UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended October 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Jurisdicti ...

Distribution Announcement - VOC Energy Trust announced its quarterly distribution for the payment period ended December 31, 2025[5]. - The press release regarding the quarterly distribution was issued on January 20, 2026[8]. Financial Performance - The Trust's financial results and operational performance details are included in the press release[5]. - The financial statements and exhibits related to the Trust's performance are included in the filing[7]. - No specific financial metrics or performance indicators were disclosed in the provided content[5]. Regulatory Information - The document indicates that VOC Energy Trust is registered under the Securities Exchange Act of 1934[3]. - The Trust's units of beneficial interest are traded on The New York Stock Exchange under the symbol VOC[3]. - The report does not specify any emerging growth company status or election regarding financial accounting standards[4]. - The filing is not considered "filed" for purposes of the Exchange Act but is "furnished" for informational purposes[6]. Signatory Information - The report was signed by Elaina C. Rodgers, Vice President of The Bank of New York Mellon Trust Company, N.A.[11].

Exhibit 99.1 Permianville Royalty Trust Announces Monthly Cash Distribution HOUSTON, Texas—(BUSINESS WIRE)—January 20, 2026 Permianville Royalty Trust (NYSE: PVL, the "Trust") today announced a cash distribution to the holders of its units of beneficial interest of $0.015000 per unit, payable on February 13, 2026 to unitholders of record on January 30, 2026. The net profits interest calculation represents reported oil production for the month of October 2025 and reported natural gas production during Septem ...

Financial Performance - Total revenue for fiscal year 2025 was $977.8 million, an increase of 29.9% from $753.4 million in fiscal year 2024 [251]. - Software licenses revenue decreased to $237.9 million in fiscal year 2025 from $249.3 million in fiscal year 2024, a decline of 4.8% [251]. - Maintenance, SaaS, and professional services revenue increased significantly to $739.9 million, up 46.7% from $504.1 million in fiscal year 2024 [251]. - Gross profit for fiscal year 2025 was $790.3 million, representing a gross margin of approximately 80.8% [251]. - Net income for fiscal year 2025 was $73.1 million, an increase of 6.3% compared to $68.4 million in fiscal year 2024 [251]. - Comprehensive income for the fiscal year ended November 30, 2025, was $76,199,000, compared to $64,389,000 in 2024, reflecting a significant increase of 18.3% [253]. - Cash flows from operating activities for the fiscal year ended November 30, 2025, totaled $235,187,000, up from $211,494,000 in 2024, indicating a growth of 11.2% [256]. - The company reported $595.336 million in revenue from the United States for fiscal year 2025, compared to $421.890 million in 2024, reflecting a growth of approximately 41.0% [384]. - Basic earnings per share for the fiscal year ended November 30, 2025, was $1.70, an increase from $1.58 in 2024 [410]. - Diluted earnings per share for the fiscal year ended November 30, 2025, was $1.66, compared to $1.54 in 2024 [410]. Debt and Financial Obligations - As of November 30, 2025, the company had approximately $1.4 billion in consolidated indebtedness, which could limit cash flow and expose it to financial risks [131]. - The company has a $1.5 billion secured revolving credit facility that matures in July 2030, which may be used for operations, strategic acquisitions, and share repurchases [134]. - The company reported a total of $600.0 million outstanding under the revolving credit facility at a borrowing rate of 5.92% as of November 30, 2025 [234]. - The company repaid $130 million on the Credit Facility during fiscal year 2025, with an interest rate of 5.92% as of November 30, 2025 [353]. - As of November 30, 2025, total debt was $1.4 billion, down from $1.5 billion in 2024, with a current portion of long-term debt of $359.2 million [339]. Tax Liabilities and Impacts - The company is subject to various tax liabilities, including income and non-income taxes, which could adversely affect its financial condition and results of operations [127][128]. - The company may incur additional tax liabilities due to audits by tax authorities, which could negatively impact cash flows and financial results [127]. - The provision for income taxes for the fiscal year ended November 30, 2025, was $8.5 million, a decrease from $25.8 million in 2024 [401]. - Deferred tax assets totaled $137.9 million as of November 30, 2025, with significant components including $20.1 million in deferred revenue and $19.6 million in tax credit and loss carryforwards [402]. - The total deferred tax liabilities were $61.6 million as of November 30, 2025, with goodwill accounting for $31.0 million of this total [402]. - The total amount of unrecognized tax benefits as of November 30, 2025, was $4.8 million, with $0.9 million recorded in other noncurrent liabilities [406]. Currency and Exchange Rate Risks - Approximately one-third of the company's revenue is denominated in foreign currencies, making it susceptible to fluctuations in exchange rates, which have historically impacted revenue results [120]. - The company has entered into foreign exchange forward contracts to hedge against currency fluctuations, but these may not fully mitigate the adverse impacts [120]. - A hypothetical 10% adverse movement in foreign currency exchange rates would negatively impact revenue by approximately $20.0 million, or 2% [236]. - The company recognized realized and unrealized gains of $0.9 million from forward contracts in foreign currency loss for fiscal year 2025 [235]. - The company reported a foreign currency translation adjustment of $3,066,000 in 2025, a recovery from a loss of $2,914,000 in 2024 [253]. Acquisitions and Related Costs - The company acquired Nuclia in 2025, enhancing its SaaS offerings, following the acquisition of ShareFile in 2024 [260]. - The acquisition of ShareFile was completed for an aggregate purchase price of $875.0 million, funded through $730.0 million in borrowings and cash on hand [319]. - The acquisition of MarkLogic was completed for a base purchase price of $355.0 million, with $161.8 million recorded as goodwill [329][334]. - Acquisition-related costs for ShareFile were approximately $15.6 million in fiscal year 2024 and $3.8 million in fiscal year 2025 [323]. - The fair value of the contingent consideration related to the Nuclia acquisition is estimated at $1.1 million, with a total purchase price of $21.4 million allocated primarily to purchased technology and goodwill [317]. Stock and Equity - The number of shares outstanding as of November 30, 2025, was 42,336,000, a decrease from 43,361,000 in 2024, indicating a reduction in share count [254]. - The company repurchased and retired 2.1 million shares of common stock for $105 million in fiscal year 2025, with $202.2 million remaining under the current share repurchase authorization [368]. - The company has 200 million shares of authorized common stock, with 42,335,700 shares issued and outstanding as of November 30, 2025 [366]. - The total intrinsic value of stock options exercised in fiscal year 2025 was $5.646 million [380]. - The fair value of stock options granted in fiscal year 2025 was estimated at $15.22 per share [378]. Operational and Other Expenses - The company incurred restructuring expenses of $3.8 million for the fiscal year ended November 30, 2025, following a 4% reduction in global workforce [393]. - Stock-based compensation increased to $64,768,000 in 2025 from $46,756,000 in 2024, marking a rise of 38.5% [256]. - The total net operating lease cost for the fiscal year ended November 30, 2025, was $11.1 million, compared to $10.9 million in 2024 and $9.1 million in 2023 [359]. - The company recorded no asset impairment charges in the years presented [282]. - The company recognized depreciation and amortization expense related to property and equipment of $6.2 million for the year ended November 30, 2025 [313].

