Financial Performance - Q2 FY 2026 revenues increased 136% to $6.477 billion from $2.742 billion in Q2 FY 2025[8] - Q2 FY 2026 net income reached $11.6 million, a 77% increase from $6.6 million in Q2 FY 2025[8] - Diluted earnings per share for Q2 FY 2026 were $0.46, a 70% increase compared to $0.27 in Q2 FY 2025[8] - Adjusted net income before provision for income taxes for Q2 FY 2026 was $23.2 million, up 74% from $13.4 million in Q2 FY 2025[8] - EBITDA for Q2 FY 2026 increased 109% to $33.9 million from $16.2 million in Q2 FY 2025[8] - Revenues increased 136% to $6.477 billion from $2.742 billion year-over-year, with a 69% increase excluding forward sales[34] - Gross profit increased 109% to $93.4 million, representing 1.44% of revenue, compared to 1.63% of revenue in the prior year[35] - Net income attributable to the Company totaled $11.6 million or $0.46 per diluted share, compared to $6.6 million or $0.27 per diluted share in the prior year[40] - Revenues for the first six months of fiscal 2026 increased by 86% to $10.158 billion from $5.457 billion in the same period last year[43] - Gross profit for the first six months of fiscal 2026 rose 88% to $166.3 million, representing 1.64% of revenue, compared to 1.62% in the prior year[44] - Net income attributable to the Company for the six months ended December 31, 2025, was $10,697, a decrease of 31.2% from $15,542 in 2024[72] Customer Metrics - Direct-to-Consumer segment saw a 47% increase in active customers, reaching 229,100 compared to 140,100 in the previous year[12] - Direct-to-Consumer new customers increased 47% to 96,100 year-over-year, and increased 38% from 69,400 quarter-over-quarter[25] - Direct-to-Consumer active customers increased 64% to 229,100 year-over-year, and increased 56% from 147,300 quarter-over-quarter[25] - Direct-to-Consumer average order value increased 52% to $4,824 year-over-year, and increased 25% from $3,863 quarter-over-quarter[25] Sales Performance - Gold ounces sold increased to 545,000 in Q2 FY 2026 from 466,000 in Q2 FY 2025, while silver ounces sold decreased to 18.6 million from 21.8 million[12] - Gold ounces sold increased 17% to 545,000 ounces from 466,000 ounces year-over-year, and increased 24% from 439,000 ounces quarter-over-quarter[25] - Silver ounces sold decreased 15% to 18.6 million ounces year-over-year, but increased 79% from 10.4 million ounces quarter-over-quarter[25] Corporate Developments - The company completed the acquisition of Monex Deposit Company in January 2026, enhancing its market position[3] - The company relocated its corporate headquarters to Costa Mesa, California, and rebranded from A-Mark Precious Metals to Gold.com[3] - International performance, particularly in Hong Kong, showed strong momentum with positive retail and wholesale trading activity[3] Expenses and Liabilities - Selling, general and administrative expenses increased 132% to $59.8 million, primarily due to increased compensation and advertising costs[36] - Total liabilities increased to $3,103.1 million as of December 31, 2025, from $1,512.8 million as of June 30, 2025, representing a growth of 104.1%[64] - Selling, general, and administrative expenses for the three months ended December 31, 2025, were $59,784, a 132.1% increase from $25,754 in 2024[70] - Interest expense increased 42% to $28.9 million, mainly due to higher interest rates on product financing arrangements[48] Cash Flow and Assets - Cash flows from operating activities for the six months ended December 31, 2025, were $152.8 million, compared to a cash outflow of $17.5 million in 2024[69] - The company reported a net increase in cash of $74.3 million for the six months ended December 31, 2025, compared to a decrease of $10.9 million in the same period of 2024[69] - Total current assets as of December 31, 2025, amounted to $3,341.7 million, compared to $1,743.5 million as of June 30, 2025, an increase of 91.4%[64] - The company reported a significant increase in deferred revenue and other advances, which rose to $1,701.9 million as of December 31, 2025, from $426.9 million as of June 30, 2025, an increase of 298.5%[64] Dividends and Shareholder Equity - A quarterly cash dividend of $0.20 per share has been declared, maintaining the current dividend program[52] - Total stockholders' equity as of December 31, 2025, was $708.8 million, up from $702.7 million as of June 30, 2025, a slight increase of 0.3%[64]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-39553 AMESITE INC. (Exact name of registrant as specified in its charter) | Delaware | 82-3431718 | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-K ____________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File No. 000-22513 ____________________________________ ...

