Financial Performance - BWX Technologies reported a fourth quarter 2025 net income of $93.7 million, with diluted non-GAAP EPS of $1.08, representing a 17% increase year-over-year[4]. - For the full year 2025, BWX Technologies achieved a net income of $329.9 million and diluted non-GAAP EPS of $4.01, up 20% from 2024[4]. - BWXT's total net income attributable to the company for the year ended December 31, 2025, was $368.0 million, compared to $84.7 million in 2024, representing a substantial increase of approximately 334.5%[36][35]. - The company's Diluted Earnings per Common Share (EPS) for the year ended December 31, 2025, was $4.01, up from $0.92 in 2024, indicating a significant increase of approximately 336.9%[36][35]. - Basic earnings per share for 2025 rose to $3.59, up from $3.08 in 2024, marking an increase of 16.5%[53]. - Operating income for the year ended December 31, 2025, was $404,459 thousand, compared to $380,607 thousand in 2024, indicating a growth of 6.2%[53]. Revenue Growth - Revenue for Q4 2025 was $885.8 million, a 19% increase compared to Q4 2024, with commercial operations revenue growing by 95%[5]. - Full year revenue reached $3.198 billion, an 18% increase from 2024, driven by growth in both government and commercial operations[5]. - Revenues for the year ended December 31, 2025, increased to $3,198,425 thousand, up from $2,703,654 thousand in 2024, representing a growth of 18.3%[53]. - Total revenues for the year 2025 were $3,198,425,000, a 18.3% increase from $2,703,654,000 in 2024[61]. - Total revenues for Q4 2025 reached $885,842,000, a 18.7% increase from $746,266,000 in Q4 2024[61]. Backlog and Bookings - The company ended 2025 with a backlog of $7.3 billion, reflecting a 50% year-over-year growth driven by significant awards in naval propulsion and commercial nuclear power[4]. - The company reported a total backlog of $7,260,692,000, a significant increase from $4,842,460,000 year-over-year[61]. - Total bookings for the year reached $5,359,903,000, up from $3,549,096,000 in the previous year, reflecting strong demand[61]. Cash Flow and Capital Expenditures - Operating cash flow for 2025 was $479.8 million, a 17% increase from the previous year, while capital expenditures rose by 20% to $184.6 million[4]. - Free cash flow for the year ended December 31, 2025, was $295.3 million, an increase from $254.8 million in 2024[50]. - Cash provided by operating activities for 2025 was $479,848 thousand, an increase from $408,428 thousand in 2024, representing a growth of 17.4%[55]. - Capital expenditures for Q4 2025 totaled $70,192,000, compared to $52,520,000 in Q4 2024, indicating increased investment in operations[61]. - Government Operations capital expenditures increased to $38,472,000 from $28,050,000, highlighting ongoing investment in this segment[61]. Strategic Initiatives and Acquisitions - BWX Technologies expanded its service and product offerings through two acquisitions in 2025, enhancing its competitive position in the market[3]. - The company incurred restructuring and transformation costs of $29.6 million in 2025, aimed at optimizing business processes and implementing strategic initiatives[26]. - BWXT's acquisition-related costs for the year were $10.6 million, associated with integrating acquired businesses into its operations[27]. - The company anticipates growth opportunities in its reportable segments, particularly in medical radioisotopes and small modular reactor (SMR) components, as part of its strategic initiatives[28]. Operational Efficiency - BWXT reported a Free Cash Flow (FCF) conversion rate, calculated as free cash flow divided by net income, which provides insight into the company's operational efficiency[25]. - The effective tax rate for the year ended December 31, 2025, was 20.4%, compared to 18.9% for the previous year, indicating a slight increase in tax obligations[36][35]. - BWXT's adjusted EBITDA for the year ended December 31, 2025, was $475.7 million, reflecting the company's strong operational performance[36]. - Adjusted EBITDA for the year ended December 31, 2025, was $574.3 million, compared to $513.6 million in 2024[44]. Employee and Facility Information - The company has approximately 10,000 employees and operates 15 manufacturing facilities globally, supporting its strategic partnerships with the U.S. and Canadian governments[29].

