130] - Operating loss for the three months ended September 30, 2025, increased to $(4.5) million, compared to $(0.2) million for the same period in 2024, primarily due to $8.4 million of NorthWestern merger-related costs[171] Sustainability and Corporate Responsibility - The company published its 2024 Corporate Sustainability Report, highlighting progress on major projects and climate goals[140]