Company Operations - Tractor Supply Company operates 2,602 retail stores across 49 states, including 2,395 Tractor Supply stores and 207 Petsense stores[19]. - As of December 27, 2025, the company operated 2,602 retail stores across 49 states, including 2,395 Tractor Supply stores and 207 Petsense by Tractor Supply stores[58]. - Approximately 61% of the company's stores are in freestanding buildings, while 39% are located in shopping centers[59]. - The company opened 99 new Tractor Supply stores and five new Petsense by Tractor Supply stores in fiscal 2025, resulting in a 4% increase in selling square footage[192]. - The company plans to open approximately 100 new Tractor Supply stores in fiscal 2026, resulting in a selling square footage increase of approximately 4%[57]. Financial Performance - The company experienced a net sales increase of 4.3%, reaching $15.52 billion in fiscal 2025, compared to $14.88 billion in fiscal 2024[193]. - Comparable store sales rose by 1.2% in fiscal 2025, an improvement from a 0.2% increase in fiscal 2024[193]. - Gross profit increased by 4.8% to $5.65 billion in fiscal 2025, with a gross margin of 36.4%, up from 36.3% in fiscal 2024[193]. - Operating margin decreased by 41 basis points to 9.5% of net sales in fiscal 2025, down from 9.9% in fiscal 2024[193]. - The company ended fiscal 2025 with $194.1 million in cash and cash equivalents and long-term debt of $1.77 billion[194]. - The company paid cash dividends totaling $487.7 million in fiscal 2025, an increase from $472.5 million in fiscal 2024, with a dividend of $0.92 per share compared to $0.88 per share in the previous year[172]. - The company returned $848.5 million to stockholders through stock repurchases and dividends in fiscal 2025[194]. Strategic Initiatives - The company completed the acquisition of Allivet, an online pet pharmacy, for $135 million, financed with cash on hand[18]. - The company aims to expand its customer base by enhancing digital capabilities and offering personalized customer experiences[187]. - The company is remodeling existing stores to improve customer experience, focusing on new fixtures, layouts, and product offerings[25]. - The company is expanding its distribution facilities to support long-term growth, but delays in construction could adversely affect future operations and revenue growth[116]. - The company is investing in artificial intelligence and emerging technologies to enhance customer experiences, but there are risks of operational disruptions and compliance challenges[130]. Customer Engagement - The Neighbor's Club loyalty program enhances customer engagement and drives desired purchase behaviors, supported by vendor promotions and funding[38]. - The company operates a Neighbor's Club loyalty program to enhance customer engagement and personalize experiences across channels[39]. - Customer satisfaction scores are considered best-in-class, with continuous feedback implementation to improve service at both company and store levels[23]. Supply Chain and Distribution - The distribution network includes facilities with a total capacity of approximately 7.8 million square feet, with 81% of merchandise received through this network[36]. - A new distribution center in Nampa, Idaho, is expected to add approximately 865,000 square feet of capacity and begin operations in Q4 2026[36]. - The company operates distribution facilities totaling approximately 6.5 million square feet across various locations[164]. - The company relies on a distribution and transportation network, including third-party logistics, to deliver goods efficiently, with potential disruptions leading to lower sales and profitability[115]. Risks and Challenges - The company experienced fluctuations in comparable store sales, which are defined as sales in stores open for at least twelve months, indicating potential challenges in maintaining sales growth[77]. - The company acknowledges that its merchandising and marketing initiatives may not deliver expected results, which could lead to overstocking unpopular products and negatively impact profitability[78]. - The company faces risks related to timely identification and response to consumer needs and trends, which are critical for maintaining market share and customer satisfaction[79]. - Weather and climate risks, including extreme weather conditions and climate change, may significantly impact the company's financial condition and results of operations[90]. - The competitive retail environment poses risks to the company's ability to maintain profitability and sales growth, as it competes with various retailers for customers and locations[87]. - The company faces risks associated with attracting and retaining