Revenue and Growth - Full year revenue increased by 3% to $21.9 billion, with organic growth of 5%[8] - Orders totaled $27.5 billion, resulting in a book-to-bill ratio of 1.3x[5] - Fourth quarter revenue for Aerojet Rocketdyne was $763 million, a 10% increase from $694 million in the same quarter of 2024[24] - Full year revenue reached $2.845 billion, up 10% from $2.580 billion in 2024[24] - Organic revenue growth was 12%, driven by increased production volumes across key missile, munitions, and space programs[24] - For fiscal year 2025, total revenue reached $21,865 million, with an operating income of $2,110 million and an operating margin of 9.7%[44] - The Space & Mission Systems (SMS) segment generated $10,711 million in revenue, with an operating income of $1,055 million and a margin of 9.8%[44] - The Communication & Spectrum Dominance (CSD) segment reported revenue of $7,566 million, achieving an operating income of $1,924 million and a margin of 25.4%[44] - The Missile Solutions (MSL) segment earned $3,797 million in revenue, with an operating income of $364 million and a margin of 9.6%[44] Profitability and Margins - Diluted EPS for the full year increased by 8% to $8.53, with non-GAAP diluted EPS rising by 11% to $10.73[12] - Operating margin for the full year improved by 70 basis points to 9.7%, and adjusted segment operating margin increased by 40 basis points to 15.8%[9] - The operating margin for the fourth quarter decreased to 0.7%, down 980 basis points from 10.5% in the previous year[25] - Adjusted segment operating margin improved to 11.8% in the fourth quarter, an increase of 130 basis points from 10.5%[25] - The adjusted segment operating income for the full year 2025 was $3,451 million, reflecting a margin of 15.8%[44] - The CSD segment's operating margin improved to 27.8% in Q4 2025, with revenue of $1,961 million[43] Cash Flow and Assets - Cash from operations rose by 21% to $3.1 billion, while adjusted free cash flow also increased by 21% to $2.8 billion[13] - Free cash flow for 2026 is anticipated to be $3.0 billion, with net cash from operating activities expected to be approximately $3.6 billion[29] - Free cash flow for the fourth quarter of 2025 was $1,849 million, compared to $1,012 million in the fourth quarter of 2024, reflecting an increase of 82.2%[40] - Adjusted free cash flow for the full year 2025 reached $2,814 million, up from $2,319 million in 2024, indicating a growth of 21.3%[40] - Total current assets increased to $8,593 million in January 2026 from $8,218 million in January 2025, representing a growth of 4.6%[35] - Cash and cash equivalents rose significantly to $1,069 million, up from $615 million, marking a 73.8% increase year-over-year[35] - Total liabilities decreased to $21,560 million in January 2026 from $22,422 million in January 2025, a reduction of 3.9%[35] Future Outlook - The company anticipates strong results for 2026, supported by a record backlog and strong demand signals[5] - For 2026, revenue guidance is projected to be between $23 billion and $23.5 billion, with segment revenues of approximately $11.5 billion for Space & Mission Systems, $8.0 billion for Communication & Spectrum Dominance, and $4.4 billion for Missiles Solutions[29] - The expected diluted EPS for 2026 is between $11.30 and $11.50[29] - The company plans to reorganize its business structure into three segments starting in Q1 2026[28] - A majority stake in the Space Technology disposal group is expected to be sold, with the transaction anticipated to close in the second half of 2026[28] Segment Performance - Integrated Mission Systems segment revenue remained flat at $6.6 billion, but organic revenue increased by 8% excluding the impact of divestitures[20] - Communication Systems segment revenue grew by 4% to $5.7 billion, with an operating margin of 25.2%[15] - Space and Airborne Systems segment revenue increased by 1% to $6.9 billion, with an operating margin of 12.3%[23] Corporate Actions and Adjustments - The company plans to realign its segments into three reportable segments effective for fiscal 2026, focusing on common capabilities and business models[41] - The company reported a goodwill impairment of $85 million in the fourth quarter, impacting overall operating income[44] - Corporate expenses totaled $(355) million for the full year 2025, compared to $(369) million in 2024[44] - Amortization of acquisition-related intangibles for the full year 2025 was $769 million, down from $853 million in 2024, a decrease of 9.8%[36]

