PHOENIX, AZ, January 22, 2026 – Freeport (NYSE: FCX) reported fourth-quarter 2025 net income attributable to common stock of $406 million, $0.28 per share, and adjusted net income attributable to common stock of $688 million, $0.47 per share after excluding after-tax net charges totaling $282 million, $0.19 per share, primarily for idle facility costs, direct recovery expenses and fixed asset impairments associated with the September 2025 mud rush incident at PTFI and charges at legacy oil and gas propertie ...

Financial Performance - United Bankshares, Inc. reported record earnings for 2025 of $464.6 million, or $3.27 per diluted share, representing a 24.5% increase from 2024 earnings of $373.0 million, or $2.75 per diluted share [2][17]. - Net interest income for 2025 increased by $191.1 million, or 21%, to a record $1.1 billion, driven by a rise in average earning assets and lower average rates paid on deposits [18]. - Noninterest income for 2025 was $135.2 million, an increase of $11.5 million, or 9%, primarily due to net gains on investment securities and increased fees from brokerage services [20]. - Net income for the year ended December 31, 2025, was $464,603,000, an increase from $372,996,000 in 2024, which is a 24.5% rise [40]. - Net interest income rose to $1,105,314 thousand for the year ended December 2025, compared to $914,430 thousand for the previous year, reflecting an increase of 20.83% [54]. Credit Losses and Asset Quality - The provision for credit losses for 2025 was $53.9 million, which included $18.7 million related to purchased non-credit deteriorated loans from the Piedmont acquisition [19]. - The provision for credit losses for the year ended December 31, 2025, was $53,866,000, significantly higher than $25,153,000 in 2024, indicating increased risk management measures [40]. - As of December 31, 2025, non-performing loans (NPLs) were $101.5 million, or 0.41% of loans & leases, net of unearned income, down from $116.9 million, or 0.48% at September 30, 2025 [24]. - Non-performing loans as a percentage of total loans and leases stood at 0.41% in December 2025, compared to 0.34% in December 2024, showing a slight deterioration in asset quality [57]. Expenses and Efficiency - Noninterest expense for 2025 was $600.1 million, including $12.7 million in merger-related expenses, reflecting an increase of $55.1 million, or 10%, from 2024 [22]. - Noninterest expense related to the reserve for unfunded loan commitments increased by $10.0 million in 2025, largely due to merger-related expenses from the Piedmont acquisition [22]. - The efficiency ratio improved to 47.65% in December 2025, down from 51.23% in December 2024, indicating better cost management [57]. Capital and Shareholder Returns - United's estimated risk-based capital ratio was 15.7% at December 31, 2025, well above the regulatory requirement of 10.0% for a well-capitalized institution [28]. - The Common Equity Tier 1 capital ratio was estimated at 13.4% at December 31, 2025, exceeding the regulatory minimum of 6.5% [28]. - Cash dividends per share increased to $0.38 in Q4 2025, up from $0.37 in Q4 2024, indicating a commitment to returning value to shareholders [40]. - Common dividends declared per share increased to $0.38 in December 2025 from $0.37 in September 2025, reflecting a growth of 2.70% [49]. - The company reported a dividend payout ratio of 41.50% for December 2025, compared to 40.12% in September 2025, indicating a slight increase in the proportion of earnings distributed as dividends [49]. Asset Growth and Composition - Average earning assets increased by $3.0 billion, or 11%, from 2024, driven by a $2.5 billion increase in average net loans and loans held for sale [18]. - Total assets reached $33,660,281,000 at the end of Q4 2025, compared to $30,023,545,000 at the end of Q4 2024, a growth of 12.1% [45]. - Total assets increased to $33,587,391 thousand in December 2025, up from $33,069,770 thousand in September 2025, representing a growth of 1.57% [47]. - Total deposits increased to $27,060,939,000 in Q4 2025, up from $23,961,859,000 in Q4 2024, marking a 13.1% growth [45]. - The total deposits rose to $27,077,100 thousand in December 2025, compared to $26,635,159 thousand in September 2025, indicating a growth of 1.66% [47]. Mergers and Acquisitions - The acquisition of Piedmont Bancorp, Inc. on January 10, 2025, significantly impacted the financial results, contributing to increased average balances and income [3]. - The company recorded an allowance for loan & lease losses on acquired Piedmont non-PCD loans of $18.7 million and on acquired Piedmont PCD loans of $17.5 million during the first quarter of 2025 [25].

