Release: January 28, 2026 CPKC showcases strength of Precision Scheduled Railroading; delivers record margins Calgary – Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) today announced its fourth-quarter results, including revenues of $3.9 billion, diluted earnings per share (EPS) of $1.20 and core adjusted diluted EPS of $1.33. 1 Fourth-quarter 2025 results "Our fourth quarter and full year results demonstrate exceptional execution in a challenging market by controlling what we could control," said ...

Table of Contents or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended November 30, 2025 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 Commission file number: 001-06631 _____________________________ LEVI STRAUSS & CO. (Exact Name of Registrant as Specified in Its Charter) Delaware ...

Financial Performance - Total revenue for Q4 2025 was $1,174 million, a decrease from $1,209 million in Q4 2024, reflecting a year-over-year decline of approximately 2.9%[2] - Basic and diluted earnings per share (EPS) for Q4 2025 were $0.70, down from $1.31 in Q4 2024, representing a decline of approximately 46.6%[2] - Gross profit for Q4 2025 was $86 million, down from $109 million in Q4 2024, indicating a decline of approximately 21.1%[10] - Total revenue for the fiscal year ended December 27, 2025, was $4,743,760, a decrease of 1.6% from $4,819,245 in the previous year[21] - Gross profit margin decreased to 8.5% in 2025 from 9.5% in 2024, indicating a decline in profitability[25] Revenue Breakdown - Truck transportation revenue in Q4 2025 was $1,078 million, accounting for 92% of total revenue, compared to $1,081 million or 89% in Q4 2024[8] - Revenue generated from truck transportation was $4,336,014 in 2025, slightly down from $4,346,554 in 2024, a decrease of 0.2%[21] - Truck revenue per load increased by approximately 1% in Q4 2025 compared to Q4 2024, despite a 1% decrease in the number of loads hauled[9] - The number of loads for truck transportation decreased to 1,943,800 in 2025 from 1,960,960 in 2024, a decline of approximately 0.9%[21] Costs and Expenses - Insurance and claims costs in Q4 2025 were $56 million, significantly higher than the $30 million reported in Q4 2024, marking an increase of approximately 86.7%[4] - The company recorded $2.1 million in non-cash impairment charges related to the ongoing sales process of its wholly-owned Mexican subsidiary[4] Shareholder Actions - The company repurchased 286,695 shares at a cost of $37 million in Q4 2025, bringing the total for the fiscal year to 1,281,863 shares at approximately $180.9 million[5] - The company declared a quarterly dividend of $0.40 per share, payable on March 11, 2026, to stockholders of record as of February 18, 2026[5] Balance Sheet - Cash and short-term investments totaled approximately $452 million as of December 27, 2025, reflecting a strong balance sheet[11] - Total current assets decreased to $1,216,326 in 2025 from $1,319,867 in 2024, reflecting a reduction of approximately 7.8%[19] - Total liabilities increased to $840,520 in 2025 from $742,345 in 2024, representing an increase of about 13.2%[19] - Cash and cash equivalents decreased to $396,694 in 2025 from $515,018 in 2024, a decline of approximately 23%[19] - The company’s retained earnings slightly decreased to $2,852,680 in 2025 from $2,859,916 in 2024, reflecting a marginal decline[19] Operational Efficiency - Variable contribution margin remained stable at 14.1% for both fiscal years, indicating consistent operational efficiency[25] - The company reported a total of 36,852 approved and active truck brokerage carriers as of December 27, 2025, down from 43,718 in the previous year[21]