Fourth Quarter 2025 Financial Results: FOR IMMEDIATE RELEASE Investor Contact: Shannon Drage (801) 844-8208 Media Contact: Jennifer Johnston (801) 844-7112 Zions Bancorporation, N.A. reports 4Q25 Net Earnings of $262 million, diluted EPS of $1.76 compared with 4Q24 Net Earnings of $200 million, diluted EPS of $1.34, and 3Q25 Net Earnings of $221 million, diluted EPS of $1.48 2025 Annual Net Earnings of $895 million, diluted EPS of $6.01, compared with 2024 Annual Net Earnings of $737 million, diluted EPS of ...

Zions Bancorporation, N.A. One South Main Salt Lake City, UT 84133 | Net Interest | • Net interest income was $683 million, up 9% | | --- | --- | | Income and | | | NIM | • NIM was 3.31%, compared with 3.05% | | Operating | • Customer-related noninterest income was • | | | Pre-provision net revenue² ("PPNR") was $356 million, up 10%; adjusted PPNR² was | | | $331 million, up 6% | | | $177 million, up 1%, and up 4% for full year | | Performance | 2025 | | | Noninterest expense was $546 million, up | | | 7%; ...

Financial Performance - 4Q25 net earnings were $262 million, with diluted EPS of $1.76, a 31% increase from 4Q24's $200 million and $1.34 EPS[1] - Annual net earnings for 2025 reached $895 million, up 21% from 2024's $737 million, with diluted EPS increasing from $4.95 to $6.01[1] - Net income for 2025 reached $899 million, representing a 14.7% increase from $784 million in 2024[38] - Net earnings applicable to common shareholders increased to $262 million in Q4 2025, up from $221 million in Q3 2025, representing an increase of 18.6%[35] - Net income for the quarter reached $263 million, compared to $222 million in the prior quarter, marking an 18.5% increase[37] Revenue and Income - Adjusted taxable-equivalent revenue for 4Q25 was $879 million, a 7.1% increase from the prior year, while adjusted noninterest expense rose 7.7% to $548 million[4] - Total noninterest income rose to $208 million in Q4 2025, compared to $189 million in Q3 2025, an increase of 10.0%[35] - Total noninterest income rose to $758 million in 2025, reflecting an increase of 8.3% compared to $700 million in 2024[38] - Customer-related noninterest income was $177 million in 4Q25, up 1% from 4Q24, while total noninterest income increased by 10% to $208 million[12] Loans and Credit Quality - Total loans and leases grew to $60.9 billion, a 3% increase from the previous quarter, with an annualized net loan and lease charge-off ratio of 0.05%[4] - The provision for credit losses was $6 million in 4Q25, significantly lower than $41 million in 4Q24, indicating improved credit quality[4] - The provision for loan losses for Q4 2025 was $6 million, down from $45 million in Q3 2025[41] - The ratio of nonperforming assets to loans and leases was 0.52% as of December 31, 2025, slightly down from 0.54% in the previous quarter[40] - The company reported net loan and lease charge-offs of $7 million for Q4 2025, with an annualized ratio of 0.05% to average loans[41] Deposits and Funding - Total deposits were $75.6 billion, down 1% from the previous quarter, while customer deposits (excluding brokered deposits) increased by 1% to $71.8 billion[4] - Total deposits rose to $75,644 million, an increase of 1.0% from $74,878 million in the previous quarter[36] - Total borrowed funds decreased by $206 million, or 4%, primarily due to a reduction in short-term advances[25] - Total liabilities stood at $81,810 million, a slight increase from $81,668 million in the previous quarter[36] Capital and Equity - The estimated Common Equity Tier 1 (CET1) capital ratio improved to 11.5%, up from 10.9% a year ago, reflecting strengthened capital position[4] - Total shareholders' equity increased to $7.18 billion, up 5% from $6.87 billion in the previous quarter and up 17% from $6.12 billion year-over-year[26] - Tangible book value per common share rose 21% to $40.79, indicating significant growth in shareholder equity[4] - Estimated common equity tier 1 (CET1) capital was $7.9 billion, an increase of 8% from $7.4 billion in the prior year, with a CET1 capital ratio of 11.5%, up from 10.9%[28] Expenses and Efficiency - Noninterest expense increased by $37 million, or 7%, compared to the prior year quarter, driven by a $20 million increase in marketing and business development expenses[15] - Adjusted noninterest expense rose by $39 million, or 8%, with an efficiency ratio of 62.3%, slightly up from 62.0%[16] - The efficiency ratio for Q4 2025 was 62.3%, compared to 59.6% in Q3 2025, indicating a decline in efficiency[35] - Noninterest expense (GAAP) for the three months ended December 31, 2025, was $546 million, an increase from $509 million in the same period of 2024[53] Assets and Investment - Total assets reached $88.990 billion as of December 31, 2025, compared to $88.533 billion at September 30, 2025, reflecting a growth of 0.5%[35] - Total investment securities decreased by $690 million, or 4%, to $18.1 billion, primarily due to principal reductions[17] - Total assets increased to $89,554 million as of December 31, 2025, compared to $88,823 million in 2024, reflecting a growth of 0.82%[45] - Total interest-earning assets amounted to $83,261 million with a net interest margin of 3.31% for the quarter, up from 3.28% in the prior quarter[44]

Exhibit 99.1 January 20, 2026 Fellow shareholders, | (in millions except per share data) | | Q4'24 | | Q1'25 | | Q2'25 | | Q3'25 | | Q4'25 | | Q1'26 Forecast | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Revenue | $ | 10,247 | $ | 10,543 | $ | 11,079 | $ | 11,510 | $ | 12,051 | $ | 12,157 | | Y/Y % Growth | | 16.0 % | | 12.5 % | | 15.9 % | | 17.2 % | | 17.6 % | | 15.3 % | | Operating Income | $ | 2,273 | $ | 3,347 | $ | 3,775 | $ | 3,248 | $ | 2,957 | $ | 3,906 | | Oper ...

