Revenue Growth - Fiscal year 2026 revenue reached $215.9 billion, a 65% increase from $130.5 billion in fiscal year 2025[247] - Data Center revenue grew by 68% year-over-year, driven by accelerated computing and AI solutions[248] - Gaming revenue increased by 41% year-over-year, supported by strong demand for Blackwell products[248] - Professional Visualization revenue rose by 70% year-over-year, attributed to high demand for Blackwell and the launch of DGX Spark[249] - Compute & Networking revenue increased by 67% to $193,479 million in fiscal year 2026, driven by demand for the Blackwell computing platform and a 59% growth in Data Center computing[269] - Graphics revenue rose by 57% to $22,459 million, attributed to sales of the Blackwell architecture[270] - Total revenue for fiscal year 2026 reached $215,938 million, a 65% increase compared to $130,497 million in fiscal year 2025[269] Operating Performance - Operating expenses for fiscal year 2026 were $23.1 billion, up 41% from $16.4 billion in fiscal year 2025[250] - Operating income for Compute & Networking segment increased by 57% to $130,141 million, despite a $4.5 billion charge related to excess inventory[270] - Total operating expenses rose by 41% to $23,076 million, driven by a 43% increase in research and development expenses[280] - The gross margin for fiscal year 2026 was 71.1%, down from 75.0% in fiscal year 2025, impacted by the transition to Blackwell solutions[250] - Gross margin decreased to 71.1% in fiscal year 2026 from 75.0% in fiscal year 2025, impacted by the transition to Blackwell solutions and inventory charges[278] Net Income and Cash Flow - The net income for fiscal year 2026 was $120.1 billion, a 65% increase from $72.9 billion in fiscal year 2025[247] - Cash and cash equivalents increased to $10,605 million in fiscal year 2026 from $8,589 million in fiscal year 2025[289] - Net cash provided by operating activities was $102,718 million, up from $64,089 million in fiscal year 2025, reflecting higher revenue[290] Shareholder Returns - The company repurchased 282 million shares for $40.4 billion in fiscal year 2026, with an additional $60 billion share repurchase authorization approved[295] Tax and Capital Expenditures - Income tax expense increased to $21.4 billion in fiscal year 2026, with an effective tax rate of 15.1% compared to 13.3% in fiscal year 2025[285] - Capital expenditures for fiscal year 2026 were $6.1 billion, up from $3.4 billion in fiscal year 2025, with an expectation to increase further in fiscal year 2027[303] Investments and Partnerships - Investments in private companies and infrastructure funds totaled $17.5 billion, primarily to support early-stage startups in AI[251] - The company is finalizing an investment and partnership agreement with OpenAI, although completion is not guaranteed[302] - The company expects to continue investing in its ecosystem to support future growth[302] Foreign Exchange and Financial Risks - Direct exposure to foreign exchange rate fluctuations is considered minimal, as most sales are in U.S. dollars[312] - An adverse 10% foreign exchange rate change would impact income before taxes by $124 million as of January 25, 2026[315] - If the U.S. dollar strengthened by 10%, it would have an adverse impact of $180 million on accumulated other comprehensive income related to foreign exchange contracts[314] - A hypothetical 10% decrease in publicly-held equity securities would reduce their fair value by $1.8 billion as of January 25, 2026[309] - The company had $8.5 billion of senior Notes outstanding at the end of fiscal year 2026, with no financial statement risk from interest rate changes due to fixed rates[308] - A 0.5% decrease in the yield curve would decrease the fair value of the investment portfolio by approximately $0.2 billion[307] Supply Chain and Infrastructure - The company is expanding its supply chain from Asia to the U.S. and Latin America to enhance resilience and meet AI infrastructure demand[244]

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 No. 001-35711 CROSSAMERICA PARTNERS LP (Exact name of registrant as specified in its charter) Delaware 45-4165414 (State or Other Jurisdiction o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION | North Carolina | 56-1421916 | | --- | --- | | (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) | | 205 SE Broad St., Southern Pines, North Carolina | 28387 | | (Address of Principal Executive Offices) | (Zip Code) | | (Registrant's telephone number, including area code) | (910) 246-2500 | Securities Registered Pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol | Name of each e ...

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: 001-35931 Constellium SE (Exact name of registrant as specified in its charter) France 98-0667516 (State or other j ...

Exhibit 99.1 LandBridge Announces Fourth Quarter and Fiscal Year 2025 Results Delivers Q4 revenue growth of 56% year-over-year and 12% quarter-over-quarter and full year 2025 year-over- year revenue growth of 81% Announces full year 2026 EBITDA outlook of $205 million to $225 million Declares quarterly cash dividend of $0.12 per share, representing a 20% increase Announces $50 million share repurchase authorization HOUSTON—(BUSINESS WIRE)—LandBridge Company LLC (NYSE: LB) (the "Company," or "LandBridge") to ...

