Financial Performance - H2O America's consolidated net income for Q3 2025 was $45,132, a 17% increase from $38,652 in Q3 2024[107]. - For the nine months ended September 30, 2025, consolidated net income reached $86,358, up approximately 22% from $71,047 in the same period of 2024[107]. - Total operating revenue for H2O America in Q3 2025 was $240,550, up 7% from $225,063 in Q3 2024; for the nine months, it was $606,404, a 10% increase from $550,619[108][109]. - H2O America generated cash flows from operations of $181,283 for the nine months ended September 30, 2025, an increase of $27,217 from the same period in 2024[151]. Revenue and Expenses - Operating revenue for Water Utility Services in Q3 2025 was $236,222, a 7% increase from $220,938 in Q3 2024; for the nine months, it was $596,052, a 10% increase from $537,899[108][109]. - Operating expenses for Water Utility Services in Q3 2025 were $172,178, a 6.9% increase from $161,929 in Q3 2024; for the nine months, they were $449,185, up 8.9% from $411,959[111]. - Water production expenses increased by $2,614 (1%) in Q3 2025 compared to Q3 2024, and by $20,186 (4%) for the nine months[111]. - The effective consolidated income tax rates were 11% for Q3 2025, compared to 5% for Q3 2024, reflecting a higher pre-tax income in 2025[130]. Capital Expenditures and Investments - Water Utility Services' estimated capital expenditures for 2025 are approximately $473,000, with 74% or $351,069 already invested as of September 30, 2025[155]. - H2O America expects to incur approximately $1,900,000 in capital expenditures over the next five years, including $300,000 for PFAS treatment[156]. - The company is set to acquire regulated systems from Quadvest L.P. for $483,600 and systems from Quadvest Wholesale LLC for $56,400, enhancing operational scale in Houston, TX[102]. Rate Changes and Charges - SJWC filed for a rate increase of $21,318 or 3.91% effective January 1, 2025, as part of its General Rate Case[132]. - CWC's cumulative Water Infrastructure Conservation Adjustment (WICA) surcharge as of April 1, 2025, is 4.90%, collecting $6,000 annually[138]. - TWC's System Improvement Charge (SIC) increased annual water revenue by $3,915 and annual sewer revenue by $195, effective May 15, 2025[145]. - SJWC's groundwater extraction charge increased by 10% effective July 1, 2025, following a previous increase of approximately 13% in 2024[125]. - MWC's approved rate increase of $865 represents a 13.00% rise in annual revenues for the Camden Rockland division, effective July 1, 2025[148]. Water Supply and Production - The company serves approximately 407,000 water and wastewater service connections, serving a combined population of over 1.6 million people[96]. - Water supply conditions in California improved, with the State Water Project allocation increasing from 35% to 50% during 2025[113]. - As of September 30, 2025, SJWC's Lake Elsman was at 73% capacity with 1.5 billion gallons of water, which is approximately 168.1% of the five-year seasonal average[114]. - SJWC's Montevina Water Treatment Plant treated 1.8 billion gallons of water through Q3 2025, representing 103.4% of the five-year average[114]. - The total water supply for SJWC consists of 60% surface water and 40% from wells, with existing agreements to supplement supply until 2058[116]. - TWC expects to meet customer demand for the remainder of 2025 despite ongoing drought conditions, supported by a diversified water supply portfolio[118]. Stock and Debt - H2O America issued and sold 2,076,352 shares of common stock for net proceeds of $108,138 under the Equity Distribution Agreement for the nine months ended September 30, 2025[168]. - The average cost of borrowing on lines of credit decreased to 5.42% for the nine months ended September 30, 2025, compared to 6.53% in the same period in 2024[163]. - MWC issued a promissory note for $25,000 at a fixed interest rate of 6.70%, due on July 20, 2055[166]. - TWC issued a promissory note for $40,000 at a fixed interest rate of 6.68%, due on September 1, 2055[167]. Outlook and Ratings - Standard & Poor's revised the outlook for H2O America from stable to negative following the announcement of the Quadvest acquisition[170].