Revenue and Income - Revenue for the three months ended December 31, 2025, was $649,088, an increase of 2.3% compared to $632,371 for the same period in 2024[14] - Net income decreased to $64,387 for Q4 2025, down 9.3% from $70,851 in Q4 2024[14] - Basic earnings per share for Q4 2025 was $1.44, compared to $1.56 in Q4 2024, reflecting a decline of 7.7%[14] - Net income for the three months ended December 31, 2025, was $64,387, a decrease of 9.3% from $70,851 in 2024[18] - Adjusted net income for the quarter was $66,302 or $1.45 per share, compared to $65,873 or $1.39 per share in the prior year quarter[129] Assets and Liabilities - Total current assets as of December 31, 2025, were $873,385, a decrease from $890,594 as of September 30, 2025[9] - Total liabilities decreased to $1,945,899 as of December 31, 2025, from $1,989,665 as of September 30, 2025[9] - Total shareholders' equity increased to $108,903 as of December 31, 2025, compared to $73,972 as of September 30, 2025[9] - Total assets as of December 31, 2025, were $1.713 billion, with total liabilities of $1.859 billion[179] - Current liabilities as of December 31, 2025, were $271.911 million, while long-term debt stood at $1.346 billion[179] Cash Flow and Dividends - Net cash provided by operating activities was $106,992, down 25.1% from $142,922 in the previous year[18] - The company paid dividends of $0.22 per common share in Q4 2025, up from $0.18 in Q4 2024[14] - The Company paid a quarterly cash dividend of $0.22 per share during the three months ended December 31, 2025, totaling $1,855 in accrued dividends[60] - Cash used in financing activities was $101,554 for the three months ended December 31, 2025, including $30,308 for share repurchases and $11,196 in dividends[152] Segment Performance - Home and Building Products segment revenue was $408,004,000 for the three months ended December 31, 2025, compared to $395,401,000 in 2024, reflecting a growth of 3.9%[74] - Consumer and Professional Products segment revenue increased to $241,084,000 in the three months ended December 31, 2025, from $236,970,000 in 2024, a growth of 1.3%[74] - Segment adjusted EBITDA for Home and Building Products was $122,835,000 for the three months ended December 31, 2025, down from $127,042,000 in 2024[80] - Segment adjusted EBITDA for Consumer and Professional Products increased to $21,730,000 in the three months ended December 31, 2025, from $18,192,000 in 2024, a growth of 19.4%[80] Strategic Initiatives - Griffon announced a joint venture with ONCAP, receiving $100,000 in cash and a $161,100 second-lien loan, with a 43% equity interest in the new entity[22] - The company is conducting a comprehensive review of strategic alternatives for its AMES Australia and AMES United Kingdom operations, which will be reported as discontinued operations starting Q2 2026[22] - Griffon plans to report AMES' U.S., Canada, Australia, and U.K. operations as discontinued operations starting from Q2 2026[116] - The company has undertaken a series of transformative transactions since 2017, including the divestiture of its specialty plastics and defense electronics businesses to focus on core markets[121] Financial Ratios and Debt - As of December 31, 2025, Griffon Corporation's total long-term debt was $1,364,159, with a long-term debt balance of $1,356,040 after accounting for the current portion[51] - The net debt to EBITDA leverage ratio was 2.3x at December 31, 2025, indicating the company's borrowing capacity[171] - The Term Loan B outstanding balance as of December 31, 2025, was $389,000, with a fair value of approximately $390,459[54] - The outstanding balance of Senior Notes due 2028 was $974,775, with an interest rate of 5.75%[53] Other Comprehensive Income and Expenses - Other comprehensive income for Q4 2025 was $4,552, contrasting with a loss of $17,699 in Q4 2024[14] - The company recognized a tax provision of $25,579 on income before taxes of $89,966 for the quarter ended December 31, 2025, compared to a tax provision of $26,569 on income before taxes of $97,420 in the prior year quarter[50] - The Company recognized a net periodic benefit of $(137) for the pension plan in Q1 2025, compared to $(301) in Q1 2024[87] Risks and Market Conditions - Griffon anticipates that future operating results will depend significantly on the success of its largest customers and ongoing relationships with them[175] - The company faces risks including economic conditions, competition, and potential loss of major customers, which could materially impact operations[184]

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) For the transition period from ______ to ______ Commission File Number: 001-41983 _________________________ For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Reddit, Inc. (Exact name of registrant as specified in its charter) ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ FORM 10-Q _____________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-39149 _____________________ BILL HOLDINGS, I ...

