Company Overview - Carnival Corporation & plc operates as the largest global cruise company with a portfolio of eight cruise lines, including Carnival Cruise Line and Princess Cruises, and serves over 13.5 million guests annually[21]. - As of December 31, 2023, Carnival Corporation & plc has a passenger capacity of 263,300, which is projected to increase to 272,460 by 2025[33]. - The North America segment accounts for 64% of total passenger capacity, with Carnival Cruise Line alone representing 35%[35]. - In 2025, Carnival Corporation & plc carried a total of 13,627 thousand passengers, an increase from 13,509 thousand in 2024 and 12,460 thousand in 2023[53]. - The United States and Canada accounted for 8,092 thousand passengers in 2025, up from 7,938 thousand in 2024, while Continental Europe saw an increase to 2,754 thousand from 2,702 thousand[53]. - Carnival plc delivered extraordinary cruise vacations to over 13.5 million guests in 2025[220]. Corporate Structure and Governance - The company plans to unify its dual listed structure under Carnival Corporation, listed solely on the New York Stock Exchange, with a proposed legal incorporation shift to Bermuda, expected to be completed in Q2 2026[22][23]. - Carnival Corporation announced a proposed unification of its dual-listed company (DLC) structure under a single entity, Carnival Corporation, with a migration from Panama to Bermuda, which is expected to provide various benefits, although the realization of these benefits is uncertain[174]. - As of January 13, 2026, there were 2,164 holders of record of Carnival Corporation common stock and 27,361 holders of record of Carnival plc ordinary shares[197]. Financial Performance - The company aims to strengthen its balance sheet while delivering outsized shareholder returns, achieving strong profitability and a double-digit return on invested capital (ROIC)[30]. - The company did not pay or declare dividends for the year ended November 30, 2025, but reinstated a quarterly dividend of $0.15 per share, with a record date of February 13, 2026[198]. - Carnival Corporation's common stock price performance showed a value of $129 at the end of 2025, compared to $100 at the beginning of the period, indicating a 29% increase[207]. - In 2025, Carnival plc completed a $19 billion refinancing plan and reduced total debt by over $10 billion since January 2023[214]. - The company reinstated its dividend, reflecting confidence in cash generation and balance sheet improvements[214]. Operational Developments - Carnival Corporation & plc operates a portfolio of seven owned or operated ports and destinations, welcoming 7.4 million guests in 2025, up from 6.5 million in 2024[48]. - The newly launched Celebration Key, an exclusive cruise port destination, opened in July 2025 and will accommodate up to four cruise ships simultaneously after a pier extension in 2026[50]. - The company intends to enhance its exclusive destination RelaxAway, Half Moon Cay, with a new pier expected to open in summer 2026, allowing two cruise ships to dock[51]. - The company has seven cruise ships under contract for construction, with expected deliveries ranging from 2027 to 2033, including new builds for Carnival Cruise Line with capacities up to 6,160[39]. - Carnival plc is expanding return-generating ship enhancement initiatives and exclusive destination development programs[215]. Sustainability and Environmental Initiatives - Carnival Corporation & plc is committed to executing its sustainability roadmap, focusing on reducing fuel consumption and carbon footprint while enhancing community partnerships[29]. - The company aims for net zero emissions from ship operations by 2050, contingent on the development of alternative low GHG emission fuels and technologies that are not yet available at scale[144]. - In 2021, the company established sustainability goals for 2030, focusing on themes of People and Planet, with specific areas including Well-Being, Inclusion, Climate Action, and Biodiversity[143]. - The company achieved a 20% reduction in greenhouse gas emissions intensity ahead of its 2030 goal, compared to the 2019 baseline[218]. - Carnival plc's "Less Left Over" strategy reduced food waste by over 47%, nearing its 50% target for 2030[218]. Marketing and Demand Generation - Marketing and advertising programs were increased in 2025, aimed at driving demand and enhancing brand differentiation, with a focus on digital performance marketing[62]. - The company is focused on strengthening demand generation efforts to position itself for success in 2026 and beyond[216]. - The company is enhancing commercial strategies by leveraging AI to improve marketing effectiveness and drive efficiency gains[216]. Workforce and Labor Relations - The average number of employees in 2025 was 101,000 onboard ships, with an additional 16,000 shoreside employees, reflecting a robust workforce to support operations[70]. - Approximately 48% of shipboard employees and 21% of shoreside employees were represented by collective bargaining agreements, indicating