qualified team members, which could adversely affect financial performance[100][101]. - Supply chain risks from reliance on international vendors may lead to inadequate supplies and adversely affect business operations[105][108]. Technology and Innovation - The company has invested in technology to enhance operational efficiency, including data analytics, automation, and artificial intelligence[43]. - Significant technology investments are being made to streamline the supply chain, although there are risks of disruptions and inefficiencies during implementation[117]. - The company has invested in management information and control systems, including an enterprise resource planning (ERP) system that tracks merchandise from initial order through final sale[42]. Compliance and Regulatory - The company is subject to various federal, state, and local laws, including environmental regulations, which could materially affect operations and financial results[150]. - The company must comply with the Foreign Corrupt Practices Act, with noncompliance potentially leading to penalties and reputational harm[149]. - The company is subject to regulatory changes regarding privacy and data breaches, which could increase operational costs and legal liabilities[122]. - Changes in effective tax rates and audits by taxing authorities could materially impact the company's financial results[152]. Market Conditions - Macroeconomic conditions, including inflation and geopolitical tensions, can reduce consumer spending and negatively impact sales and profitability[98][99]. - Purchase price volatility due to inflationary pressures may adversely affect sales and gross margins, necessitating effective vendor management strategies[99]. - Changes in market conditions or credit ratings could restrict capital access, adversely affecting business operations and growth initiatives[131].

Bitcoin Holdings and Strategy - As of February 13, 2026, the company held approximately 717,131 bitcoins, acquired at an aggregate purchase price of $54.5 billion, with an average purchase price of approximately $76,027 per bitcoin[29]. - The market price of one bitcoin on February 13, 2026, was reported at $68,734, indicating a potential unrealized loss on the company's bitcoin holdings[29]. - The bitcoin acquisition strategy involves using proceeds from capital raising transactions, including offerings of Class A common stock and preferred securities, to acquire bitcoin[31]. - The company actively manages its bitcoin holdings and capital structure to maintain long-term durability, liquidity, and flexibility[35]. - The company evaluates its bitcoin strategy continuously based on market conditions, capital structure, and anticipated cash resource needs[25]. - The capital management strategy focuses on achieving accretive acquisitions of bitcoin while managing cost of capital and financial obligations[37]. - The concentration of assets in bitcoin limits the company's ability to mitigate risks through diversification[122]. - The ability to execute the bitcoin strategy relies heavily on obtaining favorable equity and debt financing[123]. - The company may need to sell bitcoin to satisfy financial obligations if unable to secure timely equity or debt financing[113]. Financial Performance and Risks - For the fiscal year ended December 31, 2025, the unrealized loss on digital assets was $5.40 billion, partially offset by a deferred tax benefit of $1.55 billion[110]. - The fair market value of bitcoin holdings has fluctuated between $65,000 and $120,000 in the past year, indicating high volatility[120]. - The company experienced significant fluctuations in operating results, with quarter-to-quarter comparisons not indicative of future performance[108]. - The company incurred an unrealized gain on digital assets of $3.89 billion for the quarter ended September 30, 2025, highlighting the volatility in bitcoin pricing[128]. - The price of bitcoin has historically been highly volatile, influencing the company's financial results and market price of listed securities[130]. - The company incurred $4.06 billion of cumulative impairment on its bitcoin holdings through December 31, 2024, reflecting the volatility of bitcoin prices[145]. - The company faces enhanced regulatory scrutiny due to its bitcoin strategy and holdings, particularly from the SEC[155]. - The company is subject to significant legal, commercial, regulatory, and technical uncertainties regarding digital assets, which could adversely affect bitcoin's price[133]. Regulatory Environment - The SEC approved the first U.S. spot bitcoin ETPs in January 2024, expanding access through regulated investment vehicles[59]. - Regulatory actions and evolving