Health and Safety - In 2025, NOVAGOLD's Donlin Gold project had no recordable injuries or lost time incidents, reflecting a strong commitment to health and safety[50] Financials and Budget - The fiscal 2026 budget for Donlin Gold is set at $131.4 million, with NOVAGOLD's share being $78.8 million, aimed at advancing the Bankable Feasibility Study (BFS) and securing permits[54] - A 1% change in the U.S. prime rate would result in an increase or decrease of approximately $1.7 million in interest accrued on the promissory note owed to Barrick per annum[476] Project Development - A Request for Proposals (RFP) for a BFS was issued to top-tier engineering firms, with proposals received in October 2025 and a contractor expected to be selected in Q1 2026[51] - An 18,454-meter drill program was completed in 2025, focusing on mine planning, geological modeling, and resource conversion[51] - Frank Arcese was hired as Project Director for Donlin Gold, bringing over 40 years of experience in large-scale mining projects[52] - The company is actively recruiting for critical positions to support the advancement of the BFS and project development[52] Community and Environmental Initiatives - NOVAGOLD has engaged in community and environmental initiatives, including meetings with local stakeholders and government officials to discuss project priorities[53] - Environmental efforts include channel restoration work at Snow Gulch to support aquatic life and restore natural habitat conditions[53] Market Conditions - The average gold price in 2025 was $3,436 per ounce, with a high of $4,482 and a low of $2,632[64]

Financial Performance - 4Q25 diluted EPS was $1.27, up 16.4% year-over-year from $1.09 in 4Q24, with total core revenues of $185.4 million, a 1.9% increase from $181.9 million in 4Q24[1][3] - Full year 2025 diluted EPS increased to $4.58, an 8.3% growth from $4.23 in 2024, with total core revenues reaching $729.8 million, up 2.8% from $709.6 million in 2024[2][3] - Net income available to common stockholders for 2025 was $205,103 thousand, compared to $198,170 thousand in 2024, representing a year-over-year increase of 3.9%[31] - Net income available to common shareholders for Q4 2025 was $55,893,000, an increase from $51,838,000 in Q3 2025[33] - Income before income taxes was $234.117 million, down from $253.748 million in the previous year, representing a decrease of 7.8%[34] Revenue and Income - Net interest income for Q4 2025 was $152,744 thousand, an increase from $149,138 thousand in Q4 2024, reflecting a growth of 2.2% year-over-year[29] - Total core revenues for the year ended 2025 reached $729,808 thousand, up from $709,621 thousand in 2024, indicating a growth of 2.8%[31] - Non-interest income totaled $122.976 million, a decrease from $123.249 million in 2024, indicating a slight decline of 0.2%[34] - Non-interest income for Q4 2025 was $31,576,000, slightly up from $31,453,000 in Q3 2025[33] Loans and Credit Quality - Total loans held for investment at the end of 4Q25 were $8.20 billion, a 1.0% sequential increase and a 5.25% year-over-year increase from $7.79 billion in 4Q24[14] - New loan production for 4Q25 was $605.6 million, a decrease from $623.9 million in 3Q25, but an 11.5% increase year-over-year, totaling $2.57 billion for the year[15] - The net charge-off rate for 2025 was 1.00%, up from 0.89% in 2024, indicating a deterioration in credit quality[31] - Total delinquency for loans (30 days and over past due) increased to $308,570 thousand in Q4 2025, up from $294,871 thousand in Q3 2025, representing a 0.24% increase[43] - Total nonperforming loans reached $130,063 thousand in Q4 2025, compared to $99,043 thousand in Q3 2025, indicating a significant increase of 31.4%[44] Deposits and Funding - Customer deposits at the end of 4Q25 were $9.92 billion, reflecting a 1.1% sequential increase and a 5.0% year-over-year increase from $9.45 billion in 4Q24[17] - Total deposits for 2025 were $9,999,885 thousand, an increase from $9,613,722 thousand in 2024, representing a growth of 4.0%[31] - Total deposits increased to $152.747 million from $150.280 million, showing a growth of 1.5%[34] Expenses and Provisions - Total provision for credit losses in 4Q25 was $31.9 million, up from $30.2 million in 4Q24, primarily due to increased loan volume[10] - Non-interest expense for 4Q25 was $105.0 million, an increase from $99.7 million in 