Financial Performance - A. O. Smith reported record diluted earnings per share (EPS) of $3.85 for 2025, a 6% increase from $3.63 in 2024[2] - Net sales for 2025 were $3.83 billion, slightly up from $3.82 billion in 2024, with net earnings increasing 2% to $546.2 million[3] - Net earnings for 2025 were $546.2 million, up from $533.6 million in 2024, representing a growth of 2.4%[28] - Earnings before income taxes increased to $715.1 million in 2025 from $701.0 million in 2024, a rise of 2.0%[33] - North America net sales for 2025 were $2,984.2 million, slightly up from $2,950.1 million in 2024, a growth of 1.2%[30] Cash Flow and Shareholder Returns - Free cash flow (FCF) for 2025 was $546 million, representing 100% of net earnings[3] - The company returned $597 million to shareholders through dividends and share repurchases in 2025[3] - Cash provided by operating activities increased to $616.8 million in 2025 from $581.8 million in 2024, an increase of 6.0%[35] - Free cash flow for 2025 was reported at $546.0 million, compared to $473.8 million in 2024, reflecting a growth of 15.3%[35] Balance Sheet and Assets - A. O. Smith's balance sheet as of December 31, 2025, showed cash and marketable securities of $193.2 million and total debt of $155.0 million, resulting in a leverage ratio of 7.7%[13] - Total assets decreased from $3,240.0 million in 2024 to $3,142.8 million in 2025, a decline of approximately 3.0%[26] - Total current liabilities decreased from $897.2 million in 2024 to $862.5 million in 2025, a decline of 3.9%[26] - The company’s cash and cash equivalents decreased from $239.6 million at the beginning of the period to $174.5 million at the end of 2025, a decrease of 27.2%[28] Future Projections - For 2026, A. O. Smith projects net sales between $3.90 billion and $4.02 billion, reflecting a 2% to 5% increase compared to 2025[16] - The company anticipates diluted EPS for 2026 to be between $3.85 and $4.15, indicating a potential 4% increase at the mid-point[16] Market Conditions - In North America, residential water heater industry unit volumes are expected to be flat to down year-over-year[16] - The Rest of World segment is forecasted to experience a mid-single digit sales decline, primarily due to ongoing challenges in the China market[16] Acquisitions - The Leonard Valve acquisition, which closed in January 2026, is expected to enhance A. O. Smith's water management platform[3] Capital Expenditures - Capital expenditures decreased from $108.0 million in 2024 to $70.8 million in 2025, a reduction of 34.3%[35]

Financial Performance - First Foundation Inc. reported a net loss of $8.0 million for Q4 2025, translating to a loss per share of $0.10[3] - Noninterest income for Q4 2025 was $8.9 million, a decrease from $17.5 million in the prior quarter, largely due to a loss on capital market activities[7] - The net loss for the quarter was $8.0 million, which contributed to the decrease in shareholders' equity[39] - The net loss for Q4 2025 was $8,040,000, compared to a net loss of $14,111,000 in Q4 2024[50] - Adjusted net income attributable to common shareholders for the quarter ended December 31, 2025, was $(3,470), compared to $(149,949) for the year ended December 31, 2024[62] - Adjusted net loss attributable to common shareholders for Q4 2025 was $(3,470,000), compared to $(13,873,000) in Q4 2024[69] Income and Expenses - Total net interest income decreased to $39.4 million in Q4 2025, down from $46.1 million in Q3 2025, primarily due to $6.1 million in hedging costs[5] - Noninterest expense was $62.9 million in the quarter, compared to $57.5 million in the prior quarter, with an increase in professional services and marketing costs attributed to one-time merger-related activity[30] - Total noninterest expense for Q4 2025 was $62,888,000, an increase from $57,482,000 in Q3 2025[67] - Total revenue for Q4 2025 was $48,358,000, down from $63,597,000 in Q3 2025[67] Asset and Liability Management - Total assets amounted to $11.9 billion as of December 31, 2025, slightly down from $11.91 billion as of September 30, 2025[48] - Total liabilities were $10.99 billion as of December 31, 2025, compared to $10.99 billion as of September 30, 2025[48] - Loans held for investment decreased to $6.73 billion as of December 31, 2025, from $7.30 billion as of September 30, 2025[48] - Total loans outstanding as of December 31, 2025, were $6,722,256, a decrease of 7.85% from $7,296,895 on September 30, 2025[54] Capital and Equity - Total risk-based capital ratio increased to 15.51% at year-end 2025, reflecting improved capital strength[5] - Shareholders' equity totaled $912.6 million as of December 31, 2025, down from $917.9 million as of September 30, 2025, and $1,053.4 million as of December 31, 2024[39] - The common equity tier 1 risk-based capital ratio was 10.84% as of December 31, 2025, up from 10.21% in the prior quarter[38] - Tangible common equity as of December 31, 2025 was $823,390,000, a