Revenue Growth - Adtalem's revenue increased by 12.4%, or $55.7 million, to $503.4 million in Q2 FY 2026 compared to the prior year period, driven by growth across all segments [138]. - Walden's revenue surged by 27.0%, or $46.3 million, to $217.6 million in Q2 FY 2026, driven by increased enrollment and higher tuition rates [147]. - Chamberlain's revenue increased by 1.6%, or $2.8 million, to $183.8 million in Q2 FY 2026, supported by higher tuition rates despite a decline in post-licensure nursing program enrollment [145]. - Medical and Veterinary revenue grew by 6.9%, or $6.6 million, to $102.0 million in Q2 FY 2026, attributed to higher enrollment and tuition rates [149]. Income and Earnings - Net income rose by 0.7%, or $0.5 million, to $76.4 million in Q2 FY 2026, primarily due to increased revenue and decreased interest expense [138]. - Adjusted net income increased by 26.7%, or $18.5 million, to $87.9 million in Q2 FY 2026, reflecting strong revenue growth and lower interest expenses [138]. - Consolidated operating income increased 7.0%, or $7.2 million, to $111.1 million in the second quarter of fiscal year 2026 compared to the prior year [158]. - Adjusted net income for the six months ended December 31, 2025, was $152.8 million, compared to $119.9 million in the prior year [213]. Enrollment Trends - Total student enrollment at Chamberlain decreased by 1.0% for the November 2025 session compared to the same session last year, while Walden's enrollment increased by 13.0% as of December 31, 2025 [138]. Tuition Rates - Tuition rates for Chamberlain programs increased by approximately 4.6% from the prior year, while Walden's rates increased by about 2.0% [146][148]. - Tuition rates for RUSM's medical program increased by 4.5% and for RUSVM's veterinary program by 3.0% effective September 2025 [153]. Expenses and Cost Management - Cost of educational services increased 10.1%, or $18.8 million, to $205.4 million in the second quarter of fiscal year 2026 compared to the prior year [151]. - As a percentage of revenue, cost of educational services was 40.8% in the second quarter of fiscal year 2026, down from 41.7% in the prior year period, indicating improved cost efficiencies [152]. - Student services and administrative expense increased 16.5%, or $25.9 million, to $182.8 million in the second quarter of fiscal year 2026 compared to the prior year [154]. Operating Income - Operating income for Chamberlain decreased 24.2%, or $10.2 million, to $32.0 million in the second quarter of fiscal year 2026 compared to the prior year [158]. - Operating income for Walden increased 53.8%, or $26.3 million, to $75.2 million in the second quarter of fiscal year 2026 compared to the prior year [158]. - Walden's segment adjusted operating income increased by 70.0%, or $32.3 million, to $78.5 million in Q2 FY 2026, and increased by 51.5%, or $45.7 million, to $134.5 million in the first six months compared to the prior year [162]. Share Repurchase and Financing - Adtalem repurchased 1,727,565 shares at an average cost of $95.45 per share during Q2 FY 2026, with future repurchases dependent on market conditions [138]. - Adtalem authorized a share repurchase program allowing for the repurchase of up to $750.0 million of common stock through December 15, 2028, with $727.5 million remaining as of December 31, 2025 [194][195]. - Net cash used in financing activities was $267.2 million for the six months ended December 31, 2025, driven by share repurchases of $172.4 million [193]. Cash Flow and Liquidity - Adtalem's net cash provided by operating activities increased by $94.2 million to $160.1 million for the six months ended December 31, 2025, compared to $66.0 million in the prior year period [191]. - Cash collections from students rose by $81.0 million, contributing to the overall increase in operating cash flow [191]. - As of December 31, 2025, Adtalem's consolidated cash and cash equivalents totaled $56.3 million, down from $199.6 million as of June 30, 2025 [190]. Regulatory and Compliance - The One Big Beautiful Bill Act (OBBBA) may significantly impact federal student aid availability, which could affect Adtalem's business operations [140]. - Adtalem's composite score declined to 0.2 as of September 25, 2023, impacting its eligibility for Title IV programs, but management does not expect material adverse effects on operations [176]. - New Gainful Employment rules effective July 1, 2024, require programs to meet specific debt-to-earnings and earnings premium tests to maintain Title IV eligibility [183]. - Adtalem's institutions are subject to heightened cash monitoring and additional reporting requirements due to provisional certifications stemming from the decline in the composite score [181]. Interest and Other Income - Interest expense decreased to $10.9 million in Q2 FY 2026 and $22.0 million in the first six months, down from $13.9 million and $28.4 million in the prior year periods [164]. - Other income, net was $1.7 million in Q2 FY 2026 and $4.2 million in the first six months, compared to $2.2 million and $4.9 million in the prior year periods [165]. Adjusted Earnings and EBITDA - Adjusted earnings per share for the six months ended December 31, 2025, was $4.17, up from $3.09 in the prior year [214]. - Adjusted EBITDA for Adtalem Global Education increased by 23.9% to $154,903,000 for the three months ended December 31, 2025, compared to $125,012,000 in the same period of 2024 [216]. - Adjusted EBITDA margin for Adtalem Global Education improved to 30.8% for the three months ended December 31, 2025, up from 27.9% in the same period of 2024 [216].