strong labor relations[71]. - The company has invested in leadership development programs to foster career growth and retain top talent, ensuring a strong pipeline of experienced leaders[74]. Regulatory and Compliance Issues - The company is subject to various governmental regulations, including those addressing antitrust, data privacy, and sustainability reporting[141]. - The IMO has established a global 0.5% sulfur cap for marine fuel, with compliance options including Advanced Air Quality Systems[117]. - The IMO's 2023 Strategy aims for a 40% reduction in CO2 emissions intensity by 2030 compared to 2008 levels[121]. - The EU's Emissions Trading System (ETS) will require ships to procure emission allowances covering 40% of their 2024 emissions to be surrendered in 2025, increasing to 100% of annual emissions thereafter, with costs expected to rise from $91 million in 2025 to approximately $170 million in 2026[132]. - The FuelEU Maritime regulation, effective January 2025, mandates compliance with maximum limits of GHG intensity of energy used on board, with increasing stringency over time and financial penalties for non-compliance[133]. Risk Factors - Adverse weather conditions and natural disasters may significantly impact the company's operations, including potential itinerary changes and cancellations, affecting profitability[153]. - The company faces risks related to its sustainability objectives, which may not be achieved due to factors beyond its control, including the availability of low-emission energy sources and evolving regulatory requirements[154]. - Cybersecurity incidents and data privacy breaches pose risks to the company's operations, potentially leading to financial losses and reputational damage[155]. - The company's ability to service its debt is contingent on future operating performance and cash generation, which may be affected by various uncontrollable factors[156]. - Increases in fuel costs and volatility in fuel supply could adversely affect the company's operational costs and profitability, impacting guest demand[158]. - The company relies on suppliers for critical operations, and disruptions in the supply chain could lead to increased costs and operational challenges[161]. - Fluctuations in foreign currency exchange rates may negatively impact the company's financial results, as revenues and expenses are incurred in multiple currencies[162]. - Investments in port destinations and exclusive islands expose the company to risks such as weather events and local political developments[163]. - Overcapacity in the cruise industry may lead to reduced pricing power and profitability, as competition increases from other cruise brands and land-based vacation alternatives[164]. - Regulatory changes related to sustainability and emissions may require significant capital investments and could impact operational costs and access to certain destinations[172]. Cybersecurity Measures - The company has implemented a comprehensive cybersecurity risk management program, leveraging frameworks such as NIST and ISO/IEC 27001, to proactively identify and mitigate potential threats[179]. - Carnival Corporation has not experienced any material cybersecurity incidents in the last three fiscal years, and expenses related to cybersecurity incidents were not material[184]. - The company maintains an incident response plan that is regularly updated and tested through crisis simulation exercises[180]. - The Global Chief Information Security Officer (CISO) leads cybersecurity efforts and reports to executive management, ensuring alignment with industry developments[185]. - The company has a focus on data privacy and security standards to comply with regulations such as GDPR and CCPA, employing encryption and access controls[181]. Headquarters and Operations - Carnival Corporation's headquarters and principal shoreside operations are located in Miami, Florida, and Southampton, England, with plans to relocate its Miami headquarters[189].

Financial Performance - Net income for Q4 2025 was $4.7 million, or $0.60 per diluted share, representing a 30.3% increase from the previous quarter and a 37.8% increase year-over-year[1] - Revenues for Q4 2025 increased by 3.8% to $24.3 million compared to the previous quarter and increased by 13.7% year-over-year[15] - Noninterest income for Q4 2025 increased by 8.8% to $5.1 million compared to the previous quarter and increased by 12.2% year-over-year[16] - Net income for the quarter was $4,729 million, an increase of 30.3% from $3,630 million year-over-year[30] - Basic earnings per share increased to $0.61 from $0.47, reflecting a growth of 29.8%[30] Asset and Loan Management - Total loans were $1.52 billion at December 31, 2025, unchanged from a year earlier, but decreased by $38.8 million, or 2.5%, from the previous quarter[6] - Total loans amounted to $1,519,019,000, down from $1,557,771,000 as of September 30, 2025, reflecting a decrease of approximately 2.5%[28] - Net loans stood at $1,501,649,000, compared to $1,540,031,000 in the previous