decrease from $962,156,000 year-over-year[69] Loan Performance - The loan-to-deposit ratio improved to 75.3% as of December 31, 2025, compared to 83.6% at the end of Q3 2025[7] - The loan portfolio average yield was 4.70%, a decrease of 2 basis points from 4.72% in the prior quarter, while average yields on new loan fundings were 6.65% compared to 7.00% in the prior quarter[14] - Total loans, including loans held for sale (LHFS), decreased to $7,524,927 for the quarter ended December 31, 2025, down 23.0% from $9,770,057 for the year ended December 31, 2024[56] Nonperforming Assets - Total nonperforming assets were $43.9 million as of December 31, 2025, compared to $39.7 million in the prior quarter, with a ratio of nonperforming assets to total assets at 0.37%[35] - Nonperforming assets totaled $43,884,000 in Q4 2025, compared to $39,717,000 in Q3 2025 and $46,654,000 in Q4 2024[51] Market and Recognition - First Foundation Advisors was recognized as a top registered advisory firm by Barron's in 2024, highlighting its growth and client retention[8] - The company is in the process of a merger with FirstSun Capital Bancorp, which is expected to enhance future financial performance[42]

Financial Performance - Blackstone reported a GAAP Net Income of $2.0 billion for Q4 2025 and $6.0 billion for the full year 2025, with Net Income Attributable to Blackstone Inc. at $1.0 billion for the quarter and $3.0 billion for the year[12]. - Total Revenues for Q4 2025 were $4.36 billion, a 41.5% increase from $3.08 billion in Q4 2024, while full year revenues rose to $14.45 billion from $13.23 billion, marking a 9.2% increase[13]. - Distributable Earnings (DE) for Q4 2025 were $2.2 billion ($1.75/share), with annual DE totaling $7.1 billion ($5.57/share), reflecting a 19% increase year-over-year[15]. - Fee Related Earnings (FRE) for Q4 2025 were $1.5 billion ($1.25/share), while for the full year, FRE was $5.7 billion ($4.67/share)[15]. - The actual dividend per common share for Q4 2025 was $1.49, a 3% increase from the previous quarter, with a full-year total of $4.74, reflecting a 20% increase compared to FY 2024[80]. - Distributable Earnings for FY 2025 were $7,110,864, up from $5,966,742 in FY 2024, representing a 19.2% growth[87]. - Adjusted EBITDA for FY 2025 reached $8,397,293, an increase from $7,220,112 in FY 2024, indicating a 16.3% rise[87]. Assets Under Management (AUM) - Blackstone achieved inflows of $71.5 billion in Q4 2025 and $239.4 billion for the full year, with total Assets Under Management (AUM) reaching $1.27 trillion[15]. - Total Assets Under Management (AUM) increased to $1,274.9 billion, up 13% year-over-year[30]. - Fee-Earning AUM reached $921.7 billion, an 11% increase year-over-year[30]. - Invested Performance Eligible AUM was $624.2 billion, up 11% year-over-year[33]. - Total Dry Powder available for future investments was $198.3 billion[33]. Capital Deployment and Realizations - The company deployed $42.2 billion in capital during Q4 2025 and $138.2 billion for the full year, with realizations of $46.1 billion in Q4 and $125.6 billion for the year[15]. - Capital deployed in the quarter was $42.2 billion, with a total of $138.2 billion for the year[27]. - Realizations amounted to $46.1 billion in the quarter and $125.6 billion for the year[27]. Shareholder Returns - Blackstone repurchased 0.2 million common shares in Q4 2025 and 0.8 million shares for the full year, distributing $2.0 billion to shareholders in Q4 and $6.2 billion for the year through dividends and share repurchases[15]. - The company declared a quarterly dividend of $1.49 per share, payable on February 17, 2026, with total dividends for the year amounting to $4.74 per share[15]. Investment Performance - Investment performance for Infrastructure was particularly strong, with a gross return of 8.4% in Q4 2025 and 23.5% for the full year[20]. - Corporate Private Equity appreciated 5.0% in the quarter and 13.8% for the year[44]. - Private Equity AUM increased 18% to $416.4 billion, with inflows of $20.3 billion in the quarter[44]. Debt and Liquidity - As of December 31, 2025, Blackstone reported a total cash, cash equivalents, corporate treasury, and other investments of $11.3 billion, with cash and net investments amounting to $20.9 billion or $17.05 per share[58]. - Blackstone's outstanding debt at par was $12.447 billion as of December 31, 2025[57]. - The company maintained A+/A+ ratings from S&P and Fitch, supported by a $4.3 billion credit revolver maturing in October 2030[58]. Market Activity and Future Outlook - The company plans to continue focusing on expanding its market presence and enhancing its product offerings through strategic investments and acquisitions[106]. - The company