Revenue and Commercialization - Revenue for the three months ended September 30, 2025, was $1 million, attributed to the commercial launch of Aurora Driver for Freight in April 2025[85]. - The company launched Aurora Driver for Freight as its first driverless trucking subscription service, targeting high-volume highway routes[83]. - The company plans to commercialize the Aurora Driver in a Driver as a Service (DaaS) model, partnering with OEMs and fleet operators to scale operations[82]. Expenses and Financial Performance - Research and development expenses increased by $10 million, or 6%, to $179 million for the three months ended September 30, 2025, primarily due to increased non-cash stock-based compensation[87]. - Selling, general and administrative expenses rose by $11 million, or 41%, to $38 million for the three months ended September 30, 2025, driven by higher personnel costs and realignment of resources[88]. - Net cash used in operating activities was $435 million for the nine months ended September 30, 2025, a decrease of $34 million from $469 million for the same period in 2024[103]. - Net cash provided by financing activities was $828 million for the nine months ended September 30, 2025, an increase of $353 million from $475 million for the same period in 2024[105]. Financial Position and Capital Needs - As of September 30, 2025, the company had $87 million in cash and cash equivalents, $1,160 million in short-term investments, and $357 million in long-term investments[97]. - The company expects to continue incurring operating losses and will need to opportunistically raise additional capital to support the development and commercialization of the Aurora Driver at scale[98]. Market Risks - The company is exposed to various market risks, including interest rate changes and inflation impacts[108]. - Interest rate risk is sensitive to factors such as governmental policies and economic conditions, but a 100-basis point change is not expected to materially affect the business[109][110]. - Inflation has not materially impacted the company's financial condition, aside from general economic effects, but rising costs could pose challenges if not offset by price increases[111]. Other Financial Metrics - The change in fair value of derivative liabilities resulted in income of $12 million for the nine months ended September 30, 2025, compared to an expense of $15 million for the same period in 2024[95].

Financial Performance - GAAP net income for Q3 2025 was $41.3 million, or $0.39 per share, an increase of $7.9 million from the previous quarter and $9.2 million from Q3 2024[4] - Core net income for Q3 2025 was $41.2 million, or $0.39 per share, up $1.7 million from the previous quarter and $9.2 million from Q3 2024[7] - Net income for Q3 2025 reached $41,328,000, up 24% from $33,402,000 in Q2 2025 and a 29% increase from $32,086,000 in Q3 2024[30] - Core net income for Q3 2025 was $41,166,000, compared to $39,496,000 in Q2 2025 and $31,933,000 in Q3 2024, reflecting a 4% quarter-over-quarter increase and a 29% year-over-year increase[30] - Total revenue for Q3 2025 reached $135,962,000, up from $131,331,000 in Q2 2025 and $121,361,000 in Q3 2024[39] Interest Income and Margin - Net interest income (FTE) reached $111.5 million, increasing by $4.9 million from the previous quarter and $14.6 million from the prior year[10] - Net interest income for Q3 2025 was $111,123,000, an increase of 4% from $106,241,000 in Q2 2025 and a 15% increase from $96,515,000 in Q3 2024[30] - The net interest margin for Q3 2025 was 3.92%, up 9 basis points from the previous quarter and 36 basis points from Q3 2024[11] - The net interest margin (FTE) improved to 3.92% in Q3 2025 from 3.83% in Q2 2025 and 3.56% in Q3 2024[30] Loans and Deposits - Total loans increased by $137.0 million, or 5.7% annualized, from the previous quarter[7] - Average deposits grew by $102.7 million, or 4.0% annualized, compared to the prior quarter[11] - Total deposits increased to $10,231,340,000 as of September 30, 2025, up 4.9% from $9,745,552,000 a year earlier[32] - Total Loans and Leases increased to $9,750,854 thousand as of September 30, 2025, up from $9,613,808 thousand in June 2025, representing a growth of 1.43%[34] Credit Quality - The provision for credit losses was $11.3 million, an increase of $2.4 million compared to the previous quarter[6] - Nonperforming loans totaled $88.7 million, a decrease of $10.8 million from the previous quarter[14] - The allowance for credit losses as a percent of nonperforming loans and leases was 148.04% in Q3 2025, up from 133.62% in Q2 2025 and down from 168.77% in Q3 2024[30] - Nonperforming Assets as a percentage of total loans and leases, plus OREO and Repos decreased to 0.94% from 1.06% in June 2025, indicating improved asset quality[34] - Net Charge-offs for the three months ended September 30, 2025, totaled $12,247 thousand, significantly higher than $2,758 thousand in the previous quarter, resulting in a net charge-off ratio of 0.51%[35] Efficiency and Returns - The core efficiency ratio improved to 