4Q24, driven by various operational costs[12] - The provision for credit losses for 2025 totaled $107,513 thousand, significantly higher than $82,251 thousand in 2024, marking a 30.8% increase[31] Capital and Ratios - The CET1 ratio at the end of 4Q25 was 13.97%, down from 14.26% in 4Q24, while tangible book value per share increased to $29.96 from $25.43 in 4Q24[19] - Tangible common equity (Non-GAAP) reached $1,295,909,000, reflecting a tangible book value per common share of $29.96[49] - Common equity Tier 1 capital was reported at $1,318,632,000, with a common equity Tier 1 capital ratio of 13.97%[50] Asset Management - Total assets increased to $12,465.7 million as of December 31, 2025, up from $11,500.7 million a year earlier, representing a growth of 8.4%[35] - The company’s retained earnings increased to $904.6 million, up from $772.0 million, representing a growth of 17.1% year-over-year[35] - Total stockholders' equity rose to $1,390.0 million, compared to $1,254.4 million a year ago, indicating an increase of 10.8%[35] Interest Rates and Margins - The net interest margin for 2025 was 5.27%, down from 5.43% in 2024, suggesting a tightening in interest income[31] - Total interest income for 2025 was $780.936 million, an increase from $750.277 million in 2024, representing a growth of 4.4%[34] - Total interest-earning assets increased to $11,542,913 thousand in 2025, with a net interest income of $780,936 thousand and a net interest margin of 5.27%[39]

Earnings Per Share (EPS) - Fourth-quarter GAAP diluted EPS was $1.01, and adjusted diluted EPS was $1.50, reflecting a growth of 12%[3] - Full-year 2025 GAAP diluted EPS was $3.72, and adjusted diluted EPS was $5.15, reflecting a growth of 10%[3] - Abbott expects full-year 2026 adjusted diluted EPS to be between $5.55 and $5.80, indicating a 10% growth at the midpoint[3] - In Q4 2025, Abbott reported a net earnings of $1.776 billion, which adjusted to $2.630 billion after specified items, resulting in a diluted earnings per share of $1.01 and $1.50 respectively[37] Sales Performance - Full-year 2025 sales reached $44.3 billion, an increase of 5.7% on a reported basis and 5.5% on an organic basis[3] - Fourth-quarter sales increased by 4.4% on a reported basis and 3.0% on an organic basis, or 3.8% when excluding COVID-19 testing-related sales[3] - In Q4 2025, total worldwide sales reached $11.459 billion, a 4.4% increase from $10.974 billion in Q4 2024[27] - For the full year 2025, total worldwide sales were $44.328 billion, up 5.7% from $41.950 billion in 2024[32] - In Q4 2025, U.S. sales were $2.605 billion, reflecting a 10.7% increase compared to Q4 2024[17] - International sales in Q4 2025 totaled $3.070 billion, marking a 13.7% increase year-over-year[17] - The Diabetes Care segment reported sales of $2.0 billion in Q4 2025, growing 15.0% on a reported basis[18] - Abbott's international revenue for 2025 was $27.202 billion, up 6.1% from $25.627 billion in 2024[49] Future Projections - Abbott projects full-year 2026 organic sales growth to be in the range of 6.5% to 7.5%[3] - The company plans to continue focusing on market expansion and new product development as part of its growth strategy[52] Expenses and Margins - Abbott's R&D expenses for 2025 were $2.942 billion, adjusted to $2.830 billion, showing a slight increase from $2.844 billion in 2024[41] - The company's SG&A expenses for 2025 were reported at $12.332 billion, adjusted to $12.020 billion, compared to $11.697 billion in 2024[41] - The gross margin for Q4 2025 was $6.115 billion, adjusted to $6.543 billion after accounting for specified items, reflecting an increase from Q4 2024's adjusted gross margin of $6.240 billion[37][38] - Gross margin for the twelve months ended December 31, 2025, was $1,824 million, with a contribution of $1,682 million from intangible amortization[57] Net Earnings - Net earnings for Q4 2025 were $1.776 billion, compared to $9.229 billion in Q4 2024, with significant adjustments impacting the figures[29] - For the full year 2025, Abbott's net earnings were reported at $6.524 billion, adjusted to $9.040 billion, with diluted earnings per share increasing from $3.72 to $5.15[41] - Net earnings for the same period were $2,516 million, resulting in diluted earnings per share of $1.43[57] - For the twelve months ended December 31, 2024, net earnings were reported as a loss of $5,202 million, leading