laws may materially affect the nature of digital asset markets and the company's bitcoin strategy[71]. - The CFTC considers bitcoin a commodity under the Commodity Exchange Act, allowing for broad enforcement against market manipulation[72]. - Regulatory changes reclassifying bitcoin as a security could classify the company as an "investment company," imposing additional regulatory controls[181]. - The regulatory environment for digital assets is evolving, with potential new laws and enforcement actions that could impact the company's ability to hold and transact in bitcoin[159]. Custody and Security Risks - The company faces counterparty risks related to custodians, which could inhibit ownership rights and access to bitcoin holdings[125]. - The company has implemented measures to mitigate counterparty risks but remains vulnerable to potential insolvency of custodians[125]. - The company does not maintain separate insurance for potential bitcoin losses, exposing it to significant risks in case of custodial insolvency[179]. - As of December 31, 2025, custodians maintain commercial insurance coverage of $320 million, $100 million, and over $100 million for bitcoin losses, which is insufficient to cover the entirety of the company's bitcoin holdings[179]. - Security breaches and cyberattacks in the bitcoin ecosystem could lead to a loss of confidence and adversely affect the company's financial condition[174]. Market Dynamics - Bitcoin consistently ranks among the most liquid traded assets globally, with substantial daily trading volume across spot and derivatives markets[58]. - The emergence of stablecoins and government-backed digital currencies could negatively impact bitcoin's price and market position[64]. - A December 2022 study estimated that wash trading averaged over 70% of reported volume on unregulated exchanges, indicating potential manipulation in the bitcoin market[163]. - In 2022, several major participants in the bitcoin ecosystem, including Celsius Network and FTX, filed for bankruptcy, leading to significant declines in bitcoin prices[165]. - The market for bitcoin is highly uncertain, with factors such as institutional demand and public familiarity potentially affecting its price[139]. Company Operations and Structure - The company had a total of 1,539 employees as of December 31, 2025, with 448 based in the United States and 1,091 internationally[98]. - The company completed a 10-for-1 stock split of its class A and class B common stock on August 7, 2024, retroactively adjusting all applicable share information[105]. - The company’s cloud solution for government achieved FedRAMP authorization, ensuring compliance with essential cloud security and data protection standards[82]. - The company offers its analytics platform in both on-premises product licenses and cloud subscriptions, with full support for on-premises licenses ending December 31, 2026[85]. - The company has established strategic partnerships with various third-party vendors, including cloud hosting providers and consulting firms, to extend its platform's reach[87]. Technology and Innovation - The Strategy One platform is designed for medium to large enterprise deployments, delivering real-time insights across web, mobile, and custom applications[80]. - The company’s AI-powered data modeling capabilities accelerate data product creation and enhance performance across workloads[78]. - The integration of AI into enterprise analytics products may incur substantial costs and could result in reputational harm if AI tools produce inaccurate analyses[194]. - The company faces risks related to changes in third-party software or systems, which may require substantial capital investment to maintain software interoperability[200]. - Software errors, bugs, or security vulnerabilities could lead to reduced demand and revenue, as well as potential litigation claims against the company[201]. Compliance and Legal Risks - The company is subject to various privacy and data protection laws, including the GDPR, which imposes significant compliance requirements and potential fines[95]. - Compliance with complex government contracting requirements may expose the company to civil and criminal penalties if not adhered to[212]. - The company has implemented policies to comply with anti-money laundering and sanctions laws, but risks regulatory proceedings if bitcoin is acquired from bad actors[156][157]. - Customer agreements may limit the company's exposure to product liability claims, but these provisions may be unenforceable in certain jurisdictions[202]. - The company's intellectual property is valuable, and any inability to protect it could reduce the value of its offerings and brand[203].