quarter, indicating a decline of about 2.5%[28] - Average loans for the quarter were $1,548,740 million, slightly down from $1,581,510 million, a decrease of 2.1%[34] Deposits and Equity - Total deposits increased by $100.4 million, or 6.0%, to $1.78 billion compared to the previous year, and increased by $29.4 million, or 1.7%, from the previous quarter[8] - Shareholders' equity increased to $191.8 million at December 31, 2025, compared to $174.8 million a year earlier[10] - Shareholders' equity increased to $191,814,000 from $186,486,000, marking a growth of approximately 2.1%[29] - Common shareholders' equity per share increased to $24.10 from $23.45, reflecting a growth of 2.77%[34] Interest and Expenses - Net interest margin (NIM) expanded to 4.08% in Q4 2025, a 14-basis point increase from the previous quarter and a 49-basis point increase year-over-year[12] - Total interest expense increased to $40,773 million from $35,514 million year-over-year, reflecting a rise of 15.9%[30] - Net interest income after provision for credit losses rose to $71,716 million, up from $62,920 million, representing a year-over-year increase of 14%[30] - Total interest and dividend income for the year ended December 31, 2025, was $108,411,000, up from $104,211,000 in 2024, reflecting an increase of approximately 4.2%[29] Credit Quality - The allowance for credit losses was $17.4 million, or 1.14% of total loans, at December 31, 2025, compared to 1.11% a year ago[19] - Nonperforming loans increased to $5,632 million from $4,122 million, a rise of 36.6%[33] - The allowance for credit losses to nonperforming loans ratio was 308.42%, down from 430.37% in the previous quarter, indicating a decrease in coverage[34] Operational Efficiency - The core efficiency ratio is calculated by excluding acquisition costs and intangible asset amortization from noninterest expense, providing insight into operational performance[26] - The core efficiency ratio (non-GAAP) improved to 73.63% in December 2025 from 77.33% in September 2025, indicating enhanced operational efficiency[36] - The efficiency ratio (GAAP) was reported at 74.82% in December 2025, an improvement from 78.56% in September 2025[36] Other Financial Metrics - The effective tax rate for Q4 2025 was 22.2%, compared to 26.8% in the previous quarter and 7.3% in Q4 2024[18] - Tangible common shareholders' equity (non-GAAP) increased to $153,760,000 in December 2025, up from $148,147,000 in September 2025[36] - Tangible assets (non-GAAP) totaled $2,068,313,000 in December 2025, slightly down from $2,081,467,000 in September 2025[36] - The tangible common shareholders' equity to tangible assets (non-GAAP) ratio increased to 7.43% in December 2025 from 7.12% in September 2025[36]

Financial Performance - Net sales for Q2 2026 reached $1.2 billion, an increase of 8.4% year-over-year, with organic sales growth of 2.2%[3] - Net income for the quarter was $95.3 million, or $2.51 per diluted share, reflecting a 4.6% increase compared to the prior year[5] - EBITDA for the quarter was reported at $140.4 million, a 3.9% increase year-over-year[5] - Net income for the six months ended December 31, 2025, was $196,156, compared to $185,353 for the same period in 2024, representing a growth of 4.3%[21] - EBITDA for the six months ended December 31, 2025, was $286,697, an increase from $264,095 in 2024, reflecting a growth of 8.6%[23] Cash Flow and Investments - Operating cash flow for the quarter was $99.7 million, with free cash flow of $93.4 million[5] - Free Cash Flow for the six months ended December 31, 2025, was $205,398, slightly down from $212,138 in 2024, indicating a decrease of 3.9%[24] - Net Cash provided by Operating Activities for the six months ended December 31, 2025, was $218,976, compared to $222,884 in 2024, a decrease of 1.8%[21] - Net Cash used in Investing Activities for the six months ended December 31, 2025, was $(15,361), significantly lower than $(282,966) in 2024, indicating a reduction in cash outflow[21] - Cash and Cash Equivalents at the end of the period increased to $405,986 from $303,441 in the previous year, marking a growth of 33.8%[21] Capital Management - The company announced an 11% increase in its quarterly dividend to $0.51 per share, marking the 17th dividend increase since 2010[9] - The company remains focused on capital deployment, including ongoing share repurchases and strategic acquisitions[4] - Capital expenditures for the six months ended December 31, 2025, totaled $13,578, up from $10,746 in 2024, representing an increase of 26.5%[21] - Long-term debt repayments were not specified for the current period but were $(25,106) in the previous year, indicating a potential reduction in debt obligations[21] Economic Outlook - Updated fiscal 2026 EPS guidance is now set at $10.45 to $10.75, with sales growth projected between 5.5% to 7.0%[5] - The company anticipates LIFO expense in the range of $24 million to $26 million, reflecting ongoing macroeconomic uncertainties[6] - The company is experiencing positive sales trends in January, with organic sales trending up by a mid single-digit percent year-over-year[4] Working Capital Management - The company reported a decrease in changes in operating assets and liabilities, net of acquisitions, from $1,451 in 2024 to $(26,230) in 2025, indicating a significant shift in working capital management[21] - The effect of exchange rate changes on cash resulted in an increase of $1,008, contrasting with a decrease of $(5,985) in the previous year, showing improved currency impact[21] Acquisitions - The acquisition of Thompson Industrial Supply Inc. is expected to generate annual sales of approximately $20 million in the first year[7]

