Revenue Growth - Total revenue for Q4 2025 reached $2,866.2 million, a 19% increase from $2,413.5 million in Q4 2024[2] - Total revenue for the year 2025 was $10,064.7 million, up 21% from $8,352.1 million in 2024[2] - Instruments and accessories revenue increased by 17% to $1,658.3 million in Q4 2025, compared to $1,411.5 million in Q4 2024[2] Da Vinci Surgical System Performance - Da Vinci Surgical System placements in the U.S. grew by 7% to 304 units in Q4 2025, while total placements for the year increased by 23% to 987 units[2] - Total worldwide procedures performed using the da Vinci system reached approximately 3,153 thousand in 2025, an 18% increase from 2,683 thousand in 2024[3] - The installed base of da Vinci systems increased by 12% to 11,106 units as of December 31, 2025[2] Pricing and Revenue Composition - The average selling price of systems rose by 5% to $1.68 million in Q4 2025, compared to $1.59 million in Q4 2024[2] - The company reported a total recurring revenue percentage of 81% for Q4 2025, up from 80% in Q4 2024[2] Trade-in and Ion System Placements - Unit placements involving trade-ins surged by 135% to 146 units in Q4 2025, compared to 62 units in Q4 2024[2] - Ion System placements decreased by 39% to 42 units in Q4 2025, down from 69 units in Q4 2024[2]

Revenue Guidance - Updated full year 2025 revenue guidance is projected to be approximately $2.425 billion to $2.445 billion, an increase from previous guidance of greater than $2.375 billion[9] - Initial full year 2026 revenue guidance is estimated to be between $2.54 billion and $2.56 billion[4] EBITDA Expectations - Adjusted EBITDA for fiscal year 2025 is expected to be between $318 million and $322 million, updated from greater than $300 million[9] - Normalized Adjusted EBITDA for fiscal year 2025 is expected to be between $298 million and $302 million[9] - The company has incurred substantial acquisition-related and integration costs, which are excluded from Adjusted EBITDA to provide a normalized view of core operations[12] Net Income Projections - Net income for fiscal year 2025 is projected to be approximately $181 million to $220 million[9] - The company does not provide guidance on net income due to volatility in certain inputs, including fair value adjustments related to interest rate swaps[4] Financial Results and Audits - The financial results presented are preliminary estimates and subject to adjustments upon completion of the annual audit[5] Operational Overview - Aveanna Healthcare operates in 38 states, providing a broad range of healthcare services including nursing and rehabilitation[23] Forward-Looking Statements - Forward-looking statements are based on current expectations and involve risks that may cause actual results to differ materially[25]

Financial Performance - Total revenue for Q4 2025 was $346.367 million, a 10% increase compared to Q4 2024's $353.850 million[7] - Net income for Q4 2025 was $78.733 million, up 30% from $71.413 million in Q4 2024[7] - The diluted net income per share (GAAP) for Q4 2025 was $0.70, a 13% increase from $0.63 in Q4 2024[7] - Net income for Q4 2025 was $86,455, compared to $75,804 in Q4 2024, reflecting a year-over-year increase of 8.7%[11] - Total revenue for the twelve months ended December 31, 2025, reached $1,063,152, an increase from $952,124 in 2024, marking an 11.7% growth[11] - Net income for the year ended December 31, 2024, was $328,095 million, compared to $252,397 million in 2023, reflecting a year-over-year increase of 29.9%[14] Revenue Sources - Net interest revenue increased by 13% year-over-year to $237.926 million from $233.629 million in Q4 2024[7] - Noninterest income for the year-to-date (YTD) was $909.107 million, a 12% increase from $827.368 million in the previous year[7] - Total noninterest income for the twelve months ended December 31, 2025, was $154,045, compared to $124,756 in 2024, showing a 23.5% increase[11] - Noninterest income for the year ended December 31, 2024, was $154,045 million, an increase from $124,756 million in 2023, representing a growth of 23.5%[14] Asset and Liability Management - Total assets increased to $28,002,554, up from $27,720,258 in the previous year, representing a growth of 1.02%[10] - Total deposits