Investment Strategy and Valuation - The Adviser employs an investment rating system on a scale of 1 to 4 to monitor expected returns on portfolio investments [79]. - The quarterly fair valuation process includes delivering updated financial information to an independent third-party pricing service for valuation [84]. - Fair value is determined based on market prices for publicly-traded securities and good faith assessments for non-public securities [82]. - The Adviser utilizes a multi-step valuation process for investments without readily available market quotations, involving internal and external valuation techniques [83]. - The company focuses on investments with attractive exit possibilities, including repayment, IPOs, mergers, or sales [93]. - The Adviser integrates sustainability considerations into the investment decision-making process, assessing potential financial and reputational risks [94]. Fees and Incentives - The base management fee is set at an annual rate of 1.50% of the average weekly value of gross assets, excluding cash and cash equivalents [111]. - The incentive fee consists of components based on a percentage of income and capital gains, allowing for independent payment of each component [113]. - The Adviser may temporarily or permanently waive fees, with any deferred fees being paid without interest [110]. - The subordinated income incentive fee is 17.5% of the Company's pre-incentive fee net investment income for the preceding quarter, subject to a hurdle rate of 1.75% per quarter (7.0% annualized) [114]. - The Adviser will receive a catch-up fee once the pre-incentive fee net investment income exceeds the hurdle rate, until it reaches 2.12% (8.48% annualized) of net assets [114]. - The incentive fee on capital gains is 20% of the Company's realized capital gains, calculated net of all realized capital losses and unrealized capital depreciation [117]. - No subordinated income incentive fee will be payable if the pre-incentive fee net investment income does not exceed the hurdle rate [118]. - The Company will accrue for the incentive fee on capital gains quarterly, including unrealized gains in the calculation [119]. Regulatory and Compliance - The Advisory Agreement was re-approved for an additional one-year term on April 17, 2025, after reviewing the nature and quality of services provided by the Adviser [125]. - The Adviser oversees the Company's day-to-day operations, including accounting, legal services, and investor relations [127]. - The Company reimburses the Adviser for necessary expenses related to administration and operations, reviewed quarterly by the Board [128]. - The Company is regulated as a BDC under the 1940 Act, which imposes restrictions on transactions with affiliates [134]. - The company is subject to reporting and disclosure requirements under the Securities Exchange Act of 1934, including filing quarterly, annual, and current reports [157]. - The company is required to monitor compliance with the Sarbanes-Oxley Act and corporate governance regulations set by the NYSE [158][160]. - The company has no employees and relies on the Adviser and its affiliates for management and oversight of investment operations [179]. Capital Structure and Financing - The company is permitted to issue multiple classes of debt and one class of stock senior to its common stock if its asset coverage is at least 150% immediately after each issuance, increasing the maximum debt to equity ratio from 1.0x to 2.0x [150]. - The company may borrow amounts up to 5% of the value of its total assets for temporary purposes without regard to asset coverage [150]. - The company has established credit facilities and entered into financing arrangements to facilitate investments and timely payment of expenses [145]. - The company may enter into total return swap agreements to add leverage to its portfolio without owning the underlying securities [147]. - The company is allowed to invest in cash equivalents and U.S. government securities as temporary investments pending investment in Qualifying Assets [142]. - The company must provide significant managerial assistance to portfolio companies to count their securities as Qualifying Assets [140]. - The company is subject to restrictions on the issuance of warrants, options, or rights to purchase shares, which cannot exceed 25% of its total outstanding shares [143]. - The company may co-invest in transactions with affiliated entities under certain conditions, ensuring fairness and consistency with its investment objectives [149]. Taxation and Distribution Requirements - The company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless it meets the Annual Distribution Requirement [163]. - To maintain qualification as a RIC, the company must distribute at least 90% of its investment company taxable income each tax year [161]. - The company has previously incurred excise tax on undistributed income and may not always distribute sufficient amounts to avoid this tax [167]. - The company must satisfy the 90% Income Test to qualify as a RIC, deriving at least 90% of its gross income from specified sources [172]. - The company may need to sell assets or raise additional debt to meet distribution requirements, which could occur at non-advantageous times [174]. Interest Rate and Currency Risks - Changes in interest rates can significantly affect the company's net interest income and the value of its investment portfolio [528]. - The company borrows at a floating rate based on benchmark interest rates, with fixed rates for certain notes, including 3.400% Notes due 2026 and 2.625% Notes due 2027 [529]. - A 250 basis point increase in interest rates would result in a $202 million increase in interest income and a $116 million increase in interest expense, leading to an $86 million increase in net interest income, representing a 15.5% change [531]. - The company expects long-term investments to be financed primarily with equity and debt, utilizing interest rate risk management techniques to minimize exposure to interest rate fluctuations [532]. - As of December 31, 2025, the net contractual amount of foreign currency forward contracts totaled $220 million, all related to hedging foreign currency denominated debt investments [538]. - A 10% unfavorable change in foreign currency exchange rates would reduce the fair value of investments denominated in foreign currencies by $79.2 million [535]. - The company has outstanding borrowings in foreign currencies totaling €361 million, £180 million, and AUD3 million under its Senior Secured Revolving Credit Facility [538]. - The company utilizes derivative instruments, including foreign currency forward contracts and cross currency swaps, to manage fluctuations in foreign currency exchange rates [536]. - The company is typically a net receiver of foreign currencies related to international investment positions, benefiting from a weaker U.S. dollar [536]. - Changes in interest rates or hedging transactions could have a material adverse effect on the company's business and financial condition [532]. - The company may face risks regarding portfolio valuation, impacting financial results [539].