to diluted earnings per share of $(2.97)[60] Acquisitions and Approvals - Abbott announced an agreement to acquire Exact Sciences to enter the cancer diagnostics market, with the transaction expected to close in Q2 2026[3] - Abbott received FDA approval for its Volt™ PFA System and CE Mark for its TactiFlex™ Duo Ablation Catheter, enhancing its Electrophysiology leadership[3] Tax and Other Items - In Q4 2025, the effective tax rate excluding specified items was 14.8%, compared to 15.0% in Q4 2024[44] - The specified items in Q4 2025 included $422 million in intangible amortization and $306 million in other net expenses related to restructuring and acquisitions[37][50] - The company recognized a tax benefit of approximately $610 million due to the resolution of various tax positions related to prior years[58] - Acquisition-related expenses included integration costs directly related to integrating acquired businesses[55]

slide1 McCORMICK REPORTS STRONG 2025 FINANCIAL RESULTS AND PROVIDES 2026 OUTLOOK HUNT VALLEY, Md., Jan. 22, 2026 - McCormick & Company, Incorporated (NYSE:MKC), a global leader in flavor, today reported financial results for the fourth quarter and fiscal year ended November 30, 2025 and provided its financial outlook for fiscal year 2026. • Net sales increased 3% in the fourth quarter from the year-ago period and included a 1% favorable impact from currency. Organic sales grew 2% compared to the year-ago pe ...

Financial Performance - Net sales increased by 3% in Q4 2025, with organic sales growing by 2% and a 1% favorable impact from currency[1] - For fiscal year 2025, total net sales rose by 2%, with organic sales remaining flat due to minimal currency impact; earnings per share was $2.93, up from $2.92 in 2024[1] - Operating income for Q4 2025 was $311 million, a 1.6% increase from the previous year, while adjusted operating income rose to $317 million[3] - The consumer segment net sales increased by 4% in Q4 2025 to $1,127 million, with organic sales up by 3% driven by price and volume[4] - Cash flow from operations for fiscal year 2025 was $962 million, an increase from $922 million in 2024[5] - Gross profit margin for fiscal year 2025 was 37.9%, a contraction of 60 basis points compared to the previous year[5] - Adjusted gross profit for the year ended November 30, 2025, was $2,594.3 million, maintaining a gross profit margin of 37.9%[8] - Adjusted operating income for the year ended November 30, 2025, was $1,094.0 million, reflecting a 2.3% increase compared to the previous year[8] - Net income for the year ended November 30, 2025, was $789.4 million, with an adjusted net income of $807.1 million, a 1.4% increase year-over-year[8] - The company's gross profit for the year ended November 30, 2025, was $2,592.2 million, slightly up from $2,591.0 million in the previous year[14] - Operating income for the year increased to $1,070.8 million, compared to $1,060.3 million in 2024, reflecting a growth of 1.5%[14] - Net income for the year was $789.4 million, a marginal increase from $788.5 million in 2024[14] - Earnings per share (diluted) for the year remained stable at $2.93, compared to $2.92 in the previous year[14] Future Outlook - Fiscal year 2026 outlook projects net sales growth of 13% to 17%, with organic sales growth expected to be between 1% to 3%[6] - Adjusted earnings per share for fiscal year 2026 is forecasted to be between $3.05 and $3.13, reflecting a growth of 2% to 5%[6] - The acquisition of a controlling interest in McCormick de Mexico is expected to contribute 11% to 13% to net sales growth in 2026[6] - Projected net sales growth for the year ending November 30, 2026, is expected to be between 13% to 17%, with an impact of favorable foreign currency exchange of 1%[11] - Adjusted operating income is projected to increase by 16% to 20% for the same period, with a constant currency increase of 15% to 19%[11] - Adjusted earnings per share (diluted) is expected to rise by 2% to 5%, with a constant currency increase of 1% to 4%[11] Assets and Liabilities - Total assets as of November 30, 2025, were $13,200.4 million, up from $13,070.3 million in 2024[15] - Total liabilities decreased to $7,432.3 million from $7,753.5 million in the previous year, indicating improved financial health[15] - Cash and cash equivalents at the end of the year were $95.9 million, down from $186.1 million at the beginning of the year[16] - The company invested $221.8 million in capital expenditures during the year, compared to $274.9 million in 2024[16] Strategic Initiatives - The company plans to continue investing in core categories to sustain volume trends and drive long-term profitable growth[2] - McCormick's commitment to innovation and market expansion continues to drive its strategy, focusing on consumer demand for flavor[13] - The company plans to continue providing non-GAAP financial measures to enhance comparisons to prior periods and facilitate future projections[7]