Bitcoin Holdings and Strategy - As of February 13, 2026, the company held approximately 717,131 bitcoins, acquired at an aggregate purchase price of $54.5 billion, with an average purchase price of approximately $76,027 per bitcoin [29]. - The market price of one bitcoin on February 13, 2026, was reported at $68,734, indicating a potential unrealized loss on the company's bitcoin holdings [29]. - The bitcoin acquisition strategy involves using proceeds from capital raising transactions, including offerings of Class A common stock and preferred securities, to acquire bitcoin [23]. - The company actively manages its bitcoin holdings and capital structure to maintain long-term durability, liquidity, and flexibility [35]. - The company evaluates its bitcoin strategy continuously based on market conditions, capital structure, and anticipated cash resource needs [25]. - The capital management strategy focuses on achieving accretive acquisitions of bitcoin while managing cost of capital and financial obligations [37]. - The company’s bitcoin strategy relies heavily on obtaining equity and debt financing, which is critical for executing its bitcoin purchases [123]. - Bitcoin has traded between $65,000 and $120,000 in the past year, highlighting its volatility and potential impact on financial results [120]. - The company expects significant variances in gains and losses on bitcoin holdings due to market volatility, which could adversely affect financial results [128]. - The company may pursue strategies to generate income from its bitcoin holdings, which could subject it to additional regulatory compliance requirements [158]. Financial Performance and Risks - For the fiscal year ended December 31, 2025, the unrealized loss on digital assets was $5.40 billion, partially offset by a deferred tax benefit of $1.55 billion [110]. - The company experienced significant fluctuations in operating results, with quarter-to-quarter comparisons not indicative of future performance [108]. - The cost basis of the bitcoin holdings was less than its fair market value as of December 31, 2025, but has since reversed, indicating potential future tax liabilities [111]. - Deferred tax liabilities related to unrealized gains on bitcoin holdings were approximately $2.42 billion as of December 31, 2025 [111]. - The company does not expect its enterprise analytics software business to generate sufficient cash flow to meet financial obligations over the next twelve months [112]. - The company may face increased tax liabilities due to changes in tax laws and regulations, which could adversely affect financial results [114]. - The company incurred $4.06 billion of cumulative impairment on its bitcoin holdings through December 31, 2024, reflecting the volatility of bitcoin prices [145]. - The company's class A common stock value declined significantly following the approval of spot bitcoin ETPs, indicating a shift in investor preference [150]. Regulatory Environment - The SEC approved the first U.S. spot bitcoin ETPs in January 2024, expanding access through regulated investment vehicles [59]. - The SEC has initiated enforcement actions against major participants in the digital asset industry, which could materially affect the price of bitcoin [136]. - Regulatory actions and evolving laws may materially affect the nature of digital asset markets and the company's bitcoin strategy [71]. - The current regulatory environment is influenced by past events, such as the FTX bankruptcy, which may impose significant costs on the company's ability to transact in bitcoin [159]. - Regulatory developments could impact the availability of custodial services, affecting the company's ability to diversify its bitcoin custody arrangements [178]. - The company faces risks related to potential regulatory changes that could classify bitcoin as a security, impacting its business operations and market price [181][182]. Custodial and Security Risks - As of February 13, 2026, bitcoin holdings were distributed among three custodians: Coinbase (40%), Anchorage (37%), and Fidelity (23%) of total bitcoin custodied [45]. - The company is subject to counterparty risks related to custodians, which could inhibit ownership rights and access to bitcoin holdings [125]. - The company does not maintain separate insurance for potential bitcoin losses, exposing it to significant risks in case of custodial insolvency [179]. - As of December 31, 2025, custodians maintain commercial insurance coverage of $320 million, $100 million, and over $100 million for bitcoin losses, which is insufficient to cover the entirety of the company's bitcoin holdings [179]. - Cybersecurity risks remain a significant concern, with potential breaches leading to loss of bitcoin and adverse effects on financial condition [174]. - Cybersecurity incidents could adversely affect the company's operations, especially concerning the integration of AI capabilities [195]. Market Dynamics and Competition - Bitcoin consistently ranks among the most liquid traded assets globally, with substantial daily trading volume across spot and derivatives markets [58]. - The emergence of stablecoins and government-backed digital currencies could negatively impact bitcoin's price and market position [64]. - The emergence of alternative digital assets and stablecoins, particularly following the enactment of the GENIUS Act, poses a competitive threat to bitcoin [168]. - Reports indicate that over 70% of trading