Financial Performance - Carlyle reported Q4 2025 net income attributable to common stockholders of $358 million, translating to $0.96 per diluted share, and full-year net income of $809 million, or $2.18 per diluted share[15]. - Total revenues for Q4 2025 reached $1.9 billion, a significant increase from $1.03 billion in Q4 2024, while full-year revenues were $4.78 billion, down from $5.43 billion in FY 2024[15]. - Distributable Earnings ("DE") were $436 million for Q4 2025, or $1.01 per common share, and $1.7 billion, or $4.02 per common share for FY 2025[21]. - Fee Related Earnings ("FRE") of $290 million for Q4 2025, up 1% year-over-year, and $1.2 billion for FY 2025, up 12% from FY 2024[34]. - Total segment revenues for FY 2025 were $3,901.5 million, compared to $3,655.4 million in FY 2024, reflecting a growth of 6.7%[84]. - Distributable earnings for FY 2025 were $1,691.2 million, up from $1,525.5 million in FY 2024[84]. - Net income attributable to The Carlyle Group Inc. for FY'25 is projected to be $1,020.4 million, a recovery from a loss of $608.4 million in FY'24[136]. Revenue Sources - Fund management fees increased to $606.8 million in Q4 2025, up from $597.4 million in Q4 2024, and full-year fees rose to $2.40 billion from $2.19 billion[15]. - Incentive fees for Q4 2025 were $55.4 million, compared to $37.3 million in Q4 2024, with full-year incentive fees increasing to $190.5 million from $133.5 million[15]. - Total investment income for FY'25 is projected at $1,341.7 million, compared to $2,254.4 million in FY'24, showing a decrease of 40.5%[136]. Assets Under Management - Carlyle's assets under management stood at $477 billion as of December 31, 2025, reflecting strong investor confidence and disciplined execution of strategy[7]. - Total Assets Under Management reached $477 billion, an 8% increase year-over-year, with Fee-earning Assets Under Management at $337 billion, up 11% year-over-year[22]. - Performance Fee Eligible AUM increased by 3% to $236 billion, primarily due to inflows in Alplnvest funds and an 8% appreciation across the carry fund portfolio[47]. - Total AUM for Global Private Equity was flat at $164 billion as of December 31, 2025, with inflows of $1.3 billion offset by realizations[67]. - Total AUM reached $211 billion as of December 31, 2025, a 1% increase from the prior quarter, driven by inflows of $5.4 billion and market activity[73]. Expenses and Compensation - Total expenses for Q4 2025 were $1.38 billion, up from $800.7 million in Q4 2024, with significant increases in cash-based and equity-based compensation[15]. - The total compensation and benefits for FY'25 are projected to be $2,206.2 million, a decrease from $2,704.9 million in FY'24, reflecting a reduction of approximately 18.4%[136]. - Equity-based compensation expenses for FY'25 are expected to be $376.6 million, a decrease from $476.5 million in FY'24, reflecting a reduction of approximately 21%[123]. Shareholder Returns - The company declared a quarterly dividend of $0.35 per common share, payable on February 20, 2026[4]. - The dividend per common share for FY 2025 was $1.40, with a consistent quarterly dividend of $0.35[116]. - The total cost of shares repurchased and retired during the period was $686.5 million[117]. Market Outlook and Strategy - Carlyle anticipates entering 2026 with strong momentum and a focus on long-term value creation for investors and portfolio companies[6]. - The company has indicated plans for market expansion and new product development, although specific details were not disclosed in the earnings call[126]. - Future outlook includes continued market expansion and potential acquisitions to drive growth[157]. Performance Metrics - The gross multiple on invested capital (MOIC) for various funds ranged from 1.1x to 2.9x, indicating strong performance across different vintages[112]. - The Net Internal Rate of Return (Net IRR) represents an annualized return on Limited Partner invested capital after the impact of all management fees and expenses, with certain funds potentially generating accrued performance revenues below the preferred return hurdle[171]. - The estimated effective tax rate for distributable earnings was 13.9% for FY 2025, influenced by tax deductions from restricted stock units[116].