Financial Performance - Community Financial System, Inc. reported net income of $54.4 million, or $1.03 per share, for Q4 2025, and $210.5 million, or $3.97 per share, for the full year 2025[4]. - The company achieved operating net income of $59.5 million, or $1.12 per share, for Q4 2025, and $225.1 million, or $4.24 per share, for the full year 2025[5]. - The operating return on assets for the full year 2025 was 1.34%, with a 16% growth in operating diluted earnings per share[7]. - Net income for the year ended December 31, 2025, was $210.455 million, an increase of 15.3% from $182.481 million in 2024[33]. - Net income for Q4 2025 was $54,422,000, compared to $49,793,000 in Q4 2024, representing a year-over-year increase of 9.3%[34]. - Basic earnings per share for Q4 2025 were $1.03, up from $0.94 in Q4 2024, showing a growth of 9.6%[34]. - The return on assets (GAAP) for Q4 2025 was 1.26%, slightly up from 1.21% in Q4 2024[34]. - Return on equity (GAAP) for Q4 2025 was 11.04%, slightly down from 11.27% in Q4 2024[39]. Revenue and Income Sources - Total revenues for Q4 2025 were $215.5 million, representing a 4.1% quarter-over-quarter increase and a 9.8% year-over-year increase[8]. - Noninterest revenues accounted for 38% of total revenues in Q4 2025, setting a new quarterly record[15]. - Total interest income for the year ended December 31, 2025, was $699.275 million, compared to $643.528 million for the previous year, reflecting an increase of 8.7%[33]. - Total noninterest revenues for the year increased to $311.457 million from $297.186 million, a growth of 4.4%[33]. - Total noninterest revenues for Q4 2025 amounted to $82,026,000, an increase from $76,314,000 in Q4 2024, indicating a growth of 7.5%[34]. Assets and Deposits - Total assets increased by $917.3 million, or 5.6%, year-over-year to $17.30 billion as of December 31, 2025, primarily due to organic loan growth and the Santander branch acquisition[19]. - The company reported a total ending loan balance of $10.95 billion, a 1.9% increase quarter-over-quarter and a 5.0% increase year-over-year[8]. - The total ending deposits reached $14.39 billion, reflecting a 2.3% increase from Q3 2025 and a 7.0% increase from Q4 2024[8]. - Ending deposits at December 31, 2025 were $14.39 billion, up $945.4 million, or 7.0%, year-over-year, driven by deposits from the Santander acquisition[22]. Expenses and Provisions - The Company’s total noninterest expenses in Q4 2025 were $138.5 million, a 10.4% increase from the prior year, driven by higher salaries and acquisition-related expenses[19]. - The Company recorded a $5.0 million provision for credit losses in Q4 2025, reflecting organic loan growth and stable credit quality metrics[22]. - Provision for credit losses was $4,979,000 in Q4 2025, down from $6,208,000 in Q4 2024, indicating a decrease of 19.8%[38]. Acquisitions and Branch Expansion - The company opened 15 new branches and completed two strategic transactions, including the acquisition of 7 branch locations from Santander Bank, N.A.[7]. - An agreement was announced to acquire ClearPoint Federal Bank & Trust, which will significantly expand the revenue and offerings of the wealth management services business[7]. - Community Bank, N.A. acquired seven branch locations from Santander Bank, adding $543.7 million in customer deposits[25]. - The Company announced an agreement to acquire ClearPoint Federal Bank & Trust for approximately $40 million, expected to close in Q2 2026, enhancing its wealth management services[26]. Shareholder Information - Shareholders' equity increased to $2.01 billion at December 31, 2025, up $243.2 million, or 13.8%, from the previous year[27]. - A quarterly cash dividend of $0.47 per share was declared, representing a 2.2% increase from the $0.46 dividend in Q4 2024[27]. - The company approved a stock repurchase program for up to 2.63 million shares, or 5.0% of outstanding common stock, starting January 1, 2026[27]. Ratios and Metrics - The adjusted return on equity for the banking segment was 14.35%, an increase of 0.21% year-over-year[9]. - The company's tangible equity to tangible assets ratio improved to 6.75% at December 31, 2025, up from 5.83% a year earlier[27]. - The company's tier 1 leverage ratio was 9.21% at December 31, 2025, remaining above the regulatory standard of 5.0%[27]. - The efficiency ratio (GAAP) improved to 64.3% in Q4 2025, compared to 62.0% in Q3 2025[41].