52.3%, a 176 basis point improvement from the previous quarter[21] - Average Tangible Common Equity Return was 14.90% for the three months ended September 30, 2025, compared to 14.82% in the previous quarter, reflecting strong profitability[38] - Core return on average assets for Q3 2025 was 1.34%, compared to 1.11% in Q2 2025 and 1.08% in Q3 2024[39] - Tangible common equity as a percentage of tangible assets increased to 9.58% in Q3 2025 from 9.42% in Q2 2025 and 8.84% in Q3 2024[40] Dividends and Shareholder Equity - A quarterly dividend of $0.135 per share was declared, representing a 3.9% increase from Q3 2024[23] - Shareholders' equity as a percent of total assets was 12.5% in Q3 2025, slightly up from 12.4% in Q2 2025 and 11.8% in Q3 2024[30] - Shareholders' equity increased to $1,541,837,000 as of September 30, 2025, up from $1,409,616,000 a year earlier[32]

Financial Performance - Total revenue for the three months ended September 30, 2025, was $519.048 million, a 57% increase from $330.399 million in the same period of 2024[14] - Product revenue reached $384.314 million for the three months ended September 30, 2025, compared to $233.770 million in the prior year, reflecting a 64% growth[14] - Gross profit for the three months ended September 30, 2025, was $151.675 million, up from $78.734 million in the same quarter of 2024, indicating a significant improvement in profitability[14] - The comprehensive loss attributable to common stockholders for the three months ended September 30, 2025, was $23.47 million, compared to $14.23 million for the same period in 2024, indicating a 64.9% increase[18] - The total comprehensive loss for the three months ended September 30, 2025, was $23.91 million, compared to $13.48 million for the same period in 2024, indicating a 77.5% increase[16] - For the three months ended September 30, 2025, Bloom Energy Corporation reported a net loss of $22.96 million, compared to a net loss of $14.63 million for the same period in 2024, representing a 56.0% increase in losses year-over-year[16] Cash and Liquidity - Cash and cash equivalents decreased to $595.055 million as of September 30, 2025, from $802.851 million as of December 31, 2024[11] - The company ended the period with cash, cash equivalents, and restricted cash totaling $627.015 million, an increase from $549.151 million at the end of the same period in 2024[24] - As of September 30, 2025, the company had unrestricted cash and cash equivalents of $595.1 million, down from $802.9 million as of December 31, 2024[193] Liabilities and Debt - Total current liabilities decreased to $465.951 million as of September 30, 2025, from $636.758 million as of December 31, 2024, showing improved financial stability[11] - Total outstanding recourse and non-recourse debt as of September 30, 2025, was $1.128 billion and $4.3 million, respectively, with $1.4 million classified as short-term debt and $1.1309 billion as long-term debt[30] - The company recorded a $32.3 million loss on early extinguishment of debt due to the exchange of $112.8 million in 2.5% Green Notes for $115.7 million in 3.0% Green Notes[31] - As of September 30, 2025, total debt amounted to $1,154,998 thousand, with recourse debt at $1,150,725 thousand and non-recourse debt at $4,273 thousand[86] Equity and Stock - The company reported a total equity attributable to common stockholders of $653.070 million as of September 30, 2025, up from $562.471 million at the end of 2024[11] - The total equity attributable to common stockholders increased to $653.07 million as of September 30, 2025, up from $430.94 million as of September 30, 2024, reflecting a growth of 51.5%[19] - The total number of shares available for grant under stock plans increased to 41,853,133 as of September 30, 2025, from 35,263,475 at the end of 2024[129] Research and Development - Research and development expenses for the three months ended September 30, 2025, were $48.724 million, an increase from $36.315 million in the same period of 2024, highlighting ongoing investment in innovation[14] Customer and Revenue Concentration - One related party customer accounted for approximately 55% of total revenue for the three months ended September 30, 2025, while three customers accounted for 23%, 19%, and 15% of total revenue for the nine months ended September 30, 2025[41] - The portion of total revenue from direct purchases (including third-party PPAs and international channels) was 98% for the three months ended September 30, 2025, compared to 94% for the same period in 2024[207] Market and Operational Insights - Bloom Energy has deployed over 1.5 gigawatts of low-carbon power across more than 1,200 sites globally[164] - The company anticipates increased customer interest in its power solutions due to rising electricity rates and energy security concerns[165] - The ongoing geopolitical stresses have raised concerns regarding natural gas supply and pricing, impacting customer buying decisions[165] - Demand for power is significantly outpacing available grid-based generation supply, with nearly 2,300 gigawatts (GW) of generation and storage capacity seeking grid connection by the end of 2024, almost double the current installed capacity[170] Future Outlook and Challenges - The expiration of the ITC for fuel cells operating on non-zero-carbon fuels on December 31, 2024, may impact future project economics[176] - Supply chain constraints and trade tariff uncertainties are expected to adversely impact gross margin by approximately 1% for the fiscal year 2025[184] - The company is facing challenges in hiring and retention, which may impact manufacturing capabilities despite recent improvements[189] Stock-Based Compensation - Stock-based compensation expense for the three months ended September 30, 2025, was $37.37 million, compared to $17.78 million for the same period in 2024, representing a 109.1% increase[18] - The intrinsic value of stock options exercised during the three months ended September 30, 2025, was $26.8 million, significantly higher than $0.1 million in the same period of 2024[119] Tax Provisions - For the three months ended September 30, 2025, the company recorded an income tax provision of $0.3 million on a pre-tax loss of $22.6 million, resulting in an effective tax rate of (1.5)%[157] - The effective tax rate for the nine months ended September 30, 2025, was (2.1)% on a pre-tax loss of $86.8 million, compared to (0.4)% for the same period in 2024[157]

Financial Performance - FirstEnergy's revenues for Q3 2025 were $4,148 million, an increase of 11% from $3,729 million in Q3 2024[270]. - Earnings attributable to FirstEnergy in Q3 2025 were $441 million or $0.76 per share, up 5% from $419 million or $0.73 per share in Q3 2024[270]. - For the first nine months of 2025, revenues reached $11,293 million, a 10% increase from $10,296 million in the same period of 2024[274]. - Earnings attributable to FirstEnergy for the first nine months of 2025 were $1,069 million or $1.85 per share, a 49% increase from $717 million or $1.25 per share in the first nine months of 2024[274]. - FirstEnergy's total revenues for Q3 2025 were $4,148 million, compared to $4,020 million in Q3 2024, reflecting an increase in electric revenues[297]. - Earnings attributable to FirstEnergy for Q3 2025 were $441 million, compared to $230 million in Q3 2024, indicating a positive growth trend[297]. - Total revenues for FirstEnergy in the first nine months of 2025 were $11,293 million, an increase from $10,296 million in the same period of 2024[321][322]. Capital Investments - FirstEnergy's planned capital investments for 2025 have been increased to $5.5 billion, a 10% rise from the original plan of $5.0 billion[279]. - The company expects a 30% increase in planned transmission capital investments for the 2026-2030 period compared to the current 5-year plan[279]. - The integrated resource plan filed by MP and PE includes a capital investment of approximately $2.5 billion for 70 MWs of solar generation by 2028 and 1,200 MWs of natural gas combined cycle generation by 2031[294]. - Capital investments in the Integrated Segment totaled $1,336 million in 2025, up from $1,045 million in 2024, an increase of $291 million[387]. - The Distribution Segment saw capital investments rise to $976 million in 2025, compared to $758 million in 2024, an increase of $218 million[387]. Operating Expenses - Operating expenses for FirstEnergy in Q3 2025 totaled $3,318 million, with significant costs in purchased power at $1,341 million and other operating expenses at $976 million[297]. - Total operating expenses increased by $152 million in Q3 2025, mainly due to a $110 million rise in purchased power costs[303]. - Total operating expenses for Stand-Alone Transmission increased by $5 million, primarily due to higher depreciation and property tax expenses[342]. Customer and Revenue Trends - Electric distribution MWh deliveries for residential customers in Q3 2025 were 15,448, a slight increase of 0.2% from 15,415 in Q3 2024[273]. - Total electric distribution MWh deliveries for the first nine months of 2025 were 112,395, a 0.5% increase from 111,834 in the same period of 2024[277]. - Distribution segment's total revenues increased by $399 million to $5,631 million for the nine months ended September 30, 2025, compared to $5,232 million in 2024[325]. - Generation sales revenues increased by $96 million in Q3 2025, attributed to higher retail generation sales and increased auction rates in Pennsylvania[302]. Regulatory and Legislative Developments - The Ohio Governor signed legislation eliminating ESPs and requiring triennial base rate cases, effective August 14, 2025, which may impact future regulatory strategies[292]. - The Ohio Companies requested a net increase in base distribution revenues of approximately $94 million, representing a 1.5% average residential monthly bill increase[291]. - The PUCO approved the Ohio Companies' proposal to return to ESP IV, effective February 1, 2025, after withdrawing ESP V[440]. - The NJBPU issued an Order to Show Cause regarding JCP&L's reliability performance, alleging failures to meet minimum reliability levels for 2022, 