Financial Performance - Net income for Q4 2025 was $34.0 million, or $0.89 per diluted share, compared to $35.0 million, or $0.91 per diluted share in Q3 2025[1] - Full year 2025 net income was $134.2 million, an increase from $131.3 million in 2024, with EPS rising to $3.49 from $3.41[2] - Net income for Q4 2025 was $33,967,000, slightly higher than $33,065,000 in Q4 2024, representing a 2.7% increase[28] - Diluted earnings per share for Q4 2025 were $0.89, compared to $0.86 in Q4 2024, marking a 3.5% increase[28] - Net income before amortization of intangibles for the twelve months ended December 31, 2025, was $134,904, compared to $132,169 in 2024[36] Asset and Loan Growth - Total portfolio loans increased by $91.0 million, or 4.52% annualized, compared to September 30, 2025[5] - Total assets reached $9.9 billion at December 31, 2025, an increase of $53.5 million from the previous quarter[12] - Total assets increased to $9,870,980 in Q4 2025 from $9,657,972 in Q4 2024[38] - Total loans reached $8,002,363 thousand in Q4 2025, maintaining a net interest margin of 6.00%, consistent with Q3 2025 and Q4 2024[31] Deposits and Interest Income - Total deposits rose by $36.9 million, or 1.85% annualized, with customer deposits growing by $56.9 million, or 2.92% annualized[5] - Total deposits for Q4 2025 were $7,958,831,000, up from $7,783,117,000 in Q4 2024, reflecting a growth of 2.25%[30] - Total interest and dividend income for Q4 2025 was $131,113,000, an increase from $127,879,000 in Q4 2024[28] - Net interest income for Q4 2025 reached $90,960,000, compared to $83,258,000 in Q4 2024, reflecting a year-over-year growth of 9.5%[28] Credit Quality and Losses - The allowance for credit losses (ACL) was $93.2 million, or 1.15% of total portfolio loans, down from $98.2 million, or 1.23% at September 30, 2025[9] - Net charge-offs for 2025 were $14.5 million, or 0.18% of average loans, compared to $8.3 million, or 0.11% in 2024[16] - The company reported a provision for credit losses of $5,696,000 in Q4 2025, compared to a negative provision of $(2,462,000) in Q4 2024[28] - Nonaccrual loans totaled $55,558 thousand in Q4 2025, representing 0.69% of total loans, compared to 0.62% in Q3 2025 and 0.36% in Q4 2024[33] Shareholder Equity and Returns - The total shareholders' equity increased to $1,475,874 thousand in Q4 2025, compared to $1,463,098 thousand in Q3 2025 and $1,374,907 thousand in Q4 2024[31] - Tangible book value (non-GAAP) increased to $29.11 in Q4 2025 from $28.69 in Q3 2025, and $26.25 in Q4 2024[35] - Return on average tangible shareholders' equity (non-GAAP) decreased to 12.30% in Q4 2025 from 12.81% in Q3 2025, and 13.25% in Q4 2024[35] - Average total shareholders' equity rose to $1,444,322 in 2025 from $1,330,870 in 2024[36] Efficiency and Margins - The efficiency ratio (FTE) for Q4 2025 was 53.99%, an improvement from 56.93% in Q4 2024[28] - Pre-provision net revenue to average assets (non-GAAP) improved to 1.95% in Q4 2025 from 1.89% in Q3 2025, and 1.72% in Q4 2024[35] - Net interest margin (FTE) (non-GAAP) increased to 3.90% in 2025 from 3.82% in 2024[37] - The net interest margin (FTE) for the twelve months ended December 31, 2025, was 3.90%, up from 3.82% in 2024[32]

