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 No. 1-13079 RYMAN HOSPITALITY PROPERTIES, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) One Gaylord Drive, Nashville, Tennessee 37214 (Address of Principal Executive Offices) (Zip Code) Delaware 73-0664379 (I.R.S. Employer Identification No.) Registrant's Telephone Number, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ 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 number - 1-11353 LABCORP HOLDINGS INC. (Exact name of registrant as specified in its charter) | Delaware | 99-2588107 | | --- | --- | | (Stat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K Commission File Number: 001-36002 Clearway Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 46-1777204 (State or other jurisdiction of incorporation or organization) 300 Carnegie Center, Suite 300 Princeton New Jersey 08540 (Address of principal executive of ices) (Zip Code) | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Class A Common S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K Commission File Number: 001-36002 Clearway Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 46-1777204 (State or other jurisdiction of incorporation or organization) 300 Carnegie Center, Suite 300 Princeton New Jersey 08540 (Address of principal executive of ices) (Zip Code) (609) 608-1525 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act ...

Assets Under Management (AUM) - As of December 31, 2025, Invesco's total Assets Under Management (AUM) reached $2,169.9 billion, reflecting a 13.4% increase in the Americas, 37.0% in EMEA, and 18.8% in APAC[56][58]. - The retail distribution channel accounted for $1,515.7 billion of AUM, representing a 19.8% year-over-year growth, while institutional AUM was $654.2 billion, up 12.7%[58]. - Invesco's investment capabilities showed significant growth, with ETFs and Index products increasing by 30.0% to $630.2 billion, and China JV assets rising by 42.2% to $132.5 billion[60]. Employee and Organizational Structure - The company had 7,499 employees as of December 31, 2025, down from 8,508 in the previous year, with a presence in over 20 countries[63]. Financial Position and Debt - Invesco's total debt stood at $1,825.1 million, with active management of liquidity risk through cash flow forecasts and a committed Revolving Credit Agreement[284]. - A $1,794.9 million impairment was recorded for indefinite-lived intangible assets related to U.S. retail mutual funds, reducing their carrying value to $2,776.8 million due to lower projected earnings[290]. - Goodwill was reported at $8,477.1 million as of December 31, 2025, with management indicating that a quantitative impairment test was not necessary based on qualitative assessments[293]. - The company is exposed to credit risk with a maximum exposure of $1,037.5 million related to cash and cash equivalents, of which $477.9 million is invested in affiliated money market funds[283]. Market Risks and Competitive Strengths - Inflationary pressures could negatively impact the company's cost structure and the value of managed assets, potentially leading to reduced revenues from management fees[285]. - Invesco's competitive strengths include a diverse range of investment capabilities and a commitment to innovation, enabling effective competition in the global investment management business[65]. Accounting and Consolidation Practices - The company consolidates certain investment products where it has a controlling financial interest, either through majority voting interest or as the primary beneficiary of a variable interest entity (VIE) [297]. - Assessing whether an entity qualifies as a VIE involves judgment and analysis on a structure-by-structure basis, considering factors such as legal organization and contractual involvement [297]. - If deemed the primary beneficiary of a VIE, the company must consolidate the fund, which requires significant judgment regarding its power to direct activities impacting economic performance [297]. - Recent accounting standards and their implications are detailed in the financial statements and supplementary data [298].