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 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-11527 SERVICE PROPERTIES TRUST (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Maryland 04-3262075 (I.R.S. Emp ...

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 28, 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 ...

Exhibit 99.1 Houston, February 25, 2026 – Crescent Energy Company (NYSE: CRGY) ("Crescent" or the "Company"), today announced financial and operating results for the fourth quarter and full year 2025. A supplemental slide deck can be found at www.crescentenergyco.com. The Company plans to host a conference call and webcast at 10 a.m. CT on Thursday, February 26, 2026. Details can be found in this release. Crescent reported $9 million of net income and $131 million of Adjusted Net Income in the fourth quarte ...

Business Segments - The Company operates through three reportable segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming[13]. - The Live and Historical Racing segment includes revenue from pari-mutuel wagering, simulcast fees, and event-related services at Churchill Downs Racetrack and other properties[14][15]. - The Gaming segment generates revenue from various gaming operations, including slot machines and table games, supporting the casino license[46]. - The company operates a total of 14,335 gaming terminals across its properties, with 646,000 square feet of casino space[47]. Investments and Developments - The Company is investing up to $30 million to renovate the Finish Line Suites and The Mansion for the 152nd Kentucky Derby in May 2026[22]. - The Company plans to invest $280-$300 million to build a new facility at Churchill Downs Racetrack, expected to be completed by the 2028 Kentucky Derby[22]. - Derby City Gaming was expanded in Q2 2023, adding a 123-room hotel and a VIP gaming area[25]. - The company opened the Terre Haute Casino Resort in Indiana in April 2024, which includes a hotel and a retail sportsbook[49]. - The company plans to sell 15-20 acres of land at Calder Casino for future retail development[48]. Racing Operations - Churchill Downs Racetrack conducts approximately 80 live race days each year and features one of the largest 4K video boards in the world[17]. - The Fair Grounds Race Course in Louisiana conducts approximately 75 live racing days each year and operates 13 off-track betting facilities[51]. Market Access and Technology - Exacta, acquired in August 2023, provides central determinant system technology for historical racing machines across multiple states[44]. - The company has executed strategic market access agreements for sports betting with Bet365 in Pennsylvania and Golden Nugget in Indiana[45]. Employment and Workforce - As of December 31, 2025, the company employed approximately 9,000 team members, including about 6,600 full-time employees[68]. Equity Investments - The company has a 61.3% equity ownership in Rivers Casino Des Plaines, which has 1,510 gaming terminals and 120 table games[57]. - The company has a 50% equity investment in Miami Valley Gaming and Racing in Ohio, which features a harness racetrack and retail sportsbook[58]. Regulatory Environment - The gaming industry is highly regulated, with gaming laws designed to protect consumers and ensure the integrity of the industry[86]. - Changes in gaming laws or regulations could have a material adverse impact on the company's gaming operations[87]. - The company is required to maintain responsible accounting practices and procedures, including reliable record-keeping and filing periodic reports with gaming regulators[89]. - The company pays substantial license fees and taxes in various jurisdictions, which are based on factors such as a percentage of gaming revenue received[102]. - The company must report and obtain approval for material loans, leases, and sales of securities from gaming authorities[101]. - The company is subject to environmental laws and regulations that may require significant capital expenditures for compliance[104]. Financial Risks - The company is exposed to market risks from adverse changes in general economic trends, which can affect consumer confidence and discretionary spending[298]. - As of December 31, 2025, the company had $2.1 billion outstanding under its Credit Agreement, which bears interest at SOFR-based variable rates[299]. - A one-percentage point increase in the SOFR rate would reduce net income and cash flows from operating activities by $14.7 million[299]. Gaming Operations - The company operates 540,000 square feet of historical racing entertainment venues with a total of 10,190 historical racing machines[23]. - Sports betting is operational in 39 states and the District of Columbia as of December 31, 2025, with the company active in eleven states for retail sports betting[82]. - iGaming is authorized in seven states, with potential expansion as Maine authorized it in January 2026[84]. - The company has faced legal challenges regarding historical horse racing operations in Louisiana, impacting revenue comparability[79].