volume on certain unregulated exchanges may be attributed to wash trading, raising concerns about the actual size of the bitcoin market [163]. - The availability of alternative investment vehicles for bitcoin may adversely affect the market price of the company's listed securities [148]. Employee and Operational Considerations - As of December 31, 2025, the company had a total of 1,539 employees, with 448 based in the United States and 1,091 internationally [98]. - The company may struggle to recruit or retain skilled personnel, which could adversely affect its business and financial condition [214]. - The company faces various risks in doing business with government entities, including procurement challenges and budgetary constraints [209]. Technology and Product Development - The company’s cloud solution for government achieved FedRAMP authorization, ensuring compliance with U.S. federal cloud security standards [82]. - The Strategy One platform supports medium to large enterprise deployments, delivering real-time insights across web, mobile, and custom applications [80]. - The company offers cloud subscriptions typically for 36 months, with standard support included and premium support available for additional fees [85]. - The integration of AI into the company's analytics offerings could incur substantial costs and may result in reputational harm or legal liabilities [194]. - The company’s competitive differentiators include a cloud-native architecture optimized for major hyperscalers, providing flexibility and ease of integration [81]. Legal and Compliance Issues - The company is subject to various privacy and data protection laws, including the GDPR, which imposes significant compliance requirements and potential penalties [95]. - The company has implemented policies to comply with anti-money laundering and sanctions laws, but risks regulatory proceedings if bitcoin is acquired from bad actors [156][157]. - Customer agreements may limit the company's exposure to product liability claims, but these provisions may be unenforceable in certain jurisdictions [202]. - Any systems failure or security breach could result in legal proceedings against the company, impacting its reputation and financial performance [219].

Bitcoin Holdings and Strategy - As of February 13, 2026, the company held approximately 717,131 bitcoins, acquired at an aggregate purchase price of $54.5 billion, with an average purchase price of approximately $76,027 per bitcoin [29]. - The market price of one bitcoin on February 13, 2026, was reported at $68,734, indicating a potential unrealized loss on the company's bitcoin holdings [29]. - The bitcoin acquisition strategy involves using proceeds from capital raising transactions, including offerings of Class A common stock and preferred securities, to acquire bitcoin [23]. - The company actively manages its bitcoin holdings and capital structure to maintain long-term durability, liquidity, and flexibility [35]. - The company evaluates its bitcoin strategy continuously based on market conditions, capital structure, and anticipated cash resource needs [25]. - The company aims to generate value from its bitcoin holdings through innovative financial strategies, including the issuance of digital credit instruments [26]. - The company’s capital management strategy focuses on achieving accretive acquisitions of bitcoin while managing cost of capital and financial obligations [37]. - The company’s bitcoin strategy relies heavily on obtaining equity and debt financing, with all bitcoin purchases made using proceeds from such financings [123]. - The company expects to incur additional indebtedness and fixed charges as part of its bitcoin strategy, which may create liquidity risks if bitcoin prices decline [112]. - A significant decrease in the fair market value of bitcoin holdings could adversely affect the company's ability to satisfy financial obligations [112]. - The company has adopted ASU 2023-08 effective January 1, 2025, requiring bitcoin holdings to be measured at fair value, resulting in a cumulative-effect net increase to retained earnings of $12.75 billion [128]. - The company incurred $4.06 billion of cumulative impairment on its bitcoin holdings through December 31, 2024, reflecting the volatility of bitcoin prices [145]. - The concentration of bitcoin holdings limits risk mitigation and enhances the risks inherent in the company's bitcoin strategy [166]. Financial Performance and Risks - For the fiscal year ended December 31, 2025, the unrealized loss on digital assets was $5.40 billion, partially offset by a deferred tax benefit of $1.55 billion [110]. - The company experienced significant fluctuations in operating results, with quarter-to-quarter comparisons not indicative of future performance due to volatility in bitcoin prices [108]. - The cost basis of the bitcoin holdings was less than its fair market value as of December 31, 2025, but has since exceeded its fair market value, impacting deferred tax liabilities [111]. - The company’s enterprise analytics software business did not generate positive cash flow from operations for the fiscal year ended December 31, 2025 [112]. - The company is subject to potential tax liabilities that could materially affect its financial results, particularly if bitcoin is sold at prices above its cost basis [114]. - The price of bitcoin has historically been highly volatile, influencing the company's financial results and