anticipates that current market activity will affect reported results in upcoming quarters, particularly in the Secondaries business[112]. - Blackstone's infrastructure-focused funds, including BIP and BXINFRA, are part of the metrics reported for Infrastructure appreciation[112]. Segment Performance - Total Segment Distributable Earnings for 4Q'25 were $2.5 billion, with $7.9 billion for the full year[38]. - Total Segment Realized Performance Revenues for Q4'25 are expected to reach $2,062,219, compared to $1,859,291 in Q4'24, indicating a growth of about 10.9%[105]. - Total Segment Fee Related Performance Revenues for Q4'25 are expected to be $1,057,432, compared to $865,080 in Q4'24, marking an increase of approximately 22.2%[106]. Compensation and Expenses - Compensation and benefits expenses rose to $1,536,400 in Q4 2025, a 47.9% increase from $1,039,203 in Q4 2024[86]. - Total Segment Compensation for FY'25 is anticipated to be $5,243,567, an increase from $4,854,032 in FY'24, marking a growth of around 8%[106]. - GAAP General, Administrative and Other Operating Expenses for FY'25 are projected to be $1,524,548, up from $1,361,909 in FY'24, indicating an increase of about 11.9%[106].

Revenue and Income - Q4 2025 total revenue and other operating income reached $610.5 million, a 346.5% increase compared to Q4 2024's $136.6 million[10] - The company reported a net income of $196.3 million in Q4 2025, compared to a net loss of $144.6 million in Q4 2024[10] - Net income for Q4 2025 was $196,253 thousand, compared to a net loss of $144,624 thousand in Q4 2024, marking a significant turnaround[13] - Cash flows from operating activities for YTD 2025 totaled $1,028,957 thousand, an increase from $268,797 thousand in YTD 2024[13] - Net income for Q4-2025 was $196 million, a decrease of 3% from Q3-2025's $202 million, while YTD-2025 net income reached $633 million compared to a loss of $145 million in Q4-2024[31] Production and Sales - Natural gas, NGL, and oil revenue for Q4 2025 was $476.6 million, up 30.5% from $364.4 million in Q4 2024[10] - Average daily production in Q4 2025 was 1,654.8 MMcfe, a 7.5% decrease from 1,753.3 MMcfe in Q3 2025[3] - Total production volumes for Q4 2025 were 152.3 Bcfe, down 5.0% from 161.3 Bcfe in Q3 2025[3] - CNX Resources has projected a total production guidance of 629.0 Bcfe for the full year 2025[3] - The average sales price for Natural Gas in Q4-2025 was $3.12, up from $2.41 in Q4-2024, representing a 29.5% increase year-over-year[16] Expenses and Liabilities - Total operating expenses for Q4 2025 were $341.4 million, slightly up from $340.9 million in Q3 2025[10] - Total current liabilities rose to $1,124,375 thousand as of December 31, 2025, compared to $1,122,578 thousand a year earlier, reflecting a slight increase of 0.2%[12] - Long-term debt decreased to $2,213,264 thousand from $2,286,855 thousand in the previous quarter, indicating a reduction of 3.2%[12] - The company incurred interest expenses of $42 million in Q4-2025, consistent with Q3-2025, and total interest expenses for YTD-2025 were $170 million[31] Cash Flow and Investments - The company reported a net cash used in investing activities of $164,643 thousand in Q4 2025, compared to $70,222 thousand in Q4 2024, indicating increased investment activity[13] - Free cash flow for Q4 2025 was $132 million, a decrease from $226 million in Q3 2025, with a total of $646 million for the year[44] - Capital expenditures for Q4 2025 were $174,414 thousand, significantly higher than $105,495 thousand in Q4 2024, showing an increase of 65.3%[13] - Capital expenditures in Q4 2025 amounted to $174 million, significantly higher than $76 million in Q3 2025, leading to a total of $495 million for the year[44] Equity and Assets - Total assets increased to $9,094,446 thousand as of December 31, 2025, up from $8,511,903 thousand a year earlier, representing a growth of 6.8%[12] - Total stockholders' equity increased to $4,337,016 thousand as of December 31, 2025, up from $4,098,030 thousand a year earlier, reflecting a growth of 5.8%[12] Market and Pricing - The average price for NYMEX hedges in Q1 2026 is projected at $3.68 per Mcf, with total volumes hedged at 111.9 Bcf[5] - The realized price for natural gas sold was $3.51 per MMBtu, with a weighted average basis of ($0.56) as of 2026E[14] - The average realized price for NGLs in 2026 is projected to be around $20.75 per barrel[21] - The average sales price of oil and condensate in Q4-2025 was $8.83, down from $9.59 in Q4-2024[16] Operational Efficiency - The average cash margin before DD&A for Q4-2025 was $1.95, compared to $1.85 in Q4-2024, reflecting improved operational efficiency[16] - The company reported an operating margin of 