2023, and 2024[438]. Debt and Liquidity - FirstEnergy's outstanding short-term borrowings were $291 million as of September 30, 2025, down from $550 million as of December 31, 2024[371]. - FirstEnergy's total available liquidity from external sources as of October 27, 2025, was $6,242 million, including $775 million in cash and cash equivalents[371]. - The company executed a lift-out transaction with MetLife in January 2025, transferring approximately $640 million of plan assets and $652 million of plan obligations[365]. - FirstEnergy's average interest rates for regulated companies' money pools decreased to 4.35% for the three months ended September 30, 2025, compared to 5.43% for the same period in 2024[376]. Tax and Regulatory Liabilities - The effective tax rate for the distribution segment was 17.3% in Q3 2025, up from 15.0% in Q3 2024, reflecting a lesser impact of permanent tax benefits[305]. - FirstEnergy's regulatory assets not earning a current return increased by $138 million, totaling $1,381 million as of September 30, 2025[358]. - The company expects to rely on external sources of funds to meet long-term cash needs, including the issuance of long-term debt[361]. Environmental and Efficiency Initiatives - The Ohio Companies aim to reduce CO2 emissions by 90% below 2005 levels by 2045[440]. - The MDPSC approved a $311 million scenario for the EmPOWER Maryland program, with a revised plan for 2024-2026 totaling $314 million approved on December 27, 2024[428]. - JCP&L's proposal for offshore wind transmission infrastructure includes approximately $723 million in investments, with an expected investment ROE of 10.2%[432].

Financial Performance - Consolidated sales increased 3.3% to $353.6 million compared to $342.4 million last year[69] - Consolidated gross margin increased to 35.6%, up from 34.0% last year, benefiting from proactive price management[69] - Consolidated operating income from continuing operations increased 18.5% to $26.3 million compared to $22.2 million last year[69] - Net income per diluted share from continuing operations increased 9.1% to $0.48 compared to $0.44 last year[69] - Year-to-date consolidated sales increased 2.0% to $1.03 billion compared to $1.01 billion last year[69] - Year-to-date consolidated gross margin increased to 35.9% compared to 34.5% last year[69] - Year-to-date consolidated operating income from continuing operations increased 18.2% to $78.0 million compared to $66.0 million last year[69] - Year-to-date net income per diluted share from continuing operations increased 13.8% to $1.48 compared to $1.30 last year[69] - Consolidated net sales increased by 3.3% to $353.6 million for the three months ended September 30, 2025, and by 2.0% to $1.03 billion for the nine months ended September 30, 2025[72] - Consolidated gross profit rose by 8.3% to $126.0 million in Q3 2025, and by 6.1% to $371.1 million for the nine months[72] - Gross margin improved by 160 basis points to 35.6% in Q3 2025, and by 140 basis points to 35.9% for the nine months[75] - Operating income from continuing operations increased by 18.5% to $26.3 million for Q3 2025, and by 18.2% to $78.0 million for the nine months[72] - Net income from continuing operations grew by 11.9% to $18.8 million in Q3 2025, and by 14.6% to $57.4 million for the nine months[72] Expenses and Cost Management - Selling, distribution, and administrative expenses (SD&A) as a percentage of sales was 28.2% for Q3 2025, up from 27.5% in the prior year[77] - Management remains focused on maintaining strong cost controls and optimizing the cost structure amid ongoing integration of Indoff's operations[63] Cash Flow and Liquidity - Net cash provided by operating activities from continuing operations was $57.7 million for the nine months ended September 30, 2025, compared to $34.6 million in 2024[86] - The company maintained a $125.0 million secured revolving credit facility, with total availability of approximately $122.1 million as of September 30, 2025[89] - Working capital increased by $35.3 million, primarily due to increased accounts receivable and cash balances[85] - As of September 30, 2025, the company had over $180 million in liquidity, including cash and undrawn lines of credit in the U.S.[94] - The company believes that cash balances and future cash flows will be sufficient to fund working capital and other cash requirements for at least the next twelve months[93] Capital Expenditures and Obligations - The company anticipates capital expenditures of approximately $3.0 million in 2025, with no contractual commitments at this time[92] - The company is obligated for approximately $139.2 million under non-cancelable operating and finance leases, with remaining cash expenditures of about $4.2 million anticipated for 2025[95] Tax and Interest Rate Sensitivity - The effective income tax rate increased to 28.0% in Q3 2025 from 24.3% in the prior year, attributed to higher taxable income and non-deductible executive compensation[81] - The company does not have any outstanding debt as of September 30, 2025, and is not currently