Financial Performance - As of December 31, 2025, the company had cash and cash equivalents of €1,599 million, an increase from €1,180 million as of December 31, 2024[500]. - For the year ended December 31, 2025, the company reported revenue of €19,628 million, up from €19,336 million in 2024[503]. - Net cash provided by operating activities for 2025 was €2,681 million, representing 13.7% of revenue, an increase from 12.3% in 2024[503]. - Free cash flow for 2025 was €1,782 million, which is 9.1% of revenue, compared to 8.8% in 2024[503]. - The company's net debt as of December 31, 2025, was €9,196 million, down from €9,803 million in 2024[501]. - The net leverage ratio improved to 2.5 in 2025 from 2.9 in 2024[501]. - Capital expenditures in 2025 amounted to €899 million, accounting for approximately 5% of total revenue[512]. - The company anticipates capital expenditures between €0.8 billion and €1.0 billion in 2026, focusing on organic growth and new production facilities[516]. - The company utilized €1,403 million in net cash for financing activities in 2025, primarily for debt repayment and share buybacks[518]. - Days Sales Outstanding (DSO) improved to 59 days as of December 31, 2025, down from 63 days in 2024[507]. - The total dividend payments for 2025, 2024, and 2023 were €423 million, €349 million, and €329 million, respectively[522]. - As of December 31, 2025, the company had available liquidity sources totaling €3.307 billion, including a syndicated credit facility of €2 billion and other unused lines of credit of €1.307 billion[525]. - Total assets decreased by 8% to €31.0 billion as of December 31, 2025, from €33.6 billion in 2024, primarily due to a 9% negative impact from foreign currency translation[530]. - The equity ratio decreased to 46% at December 31, 2025, compared to 47% in 2024, driven by a decrease in shareholders' equity and treasury stock purchases[531]. - The return on invested capital (ROIC) increased to 5.0% at December 31, 2025, from 3.5% in 2024, due to higher operating income and reduced costs related to Legacy Portfolio Optimization[531]. - The company plans to propose a dividend of €1.49 per share for 2025, resulting in an expected total payment of approximately €416 million[528]. - The principal financing needs for 2026 include bond repayments and share repurchases, expected to be covered by cash flow and existing credit facilities[529]. Research and Development - The global R&D strategy focuses on developing innovative products and therapies for renal care, including digital health solutions and AI-supported care models[539]. - In 2025, the Renal Research Institute undertook several R&D initiatives aimed at enhancing patient care through personalized and precision medicine[541]. - The Clinical Research team supported commercialization efforts, including clinical trials and collaborations with start-ups to promote innovation[540]. - In 2025, over 15,300 U.S.-based patients utilized the NxStage portable HHD system, an increase from more than 14,500 in 2024, driven by the introduction of the FDA-approved GuideMe software[554]. - The multiFiltratePRO acute dialysis machine study enrolled 31 patients across ten U.S. clinics, confirming safety and effectiveness, with registration submission for the citrate solution expected in December 2025[545]. - The introduction of the 5008X CAREsystem with HVHDF in the U.S. marks a significant innovation milestone, with initial therapies conducted in 2025 and a commercial launch planned for 2026[560][561]. - Approximately 58,000 therapy prescription programs were delivered remotely in 2025, with over 7.7 million patient treatments digitally transmitted[558]. - The Renal Research Institute's AI applications aim to enhance precision nutrition strategies and improve home dialysis adoption through predictive modeling[549]. - The CE mark for hemoperfusion mode of the multiFiltratePRO platform was obtained in 2025, expanding its capabilities for ICU staff[570]. - Fresenius Medical Care's digitalization efforts focus on therapy data management systems and improving workflow efficiency for healthcare professionals[565]. - The company aims to reduce environmental impact by optimizing the material consumption of its 5008 bloodline portfolio and introducing PVC-free Biofine® foil for dialysate bags[567][572]. - The MFT PRO Adult Study confirmed the performance and safety of the multiFiltratePRO device for continuous kidney replacement therapy, meeting KDIGO targets[546]. - The company strengthened global research partnerships in 2025, enhancing innovation in kidney care through initiatives like the MONDO International Network[550]. - The Apheresis Pathogen Reduction Device (APRΞD) received CE MDR certification in August 2024, with commercial launch planned for January 2026[573]. - Fresenius Kidney Care's R&D expenditure was €158 million in 2025, down from €183 million in 2024, representing 4% of healthcare product revenue[580][583]. - The total number of patents held by the company decreased to 7,890 in 2025 from 9,529 in 2024, with 67 additional patent families