28% for Q4-2025, down from 42% in Q3-2025, with an average operating margin of 35% for YTD-2025[34] - Cash operating margin for Q4-2025 was 60%, a decrease from 62% in Q3-2025, with an average cash operating margin of 63% for YTD-2025[36] Future Guidance - Adjusted EBITDAX guidance for 2026 is projected between $1,310 million and $1,360 million[21] - Free Cash Flow (FCF) for 2026 is expected to be approximately $550 million, translating to about $3.55 per share based on outstanding shares[21][22] - Production Volumes for 2026 are estimated to be between 605 Bcfe and 620 Bcfe, with liquids making up approximately 7% to 8%[21] - The company hedged approximately 81% of its natural gas production for 2026[21] Risk Factors - The company has outlined various risk factors that could impact future performance, including pricing volatility and economic conditions[46]

Exhibit 99.3 ( bread financial. Fourth quarter and full year 2025 results January 29, 2026 2025 achievements Delivered responsible growth 000 Adapted to the macroeconomic and regulatory environment Disciplined capital allocation and risk management Drove operational excellence and technology advancement Achieved full vear 2025 financial outlook | | Full year | Full year | | --- | --- | --- | | | 2025 outlook | 2025 actuals | | Average loans | Flat to slightly down | (1.3)% | | Revenue (excl. gain on sale)(2 ...

Revenue Performance - Group 1 Automotive reported record revenues of $22.6 billion for the full year 2025, a 13.2% increase compared to $19.9 billion in 2024[11] - The current quarter total revenues were $5.6 billion, a 0.6% increase from $5.5 billion in the fourth quarter of 2024[7] - Total revenues for the year ended December 31, 2025, increased by $2,637.1 million, or 13.2%, to $22,571.4 million compared to $19,934.3 million in 2024[32] - Total revenues for the three months ended December 31, 2025, were $5,579.9 million, a slight increase of 0.6% compared to $5,546.0 million in the same period of 2024[36] - Total revenues reached $22,571.4 million, reflecting a 13.2% increase compared to $19,934.3 million in the previous year[39] - Total revenues increased by 5.4% to $16,626.8 million in 2025 from $15,772.9 million in 2024[44] - Total revenues for the period were $5,386.5 million, a slight decrease of $6.5 million or 0.1% compared to the previous year[50] - Total revenues increased by 4.6% to $16,143.4 million in 2025 from $15,428.5 million in 2024[57] - Total revenues increased by 4.5% to $4,239.3 million in 2025 from $4,058.3 million in 2024[61] Profitability Metrics - Current quarter diluted earnings per common share from continuing operations were $3.47, down from $7.08 in the prior-year quarter[7] - Current year net income from continuing operations was $323.7 million, a decrease from $497.0 million in the prior year[11] - Net income for the year ended December 31, 2025, decreased by $173.0 million, or 34.7%, to $325.2 million compared to $498.1 million in 2024[32] - Diluted earnings per share for continuing operations fell by $11.59, or 31.6%, to $25.13 in 2025 from $36.72 in 2024[32] - Gross profit for the year ended December 31, 2025, was $3,621.8 million, an increase of $380.8 million, or 11.8%, from $3,241.0 million in 2024[32] - Gross profit for total revenues was $3,621.8 million, an increase of 11.8% from $3,241.0 million[39] - Total gross profit increased by 4.0% to $2,731.4 million, with parts and service sales contributing $1,185.6 million, an increase of 8.5%[57] - Total gross profit increased by 4.7% to $566.4 million, with parts and service sales contributing $256.3 million, a 7.5% increase[61] Sales Performance - New vehicle retail sales rose by $1,017.5 million, or 10.2%, reaching $10,989.9 million in 2025, up from $9,972.4 million in 2024[32] - Used vehicle retail sales increased by $1,015.1 million, or 16.4%, totaling $7,195.0 million in 2025 compared to $6,179.9 million in 2024[32] - New vehicle retail sales decreased by 3.2% to $2,767.1 million from $2,858.0 million year-over-year[36] - Used vehicle retail sales increased by 5.2% to $1,739.2 million compared to $1,653.4 million in the previous year[36] - Retail new vehicles sold totaled 224,166 units, representing a 10.1% increase from 203,677 units sold in the previous year[39] - Retail used vehicles sold reached 234,906 units, a 12.0% increase from 209,687 units[39] - Retail new vehicles sold in the U.K. decreased by 9.1% to 13,258 units, while retail used vehicles sold increased by 1.4% to 17,878 units[46] - Retail new vehicles sold grew by 34.5% to 61,905 units in 2025, up from 46,015 units in 2024[48] Expenses and Costs - Selling, general and administrative expenses rose by $366.3 million, or 16.8%, reaching $2,545.5 million in 