Financial Performance - First BanCorp reported a net income of $87.1 million, or $0.55 per diluted share, for Q4 2025, down from $100.5 million, or $0.63 per diluted share, in Q3 2025, but up from $75.7 million, or $0.46 per diluted share, in Q4 2024[1][7] - For the full year 2025, net income reached $344.9 million, or $2.15 per diluted share, compared to $298.7 million, or $1.81 per diluted share, in 2024, marking a 15.4% year-over-year increase[1][3] - Total revenues exceeded $1.0 billion in 2025, with a 19% growth in earnings per share and a return on average assets of 1.8%[3][4] Loan and Deposit Growth - Total loans increased by $80.8 million to $13.1 billion, primarily due to growth in the commercial and industrial loan portfolio[7][9] - Core customer deposits remained stable at $13.1 billion, with a notable increase of $266.5 million in non-interest-bearing deposits[7][9] - Total loans as of December 31, 2025, amounted to $13,142,053, an increase from $13,061,230 as of September 30, 2025, representing a growth of 0.62%[76] Interest Income and Margin - Net interest income for Q4 2025 was $222.8 million, an increase of $4.9 million from Q3 2025, driven by a net interest margin of 4.68%, up from 4.57%[5][8] - Interest income from loans increased by $0.8 million, with residential mortgage loans contributing a $0.8 million increase due to a $31.2 million rise in average balance[12] - The average yield on loans and leases decreased to 7.55% in Q4 2025 from 7.71% in Q4 2024[68] Asset Quality and Credit Losses - Non-performing assets decreased by $5.3 million to $114.1 million, reflecting effective asset quality management[7][9] - The allowance for credit losses coverage ratio was 1.90%, slightly up from 1.89%, indicating a stable risk management approach[7][9] - The provision for credit losses for the fourth quarter of 2025 was $22.4 million, compared to $18.3 million in Q3 2025, driven by loan growth and macroeconomic factors[27] Expenses and Efficiency - Total non-interest expenses for Q4 2025 amounted to $126.9 million, an increase of $2.0 million from Q3 2025, influenced by a $3.4 million rise in employee compensation and benefits[14] - The efficiency ratio improved to 49.33% in Q4 2025, down from 50.22% in Q3 2025, indicating better cost management[5][7] - Total non-interest expenses for the year ended December 31, 2025, were $498,123, an increase from $487,073 for the year ended December 31, 2024[67] Capital and Liquidity - First BanCorp repurchased $50.0 million in common stock and declared $28.3 million in common stock dividends, maintaining strong capital ratios above regulatory requirements[7][9] - Total stockholders' equity increased by $48.8 million to $2.0 billion as of December 31, 2025, driven by net income and changes in the fair value of available-for-sale debt securities[37] - Total core liquidity amounted to $2.6 billion as of December 31, 2025, representing 13.54% of total assets, an increase from 12.64% as of September 30, 2025[40] Tax and Regulatory Matters - The corporation recorded an income tax expense of $20.2 million for Q4 2025, compared to $5.7 million in Q3 2025, with an effective tax rate of 21.6%[17][18] - The corporation emphasizes the importance of forward-looking statements and the associated risks, including changes in interest rates and economic conditions[62] Market and Operational Overview - First BanCorp. operates in Puerto Rico, the U.S., and the British Virgin Islands, with shares trading on the New York Stock Exchange under the symbol FBP[64] - The corporation's earnings conference call is scheduled for January 27, 2026, at 10:00 a.m. Eastern Time, accessible via the investor relations website[61]

Financial Performance - The company reported a net loss of $37,638 for the period from July 3, 2025, through September 30, 2025, primarily due to general and administrative costs [88]. - The company incurred net cash used in operating activities of $0 for the period from July 3, 2025, through September 30, 2025 [92]. - The company has no operating revenues to date and does not expect to generate any until after completing a Business Combination [87]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on December 15, 2025, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units, including an over-allotment of 3,000,000 Units [90]. - Transaction costs associated with the Initial Public Offering amounted to $14,211,396, which included a cash underwriting fee of $4,000,000 and a deferred underwriting fee of $9,800,000 [91]. - A total of $230,000,000 was placed in the Trust Account following the Initial Public Offering, which will be used to complete the Business Combination [91]. - The underwriters were paid an underwriting discount of $4,000,000 upon closing the Initial Public Offering, with an additional deferred underwriting discount of $9,800,000 due upon the completion of the initial Business Combination [100]. Future Plans and Financial Position - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and for working capital of the target business [93]. - The company does not anticipate needing to raise additional funds to meet operating expenditures prior to the Business Combination [96]. - The company has no off-balance sheet arrangements or long-term liabilities as of September 30, 2025 [97][98].