produced in 2025[580][583]. - The company doubled its manufacturing capacity and output for heart and lung business in 2025, enhancing supply reliability for extracorporeal life support systems[575]. - The successful regulatory approval of synchronized cardiac support therapy in 2025 represents a significant advancement in ECMO therapy, improving patient outcomes[576]. - The Ready4 multiFiltratePRO AR training application was expanded in 2025 to enhance clinician education with immersive 3D models and dynamic visuals[574]. - The ReferralReady program launched in 2023 aims to streamline the transplant referral process, improving efficiency and increasing patient placements on the kidney transplant waitlist[578][579]. - As of December 31, 2025, the company employed 1,488 R&D staff, an increase from 1,384 in 2024, with over 940 based in Europe[581][583]. - The semi-automated workflow of the ReferralReady program saves dialysis social workers two hours of administration per referral, enhancing their capacity to assist patients[584]. - The Xenios 2.0 console, launched in April 2025, improves connectivity for multiFiltratePRO devices, streamlining data management for healthcare providers[577]. Management and Governance - Ms. Sara Hennicken appointed as Chief Financial Officer of Fresenius SE on September 1, 2022, with prior experience in investment banking and corporate finance[598]. - Mr. Martin Fischer became Chief Financial Officer of the Company on October 1, 2023, previously Head of Finance for Siemens Healthineers' Diagnostics division[611]. - Dr. Jörg Häring appointed to the Management Board responsible for Legal, Compliance, and Human Resources as of June 1, 2024, with extensive experience in legal and compliance roles[613]. - Ms. Helen Giza serves as Chief Executive Officer and Chair of the Management Board, previously held key positions at Takeda Pharmaceuticals and Management AG[610]. - Mr. Craig Cordola appointed as Chief Executive Officer of Care Delivery as of January 1, 2024, with nearly 30 years of experience in the healthcare industry[612]. - Dr. Marcus Kuhnert served as Chief Financial Officer of Merck KGaA until June 30, 2023, bringing significant experience in finance and procurement[600]. - Ms. Pascale Witz has held executive positions at Sanofi S.A. and GE Healthcare, currently serving as president of PWH Advisors[602]. - Mr. Shervin J. Korangy has extensive experience in healthcare and investment, currently a senior advisor to TPG Inc.[599]. - The Management Board members are appointed for a maximum term of five years, with a standard retirement age of 65[609]. - The Company has a diverse Supervisory Board with members from various sectors, enhancing strategic oversight and governance[604]. Compensation and Performance Targets - The overall target achievement for the short-term variable compensation component (STI) for the fiscal year was between 56.01% and 101.58%[624]. - The target achievement for revenue growth in 2023 was reported at 5.5%, with a target of 0.3%[627]. - Net income growth for 2023 was reported at (25.2)%, with a target of (25.9)%[627]. - The return on invested capital (ROIC) for 2023 was adjusted to 2.7%, with a target of 2.8%[627]. - The target achievement for the allocation made in 2023 under the Management Board Long-Term Incentive Plan (MB LTIP 2020) will be determined based on performance in fiscal years 2023, 2024, and 2025[625]. - The compensation system for Management Board members was approved by the Company's 2024 AGM with a majority of 87.58% of the votes cast[636]. - The FME Reignite strategy was implemented in the fiscal year, maintaining the existing compensation system[633]. - Compensation for Management Board members remained unchanged compared to the previous year[632]. - The Company reported a significant adjustment of €71 million and €45 million for operating income and net operating profit after tax, respectively, for the fiscal year 2023 due to one-time costs related to the FME25+ program[629]. - The Management Board members' compensation is designed to align with the Company's strategic objectives and long-term value creation[622]. - The target total direct compensation for the fiscal year 2025 consists of 29% base salary, 31% Short-Term Incentive (STI), and 40% Long-Term Incentive (LTI) for Management Board members[644]. - The STI target amount for fiscal year 2025 is set at a multiplier of 1.05, while the LTI allocation amount is set at a multiplier of 1.35 for all Management Board members[644]. - The maximum compensation for the Chairperson of the Management Board (CEO) is €12,000 K or $12,975 K, while the maximum for the Care Delivery segment CEO is €9,500 K or $10,272 K[660]. - The total compensation of each Management Board member is capped at 150% for STI and 400% for LTI allocations[655][656]. - The compensation structure includes a significant performance-based component, with 71% of the target total direct compensation being performance-based[646]. - The LTI allocation amount for the Chairperson can range from 105% to 200% of the base salary, while for