2025 from $2,179.2 million in 2024[32] - SG&A expenses increased by 16.8% to $2,545.5 million, compared to $2,179.2 million in the prior year[39] - SG&A expenses increased by 9.4% to $1,864.1 million, representing 66.3% of gross profit[44] - SG&A expenses rose to $2,298.1 million, a 6.5% increase from $2,157.7 million in 2024[52] - SG&A expenses increased by 4.9% to $475.5 million, representing 83.9% of gross profit[61] Operational Adjustments - The company recognized $28.4 million in restructuring charges related to U.K. operations in 2025[12] - Asset impairments surged by $159.8 million, or 484.7%, totaling $192.8 million in 2025 compared to $33.0 million in 2024[32] - The company anticipates excluding certain expenses in future presentations of non-GAAP financial measures to provide a clearer view of operational performance[24] - The company reported a decrease in Same Store SG&A expenses by $1.0 million for the year ended December 31, 2025[74] - The company aims to improve operational efficiency, as indicated by the decreasing trend in SG&A as a percentage of gross profit over the reported periods[74]

EXHIBIT 99.1 Contact at 214-432-2000 Michael R. Haack President and CEO D. Craig Kesler Executive Vice President and CFO Alex Haddock Senior Vice President News For Immediate Release EAGLE MATERIALS REPORTS THIRD QUARTER RESULTS DALLAS, TX (January 29, 2026) Eagle Materials Inc. (NYSE: EXP) today reported financial results for the third quarter of fiscal 2026 ended December 31, 2025. Notable items for the quarter are highlighted below (unless otherwise noted, all comparisons are with the prior year's fiscal ...

Financial Performance - Total revenue for fiscal Q3 2026 reached a record $233.0 million, a 20.3% increase compared to the prior year period[5] - Adjusted EBITDA for fiscal Q3 2026 increased 6.6% to a record $44.8 million, with an adjusted EBITDA margin of 19.2%, down from 21.7% in the prior year[12] - Net income attributable to CSW decreased 61.9% to $10.3 million, with EPS of $0.62, a decrease of 61.3% compared to $1.60 in the prior year[11] - Year-to-date revenue for fiscal 2026 was $773.6 million, representing a 19.4% growth from $647.8 million in the prior year[21] - For the three months ended December 31, 2025, consolidated revenue was $232,992,000, an increase from $193,649,000 in the same period of 2024, representing a growth of 20.3%[64] - For the nine months ended December 31, 2025, consolidated revenue was $773,589,000, up from $647,752,000 in 2024, indicating a year-over-year increase of 19.4%[69] Segment Performance - Contractor Solutions segment revenue increased 27.1% to $168.0 million, driven by $42.7 million in inorganic growth from acquisitions[17] - Specialized Reliability Solutions segment revenue grew 10.8% to $38.3 million, with organic growth of 4.0% and inorganic growth of 6.8%[18] - Contractor Solutions segment revenue increased by $121.8 million or 27.0% year-over-year, driven by $148.2 million from acquisitions[33] - Specialized Reliability Solutions segment revenue grew to $113.9 million, a 3.6% increase from the prior year period[34] - Engineered Building Solutions segment revenue was $92.3 million, with a 21.1% decrease in operating income to $12.2 million[35] - Reported revenue for the Contractor Solutions Segment for the three months ended December 31, 2025, was $167,999, compared to $132,150 in 2024, reflecting strong growth[60] Cash Flow and Investments - Free cash flow for fiscal Q3 2026 was $22.7 million, an increase of $15.0 million compared to the prior year period[14] - The company invested approximately $1.0 billion in acquisitions and $12.1 million in organic capital expenditures year-to-date[5] - Fiscal 2026 year-to-date, the Company deployed approximately $1.0 billion in acquisitions and $12.1 million in organic capital expenditures, while returning $106.2 million to shareholders through share repurchases and dividends[31] - Cash flows from operating activities for the nine months ended December 31, 2025, were $151,335, an increase of 7.7% from $141,069 in 2024[53] - Net cash used in investing activities for the nine months ended December 31, 2025, was $1,012,136, significantly higher than $97,539 in 2024, primarily due to cash paid for acquisitions[53] - Net cash provided by financing activities for the nine months ended December 31, 2025, was $675,492, compared to $148,884 in 2024, driven by increased borrowings[53] Debt and Leverage - The Company reported a net debt of $764.2 million, resulting in a net Debt-to-EBITDA leverage ratio of 2.3x[30] - The Company ended the quarter with $200.1 million outstanding on the revolving line of credit and $600.0 million Term Loan A[30] - The company has entered into a three-year