IPO and Fundraising - The company completed its Initial Public Offering (IPO) on May 6, 2024, raising gross proceeds of $287,500,000 from the sale of 28,750,000 Public Units at a price of $10.00 per unit[23]. - A private sale of 725,000 Private Placement Units was completed simultaneously with the IPO, generating an additional $7,250,000 in gross proceeds[24]. - The total amount placed in the Trust Account is $287,500,000, which includes $283,558,750 from the IPO and $3,941,250 from the Private Placement[25]. - The company has placed $287,500,000 in the Trust Account following the Initial Public Offering and Private Placement[187]. - As of December 31, 2025, the Trust Account held marketable securities and cash totaling $307,617,399, an increase from $296,122,647 in 2024[198]. Business Combination Details - The company must complete its initial Business Combination by May 6, 2026, or face termination and distribution of Trust Account amounts[26]. - The PlusAI Business Combination is based on a pre-money equity value of PlusAI of $1,200,000,000, subject to adjustments[35]. - The Closing of the PlusAI Business Combination is subject to conditions including shareholder approvals and a Minimum Cash Condition of at least $100,000,000 available in the Trust Account[41]. - The company will undergo a Domestication to become PlusAI Holdings, Inc. prior to the Closing of the Mergers[33]. - The PlusAI Merger Agreement includes customary representations and covenants from both parties to ensure compliance and operational continuity[39]. - The company has the option to extend the Combination Period with shareholder approval, which may affect its Nasdaq listing[27]. - The PlusAI Business Combination is contingent upon stockholders not exercising dissenters' rights and no Material Adverse Effect occurring[42]. - The PlusAI Merger Agreement can be terminated if not consummated by February 17, 2026, or if certain conditions are not met[43]. - PlusAI stockholders have entered into Voting and Support Agreements to facilitate the approval of the Merger Agreement and prevent delays[44]. - The company intends to complete its initial Business Combination using proceeds from its Trust Account, shares, debt, or a combination thereof[75]. Financial Performance and Projections - For the year ended December 31, 2025, the company reported a net income of $8,556,703, which includes $12,494,752 in interest income[196]. - The company incurred $14,560,986 in fees related to the Initial Public Offering, including a cash underwriting fee of $5,750,000[197]. - The company has determined that it currently lacks the liquidity to sustain operations for at least one year, raising substantial doubt about its ability to continue as a going concern[207]. - The company may face significant dilution for Public Shareholders due to the nominal purchase price of Founder Shares, which was approximately $0.003 per share[175]. Shareholder Rights and Redemption - Public Shareholders are restricted from redeeming more than 15% of the Public Shares sold in the Initial Public Offering without prior consent, to prevent manipulation[113]. - If the initial Business Combination is not completed, Public Shareholders who elected to redeem their shares will not receive any funds from the Trust Account[120]. - The company intends to comply with the substantive and procedural requirements of Regulation 14A for any shareholder vote, even if it cannot maintain its Nasdaq listing[116]. - The redemption process will involve a nominal fee of approximately $100.00 charged by the transfer agent for tendering shares[117]. - Public Shareholders can withdraw their redemption requests up to two business days before the scheduled vote on the Business Combination[118]. Management and Strategy - The Management Team aims to identify high-quality acquisition targets with compelling long-term growth prospects and operational improvement opportunities[51]. - Strategic and Operating Partners will assist in sourcing acquisition targets and enhancing operational performance post-Business Combination[52]. - The company will leverage its network and relationships to identify Business Combination opportunities and accelerate target growth[55]. - The competitive strengths of the Management Team and Strategic Partners provide a significant pipeline of opportunities for evaluation and selection[58]. - The company believes its management team's experience provides a distinct advantage in sourcing and evaluating attractive transaction opportunities[59]. Risks and Challenges - The company