market price of listed securities, with significant declines impacting user and investor confidence [130]. - The company has experienced significant price fluctuations in bitcoin, which could adversely affect its business and financial condition [144]. - Future regulatory changes could impose significant costs or limit the company's ability to hold and transact in bitcoin [159]. Regulatory Environment - The laws and regulations applicable to bitcoin are evolving, with various U.S. federal and state agencies examining digital asset operations [70]. - The SEC approved the first U.S. spot bitcoin ETPs in January 2024, expanding access through regulated investment vehicles [59]. - The SEC approved the listing and trading of spot bitcoin ETPs, which began trading on January 11, 2024, with a trading volume of $4.6 billion on the first day [149]. - The company faces enhanced regulatory scrutiny due to its bitcoin strategy, especially with the increasing focus on anti-money laundering and compliance regulations [155]. - Future regulatory developments, such as the SEC's enforcement actions and new legislation like the GENIUS Act, could impose additional burdens on the company and affect bitcoin's price [135]. - Regulatory changes reclassifying bitcoin as a security could classify the company as an "investment company," imposing additional regulatory controls [181]. - The company does not comply with regulations applicable to investment companies, allowing broad discretion over its investment and cash management policies [183]. Market Conditions and Competition - The emergence of stablecoins and government-backed digital currencies could negatively impact bitcoin's price and market position [67]. - The emergence of alternative digital assets, including stablecoins and CBDCs, could negatively impact the price of bitcoin and the company's financial condition [168][169]. - The market for bitcoin is highly uncertain, influenced by factors such as institutional demand and the availability of alternative investment vehicles [139]. - The broader digital assets industry has faced high-profile bankruptcies and regulatory actions, negatively impacting the adoption rate and use of bitcoin [126]. - The company faces risks from potential changes in consumer preferences and competition from other digital assets that may offer better characteristics [131]. - The company acknowledges that significant legal, commercial, regulatory, and technical uncertainties surrounding digital assets could adversely affect bitcoin's price and the ability to transact [133]. Operational and Strategic Initiatives - The company established a USD Reserve of $2.25 billion as of February 13, 2026, to support dividend payments on preferred stock and interest on outstanding indebtedness [25]. - The company structured and issued five classes of Preferred Stock in 2025, providing differentiated economic exposure to its Class A common stock and bitcoin holdings [24]. - The company completed a 10-for-1 stock split of its class A and class B common stock on August 7, 2024, retroactively adjusting all applicable share and per share information [105]. - The company has established strategic partnerships with various third-party vendors, enhancing its sales and service coverage across regions and industries [87]. - The company’s AI-powered business intelligence platform, Strategy One, supports medium to large enterprise deployments and delivers real-time insights [80]. - The company’s generative AI capabilities automate and accelerate the deployment of AI-enabled applications, making advanced analytics accessible to non-technical users [79]. - The company’s marketing programs target technology and line-of-business executives across large global enterprises and mid-size organizations [89]. - The company’s competitive differentiators include a cloud-native architecture optimized for major hyperscalers, enhancing customer choice and ease of integration [81]. Employee and Compliance Matters - As of December 31, 2025, the company had a total of 1,539 employees, with 448 based in the United States and 1,091 internationally [98]. - The company is subject to various privacy and data protection laws, including the GDPR, which imposes significant compliance requirements and potential penalties [95]. - Changes in privacy laws and regulations could impose additional compliance costs and operational challenges, adversely affecting business performance [215][218]. - The company relies on skilled personnel for success, and losing key employees could materially affect business and financial condition [214]. Cybersecurity and Technology Risks - The company may face risks related to the custody of bitcoin, including loss of private keys and potential cyberattacks [178]. - Cybersecurity incidents related to AI integration could adversely affect the company's business and results of operations [195]. - The company has experienced software errors and security vulnerabilities in the past, which could lead to lost revenue and damage to its reputation, impacting future business performance [201]. - The integration of AI into enterprise analytics products may incur substantial costs and could result in reputational harm if AI tools produce inaccurate analyses [194]. - The company faces various risks in doing business with government entities, including procurement challenges and budgetary constraints, which could adversely impact demand for its offerings [209][210].