Adam Anderson, CEO, commented, "We delivered a strong finish to 2025, with revenues exceeding the high end of our guidance range due to higher-than-expected subsea deliveries, revenue synergies from the DWS and Citadel acquisitions, and new product introductions. Despite a softer macro environment, we continued to grow market share across the U.S. Land, Offshore, and International markets while also generating substantial Free Cash Flow. During the quarter, we successfully deployed our tenth XPak expandable ...

Financial Performance - Revenue for Q4 2025 was $274 million, representing a 14% increase quarter over quarter[4] - Net Income for Q4 2025 was $14 million, with a Net Income Margin of 5%[4] - Adjusted EBITDA for Q4 2025 was $52 million, yielding an Adjusted EBITDA Margin of 19%[4] - Free Cash Flow for Q4 2025 was $43 million, and $156 million for the full year 2025[4] - Revenues for the three months ended December 31, 2025, were $273,602 thousand, an increase from $240,000 thousand in the previous quarter, representing a growth of 14%[19] - Net income for the twelve months ended December 31, 2025, was $83,298 thousand, compared to $140,325 thousand in the previous year, reflecting a decrease of 40.6%[19] - Adjusted EBITDA for the twelve months ended December 31, 2025, was $188,285,000, up from $138,501,000 in the previous year, representing a 36% increase[41] - Free Cash Flow for the twelve months ended December 31, 2025, was $155,780,000, compared to $79,845,000 in the previous year, indicating a growth of 95%[40] Cash and Assets - The company ended 2025 with approximately $203 million in cash and no bank debt, providing significant financial flexibility[4] - Cash and cash equivalents increased to $203,407 thousand as of December 31, 2025, from $163,374 thousand at the end of the previous quarter, a rise of 24.5%[21] - Total assets as of December 31, 2025, amounted to $1,268,307 thousand, up from $1,253,910 thousand as of September 30, 2025, indicating a growth of 1.3%[21] Liabilities and Equity - Total liabilities decreased to $210,608 thousand as of December 31, 2025, from $214,956 thousand as of September 30, 2025, a reduction of 2.0%[21] - The company's ending equity as of December 31, 2025, was $1,057,699,000, an increase from $958,156,000 in the previous year[38] Operational Highlights - The company successfully completed its tenth XPak installation in Brazil's pre-salt fields, indicating strong operational momentum[4] - North America Onshore revenue for the three months ended December 31, 2025, was $138,743,000, a 5.7% increase from $131,929,000 in the previous quarter[41] - International & Offshore revenue for the three months ended December 31, 2025, was $134,859,000, a 24.9% increase from $108,071,000 in the previous quarter[41] Future Outlook - Innovex expects Q1 2026 revenue to be between $225 million and $235 million, with Adjusted EBITDA projected at $38 million to $42 million[10] - The company is focused on expanding its addressable market through new product introductions and international growth[6] - Innovex is actively pursuing M&A opportunities to enhance its capital allocation strategy[8] Profitability Metrics - Innovex's Return on Capital Employed (ROCE) for the full year 2025 was 10%[9] - The net income as a percentage of revenue for the three months ended December 31, 2025, was 5%, down from 16% in the previous quarter[41] - The adjusted EBITDA margin for the twelve months ended December 31, 2025, was 19%, compared to 21% in the previous year[41] Costs and Expenses - The company incurred acquisition and integration costs of $17,518 thousand for the twelve months ended December 31, 2025, down from $33,300 thousand in the previous year, indicating a decrease of 47.4%[19]

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 001-05647 ______________________________________________________ MATTEL, INC. (E ...

Table of Contents 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 001-37635 AXSOME THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware (State or ot ...

Fourth Quarter 2025 Update CANNAE HOLDINGS, INC. / FOURTH QUARTER 2025 UPDATE Forward-Looking Statements and Risk Factors This communication contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions, or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and informatio ...