interest rate sensitive[91][99] - A hypothetical change in average interest rates of one percentage point is not expected to materially affect the company's financial position or cash flows[99] Foreign Operations and Derivatives - Cash balances held in foreign subsidiaries totaled approximately $4.9 million as of September 30, 2025, primarily to support local working capital needs[94] - The company had $1.6 million of standby letters of credit outstanding as of September 30, 2025[96] - The company has limited involvement with derivative financial instruments and had no outstanding foreign currency options or forward exchange contracts as of September 30, 2025[98] Macroeconomic Considerations - Macroeconomic conditions may affect revenues and cash flows, but the company does not believe there is a direct correlation with specific macroeconomic indicators[91]

Financial Performance - Net revenues for the three months ended September 30, 2025, increased by $570 million, or 7%, driven primarily by an 8% growth in total payment volume (TPV) and an increase in interest and fee revenue[196]. - Operating income for the same period rose by $129 million, or 9%, with an operating margin consistent at 18%[198]. - Net income increased by $238 million, or 24%, due to the rise in operating income and an increase in other income[199]. - For the nine months ended September 30, 2025, net revenues increased by $1.1 billion, or 5%, primarily from a 6% growth in TPV[200]. - Operating income for the nine months rose by $670 million, or 17%, with an operating margin improving to 19%[202]. - Net income for the nine months increased by $770 million, or 25%, attributed to the increase in operating income and other income[204]. Revenue Sources - Approximately 44% of net revenues in the three months ended September 30, 2025, were generated from customers outside the U.S.[205]. - Revenues from other value-added services rose by $115 million, or 15%, and $340 million, or 16%, for the three and nine months ended September 30, 2025, primarily due to increased interest and fee revenue from loans receivable[229]. - Transaction revenues increased by $455 million, or 6%, and $725 million, or 3%, for the three and nine months ended September 30, 2025, compared to the same periods in the prior year[220]. Operating Expenses - Total operating expenses for the three months ended September 30, 2025, increased by $441 million, or 7%, primarily due to transaction expenses and credit losses[197]. - Operating expenses increased by 7% to $6.9 billion for the three months ended September 30, 2025, and by 2% to $19.9 billion for the nine months ended September 30, 2025[231]. - Customer support and operations expenses increased by $20 million, or 5%, in Q3 2025 compared to the same period in 2024[251]. - Sales and marketing expenses rose by $13 million, or 3%, in Q3 2025, driven by higher marketing spend, with a total increase of $217 million, or 16%, for the nine months ended September 30, 2025[254]. - Technology and development expenses increased by $55 million, or 7%, in Q3 2025, primarily due to contractor and consultant costs[258]. - General and administrative expenses decreased by $6 million, or 1%, in Q3 2025, attributed to lower employee-related costs[261]. Cash Flow and Investments - The company experienced a 22% increase in net cash provided by operating activities for the three months ended September 30, 2025, totaling $1,974 million[195]. - Net cash provided by operating activities declined by $1.0 billion to $4.032 billion for the nine months ended September 30, 2025[277]. - Cash, cash equivalents, and investments totaled $12.759 billion as of September 30, 2025, down from $13.947 billion at the end of 2024[274]. - As of September 30, 2025, approximately 70% of the total cash and investment portfolio was held in cash and cash equivalents[299]. - The company's strategic investments totaled $1.6 billion as of September 30, 2025, representing approximately 11% of the total cash and investment portfolio[312]. Debt and Shareholder Returns - As of September 30, 2025, the company had an aggregate principal amount of $10.9 billion in outstanding debt with varying maturity dates[282]. - The company issued fixed and floating rate notes totaling $1.5 billion in March 2025, with proceeds potentially used for debt repayment, share repurchases, and acquisitions[282]. - The company repurchased approximately $4.5 billion of its common stock during the nine months ended September 30, 2025, with $15.0 billion remaining available for future repurchases[293]. - A quarterly cash dividend of $0.14 per share was declared, totaling approximately $130 million, payable on December 10, 2025[294]. Risk Factors - A hypothetical 100 basis points increase in interest rates would have decreased the fair value of cash equivalents and available-for-sale debt securities by approximately $139 million as of September 30, 2025[300]. - A hypothetical adverse change of 10% in the carrying value of strategic investments would have resulted in a decrease of approximately $160 million[312].