other members it ranges from 105% to 150%[643]. - The Supervisory Board conducts both horizontal and vertical comparisons to ensure the appropriateness of the compensation system[651][653]. - The compensation awarded or due in the fiscal year includes fixed and variable components, with fixed components comprising base salary, fringe benefits, and pension commitments[666][667]. - The Supervisory Board has the authority to withhold or reclaim variable compensation in cases of misconduct or non-compliance[663]. - There were no instances in the fiscal year that warranted the use of caps or maximum compensation adjustments by the Supervisory Board[665]. - The short-term incentive (STI) target amount for fiscal year 2025 is set at 105% of the base salary for each Management Board member[673]. - The STI is based on four performance targets: 20% revenue, 40% operating income, 20% net income, and 20% sustainability-related performance[677]. - For the fiscal year, the group revenue target was €19,399 million, with actual revenue reported at €19,628 million, achieving 126.96% of the target[685]. - The operating income target for the group was €2,136 million, with actual reported income of €1,827 million, achieving 69.80% of the target[685]. - The net income target was set at €1,199 million, with actual net income reported at €978 million, achieving 53.44% of the target[685]. - The sustainability target for the STI achieved an overall score of 115%, with "Patient Satisfaction" at 120% and "Employee Satisfaction" at 110%[694]. - The Net Promoter Score (NPS) for "Patient Satisfaction" was set at a target of 71, with an actual score of 73[691]. - The Global Employee Engagement Score (GEES) target was set at 65, with an actual score of 66[693]. - The STI is paid out in cash in the year following the year of target achievement[678]. - The financial performance targets are adjusted for certain effects to ensure comparability with operational performance[681].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K | ☒ 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 | | | | Commission Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal IRS Employer | | | | File Number Executive Offices; a ...

Exhibit 99.1 EARNINGS RELEASE By: Expeditors International of Washington, Inc. 3545 Factoria Blvd. SE Sterling Plaza 2, 3rd Floor Bellevue, Washington 98006 Daniel R. Wall David A. Hackett Geoffrey Buscher President and Chief Executive Officer Senior Vice President and Chief Financial Officer Director - Investor Relations (206) 674-3455 (206) 288-8794 (206) 892-4510 FOR IMMEDIATE RELEASE EXPEDITORS REPORTS FOURTH QUARTER 2025 EPS OF $1.49 BELLEVUE, WASHINGTON - February 24, 2026, Expeditors International of ...

Financial Performance - Net revenues increased from approximately $1.7 billion for the fiscal year ended December 24, 2021, to $4.1 billion for the fiscal year ended December 26, 2025, reflecting significant growth in the specialty food distribution sector[15]. - Net sales for fiscal 2025 reached $4,149.5 million, an increase of $355.3 million or 9.4% compared to fiscal 2024[201]. - Organic growth contributed $345.7 million, or 9.1%, to sales growth, while acquisitions accounted for $9.6 million, or 0.3%[202]. - Gross profit increased to $1,004.1 million, reflecting a $89.9 million increase or 9.8% year-over-year, with a gross profit margin of 24.2%[203]. - Selling, general and administrative expenses rose to $849.8 million, an increase of $64.9 million or 8.3%, with expenses as a percentage of net sales decreasing to 20.5%[204]. - Interest expense decreased to $41.6 million, down $7.1 million or 14.6%, due to lower debt levels and interest rates[206]. - Provision for income tax expense increased to $31.2 million, a rise of $7.1 million or 29.6%, driven by higher income before taxes[207]. - As of December 26, 2025, total indebtedness amounted to $650.5 million, with senior secured term loans at $252.0 million and convertible senior notes at $287.5 million[209]. Customer Base and Market Presence - The company serves over 55,000 core customer locations across 23 primary geographic markets, including major cities like New York, Los Angeles, and Dubai[16]. - The top ten customers accounted for approximately 6% of total net sales for the 2025 fiscal year, indicating a diversified customer base[29]. - Sales in the New York market accounted for approximately 16% of the company's net sales for fiscal year 2025, indicating significant regional exposure[115]. - The company serves over 55,000 core customer locations, primarily independent restaurants and fine dining establishments[182]. Operational Efficiency and Infrastructure - The company operates 44 distribution centers and utilizes a fleet of delivery trucks to ensure timely order fulfillment, typically within 12-24 hours[22][27]. - The company has completed thirty-eight acquisitions since its initial public offering, enhancing market penetration and product capabilities[28]. - The company has invested significantly in advanced warehousing, inventory control, and distribution systems to enhance