syndicated interest rate hedge to lock in the SOFR rate at 3.416% for the first $300.0 million borrowing under the Term Loan A[30] Tax and Income - The effective tax rate for the fiscal year-to-date was 21.4%, compared to 23.3% in the prior year-to-date period[32] - The effective tax rate for the nine months ended December 31, 2025, was 21.4%, down from 23.3% in 2024[57] - Adjusted net income attributable to CSW for the nine months ended December 31, 2025, was $121,516, an increase of 5.9% from $114,718 in 2024[56] - Adjusted EBITDA for the nine months ended December 31, 2025, was $186,492, representing 24.1% of revenue, compared to 26.0% in 2024[63] Operating Expenses - Operating expenses as a percentage of revenue were 32.2%, up from 26.1% in the prior year, reflecting increased costs related to acquisitions[8] - Adjusted Operating Income for the nine months ended December 31, 2025, was $139,083,000, which is 18.0% of revenue, compared to $137,064,000 or 21.2% of revenue for the same period in 2024[69] - Operating income for the three months ended December 31, 2025, was $17,338,000, which is 7.4% of revenue, down from $29,595,000 or 15.3% of revenue in 2024[64] Other Financial Metrics - The company reported a significant increase in accounts receivable, totaling $44,460 for the nine months ended December 31, 2025, compared to $32,316 in 2024[53] - Capital expenditures for the nine months ended December 31, 2025, were $12,130, slightly higher than $11,735 in 2024, indicating ongoing investment in operations[53] - Nonrecurring inventory write-downs amounted to $2,051,000 for the three months ended December 31, 2025[64] - Depreciation and amortization for the three months ended December 31, 2025, totaled $19,058,000, compared to $11,012,000 for the same period in 2024[65] - The company incurred acquisition-related integration expenses of $3,944,000 for the three months ended December 31, 2025[64]

Revenue Sources and Agreements - The primary source of revenue has shifted from Bidi Stick sales to an international licensing agreement with Philip Morris Products S.A. due to a patent infringement complaint filed by RJ Reynolds Entities[20]. - The PMI License Agreement grants PMPSA exclusive rights to use the company's technology for disposable nicotine e-cigarette products in certain international markets, with an initial term of five years that can be renewed[27][28]. - PMPSA is required to pay a royalty for each unit sold, with a sliding scale of $0.08 to $0.16 per sale based on liquid volume, increasing to $0.10 to $0.20 upon meeting sales milestones[31]. - The guaranteed royalty payment has been eliminated, and royalties will now be paid quarterly based on actual sales[32]. - A pilot project with PMPSA is set to manufacture Bidi Sticks with PMI's e-liquid for commercialization in Canada, pending results[36]. - The distribution agreement with Bidi allows for exclusive worldwide distribution of Bidi's ENDS products, with a ten-year initial term that can renew for another ten years[42][44]. - PMPSA intends to discontinue the licensing agreement for 2ml products due to lack of profitability, but commercialization of 5ml and 18ml products will continue[37]. - The company entered into a licensing agreement with Philip Morris Products S.A. for the development and distribution of ENDS products in international markets, which may enhance future revenue streams[215]. Financial Performance - Revenues for the fiscal year ended October 31, 2025, were approximately $0.5 million, a significant decrease from approximately $6.9 million in the fiscal year ended 2024, primarily due to lower product sales and royalty revenue[177]. - The net loss for the fiscal year ended 2025 was approximately $(16.7) million, or $(1.51) per share, compared to a net loss of approximately $(6.7) million, or $(1.62) per share, for fiscal year 2024[182]. - Cash and cash equivalents decreased significantly from $3,902,300 in 2024 to $534,406 in 2025, a decline of 86.29%[203]. - Total assets decreased from $16,004,276 in 2024 to $669,256 in 2025, a reduction of 95.83%[203]. - Total liabilities decreased from $2,188,604 in 2024 to $569,289 in 2025, a decline of 73.96%[203]. - The accumulated deficit increased from $37,463,230 in 2024 to $54,093,115 in 2025, an increase of 44.36%[203]. - The company reported a gross profit of $484,661 for 2025, down from $2,605,494 in 2024, a decrease of 81.43%[205]. - Operating expenses for 2025 totaled $17,124,469, an increase of 105.00% compared to $8,314,342 in 2024[205]. - The company incurred net cash flows used in operations of approximately $2.8 million for the fiscal year ended 2025, compared to $0.7 million for the fiscal year ended 2024, primarily due to lower