Table of Contents 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 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-20574 THE CHEESECAKE FACTORY INCORPORATED (Exact name of registrant as specified in its charter) Delaware 51-0340466 (State or other jurisdiction (I.R.S. Employer ...

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 No. 001-35083 NOVANTA INC. (Exact name of registrant as specified in its charter) New Brunswick, Canada 98-0110412 (State or other jurisdiction of incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 1-5103 BARNWELL INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Delaware 72-0496921 (State or other jurisdiction of incorporation or organization) (I. ...

Financial Performance - Total revenues for the year ended December 31, 2025, were $266.0 million, with net income attributable to common stockholders of $114.4 million, or $3.93 per diluted share[6] - Total revenues for the year ended December 31, 2025, were $265,955,000, a decrease of 13.7% compared to $308,517,000 in 2024[26] - Net income attributable to common stockholders for the year ended December 31, 2025, was $114,435,000, down 28.4% from $159,857,000 in 2024[26] - Funds From Operations (FFO) attributable to common stockholders (diluted) for the year ended December 31, 2025, was $192,356,000, a decrease of 16.5% from $230,241,000 in 2024[28] - Normalized FFO for the year was $193.5 million, or $6.82 per diluted share, while AFFO was $205.4 million, or $7.24 per diluted share[4] - Adjusted Funds From Operations (AFFO) attributable to common stockholders (diluted) for the year ended December 31, 2025, was $205,412,000, down 19.7% from $256,144,000 in 2024[28] - The company reported a net loss on the sale of real estate of $326,000 for the year ended December 31, 2025[28] Dividends and Shareholder Returns - The company declared dividends totaling $7.60 per share for the year, having paid over $1.1 billion in common stock dividends since inception[6] - The weighted average shares outstanding for diluted common stock were 28,303,530 for the year ended December 31, 2025[28] Liquidity and Debt - The company closed on a new three-year, $100.0 million secured revolving credit facility, with outstanding borrowings of $75.0 million as of December 31, 2025[19] - Total liquidity was reported at $107.6 million, consisting of cash and cash equivalents and availability under the revolving credit facility[19] - The debt to total gross assets ratio was 14%, with total gross assets amounting to $2.7 billion[19] - Total liabilities increased to $522,854,000 as of December 31, 2025, compared to $441,987,000 in 2024, reflecting a rise of 18.3%[24] - Cash and cash equivalents decreased significantly to $47,597,000 in 2025 from $146,245,000 in 2024, a decline of 67.5%[24] - Debt is calculated as the sum of the carrying value of the Notes due 2026 and the Revolving Credit Facilities as of December 31, 2025[37] Operational Metrics - The company executed leases for 337,000 square feet in Q4 2025 and Q1 2026 to date, representing 4% of the total portfolio's rentable square feet[6] - The company experienced a 13.1% decrease in total revenues for Q4 2025 compared to Q4 2024, primarily due to a decrease in rental revenue[14] - Total assets as of December 31, 2025, were $2,370,858,000, a slight decrease from $2,378,047,000 in 2024[24] Strategic Investments - As of December 31, 2025, the company had funded $150.0 million of its strategic investment in IQHQ, Inc., with a commitment to fund an additional $120.0 million[9] Financial Reporting and Comparability - IIP's computation of FFO, Normalized FFO, and AFFO may differ from other equity REITs, indicating potential non-comparability[36] - FFO, Normalized FFO, and AFFO should not be considered as alternatives to net income or cash flow from operating activities, highlighting their limitations as financial performance indicators[36] - For the year ended December 31, 2024, FFO (diluted), Normalized FFO, and AFFO include the dilutive impact of the assumed full exchange of the Exchangeable Senior Notes for shares of common stock[35] - The Exchangeable Senior Notes matured in February 2024, impacting the financial metrics reported[35] Future Outlook - The company plans to continue focusing on core real estate operations and improving operational performance metrics such as FFO and AFFO[30]