increased to $23,798,430, up from $23,460,975 in the previous year, reflecting a growth of 1.4%[10] - Total liabilities increased to $24,697,436 million in 2025, up from $24,453,514 million in 2024, showing a growth of 1.00%[12] - Total interest-bearing liabilities increased to $17,970,907 million in 2025, compared to $17,723,130 million in 2024, marking a growth of 1.40%[12] Efficiency and Profitability - The efficiency ratio (GAAP) improved to 54.40% in Q4 2025 from 56.69% in Q4 2024[7] - The return on common equity (GAAP) for Q4 2025 was 9.48%, up from 9.20% in Q4 2024[7] - The net interest margin (FTE) improved to 3.62% in 2025, up from 3.26% in 2024, indicating a positive trend in profitability[12] - The company reported a return on common equity (GAAP) of 9.48% for the fourth quarter of 2024, compared to 8.45% in the fourth quarter of 2023, indicating improved profitability[14] Credit Quality - Nonperforming assets (NPAs) decreased to $83.959 million from $93.290 million year-over-year[7] - Total nonaccrual loans amounted to $91,098, a decrease from $96,443 in the previous quarter, indicating a reduction of 5.4%[9] - Net charge-offs for Q4 2025 totaled $16,418, compared to $7,676 in Q3 2025, representing a significant increase of 113.5%[9] - Provision for credit losses for the fourth quarter of 2024 was $0.19, compared to $0.16 in the same quarter of 2023, indicating a slight increase in credit risk management[15] Shareholder Returns - The company declared cash dividends of $0.25 per common share, an increase from $0.24 in the previous year[7] - Basic earnings per common share for Q4 2025 was $0.71, compared to $0.61 in Q4 2024, representing a 16.4% increase[11] - The book value per common share (GAAP) increased to $30.17 in the fourth quarter of 2024, up from $28.89 in the fourth quarter of 2023, reflecting a growth of 4.4%[14]

Financial Performance - Total revenue for Q4 2025 was $346.367 million, a 10% increase compared to Q4 2024's $353.850 million[7] - Net income for Q4 2025 was $78.733 million, representing a 30% increase from $71.413 million in Q4 2024[7] - The diluted net income per share (GAAP) rose to $0.70, an increase of 13% from $0.63 in Q4 2024[7] - Net income for the fourth quarter of 2025 was $86,455, compared to $75,804 in the same quarter of 2024, reflecting a year-over-year increase of 8.7%[11] - Total revenue for the twelve months ended December 31, 2025, reached $1,063,152, an increase from $952,124 in 2024, marking an 11.7% growth[11] - Net income for the year ended December 31, 2024, was $328,095 million, compared to $252,397 million in 2023, reflecting a year-over-year increase of 29.9%[14] Revenue Components - Net interest revenue increased by 13% year-over-year to $237.926 million from $233.629 million in Q4 2024[7] - Net interest revenue for the fourth quarter of 2025 was $237,926, up from $210,333 in the fourth quarter of 2024, indicating a growth of 13.2%[11] - Noninterest income for the year-to-date (YTD) was $154.045 million, a 23% increase compared to $124.756 million in the previous year[7] - Total noninterest income for the twelve months ended December 31, 2025, was $154,045, compared to $124,756 in 2024, showing a significant increase of 23.5%[11] - Noninterest income for the year ended December 31, 2024, was $154,045 million, an increase from $124,756 million in 2023, representing a growth of 23.5%[14] Asset and Liability Management - Total loans increased to $19.384 billion, up from $18.176 billion in Q4 2024, marking a year-over-year growth of $1.208 billion[8] - Total assets increased to $28,002,554, up from $27,720,258 in the previous year, representing a growth of 1.02%[10] - Total assets reached $28,317,078 million in 2025, an increase from $27,854,820 million in 2024, marking a growth of 1.67%[12] - Total deposits increased to $23,798,430, up from $23,460,975 in the previous year, reflecting a growth of 1.4%[10] - Total liabilities increased to $24,697,436 million in 2025, up from $24,453,514 million in 2024, showing a growth of 1.00%[12] Efficiency and Profitability - The efficiency ratio (GAAP) improved to 54.40% from 56.69% in Q4 2024, indicating better cost management[7] - The return on common equity (GAAP) for Q4 2025 was 9.48%, up from 