Financial Performance - Fourth-quarter 2025 net sales were $4,098 million, a decrease of 0.9% compared to $4,136 million in Q4 2024; full-year net sales were $15,524 million, down 6.5% from $16,607 million in 2024[2] - GAAP net earnings for Q4 2025 were $108 million, a significant recovery from a loss of $393 million in Q4 2024; full-year GAAP net earnings were $318 million compared to a loss of $323 million in 2024[2] - Ongoing EBIT for Q4 2025 was $135 million, down 45.6% from $248 million in Q4 2024; full-year ongoing EBIT was $729 million, a decrease of 17.8% from $887 million in 2024[2] - Operating profit for the twelve months ended December 31, 2025, was $838 million, significantly higher than $143 million in 2024[14] - For Q4 2025, Whirlpool reported net earnings of $108 million, resulting in a net earnings margin of 2.7%[33] - Ongoing EBIT for Q4 2025 was $234 million, with an ongoing EBIT margin of 3.3%[33] - For the full year 2025, net earnings available to Whirlpool were $318 million, with a net earnings margin of 2.2%[39] - Full-year ongoing EBIT was $729 million, translating to an ongoing EBIT margin of 4.7%[39] Earnings Projections - The company expects 2026 GAAP earnings per diluted share to be approximately $6.25 and ongoing earnings per diluted share to be around $7.00[3] - The anticipated full-year GAAP tax rate for 2026 is approximately 25.0%[44] - For 2026, Whirlpool expects reported EBIT to be around $825 million and ongoing EBIT to be approximately $875 million[45] - The projected earnings per diluted share for 2026 is approximately $6.25, with an ongoing measure of $7.00[45] - The full-year adjusted tax (non-GAAP) rate for 2026 is expected to be approximately 25.0%[44] Cash Flow and Debt Management - Cash provided by operating activities is projected to be approximately $850 million in 2026, with free cash flow expected to be between $400 million and $500 million[3] - The company plans to reduce debt by approximately $400 million in 2026, focusing on working capital efficiency[3] - Free cash flow for the twelve months ended December 31, 2025, was $467 million, down from $835 million in 2024[17] - Free cash flow for the twelve months ended December 31, 2025, was $78 million, down from $385 million in 2024[60] - The company expects free cash flow for 2026 to be in the range of $400 million to $500 million[60] Segment Performance - MDA North America segment net sales for Q4 2025 were $2,573 million, a decline of 0.9% year-over-year, with EBIT down 59.0% to $71 million[4] - MDA Latin America segment net sales increased by 0.8% year-over-year to $927 million, but EBIT decreased by 15.3% to $59 million[4] - SDA Global segment net sales grew by 10.3% year-over-year to $423 million, with EBIT increasing to $59 million, reflecting strong growth in the direct-to-consumer business[4] Cost Management - The company executed a $200 million structural cost takeout in 2025 to mitigate the impact of tariffs and improve operational efficiency[3] - The company incurred restructuring costs of $58 million in Q2 2024, primarily related to employee termination[49] - In Q4 2025, the company reversed $15 million of restructuring provisions related to its European equity method investee[54] Asset and Liability Changes - Total current assets decreased to $4,924 million in 2025 from $5,239 million in 2024, a decline of 6%[16] - Long-term debt increased to $5,583 million in 2025 from $4,758 million in 2024, an increase of 17.4%[16] - Cash and cash equivalents at the end of 2025 were $669 million, down from $1,275 million at the end of 2024, a decrease of 47.5%[17] Miscellaneous - Organic net sales for 2025 were approximately $15.7 billion, a decrease of 0.3% compared to 2024[69] - A goodwill impairment charge of $381 million was recorded in Q4 2024 for the Maytag trademark[49] - The company recorded a gain of $251 million from selling an 11% stake in its India business in Q4 2025[49] - Dividends declared for the twelve months ended December 31, 2025, were $5.30 per share, compared to $7.00 per share in 2024, a reduction of 24.3%[14] - Basic net earnings per share for Q4 2025 were $1.92, recovering from a loss of $7.10 in Q4 2024[14] - The GAAP tax rate for 2025 was calculated at 27.5%, with an adjusted ongoing earnings per share tax rate of 3.5%[54]

Exhibit 99.1 First US Bancshares, Inc. Reports Fourth Quarter and 2025 Results: Quarter-over-Quarter Net Income Improvement of 10% BIRMINGHAM, AL (January 28, 2026) – Fourth Quarter and Full Year Highlights: First US Bancshares, Inc. (Nasdaq: FUSB) (the "Company"), the parent company of First US Bank (the "Bank"), today reported net income of $2.1 million, or $0.36 per diluted share, for the quarter ended December 31, 2025 ("4Q2025"), compared to $1.9 million, or $0.32 per diluted share, for the quarter end ...