Revenue Growth - Total revenues increased by approximately 13% in Q3 2025 compared to Q3 2024, with about 4% of this growth attributed to changes in foreign currency exchange rates[138] - Total revenues for the three months ended September 30, 2025, were $9.008 billion, a 12.7% increase from $7.994 billion in 2024; for the nine months, revenues increased by 12.6% to $20.568 billion from $18.268 billion[156] - Total gross bookings increased year-over-year by 14% and 11% for the three and nine months ended September 30, 2025, respectively, with a constant currency increase of approximately 10% for both periods[193] - Merchant revenues increased year-over-year while agency revenues decreased for the nine months ended September 30, 2025, due to a shift from agency to merchant revenues at Booking.com[185] Booking Metrics - Global room nights increased by 8% year-over-year in Q3 2025, consistent with the growth rate in Q2 2025 and higher than the 7% growth in Q1 2025[118] - For the three months ended September 30, 2025, room nights reserved increased by 8.2% to 323 million compared to 299 million in 2024, while for the nine months, it increased by 7.7% to 951 million from 883 million[151] - The mix of total gross bookings generated on a merchant basis increased to 72% in Q3 2025, up from 65% in Q3 2024[127] - The mix of room nights booked for alternative accommodation properties was approximately 36% in Q3 2025, an increase from 35% in Q3 2024[132] - Booking.com had approximately 4.4 million total properties listed as of September 30, 2025, up from approximately 3.9 million a year earlier[131] Expenses and Costs - Total performance and brand marketing expenses were $2.3 billion in Q3 2025, reflecting a 9% increase compared to Q3 2024[128] - Marketing expenses for the three months ended September 30, 2025, were $2.340 billion, an increase of 8.8% from $2.151 billion in 2024; for the nine months, they increased by 9.8% to $6.256 billion from $5.700 billion[159] - Sales and other expenses for the three months ended September 30, 2025, increased by 17.2% to $1.022 billion from $872 million in 2024[160] - Personnel expenses rose by 9.0% to $945 million for the three months ended September 30, 2025, and by 1.3% to $2.534 billion for the nine months ended September 30, 2025[162] - General and administrative expenses decreased by 55.9% to $254 million for the three months ended September 30, 2025, and by 31.9% to $595 million for the nine months ended September 30, 2025[163] - Information technology expenses increased by 24.9% to $242 million for the three months ended September 30, 2025, and by 17.2% to $661 million for the nine months ended September 30, 2025[164] - Depreciation and amortization expenses increased by 2.9% to $160 million for the three months ended September 30, 2025, and by 8.7% to $472 million for the nine months ended September 30, 2025[165] Financial Position - As of September 30, 2025, the company had $17.2 billion in cash, cash equivalents, and investments, with approximately $11.1 billion held by international subsidiaries[173] - Deferred merchant bookings amounted to $6.3 billion at September 30, 2025, primarily consisting of cash payments received from travelers[174] - The company has a remaining share repurchase authorization of $23.9 billion as of September 30, 2025, and declared a cash dividend of $9.60 per share payable on December 31, 2025[177] - Net cash provided by operating activities for the nine months ended September 30, 2025 was $7.919 billion, an increase from $7.602 billion in 2024[185] - Net cash used in financing activities for the nine months ended September 30, 2025 was $8.248 billion, compared to $4.347 billion in 2024, primarily due to debt repayments and stock repurchases[188] Impairments and Fair Value - The company recognized a goodwill impairment charge of $180 million for the KAYAK reporting unit for the three and nine months ended September 30, 2025, resulting in an adjusted carrying value of $203 million[145] - The estimated fair value of KAYAK's trade names and supply agreements was $103 million and $76 million, respectively, as of September 30, 2025[147] - A hypothetical 100 basis point decrease in interest rates would have resulted in an increase of approximately $1.1 billion in the estimated fair value of outstanding debt as of September 30, 2025[192] - A hypothetical 10% decrease in the fair values of investments in equity securities would have resulted in a loss of approximately $65 million before tax[194] Cancellation and Efficiency - The cancellation rate in Q3 2025 was lower than in Q3 2024, positively impacting marketing efficiency despite potential revenue reversals from cancellations[123] - The mobile app accounted for a mid-fifties percentage of room nights booked over the trailing twelve months ended September 30, 2025, up from a low-fifties percentage a year earlier[126]