Financial Performance - Revenue for Q4 2025 was $253 million, representing an 18% year-over-year growth[5] - Annualized Recurring Revenue (ARR) reached $852 million, growing 2% year-over-year on a constant currency basis[5] - Operating margin for Q4 2025 was 15%, with a non-GAAP operating margin of 38%[5] - Diluted earnings per share for Q4 2025 increased to $0.59 from $0.03 in the same quarter last year, a growth of 1,867%[5] - Full year revenue for 2025 was $977.8 million, a 30% increase compared to $753.4 million in 2024[7] - Net income for the full year 2025 was $73.1 million, up 7% from $68.4 million in 2024[7] - Total revenue for the three months ended November 30, 2025, was $252,666,000, representing an 18% increase compared to $214,961,000 for the same period in 2024[13] - Net income for the three months ended November 30, 2025, was $25,745,000, a significant increase of 2,145% from $1,147,000 in Q3 2024[13] - Earnings per share (EPS) for the three months ended November 30, 2025, was $0.60, compared to $0.03 in the same period last year, reflecting a 1,900% increase[13] Guidance and Projections - The company expects FY 2026 revenue guidance between $986 million and $1,000 million[8] - Diluted earnings per share guidance for FY 2026 is projected to be between $1.74 and $1.91[8] - Fiscal Year 2026 non-GAAP operating margin is projected to be between 39%[18] - Non-GAAP diluted earnings per share for Fiscal Year 2026 is expected to range from $5.82 to $5.96[19] - GAAP net income for Fiscal Year 2026 is forecasted to be between $75.8 million and $84.1 million[19] - Cash flows from operations (GAAP) for Fiscal Year 2026 are estimated to be between $263 million and $277 million[22] Cash and Assets - Cash and cash equivalents at the end of Q4 2025 were $95 million[6] - Cash and cash equivalents decreased to $94,807,000 as of November 30, 2025, from $118,077,000 a year earlier[14] - Total assets decreased to $2,457,658,000 as of November 30, 2025, from $2,526,966,000 in 2024[14] Expenses and Cash Flow - Operating expenses increased by 7% to $167,766,000 for the three months ended November 30, 2025, compared to $156,923,000 in the same period last year[13] - The company reported a net cash flow from operating activities of $62,798,000 for the three months ended November 30, 2025, compared to $19,651,000 in the same period last year[15] - Capital expenditures for the fiscal year ended November 30, 2025, were $5,702,000, slightly higher than $5,206,000 in 2024[15] Adjustments and Exclusions - Total adjustments for Fiscal Year 2026, including restructuring and stock-based compensation, are estimated at $220.7 million[19] - The company anticipates a non-GAAP effective tax rate of approximately 20% for Fiscal Year 2026[20] - The company excludes amortization of acquired intangibles to focus on core operating performance, with adjustments including preliminary estimates related to the valuation of intangible assets from Nuclia[28] - Stock-based compensation is excluded from operating plans as it is not controllable in the short term and can vary significantly[28] - Restructuring expenses are excluded to avoid distortion of trends in core operating results[28] - Acquisition-related expenses are excluded to provide a meaningful comparison of financial results to historical operations and peer companies[28] Revenue Metrics - Revenue growth rates are presented on a constant currency basis to account for fluctuations in foreign currency exchange rates, improving understanding of revenue results[28] - Annual Recurring Revenue (ARR) includes revenue from maintenance, software upgrade rights, public cloud, and on-premises subscription-based transactions, helping to mitigate revenue fluctuations[29] - The company calculates Net Retention Rate (NRR) by comparing ARR from the same customer cohort over a 12-month period, excluding new customers[34] - The company emphasizes that ARR is not a GAAP measure and should be viewed independently of revenue and deferred revenue[34] Legal and Operational Considerations - The company expects to incur ongoing legal and professional service expenses related to the MOVEit Vulnerability, which will impact operating expenses[28] - Forward-looking statements include expectations regarding future acquisition activity and financial guidance, with various risks that could impact actual results[35]