Financial Performance - Fourth quarter 2025 net income reached $22.6 million, a 6% increase from the third quarter of 2025, with diluted EPS of $1.33[1][3] - For the year ended December 31, 2025, net income totaled $65.2 million, a 23% increase year-over-year, with diluted EPS of $3.84, up 6%[2][3] - Net income for the year ended December 31, 2025, was $65,160, up from $53,004 in 2024, representing a 23% increase[22] - Net income for the three months ended December 31, 2025, was $22,559,000, an increase from $21,194,000 in the previous quarter and $14,666,000 in the same quarter of 2024[45] - Adjusted net income for the year ended December 31, 2025, was $74,439,000, compared to $53,432,000 for the year ended December 31, 2024, showing an increase of 39.2%[41] Earnings and Ratios - Diluted EPS for the year was $3.84, compared to $3.62 in 2024, reflecting a 6% increase[22] - Basic earnings per share for the year ended December 31, 2025, increased by 6% to $3.86 from $3.63 in 2024[28] - The adjusted return on average equity for the year ended December 31, 2025, was 11.38%, up from 10.45% in 2024, representing an increase of 8.9%[43] - Return on average assets improved to 1.28% from 1.21% in September 2025 and 0.94% in December 2024[22] - The efficiency ratio improved to 54.16% for the three months ended December 31, 2025, down from 54.94% in the previous quarter and 59.62% in the same quarter of 2024[46] Income Sources - Total interest income for the year ended December 31, 2025, increased by 28% to $320,655,000 compared to $249,557,000 in 2024[28] - Net interest income rose by 53% to $203,257,000 for the year ended December 31, 2025, up from $132,453,000 in 2024[28] - Non-interest income for the year ended December 31, 2025, increased by 18% to $52,522,000 compared to $44,539,000 in 2024[28] - Non-interest income for Q4 2025 remained stable at $14.1 million, with assets under administration in wealth and brokerage businesses growing 11% to $2.4 billion[6] Asset and Loan Growth - Total assets as of December 31, 2025, were $7.0 billion, reflecting a 20% growth during 2025, primarily due to the acquisition of Northway Financial[8] - Total assets increased to $6,974,584, a 20% increase compared to $5,805,138 in December 2024[22] - Total loans reached $5,021,193 thousand, reflecting a growth of 2% from $4,976,010 thousand in the previous quarter and a significant increase from $4,116,313 thousand year-over-year[30] - Loans totaled $5.0 billion as of December 31, 2025, a 1% decrease from the previous quarter, while home equity loans grew 6% in Q4 2025[9] Credit Quality - The allowance for credit losses on loans was 0.91% of total loans, with non-performing assets at 0.10% of total assets as of December 31, 2025[10] - Non-performing loans to total loans ratio was 0.14% for the year ended December 31, 2025, down from 0.17% in the previous quarter, indicating a decrease of 17.6%[38] - The allowance for credit losses (ACL) on loans at the end of the period was $45,276,000, compared to $35,728,000 at the end of the previous year, reflecting an increase of 26.6%[38] - Provision for credit losses for the year ended December 31, 2025, was $22,290,000, compared to a credit of $404,000 in 2024, indicating a significant increase in provisions[28] Shareholder Returns - A cash dividend of $0.42 per share was declared, yielding 3.87% based on the closing share price of $43.38 on December 31, 2025[13] - A new share repurchase program was announced on January 8, 2026, for up to 850,000 shares, representing approximately 5% of outstanding stock[10] Efficiency and Management - The company's efficiency ratios were 54.16% (GAAP) and 51.69% (non-GAAP) for Q4 2025, indicating strong revenue momentum and disciplined expense management[3][7] - Total non-interest expense for the year ended December 31, 2025, increased by 38% to $154,834,000 from $111,936,000 in 2024[28] - The efficiency ratio (non-GAAP) improved to 51.69% from 52.47% in September 2025 and 54.46% in December 2024[22]

Financial Performance - PACCAR achieved annual revenues of $28.44 billion and net income of $2.38 billion ($4.51 per diluted share) in 2025, including a $264.5 million after-tax charge related to civil litigation[3]. - In Q4 2025, PACCAR reported revenues of $6.82 billion and net income of $556.9 million ($1.06 per diluted share), a decrease from $7.91 billion and $872.0 million in Q4 2024[2]. - Net income for the year ended December 31, 2025, was $2,375.8 million, down from $4,162.0 million in 2024, representing a decrease of 43.0%[27]. - Total income before income taxes for the year was $3,023.5 million, a decrease of 44.0% from $5,400.9 million in 2024[27]. - The company declared dividends of $1.73 per share in Q4 2025, down from $3.30 per share in Q4 2024, a reduction of 47.5%[27]. - Cash and cash equivalents at the end of the period were $6,307.9 million, down from $7,060.8 million at the end of 2024, a decrease of 10.7%[30]. Segment Performance - PACCAR Parts achieved record annual revenues of $6.87 billion, a 3% increase from $6.67 billion in 2024, with pretax income of $1.67 billion[16]. - PACCAR Financial Services reported record revenues of $2.21 billion in 2025, with pretax income of $485.4 million, an 11% increase from $435.6 million in 2024[19]. - Net sales for the Truck, Parts and Other segment decreased to $6,252.1 million in Q4 2025 from $7,363.2 million in Q4 2024, a decline of 15.1%[27]. - Total revenues for the Financial Services segment increased to $2,209.7 million in 2025 from $2,099.5 million in 2024, an increase of 5.2%[27]. Vehicle Deliveries and Market Share - PACCAR delivered 144,200 vehicles worldwide in 2025, maintaining a 30% market share in the U.S. and Canada Class 8 retail sales[9]. - New truck deliveries in the United States and Canada decreased to 15,000 units in Q4 2025 from 22,300 units in Q4 2024, a decline of 32.4%[37]. Research and Development - The company invested $1.17 billion in capital projects and research and development in 2025, with plans to invest $725-$775 million in capital projects and $450-$500 million in R&D in 2026[20]. - Research and development expenses for the year were $445.5 million, slightly down from $452.9 million in 2024, indicating a decrease of 1.0%[27]. Innovation and Infrastructure - The DAF XD and XF Electric trucks were awarded International Truck of the Year 2026, highlighting PACCAR's commitment to innovation in electric vehicle technology[14]. - PACCAR Parts opened a new 180,000 sq. ft. Parts Distribution Center in Calgary, Canada, enhancing parts delivery capabilities[16]. Financial Stability - PACCAR's strong balance sheet and A+/A1 credit ratings enabled the issuance of $3.12 billion in medium-term notes during 2025, facilitating competitive retail financing[19]. - Financial Services income before income taxes increased to $485.4 million for the year ended December 31, 2025, compared to $435.6 million in 2024, an increase of 11.0%[27]. Legal and Charges - The company recorded a pre-tax charge of $350.0 million related to civil litigation in Europe in Q1 2025[27]. - PACCAR's cash provided by operations was $4.42 billion in 2025, supporting strong financial performance and shareholder returns[10].