Financial Performance - The company has incurred significant losses since inception and may continue to do so, with uncertainty about achieving and maintaining profitability[22]. - The reimbursement landscape is variable and unpredictable, which may lead to revenue adjustments and impact future financial guidance[74]. - The company anticipates ongoing proposals at federal and state levels to reduce healthcare costs and improve coverage, which may impact pricing and reimbursement for its tests[162]. Product Offerings - The Guardant360 CDx test is a 74-gene liquid biopsy test approved by the FDA, providing tumor mutation profiling for cancer patients, and is the market leader in its category[33]. - The Shield blood test is the first FDA-approved blood test for primary colorectal cancer screening, meeting Medicare coverage requirements, and included in the National Comprehensive Cancer Network guidelines[25]. - The company expects to expand its Shield platform into lung cancer screening and multi-cancer detection (MCD), with the Shield MCD test receiving Breakthrough Device designation from the FDA[41]. - The Guardant Reveal test has been expanded to include late-stage therapy response monitoring, leveraging proprietary technology to predict therapy response across all classes[35]. - The Guardant360 Liquid test measures over 740 genes and supports guideline-recommended biomarkers, providing advanced cancer patients with personalized therapy options[34]. - GuardantINFINITY test provides a comprehensive molecular profile of tumors with genotyping coverage of over 800 genes, enhancing biomarker discovery and clinical research[43]. - GuardantOMNI test covers 500 genes and has achieved superior sensitivity for detecting clinically actionable biomarkers compared to the Guardant360 Liquid test[45]. - GuardantINFORM database offers longitudinal biological insights into tumor evolution and clinical outcomes, supporting drug discovery and clinical research[46]. - The Smart Platform enhances research and development efficiencies, driving faster turnaround times and cost savings while providing industry-leading sensitivity[48]. Market Expansion and Partnerships - The company aims to strengthen relationships with biopharmaceutical companies to enhance revenue prospects and support product adoption[27]. - The company is focused on expanding global market access through strategic partnerships and investments in clinical utility[30]. - The company has expanded its international commercial efforts, establishing partnerships in Europe and Asia, including a CE mark for the Guardant360 CDx test[57][58]. - In Japan, the Guardant360 CDx test received national reimbursement approval for patients with advanced or metastatic solid tumor cancers[58]. - The company is actively working to expand coverage among commercial payers, which may lead to increased average revenue per test performed[64][65]. Regulatory Environment - The company currently markets its Guardant360 CDx test and the Shield test under an approved PMA, which is more demanding than the 510(k) premarket notification process[110]. - The PMA process generally takes between one and three years, but may take significantly longer depending on the complexity of the application[112]. - The FDA has 180 days to review a filed PMA, although the review often occurs over a longer period[112]. - The FDA may require post-approval studies or post-market surveillance as a condition of PMA approval to ensure ongoing safety and effectiveness[114]. - The 510(k) clearance process requires manufacturers to demonstrate that a device is "substantially equivalent" to a legally marketed predicate device[104]. - The FDA is required to complete its review of a 510(k) notification within 90 days, but clearance often takes longer[105]. - Class III devices, which pose the greatest risk, are subject to the more rigorous PMA process, which is generally more costly and time-consuming than the 510(k) process[103]. - The FDA may impose significant regulatory fines or penalties for failure to submit the requisite applications for device modifications[108]. - The FDA has proposed reforms to the 510(k) clearance process, which could include increased requirements for clinical data and a longer review period[109]. - The FDA's Breakthrough Devices Program aims to expedite the development and review of medical devices that provide more effective treatment for life-threatening conditions, allowing for more timely access to qualifying devices[120]. - The FDA may require simultaneous approval of companion diagnostics with therapeutic products, ensuring that diagnostics are adequately evaluated for safety and effectiveness[125]. - The EU's new In Vitro Diagnostic Regulation (IVDR) will strengthen market placement rules and enhance post-market surveillance, becoming applicable five years after its publication on May 26, 