Financial Performance - Q4 2025 Billings totaled approximately $79 million, representing a 42% year-over-year increase and over a 23% sequential increase compared to Q3 2025[5] - FY 2025 Billings reached approximately $271 million, exceeding guidance of $250 million[5] - Cash from Operating Activities (CFFO) for Q4 2025 was approximately $24 million, with FY 2025 CFFO totaling $45 million, surpassing guidance of $30 million and showing a $65 million improvement compared to FY 2024[5][13] - Cash and cash equivalents increased to $70 million at December 31, 2025, up from $51 million at September 30, 2025, due to strong CFFO[5][15] Subscriber Metrics - The company had 374 thousand paid subscribers and 2.0 million active free subscribers as of December 31, 2025[5][8] - The customer mix improved, with 65% of customers having a lifetime spend of over $500, contributing to sales growth and margin expansion[10] Future Reporting and Proposals - The company plans to report full audited results for Q4 and FY 2025 by March 31, 2026[23] - A proposal was received from Monument & Cathedral Holdings, LLC to acquire all outstanding equity interests of the company for cash consideration of $17.25 per share[20] Dividends and Tax Payments - The Board of Directors declared a quarterly cash dividend of $0.20 per share, paid on December 24, 2025[21] - Tax distribution payments for FY 2025 totaled $49.8 million, with expectations for a decline to approximately $35 million in FY 2026[17]

Financial Performance - Full year 2025 revenue increased 15% year-over-year to $1,894 million, despite a 9% decrease in Q4 revenue [4] - Revenue for the year ended December 27, 2025, was $1,894 million, an increase of 14.5% compared to $1,654 million for the year ended December 28, 2024 [26] - Gross profit for the year ended December 27, 2025, was $904 million, representing a gross margin of approximately 47.7%, up from $741 million in the previous year [26] - Adjusted gross profit for the year ended December 27, 2025, was $1,283 million, representing a margin of 68%, compared to $1,119 million and 68% in the previous year [29] - Adjusted Operating Income for Q4 2025 was $41 million, down 59% from $101 million in Q4 2024 [9] - Operating loss for the year ended December 27, 2025, was $(440) million, compared to $(3,225) million in the previous year, indicating a significant reduction in losses [26] - Net loss for the year ended December 27, 2025, was $(392) million, an improvement from $(3,090) million in the prior year [26] - Diluted EPS (GAAP) was $(0.16) in Q4 2025, compared to $(0.09) in Q4 2024, reflecting a 78% decrease [8] Cash Flow and Assets - Generated $602 million of net cash from operating activities in 2025, up 51% from 2024, ending the year with $1.8 billion in cash and cash equivalents [4] - Cash and cash equivalents as of December 27, 2025, were $1,836 million, an increase from $1,426 million in the previous year [27] - Cash, cash equivalents, and restricted cash at the end of the year were $1,860 million, an increase from $1,438 million at the beginning of the year [28] - Total assets as of December 27, 2025, were $12,492 million, slightly down from $12,579 million as of December 28, 2024 [27] - Total liabilities as of December 27, 2025, were $6,611 million, compared to $4,992 million as of December 28, 2024 [27] Future Outlook - Full-year 2026 financial guidance implies flat to 5% year-over-year revenue growth, with approximately 19% expected growth in Q1 2026 [4] - The company anticipates future growth prospects despite macroeconomic uncertainties and potential regulatory changes affecting the robotics industry [24] - The company plans to continue investing in new technologies and market expansion to drive future growth [28] Product and Market Developments - The expected automotive revenue pipeline reached $24.5 billion at year-end 2025, a 42% increase since year-end 2022 [7] - Mobileye's average system price was $50.8 in Q4 2025, up from $50.0 in the prior year period [10] - The average system price for EyeQ and SuperVision systems was $50.8 in Q4 2025, compared to $50.0 in Q4 2024 [32] - Total revenue from EyeQ and SuperVision systems was $420 million in Q4 2025, down from $464 million in Q4 2024 [32] - The number of systems shipped in Q4 2025 was 8.3 million, a decrease from 9.3 million in Q4 2024 [32] - Mobileye agreed to acquire Mentee Robotics, expected to close in Q1 2026, expanding its leadership in Physical AI [4] - Volkswagen plans to expand its robotaxi services to 6 cities by the end of 2027, supported by Mobileye's technology [7] Expenses - Research and development expenses for the year ended December 27, 2025, totaled $1,151 million, an increase from $1,083 million in the prior year [26] - Adjusted gross margin for Q4 2025 was 67%, down from 69% in Q4 2024, primarily due to higher EyeQ-related costs [12] Impairments - The company incurred a goodwill impairment of $2,695 million in the previous year, which significantly impacted net income [31]