Financial Performance - Sales for the second quarter increased 3.0% to $20.8 billion compared to the same period in fiscal year 2025[5] - Gross profit increased 3.9% to $3.8 billion, with a gross margin of 18.3%, reflecting a 15 basis point increase[6] - Operating income decreased 2.8% to $692 million, while adjusted operating income increased 3.1% to $807 million[3] - Net earnings decreased 4.2% to $389 million, but adjusted net earnings increased 3.9% to $476 million[3] - Sales for the 13-week period ended December 27, 2025, were $20,762 million, an increase of 3.0% compared to $20,151 million for the same period in 2024[24] - Gross profit for the 26-week period ended December 27, 2025, was $7,693 million, up from $7,403 million in 2024, reflecting a growth of 3.9%[24] - Net earnings for the 26-week period ended December 27, 2025, were $866 million, a decrease of 3.3% from $896 million in the prior year[26] - Basic earnings per share for the 13-week period ended December 27, 2025, were $0.81, compared to $0.83 for the same period in 2024[24] - For the 26-week period, Sysco reported GAAP sales of $41,910 million, a 3.1% increase from $40,634 million in the prior year[36] - Diluted earnings per share (GAAP) decreased to $1.80, down 1.1% from $1.82[37] Cash Flow and Shareholder Returns - Cash flow from operations was $611 million, and free cash flow was $413 million for the first 26 weeks of fiscal year 2026[13] - The company returned $518 million to shareholders via dividends during the first 26 weeks of fiscal year 2026[13] - Free cash flow for the 26-week period ended December 27, 2025, was $413 million, up from $331 million in the prior year, reflecting an increase of $82 million[43] Sales Growth - U.S. Foodservice local case volume grew by 1.2%, contributing to overall positive case growth[1] - International Foodservice Operations sales increased 7.3% to $4.0 billion, with a gross profit increase of 9.5% to $832 million[11] - U.S. foodservice operations sales increased by $339 million, or 2.4%, reaching $14,383 million[38] - International foodservice operations sales grew by $271 million, or 7.3%, totaling $3,999 million[38] - Total Sysco sales rose by $611 million, or 3.0%, to $20,762 million[39] Operating Expenses - Operating expenses increased by 5.5% to $3,100 million, with adjusted operating expenses (Non-GAAP) at $2,985 million, reflecting a 4.1% increase[33] - Operating expenses for Total Sysco increased by 5.4% to $6,200 million, with adjusted operating expenses rising by 4.2% to $5,987 million[41] Debt and Leverage - Long-term debt stood at $12,440 million as of December 27, 2025, slightly up from $12,360 million as of June 28, 2025[25] - Total Debt (GAAP) stands at $13,590 million, with Net Debt (Non-GAAP) at $12,368 million[48] - The Net Debt to Adjusted EBITDA ratio (Non-GAAP) is 2.86, indicating the company's leverage relative to its earnings[48] Adjusted Metrics - Adjusted net earnings for fiscal 2026 were $1,028 million, a 3.1% increase from $997 million in fiscal 2025[37] - Adjusted EBITDA growth is considered a key measure of financial performance, with management emphasizing its importance for consistent period comparisons[44] - Adjusted EBITDA for the 13-week period, after certain item adjustments, increased to $1,001 million, reflecting a 3.3% rise from $969 million in the previous year[45] - Adjusted EBITDA for the 26-week period was $2,071 million, an increase of 1.7% compared to $2,037 million in the prior year[46] Strategic Focus - Sysco continues to focus on growth through acquisitions, excluding acquisition-related costs from its non-GAAP financial measures to enhance comparability[31] - The company reported a significant increase in acquisition-related costs, rising to $23 million from $8 million year-over-year, indicating ongoing strategic investments[45] - The impact of restructuring and transformational project costs was significant, with a total impact of $114 million on operating expenses for Total Sysco[41] - The impact of restructuring and transformational project costs in fiscal 2026 included $21 million in severance charges and $93 million in transformation initiative costs[37]

