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 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Illinois 36-3873352 9700 W. Higgins Road, Suite 800 Rosemont, Illinois 60018 (Address of principal executive ...

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 ☐ 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 001-35077 Wintrust Financial Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organi ...

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 001-31924 NELNET, INC. (Exact name of registrant as specified in its charter) Nebraska 84-0748903 (State or other jurisdiction or incor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) þ 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: 001-41870 Diversified Energy Company | (Exact name of registrant as specified in its charter) | | | --- | --- | | Delaware | 42-2283606 ...

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 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Commission File Number: 001-35039 BankUnited, Inc. (Exact name of registrant as specified in its charter) | Delaware | | | 27-0162450 | | --- | --- | --- | --- | | (State or other jurisdiction of incorpora ...

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 001-36156 VERACYTE, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 20-5455398 (State or Other Jurisdiction of Incor ...

OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Table of Contents 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 Commission File Number 001-40475 Janux Therapeutics, Inc. (Exact name of Registrant as specified in its Charter) Delaware 82-2289112 (State or ...

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 For the transition period from _______ to ______ Commission file number: 001-36823 _______________________ SHAKE SHACK INC. (Exact name of registrant as specified in its charter) __________________________ ...

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 for the transition period from to . Commission file number: 000-20288 COLUMBIA BANKING SYSTEM, INC. (Exact name of registrant as specified in its charter) Washington 91-1422237 (State or Other Jurisdictio ...

Launch Vehicles and Capabilities - As of December 31, 2025, Rocket Lab has successfully launched 75 missions and deployed over 200 spacecraft, establishing itself as a leader in the small launch vehicle market [38]. - The Electron launch vehicle has achieved a high launch cadence, with the capability to support up to 120 launches annually from its private launch complex in Mahia, New Zealand [23]. - Rocket Lab is developing the Neutron launch vehicle, which is expected to have a payload capacity of approximately 13,000 kg for reusable configuration launches to low Earth orbit, targeting commercial and government constellation launches [39]. - The Neutron vehicle is designed to support human spaceflight and larger payloads, providing a dedicated service for civil, defense, and commercial applications [40]. - Rocket Lab's Photon spacecraft can transition from a kick stage during launch to an operational spacecraft in orbit, optimizing payload capacity [42]. - The company operates multiple launch complexes, including LC-1 in New Zealand and LC-2 in Virginia, which allows for flexible scheduling and increased launch opportunities [23]. Manufacturing and Technology - Rocket Lab's innovative manufacturing techniques, including 3D printing, have significantly reduced costs and time-to-market, contributing to its ability to deliver reliable launch services [22]. - Rocket Lab's unique technologies, such as carbon composite structures and electric turbo-pump engines, provide significant advantages in performance and cost efficiency [29]. - The company has made significant investments in engineering, focusing on vertical integration and manufacturing efficiency across its launch vehicles and spacecraft [57]. - Rocket Lab has flight hardware on over 1,800 missions, leveraging acquisitions to enhance its capabilities in spacecraft systems and components [28]. - The company has established extensive supply chain operations to support its vertical integration, ensuring quality and reliability in sourcing components [61]. Financial Performance - Revenue for the year ended December 31, 2025, was $601.8 million, up from $436.2 million in 2024 and $244.6 million in 2023, indicating a significant growth trajectory [95]. - The company experienced net losses of $198.2 million, $190.2 million, and $182.6 million for the years ended December 31, 2025, 2024, and 2023, respectively, highlighting ongoing financial challenges [98]. - Approximately 47% of total annual revenues in 2025 were derived from contracts with the U.S. government and its agencies, indicating a heavy reliance on government contracts [107]. - The top five customers accounted for approximately 49% of revenues in 2025, with the top five backlog customers representing about 77% of the backlog, underscoring customer concentration risk [109]. - The company anticipates increasing operating expenses and capital expenditures as it invests in new technologies and expands operations, which may impact profitability if revenue does not grow accordingly [98]. Growth and Expansion - The company has grown its headcount from approximately 1,400 employees in December 2022 to over 2,600 employees by December 31, 2025, reflecting rapid organizational expansion [93]. - Rocket Lab anticipates increasing operating expenses and capital expenditures, with a history of losses impacting future profitability [90]. - The development of the Neutron launch vehicle is a key focus for future revenue growth, with the company needing to successfully commercialize this technology [95][102]. - The company is facing increased legal, accounting, and administrative costs as a public company, which could adversely affect its financial condition and operational results [159]. Risks and Challenges - The company faces risks related to government funding levels, which could lead to contract terminations or delays, adversely affecting financial performance [103][104]. - Disruptions in U.S. government operations, such as shutdowns, could materially impact revenues, earnings, and cash flows, as seen in the October 2025 government shutdown [110]. - The company operates in highly competitive industries, with larger competitors potentially exerting pressure on pricing and market share [113]. - The company is subject to various regulatory requirements, including those from the Federal Acquisition Regulation, which govern U.S. government contracting and compliance [105]. - The company may face reputational harm and financial penalties if audits reveal non-compliance with government regulations [194]. Operational and Regulatory Risks - The company is subject to extensive regulatory risks that could affect its ability to operate and generate revenue, particularly in international markets [188]. - Changes in trade policies, including tariffs, could adversely impact the company's supply chain and operational costs [189]. - The company may incur significant costs to attract and retain qualified personnel, which is critical for meeting operational and technical demands [154]. - The company is exposed to currency translation and transaction risks, which may negatively affect revenue and gross margins [132]. - The company may experience warranty claims and performance penalties if products fail to meet contractual obligations, which could affect expected profits [202]. Cybersecurity and Legal Risks - The company has integrated cybersecurity risk management into its overall enterprise risk management program, employing industry-standard measures to protect information assets [215]. - As of December 31, 2025, no cybersecurity threats have been identified that materially affect the company's business strategy or financial condition [219]. - The company may face litigation related to intellectual property infringement, which could harm its competitive position [150]. - Labor disputes or employee claims could disrupt operations and increase costs, negatively impacting financial performance [156].