operational efficiency[40]. - The company is implementing wearable inventory scanning devices to improve order fulfillment speed and accuracy[42]. - The company has aggressively invested in new information technology to reduce operating expenses and increase operational efficiencies, but implementation delays may negatively impact financial results[125]. - The company operates 44 distribution centers across the U.S., Canada, Qatar, Oman, and the UAE, totaling approximately 3.1 million square feet[166]. - As of December 26, 2025, the company has increased its distribution capacity to approximately 3.1 million square feet across 44 distribution facilities[186]. Growth Strategies - The focus on expanding customer relationships within existing markets is a key growth strategy, targeting menu-driven independent restaurants and fine dining establishments[26]. - Future growth is dependent on expanding operations in existing and new markets, with a focus on increasing the customer base and product portfolio[88]. - The company’s growth strategies include sales and service territory expansion, operational excellence, and product innovation[187]. - The company regularly evaluates acquisition opportunities, with past growth significantly achieved through mergers and acquisitions, which require effective integration and management[89]. Challenges and Risks - The company’s profitability is affected by inflation, particularly in food, labor, energy, and occupancy costs, which could impact operating results if increases cannot be passed to customers[65]. - Economic conditions significantly impact consumer discretionary spending, which may affect the company's sales and profitability[73]. - The company faces significant competition from various sources, including national, regional, and local distributors, as well as online direct food wholesalers[76]. - Changes in government regulations and tariffs may impact the costs of goods, affecting overall profitability and operational results[79]. - The company faces risks from changing consumer eating habits, which may require modifications to its product portfolio and could incur higher costs[102]. - The company is exposed to potential impairment charges for goodwill or long-lived assets, which could adversely affect its financial condition[109]. - The company’s operations could be disrupted by public health epidemics or pandemics, impacting its business and financial results[113]. - Cybersecurity incidents and IT system failures pose risks to the company's operations and could disrupt business processes[120]. - The company faces significant cybersecurity risks due to its reliance on third-party service providers and the increasing complexity of information technology systems[123][124]. Diversity and Inclusion - Approximately 70% of the company's employees and over 20% of its management were diverse as of 2025, reflecting a commitment to diversity, equity, and inclusion[53]. Compliance and Regulatory Issues - The company has adopted a Code of Business Conduct and Ethics that applies to all employees, ensuring ethical practices across the organization[67]. - The company is subject to various regulatory requirements across different jurisdictions, including the FDA and USDA in the U.S., which could lead to enforcement actions or product recalls if not complied with[137][142]. - The California Consumer Privacy Act (CCPA) and the California Privacy Rights Act (CPRA) impose additional obligations on the company regarding personal information handling, with compliance requirements significantly increased as of January 1, 2023[128]. - Noncompliance with the new climate-related disclosure laws in California could result in fines of up to $50,000 per reporting year for SB 261 and up to $500,000 per reporting year for SB 253[143][144]. - Climate change regulations may increase operational costs and require changes to business strategies, impacting long-term financial performance[140]. - California's Assembly Bill 1305 mandates new annual disclosure requirements for climate-related statements, with potential fines of up to $500,000 for noncompliance[145]. Financial Management - The company has approximately $759.0 million in total indebtedness, including $252.0 million in senior secured term loans and $287.5 million in convertible debt[152]. - The company’s ability to raise capital may be limited due to its substantial indebtedness and reliance on cash flows for debt payments[157]. - The company must maintain fixed charge coverage and leverage ratios, with potential defaults impacting its financial stability[156]. - The company may face increased tax liabilities if the IRS disagrees with its tax return positions, which could materially impact its financial condition[148]. - The company has never paid cash dividends and has no immediate plans to do so due to restrictions from senior secured credit agreements[171].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ 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 Number 1-5231 McDONALD'S CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I ...