Financial Performance - Central Bancompany reported net interest income of $206.5 million for Q4 2025, with a net interest margin of 4.38%[3]. - Full-year net interest income reached $789.7 million, an increase of $102.3 million from the prior year, with a net interest margin of 4.30%[8]. - GAAP net income for Q4 2025 was $107.6 million, or $0.47 per fully diluted share, compared to $97.1 million and $0.44 in the prior quarter[7]. - Noninterest income for Q4 2025 was $65.8 million, up $8.7 million from the prior quarter, driven by increases in wealth management services[13]. - Total interest income for Q4 FY25 was $255.284 million, an increase of 2.6% from Q3 FY25 and 9.7% from Q4 FY24[31]. - Adjusted net income for Q4 FY25 was $107.591 million, a 5.1% increase from Q3 FY25 and a 17.2% increase from Q4 FY24[31]. - Total revenue for Q4 FY25 was $272.234 million, reflecting a 6.4% increase from Q3 FY25 and a 31.9% increase from Q4 FY24[56]. - Adjusted net income (non-GAAP) for FY25 was $402.603 million, up 20.6% from $333.731 million in FY24[60]. - Total revenue for FY25 was $1,021.359 million, representing a 13.8% increase from $897.714 million in FY24[59]. Asset and Liability Management - Total loans held for investment at the end of Q4 2025 were $11.4 billion, reflecting a quarterly increase of $0.1 billion, or 1.0% growth[9]. - Total deposits at December 31, 2025, were $15.9 billion, an increase of approximately $1.1 billion or 7.3% from the prior quarter[10]. - Total assets increased by $1,568,373, reaching $20,751,978, representing an 8.2% increase compared to the previous quarter and a 7.8% increase year-over-year[30]. - Total liabilities increased by $1,068,810 to $16,968,001, representing a 6.7% increase from the prior quarter and a 5.2% increase year-over-year[30]. - Total stockholders' equity rose by $499,563 to $3,783,977, indicating a 15.2% increase from the previous quarter and a 21.6% increase year-over-year[30]. - Total deposits reached $15,009,001, up 1.9% from the previous quarter and 3.4% year-over-year[35]. - Total assets increased to $19,666,237, reflecting a 3.0% increase quarter-over-quarter and a 4.7% increase year-over-year[35]. Credit Quality - The provision for credit losses for Q4 2025 was $3.0 million, with an allowance for credit losses of $149.7 million, representing 1.31% of loans held for investment[11]. - Nonperforming loans at December 31, 2025, were $46.0 million, or 40 basis points of loans held for investment, down from 45 basis points at the end of the prior quarter[19]. - Nonperforming loans decreased to $45,977 thousand in Q4 FY25, down 9.4% from $50,774 thousand in Q3 FY25[34]. - Net charge-offs for Q4 FY25 were $2,841 thousand, a decrease of 17.6% from $3,450 thousand in Q3 FY25[34]. - Allowance for credit losses was $149,674 thousand in Q4 FY25, a slight increase of 0.1% from $149,459 thousand in Q3 FY25[34]. - Provision for credit losses decreased to $3.016 million, down 10.8% from Q3 FY25 and up 15.2% from Q4 FY24[31]. Operational Efficiency - The efficiency ratio improved to 47.0% in Q4 2025, down from 47.7% in the prior quarter[15]. - Efficiency ratio decreased to 47.6% in Q4 FY25, down from 60.5% in Q4 FY24, indicating improved operational efficiency[32]. - The efficiency ratio for Q2 FY25 was 51.7%, up from 49.3% in Q1 FY25, indicating increased operational costs[46]. Capital Management - The CET1 ratio at December 31, 2025, was 28.1%, representing $1.8 billion of excess capital compared to the long-term target of 13.5%[22]. - Tier 1 capital ratio improved to 28.1% in Q4 FY25, up from 23.6% in Q4 FY24, reflecting an 18.8% increase[32]. - The Tier 1 capital ratio for Q2 FY25 was 23.8%, a decrease from 24.4% in Q1 FY25[46]. - Tangible common equity rose to $3.432 billion in Q4 FY25, a 17.1% increase from Q3 FY25 and 24.6% from Q4 FY24[58]. - Book value per share increased to $15.69 in Q4 FY25, a rise of 5.4% from $14.88 in Q3 FY25[32]. Employee Metrics - The number of full-service offices increased by 1.3% to 153, while full-time equivalent employees decreased by 1.2% to 2,905[39]. - The number of full-time equivalent employees increased to 2,929 in Q2 FY25 from 2,918 in Q1 FY25[46].