Financial Performance - Revenue for Q3 2025 was $271.6 million, with organic revenue decreasing by 4%[5] - Net income decreased by 12% to $27.7 million compared to $31.6 million in Q3 2024[6] - GAAP EPS decreased by 12% to $2.35, while adjusted EPS decreased by 9% to $2.59[6] - Adjusted EBITDA decreased by 8% to $58.0 million, representing 21.4% of revenue[7] - Operating cash flow decreased by 10% to $47.3 million compared to $52.5 million in Q3 2024[7] - Bookings decreased by 1% to $238.4 million, with organic bookings down by 4%[8] - Revenue for the three months ended September 27, 2025, was $271,567,000, a slight decrease of 0.1% compared to $271,614,000 for the same period in 2024[21] - Net income attributable to Kadant for the three months ended September 27, 2025, was $27,722,000, down 12.0% from $31,586,000 in the prior year[21] - Adjusted net income for the three months ended September 27, 2025, was $30,569,000, resulting in an adjusted diluted EPS of $2.59, compared to $33,416,000 and $2.84 in the same period of 2024[21] - Operating income for the nine months ended September 27, 2025, was $117,579,000, a decrease of 12.5% from $134,315,000 in the same period of 2024[27] - Adjusted EBITDA for the nine months ended September 27, 2025, was $158.314 million, down 10.7% from $177.267 million in the same period of 2024[29] - Adjusted EBITDA margin for the three months ended September 27, 2025, was 21.4%, compared to 23.3% for the same period in 2024[29] Guidance and Expectations - The company expects revenue of $1.036 to $1.046 billion for 2025, revised from previous guidance[10] - Adjusted EPS guidance for 2025 is maintained at $9.05 to $9.25, excluding $0.51 of acquisition-related costs[10] - For Q4 2025, revenue is expected to be between $270 million and $280 million, with GAAP EPS of $1.91 to $2.11[10] Segment Performance - Flow Control segment revenue for the three months ended September 27, 2025, was $94,839,000, down 2.7% from $97,521,000 in 2024[24] - Material Handling segment revenue increased by 11.0% to $70,335,000 for the three months ended September 27, 2025, compared to $63,397,000 in the prior year[24] - The percentage of parts and consumables revenue increased to 69% for the three months ended September 27, 2025, compared to 65% in the same period of 2024[24] - Operating income for the Industrial Processing segment for the three months ended September 27, 2025, was $18.828 million, a decrease of 27.3% from $25.969 million in the same period of 2024[29] - Adjusted operating income for the Material Handling segment for the three months ended September 27, 2025, was $12.565 million, an increase from $9.019 million in the same period of 2024[29] Costs and Expenses - Acquisition costs for the three months ended September 27, 2025, totaled $2.253 million, significantly higher than $469,000 in the same period of 2024[29] - The company reported an operating loss of $11.087 million in the Corporate segment for the three months ended September 27, 2025, compared to a loss of $10.056 million in the same period of 2024[31] Workforce and Operations - The company has approximately 3,900 employees across 22 countries, indicating a stable workforce supporting its global operations[32] - Kadant's products and services focus on enhancing efficiency and optimizing energy utilization in process industries, aligning with sustainable industrial processing goals[32] Risks and Challenges - The company faces various risks, including economic conditions, supply chain constraints, and competition, which may impact future performance[34]

Exhibit 99.1 Chain Bridge Bancorp, Inc. Reports Third Quarter 2025 Financial Results McLean, Virginia — October 28, 2025 Chain Bridge Bancorp, Inc. (NYSE: CBNA) (the "Company"), the holding company for Chain Bridge Bank, N.A. (the "Bank"), today announced financial results for the third quarter of 2025 and the nine months ended September 30, 2025. Peter G. Fitzgerald, Chairman of Chain Bridge Bancorp, Inc., commented: "For the third quarter, the Company reported net income of $4.7 million, producing a retur ...