revenue[175]. Intellectual Property and Acquisitions - The company acquired vaporization and inhalation-related intellectual property from GoFire, Inc. to diversify product offerings and create potential revenue opportunities[25]. - The company acquired 19 existing and 47 pending patents related to vaporization and inhalation technologies from GoFire in May 2023, covering multiple international territories[48]. - The company aims to monetize its patents through third-party licensing opportunities in various markets, including cannabis and pharmaceuticals[49]. - The company purchased vaporizer technology from GoFire in May 2023, aiming to diversify its business, although immediate revenue generation is not expected from this acquisition[166]. Operational Challenges and Risks - The company faces significant risks due to the denial of Bidi's PMTA for flavored Bidi Sticks and the FDA's January 2024 MDO for Classic Bidi Stick, impacting revenue generation[87]. - The company relies on Bidi for access to key intellectual property rights, and any changes in this relationship could adversely affect its business[91]. - The company has a limited operating history, making it difficult to predict future performance and revenue generation[92]. - The ENDS industry is rapidly evolving, and regulatory changes may materially affect the company's ability to conduct business and its results of operations[93]. - The FDA issued a Marketing Denial Order (MDO) for the tobacco-flavored Classic BIDI® Stick on January 22, 2024, which is now considered an adulterated tobacco product, prohibiting its marketing and distribution[95]. - On November 4, 2025, the FDA issued an MDO for the non-tobacco flavored BIDI Sticks, citing insufficient evidence to demonstrate that marketing these products would be appropriate for public health protection[96]. - The company faces potential legal challenges from RJ Reynolds Entities that could significantly impact its operations and financial results if the importation of the Bidi Stick is prohibited[217]. Corporate Governance and Structure - The company is an emerging growth company, exempt from certain financial disclosure and governance requirements for up to five years under the JOBS Act[63]. - The company has four full-time employees, including two officers, as of the date of the report[62]. - All 3,000,000 shares of Series A Preferred Stock were converted into shares of Common Stock on June 24, 2022, resulting in 1,190,477 shares of Common Stock issued[73]. - The Series B Preferred Stock ranks senior to Common Stock in terms of dividend rights and asset distribution, which could impact the financial dynamics of the company[112]. - The company does not maintain "key person" life insurance on its executive officers, which could pose risks if any key personnel were to leave[105]. - Approximately 21.9% of the outstanding Common Stock is owned by Kaival Holdings and Bidi Vapor, potentially leading to conflicts of interest and influencing significant corporate decisions[118]. Market and Economic Conditions - Economic conditions, including inflation and recession, may negatively impact consumer spending on the company's products, potentially leading to a material adverse effect on its financial condition[104]. - The market price of the Common Stock is volatile and may fluctuate due to various factors, including regulatory actions and market conditions[115]. Internal Controls and Compliance - Material weaknesses in the company's internal controls over financial reporting have been identified, which could affect the accuracy of financial reporting and investor confidence[124]. - The company intends to take advantage of reduced disclosure requirements as an "emerging growth company," which may affect its attractiveness to investors[121]. - Increased costs associated with operating as a public company may lead to net losses and impact the ability to attract qualified board members and executives[132]. - The company has established a cybersecurity risk management program to address internal and external threats, although it cannot assure complete immunity against future impacts[134]. Stock and Capital Structure - The company has a present need for additional capital and may issue debt or equity securities, which could dilute the value of its Common Stock[113]. - The company does not currently pay dividends and has no intention of doing so in the foreseeable future, relying on stock appreciation for shareholder gains[120]. - The company has raised additional paid-in capital, increasing from $51,269,485 in 2024 to $54,180,589 in 2025, an increase of 5.88%[203]. - The number of common shares outstanding increased from 8,517,302 in 2024 to 11,593,402 in 2025, an increase of 36.56%[203].