may face intense competition from other entities for Business Combinations, which could limit its ability to acquire larger target businesses[135]. - The company’s Sponsor, M. Klein and Company, may have conflicts of interest that could limit the opportunities available for Business Combinations[136]. - There is no guarantee that third parties will execute waivers of claims against the Trust Account, which could expose the company to additional risks[128]. - The company may face challenges in completing its initial Business Combination due to limited resources and significant competition for opportunities[156]. - The company may not be able to acquire target businesses that cannot provide required financial statements in accordance with federal proxy rules[145]. Regulatory and Compliance - The company is required to evaluate its internal control procedures for the fiscal year ending December 31, 2025, as mandated by the Sarbanes-Oxley Act[146]. - The company has applied for a tax exemption from the Cayman Islands government for a period of 30 years, exempting it from certain taxes on profits and income[147]. - The company qualifies as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[148]. - The company will remain an emerging growth company until it has total annual gross revenue of at least $1.235 billion or the market value of its Class A Ordinary Shares held by non-affiliates equals or exceeds $700 million[150]. - The company is classified as a "smaller reporting company," which allows it to provide only two years of audited financial statements[151].

IPO and Fundraising - The company completed its Initial Public Offering (IPO) on May 6, 2024, raising gross proceeds of $287,500,000 from the sale of 28,750,000 Public Units at a price of $10.00 per unit[23]. - A private sale of 725,000 Private Placement Units was completed simultaneously with the IPO, generating an additional $7,250,000 in gross proceeds[24]. - The total amount placed in the Trust Account is $287,500,000, which includes $283,558,750 from the IPO and $3,941,250 from the Private Placement[25]. - The company has $2,469 available from the proceeds of its Initial Public Offering and Private Placement as of December 31, 2025, to cover potential claims and liquidation costs[132]. - The company has placed $287,500,000 in the Trust Account following the Initial Public Offering and Private Placement[187]. Business Combination Plans - The company must complete its initial Business Combination by May 6, 2026, or face termination and distribution of Trust Account amounts[26]. - The PlusAI Business Combination is based on a pre-money equity value of PlusAI of $1,200,000,000, subject to adjustments[35]. - The Closing of the PlusAI Business Combination is subject to conditions including shareholder approvals and a Minimum Cash Condition of at least $100,000,000 available in the Trust Account[41]. - The company plans to complete the PlusAI Business Combination by May 6, 2026, or August 6, 2026, if certain conditions are met[188]. - The company intends to complete its initial Business Combination using proceeds from its Trust Account, shares, debt, or a combination thereof[75]. Shareholder Rights and Redemption - Public Shareholders are restricted from redeeming more than 15% of the Public Shares sold in the Initial Public Offering without prior consent, to prevent large block accumulations[113]. - The company will provide Public Shareholders the opportunity to redeem their shares either through a general meeting or a tender offer, depending on the transaction structure[106]. - If the initial Business Combination is not completed, Public Shareholders who elected to redeem their shares will not be entitled to redeem for their pro rata share of the Trust Account[120]. - A quorum for shareholder meetings requires at least one-third (1/3) of the voting power of all issued and outstanding Ordinary Shares, with 10,418,751 shares (36.2%) needed for approval of the initial Business Combination[109]. - The company may conduct redemptions without shareholder votes unless required by law or stock exchange rules[90]. Financial Performance and Projections - For the year ended December 31, 2025, the company reported a net income of $8,556,703, including $12,494,752 in interest income from marketable securities[196]. - As of December 31, 2025, the company held $307,617,399 in marketable securities and cash in the Trust Account[198]. - The company has substantial doubt about its ability to continue as a "going concern" due to potential financing needs