2022[139]. - Compliance with the essential requirements of the EU In Vitro Diagnostic Medical Devices Directive (IVDD) is necessary for obtaining the CE mark, which is required for marketing in the EU[132]. - The FDA has broad post-market regulatory enforcement powers, including unannounced inspections and potential sanctions for non-compliance, which can significantly impact operational costs[127]. - Legislative proposals regarding the regulation of laboratory developed tests (LDTs) may lead to increased regulatory requirements, potentially affecting the development and commercialization of new tests[122]. - The FDA's enforcement discretion generally applies to in vitro diagnostics used within a single laboratory, but future regulations could impose additional compliance costs[121]. - The EU medical device vigilance system mandates reporting of incidents and corrective actions to mitigate risks associated with in vitro diagnostic medical devices already on the market[134]. - The IVDR introduces a unique identification number for medical devices to improve traceability and facilitate efficient recalls in case of safety risks[139]. Employee and Workforce Diversity - As of December 31, 2025, the company had 2,506 employees, with 2,490 being full-time and approximately 2,278 located in the U.S.[163]. - The workforce was approximately 51% racially/ethnically diverse and 53% female as of December 31, 2025[165]. - For leadership positions, 32% self-identified as racially/ethnically diverse and 40% self-identified as women[165]. - Women held 33% of the independent director seats on the company's Board as of December 31, 2025[165]. - The company is committed to recruiting and retaining a diverse team aligned with its values[166]. Compliance and Legal Matters - The company is subject to federal fraud and abuse laws, including the Anti-Kickback Statute and the False Claims Act, which impose significant compliance obligations[150][154]. - In January 2022, the company received a civil investigative demand from the U.S. Attorney for the Northern District of California regarding billing for its genetic tests[157]. - The company is subject to evolving data privacy and security laws that govern the collection and protection of health-related personal information[158]. Financial Position - As of December 31, 2025, the company had cash, cash equivalents, restricted cash, and marketable debt securities totaling $1.3 billion[535]. - The majority of the company's revenue is generated in the United States, with an insignificant amount from foreign currencies as of December 31, 2025[536]. - A hypothetical 10% change in foreign currency exchange rates would not be material to the company's financial condition or results of operations[536]. - The company has not entered into any hedging arrangements regarding foreign currency risk to date[536]. - A hypothetical 100 basis point increase or decrease in interest rates would have resulted in an immaterial decline or increase in the fair value of the company's investments[535]. Employee Engagement and Compensation - Employee engagement surveys are regularly utilized to assess the effectiveness of employee development and compensation programs[166]. - The company offers a comprehensive total rewards package, including market-competitive pay, equity grants, and various insurance benefits[167]. - The compensation programs are evaluated with an independent consultant to ensure competitiveness and fairness across the workforce[166]. - The company maintains a focus on strategic alignment of talent and performance rewards while managing costs[167].

FORM 6 - K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a - 16 or 15d - 16 of the Securities Exchange Act of 1934 As of February 18, 2026 TENARIS, S.A. (Translation of Registrant's name into English) 26, Boulevard Royal, 4th floor L-2449 Luxembourg (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or 40-F. Form 20-F ✓ Form 40-F ___ Date: February 18, 2 ...

Table of Contents Mirion Technologies, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 1218 Menlo Drive Atlanta, Georgia 30318 (Address of Principal Executive Office) (770) 432-2744 (Registrant's telephone number, including area code) 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 Decembe ...

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 Number 0-27512 CSG SYSTEMS INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Delaware 47-0783182 (State or ...

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 Number: 001-42002 ________________________________________ LKQ CORPORATION (Exact name ...

Washington, D.C. 20549 __________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION (State or other jurisdiction of incorporation or organization) (I.R.S Employer Identification No.) Delaware 38-2663964 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 File Number: 001-40392 DT Midstr ...