Exhibit 99.1 FOR IMMEDIATE RELEASE January 28, 2026 (All amounts in U.S. dollars) CELESTICA ANNOUNCES FOURTH QUARTER AND FY 2025 FINANCIAL RESULTS Q4 2025 revenue and adjusted EPS* above the high end of our guidance ranges; Raising 2026 annual outlook TORONTO, Canada - Celestica Inc. (NYSE: CLS) (TSX: CLS), a global leader in data center infrastructure and advanced technology solutions, today announced its financial results for the fourth quarter ended December 31, 2025 (Q4 2025). 1 Q4 2025 Highlights 2025 ...

Revenue and Financial Performance - Total revenues for 2025 reached $16,099 million, a 4.9% increase from $15,345 million in 2024[19] - Equipment rental revenues represented 86% of total revenues in 2025, with a year-over-year increase of 6.0%[156] - Adjusted EBITDA for 2025 was $7.328 billion, up 2.3% from 2024, with an adjusted EBITDA margin of 45.5%, a decrease of 120 basis points[172] - Net income for 2025 decreased by $81 million, or 3.1%, to $2.494 billion, with a net income margin of 15.5%, down 130 basis points[171] - The company reported a provision for income taxes of $844 million for 2025, compared to $813 million in 2024[169] - Interest expense for 2025 was $716 million, an increase from $691 million in 2024[169] - Total gross margin for 2025 was 38.2%, a decrease of 190 basis points from 2024, primarily due to reduced margins in the specialty segment[213] Equipment and Fleet Management - Equipment rental revenue accounted for 86% of total revenues in 2025, up from 85% in 2024[19] - The fleet OEC increased to $22.48 billion in 2025 from $21.43 billion in 2024[19] - The company has a total Original Equipment Cost (OEC) of $22.5 billion for rental equipment available on an hourly, daily, weekly, or monthly basis[49] - The average original equipment cost (OEC) increased by 3.9% year-over-year, contributing to improved fleet productivity, which rose by 2.2%[157] - The company operates a global branch network with 1,768 rental locations, primarily in the United States and Canada, serving a diverse customer base[40] - The company has a fleet of approximately 18,200 vehicles, with 45% leased and the remainder owned[145] Employee and Training Initiatives - In 2025, voluntary employee turnover was 10.8%, down from 11.9% in 2024[25] - The company enhanced employee skills through approximately 1.1 million hours of training in 2025[25] - The company has approximately 8,200 salaried employees and 20,300 hourly employees, with collective bargaining agreements covering about 1,800 employees[64] Market and Competitive Position - Estimated North American market share remained at approximately 15% as of December 31, 2025[29] - The company estimates a market share of approximately 15% in North America based on 2025 total equipment rental industry revenues, excluding party and event rentals[62] - The specialty reportable segment accounted for 31.7% of total revenues for the year ended December 31, 2025, up from 7.3% in 2013[120] Financial Risks and Liabilities - Total indebtedness as of December 31, 2025, was $14.2 billion, representing a significant financial risk for the company[74] - 29% of total indebtedness, amounting to $4.1 billion, bore interest at variable rates, exposing the company to interest rate fluctuations[75] - The company faces risks from economic conditions, including potential decreases in infrastructure spending and increased costs due to inflation[67][69] - The company’s ability to refinance its indebtedness may be constrained by prevailing economic conditions and financial performance[76] - The company may incur additional debt in the future, which could further exacerbate existing financial risks[77] Operational Challenges and Compliance - The company’s operations are subject to numerous environmental and safety regulations, which may incur ongoing expenses for compliance[63] - The company faces potential increases in operating costs due to aging rental fleet and rising maintenance costs, which could adversely affect earnings[107] - Labor shortages and disputes may impact operational efficiency and cost management strategies[101] - The company is subject to income tax laws in the U.S. and other jurisdictions, with potential changes adversely affecting tax liability and financial results[131] Shareholder Returns and Capital Management - The company has completed $1.65 billion of share repurchases under its $2.0 billion program as of December 31, 2025, and expects to complete the program in Q1 2026[97] - A new $5.0 billion share repurchase program was authorized on January 28, 2026, with plans to repurchase $1.15 billion in 2026[97] - The company paid dividends totaling $406 million in 2025, with a declared quarterly dividend of $1.97 per share for February 2026[162] Environmental and Regulatory Risks - The company faces risks related to potential climate change regulations that could impact fuel costs and operational activities[73] - Environmental regulations may lead to unforeseen compliance or remediation costs, adversely affecting liquidity and operating results[128] - The company may face challenges in meeting diverse stakeholder expectations regarding environmental and social issues, which could impact reputation and operational risks[118] Cybersecurity and Data Privacy - Cybersecurity risks could disrupt operations and lead to legal liabilities, affecting financial performance and reputation[111] - The company has invested in IT security to mitigate cybersecurity risks, including additional end-user training and AI for automated threat detection[140] - The Audit Committee conducts an annual review of the company's cybersecurity program, including management's actions to identify and respond to threats[141] Acquisitions and Goodwill - Future acquisitions will likely be financed through cash, capital stock, or additional debt, which may dilute existing shareholders[90] - The company conducts goodwill impairment tests annually, with significant judgments involved in estimating future cash flows and fair values[185] - The merger termination benefit from the H&E Equipment Services acquisition resulted in a net after-tax benefit of $29 million, or $0.45 per diluted share, for the year ended December 31, 2025[163]