for completing its initial Business Combination[165]. - The expected Redemption Price upon dissolution is approximately $10.70 per Public Share as of December 31, 2025, but actual amounts may be lower due to creditor claims[127]. - The company will redeem Public Shares at a price equal to the aggregate amount in the Trust Account divided by the number of outstanding Public Shares if it fails to complete a Business Combination within the Combination Period[122]. Management and Operational Strategy - The Management Team aims to generate attractive returns by selecting high-quality targets with compelling growth prospects[51]. - Strategic and Operating Partners will assist in sourcing acquisition targets and enhancing operational performance post-Business Combination[52]. - The company employs a proactive sourcing strategy leveraging relationships with industry and financial networks to identify Business Combination opportunities[55]. - The company emphasizes the importance of a committed and capable management team in potential target businesses[59]. - The company plans to focus its search for an initial Business Combination in a single industry, which may limit diversification and increase risk[86]. Regulatory and Compliance Issues - The company is required to evaluate its internal control procedures for the fiscal year ending December 31, 2025, as mandated by the Sarbanes-Oxley Act[146]. - The company has applied for a tax exemption from the Cayman Islands government for a period of 30 years, exempting it from certain taxes on profits and income[147]. - The company qualifies as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[148]. - The company is classified as a "smaller reporting company," which allows it to provide only two years of audited financial statements[151]. - The company intends to comply with the substantive and procedural requirements of Regulation 14A in connection with any shareholder vote, even if it cannot maintain its Nasdaq listing[116]. Risks and Challenges - The company may face intense competition from other entities for target business acquisitions, which could limit its ability to complete a Business Combination[135]. - There are potential conflicts of interest involving the Sponsor and its affiliates, which may limit the company's acquisition opportunities[136]. - The company may face challenges in completing its initial Business Combination due to limited resources and significant competition for opportunities[156]. - The company may not complete its initial Business Combination, including the PlusAI Business Combination, within the Combination Period, which could lead to liquidation and redemption of Public Shares[154]. - The company may not be able to acquire target businesses that cannot provide required financial statements in accordance with federal proxy rules[145].

Financial Performance - Net income attributable to UGI Corporation for the three-month period ended December 31, 2025, was $297 million, or $1.34 per diluted share, compared to $375 million, or $1.74 per diluted share, for the same period in 2024[145]. - Adjusted net income attributable to UGI Corporation for the three-month period ended December 31, 2025, was $279 million, or $1.26 per diluted share, compared to $295 million, or $1.37 per diluted share, for the same period in 2024[147]. - The Utilities segment's adjusted net income increased by $9 million during the 2025 period, primarily due to higher total margin[148]. - The Midstream & Marketing segment's adjusted net income decreased by $28 million during the 2025 period, mainly due to higher income tax expenses[148]. - UGI International's adjusted net income increased by $3 million during the 2025 period, attributed to higher total margin offset by increased income tax expenses[149]. - AmeriGas Propane's adjusted net income increased by $70 million during the 2025 period, primarily due to significantly lower income tax expenses[149]. Revenue and Volume Changes - Utilities revenues increased by $106 million (22%) in the 2025 three-month period compared to 2024, primarily driven by higher Gas Utility revenues of $103 million[150]. - Gas Utility core market volumes rose by 16% during the 2025 period, reflecting colder weather conditions, while total Gas Utility volume increased by 3%[151]. - Midstream & Marketing revenues increased by $60 million (16%) in the 2025 period, mainly due to higher revenues from natural gas marketing activities[157]. - UGI International revenues decreased by $63 million (10%) in the 2025 period, attributed to lower