Financial Performance - For the year ended October 31, 2025, the company generated revenues of $398,734, reported a net loss of $7,282,133, and cash flows used in operating activities of $2,604,749[128] - For the year ended October 31, 2024, the company generated revenues of $213,204, reported a net loss of $9,626,797, and cash flows used in operating activities of $3,840,744[128] - As of October 31, 2025, the company had an accumulated deficit of $27,355,812[128] - The company has a history of operating losses, raising substantial doubt about its ability to continue as a going concern[128] - The company has incurred substantial net losses and negative cash flows from operating activities since inception, with expectations to continue incurring significant losses as exploration and appraisal programs proceed[143] Operational Risks - The company operates in a highly capital-intensive industry, and any sales of produced oil and gas may be insufficient to fund, sustain, or expand revenue-generating operations[137] - The company faces substantial uncertainties in estimating the characteristics of its assets, which may lead to incorrect measures of size and quality[139] - The company is dependent on obtaining necessary permits for project development, which may result in delays and obstacles[131] - The company has permits for the HV-1, HV-2, HV-3A, and HV-4 wells, allowing for testing and production, but requires additional permits for long-term production[133] - The company’s drilling operations depend on independent contractors, and lack of rig availability may hinder operations[135] - The successful drilling of a well does not guarantee the commercial viability of a field, with various factors potentially rendering a field uneconomic[142] - The company faces operational and financial risks associated with drilling, including potential cost overruns and the unavailability of necessary equipment and services, particularly in California[148] - The development schedule of oil and natural gas projects is subject to delays and cost overruns, which may require additional capital that may not be available[164] - The company must successfully replace its petroleum reserves to maintain production levels, as current reserves will decline over time[156] Market and Regulatory Environment - A decline in global oil and natural gas prices could materially and adversely affect the company's revenue, profitability, and ability to finance planned capital expenditures[153] - The marketability of future oil and natural gas production will be influenced by numerous factors, including market fluctuations, proximity to processing facilities, and government regulations[160] - The company may face challenges in accessing appropriate equipment and infrastructure, which could hinder its ability to market oil and gas production[157] - The company is subject to numerous environmental, health, and safety regulations that may result in material liabilities and costs, potentially affecting financial condition and results of operations[166] - The company expects increasing regulatory scrutiny related to climate change and energy transition, which may constrain operations and demand for products[171] Financial Strategy and Capital Needs - The company anticipates substantial capital outlays and operating expenditures over the next several years, necessitating the raising of additional capital through private or public equity offerings, strategic alliances, or debt financing[149] - The company maintains insurance consistent with industry practices but is not fully insured against all risks, which could adversely impact financial results if significant accidents occur[169] - The company may incur substantial losses and liabilities from future oil and natural gas operations, with potential inadequate insurance coverage impacting financial condition[173] - The company periodically evaluates acquisitions, which require careful assessment of oil and gas reserves, future prices, and potential liabilities[174] - The integration of significant acquisitions may be difficult and could disrupt ongoing business activities, affecting overall performance[176] Corporate Governance and Compliance - The company faces increased legal and financial compliance costs due to public company requirements, which may divert management's attention from core business activities[177] - Changes in tax laws and regulations could materially affect the company's effective tax rate and overall financial condition[182] - The company’s amended and restated certificate of incorporation establishes exclusive forums for disputes, which may limit stockholders' options for legal recourse[184] - The company is subject to examination of tax returns by various authorities, and any increase in effective tax rates could adversely impact financial results[182] Stock Market and Investor Relations - The company's common stock began trading on the NYSE American in April 2023 following an initial public offering, with the stock currently listed under the symbol "TPET" [190] - The share price has experienced significant volatility, ranging from $60.00 to $0.74 on a post-reverse stock split basis since the IPO [196] - The company may face delisting from the NYSE American if it fails to meet continued listing requirements, which include maintaining a minimum stock price and public stockholder count [192] - If delisted, the common stock may be classified as a "penny stock," which could impose additional sales practice requirements on broker-dealers and limit liquidity [201] - The company does not intend to pay dividends on its common stock, meaning returns for investors will rely solely on stock price appreciation [209] - Inflationary pressures have led to increased costs for construction materials and labor, which may adversely affect project budgets and timelines [188] - The company is classified as an "emerging growth company," allowing it to avoid certain reporting requirements for up to five years, unless it exceeds specific revenue or market value thresholds [207] - The market price of the common stock may be influenced by various factors, including oil and gas prices, regulatory developments, and overall market conditions [205] - The company may incur additional costs if legal challenges arise regarding exclusive forum provisions in its corporate governance documents [187] - The potential for substantial losses exists due to the volatility of the stock price, which may not correlate with the company's actual operating performance [196]