Financial Performance - Net income for the fourth quarter of 2025 was $53.4 million, with an EPS of $0.64[2] - For the year ended December 31, 2025, net income was $90.3 million, or $1.03 per share, excluding $70.1 million of merger-related charges, operating earnings after tax (non-GAAP) was $142.3 million[3] - Net income for the three months ended December 31, 2025, was $53,366,000, a significant recovery from a loss of $4,221,000 in the prior quarter[33] - Operating pretax income for the three months ended December 31, 2025, was $89,611, compared to $27,197 for the same period in 2024, a significant increase of 229.5%[59] Asset and Liability Management - Total assets increased by $352.9 million to $23.2 billion from September 30, 2025, and increased by $11.3 billion from December 31, 2024, primarily due to the merger[6] - Total assets reached $23,220,372,000, compared to $22,867,458,000 in the previous quarter[33] - Total liabilities rose to $13,572,510, an increase of 32.5% from $10,262,388 in the prior year[55] - Total interest-bearing liabilities were $15,666,035 million, with a total interest expense of $112,842 million, resulting in an average cost of 2.86%[49] Loan and Lease Performance - Total loans and leases were $18.0 billion, a decrease of $275.8 million from September 30, 2025, but an increase of $8.3 billion from December 31, 2024[7] - Provision for credit losses on loans and unfunded commitments was $8,141,000 for the latest quarter, down from $20,268,000 in the prior quarter[31] - Nonperforming loans and leases as a percentage of total loans and leases was 0.63% as of December 31, 2025, compared to 0.54% in the previous quarter[46] - Net loan and lease charge-offs were $9,019 million, which is 0.20% of average loans and leases (annualized)[34] Income and Expense Analysis - Net interest income rose by $70.9 million to $199.7 million during the fourth quarter of 2025, with a net interest margin of 3.82 percent[12] - Total non-interest income for the fourth quarter increased by $13.6 million to $25.9 million compared to the previous quarter[13] - Non-interest expense, excluding merger and restructuring expenses, increased by $44.5 million to $127.9 million from the previous quarter[18] - Total non-interest expense increased to $142,366,000 for the three months ended December 31, 2025, compared to $129,296,000 in the previous quarter, marking a 10.4% rise[41] Equity and Capital Ratios - Stockholders' equity reached $2,496,061 million, compared to $2,461,015 million in the previous period[38] - The capital ratio of stockholders' equity to total assets was 10.75%[34] - The tangible stockholders' equity to tangible assets ratio was 8.62%[34] - Return on average stockholders' equity (annualized) increased to 8.70% from (1.01)% in the previous quarter[33] Dividend and Shareholder Information - The Company declared a dividend of $0.3225 per share for the quarter ended December 31, 2025, to be paid on February 27, 2026[24] - The number of common shares outstanding decreased to 83,816,086 from 83,908,861, a reduction of approximately 0.11%[64] - Tangible book value per common share increased to $23.32 from $22.75, representing a growth of about 2.5%[64] Year-over-Year Comparisons - Net interest income for the twelve months ended December 31, 2025, was $503,106, compared to $329,585 for the previous year, reflecting a 52.6% increase[55] - The net interest margin improved to 3.56% from 3.06% year-over-year, indicating enhanced profitability on interest-earning assets[55] - Total assets increased to $15,230,648, up from $11,473,424, representing a growth of 32.5% year-over-year[54]

Exhibit 99.2 January 28, 2026 Fellow Calix stockholders: During the fourth quarter of 2025, the Calix team delivered record revenue of $272 million, our sixth quarter of consecutive revenue growth, a sequential growth rate of 3%, year-over-year growth of 32% while guiding to continued sequential growth in first quarter of 2026, underscoring the robust demand for our unique platform model by our Broadband Experience Provider (BXP) customers. A fitting close to 2025 as our customers' success with our platform ...