LPG retail volumes sold and lower LPG prices[163]. - AmeriGas Propane revenues decreased by $27 million (4%) in the 2025 period, primarily due to lower wholesale revenues and lower average retail propane selling prices[171]. Operating Income and Margins - Utilities operating income increased by $17 million (12%) in the 2025 period, reflecting a rise in total margin[155]. - UGI International total margin increased by $20 million (8%) during the 2025 period, driven by higher average unit margins and favorable currency translation effects[168]. - AmeriGas Propane total margin increased by $2 million (1%) in the 2025 period, despite lower fee income[175]. Cash Flow and Liquidity - Cash flow from operating activities was $66 million in the 2025 three-month period, down from $164 million in the 2024 period, while cash flow before changes in working capital increased to $438 million from $427 million[206]. - Cash used in investing activities was $145 million in the 2025 three-month period, compared to $232 million in the 2024 period, with cash expenditures for property, plant, and equipment at $221 million[207]. - Cash flow used by financing activities was $6 million in the 2025 three-month period, down from cash flow provided of $95 million in the 2024 period, including the issuance of $150 million in senior notes[209]. - Total available liquidity, including cash and cash equivalents and available borrowing capacity, was approximately $1.6 billion as of December 31, 2025[181]. - As of December 31, 2025, UGI Corporation had $251 million in cash and cash equivalents, down from $335 million as of September 30, 2025[184]. Debt and Financing - The total long-term debt of UGI Corporation was $6,773 million as of December 31, 2025, compared to $6,648 million as of September 30, 2025[186]. - UGI Corporation's total debt, including short-term borrowings, was $7,214 million as of December 31, 2025, compared to $7,134 million as of September 30, 2025[186]. - The company has $700 million in outstanding 5.00% Senior Notes due June 2028, which are convertible from January 1, 2026, to March 31, 2026[189][190]. - UGI Utilities issued $150 million of 5.10% Senior Notes due November 15, 2030, and $125 million of 5.68% Senior Notes due November 15, 2035, in November 2025[188]. - The average daily short-term borrowings for UGI Corporation were $251 million for the three months ended December 31, 2025, with a peak of $288 million[199]. Shareholder Actions - The company declared a cash dividend of $0.375 per common share on November 20, 2025, payable on January 1, 2026[202]. - UGI purchased 0.3 million shares of Common Stock for a total price of $12 during the three months ended December 31, 2025, and extended its share repurchase program for up to 8 million shares until February 2030[203]. Regulatory and Market Risks - PA Gas Utility filed a request to increase its base operating revenues by $99 million annually, effective March 29, 2026, to fund system improvements[211]. - WV Gas Utility submitted a base rate case seeking a net revenue increase of $27 million, with new rates requested to be effective March 5, 2026[213]. - A 10% decline in foreign currencies against the USD would reduce the net book value of UGI International operations by approximately $165 million[230]. - UGI maintains credit policies to mitigate derivative instrument credit risk, evaluating counterparties' financial conditions and credit ratings[232]. - As of December 31, 2025, the maximum potential loss from derivative counterparties failing to perform is $83 million[233]. Derivative Instruments and Risk Management - UGI Corporation uses derivative financial instruments to hedge against commodity price risk, including forward purchase contracts and options[223]. - The company has diversified its supplier base to mitigate risks associated with fixed-price sales contracts for natural gas[225]. - UGI Corporation employs forward foreign currency exchange contracts to hedge approximately 90% of anticipated foreign currency earnings before income taxes[231]. - The fair value change due to commodity price risk was a decrease of $52 million, reflecting a 10% adverse change in market prices[235]. - The fair value change due to interest rate risk was a decrease of $10 million, reflecting a 50 basis point adverse change in prevailing market interest rates[236]. - The fair value change due to foreign currency exchange rate risk was a decrease of $12 million, reflecting a 10% adverse change in the value of the Euro and British pound sterling against the USD[236].