9.20% in Q4 2024[7] - The net interest margin (FTE) improved to 3.62% in 2025, up from 3.26% in 2024, indicating a positive trend in profitability[12] - The net interest-rate spread (FTE) improved to 2.88% in 2025, up from 2.31% in 2024, reflecting enhanced efficiency in interest income generation[12] - The company reported a return on common equity (GAAP) of 9.48% for the fourth quarter of 2024, compared to 8.45% in the fourth quarter of 2023, demonstrating improved profitability[14] Credit Quality - Nonperforming assets (NPAs) decreased to $93.498 million from $115.635 million in the previous year, reflecting improved asset quality[7] - Total nonaccrual loans amounted to $91,098, a decrease from $96,443 in the previous quarter, indicating a reduction of 5.4%[9] - The provision for credit losses for the fourth quarter of 2025 was $13,662, compared to $11,389 in the fourth quarter of 2024, representing a 20% increase[11] - Net charge-offs for the fourth quarter of 2025 totaled $16,418, compared to $7,676 in the previous quarter, indicating a significant increase of 113.3%[9] - Provision for credit losses was $0.19 for the fourth quarter of 2024, compared to $0.16 in the same quarter of 2023, indicating a slight increase in credit risk management[15] Shareholder Returns - The company declared a cash dividend of $0.25 per common share, an increase from $0.24 in Q4 2024[7] - Basic earnings per share for the fourth quarter of 2025 was $0.71, up from $0.61 in the same quarter of 2024, representing a growth of 16.4%[11] Operational Efficiency - The efficiency ratio (GAAP) improved to 54.40% in the fourth quarter of 2024, compared to 60.24% in the fourth quarter of 2023, showing enhanced operational efficiency[15] - Noninterest expenses (GAAP) for the year ended December 31, 2024, totaled $591,934 million, an increase from $578,167 million in 2023, reflecting a rise of 2.5%[14] - The tangible common equity to tangible assets ratio was 9.92% for the fourth quarter of 2024, up from 8.97% in the fourth quarter of 2023, reflecting a stronger capital position[15] Other Notable Events - The company experienced a loss on the sale of manufactured housing loans amounting to $27,209 million in the fourth quarter of 2024, which was a significant factor affecting overall performance[14]

Financial Performance - Total revenue for Q4 2025 was $346.367 million, a 10% increase compared to Q4 2024's $353.850 million[7] - Net income for Q4 2025 was $78.733 million, reflecting a 30% increase from $71.413 million in Q4 2024[7] - Diluted net income per share increased by 13% to $0.70 from $0.63 in Q4 2024[7] - Net income for Q4 2025 was $86,455, compared to $75,804 in Q4 2024, reflecting a year-over-year increase of 8.7%[11] - Total revenue for the twelve months ended December 31, 2025, reached $1,063,152, an increase from $952,124 in 2024, marking an 11.7% growth[11] Income Sources - Net interest revenue increased by 13% year-over-year to $237.926 million from $233.629 million in Q4 2024[7] - Noninterest income rose to $154.045 million, up 12% from $141.099 million in Q4 2024[7] - Net interest revenue for Q4 2025 was $237,926, up from $210,333 in Q4 2024, indicating a 13.2% increase[11] - Total noninterest income for the twelve months ended December 31, 2025, was $154,045, compared to $124,756 in 2024, a growth of 23.5%[11] Loan and Asset Growth - Total loans reached $19.384 billion, an increase of $1.208 billion compared to $18.176 billion in Q4 2024[8] - Owner occupied commercial real estate loans increased by $174 million year-over-year to $3.852 billion[8] - Loans and leases held for investment increased to $19,384,317, up from $18,175,980 in the previous year, a growth of 6.6%[10] - Total assets increased to $28,002,554, up from $27,720,258 in the previous year, representing a growth of 1.02%[10] Efficiency and Profitability Metrics - The efficiency ratio improved to 54.40% from 56.69% in Q4 2024[7] - Return on common equity (GAAP) improved to 9.48% from 9.20% in Q4 2024[7] - The net interest-rate spread (FTE) improved to 2.88% in 2025 from 2.31% in 2024, suggesting better management of interest-earning assets and liabilities[12] - The efficiency ratio (GAAP) improved to 54.40% in the fourth quarter of 2024, compared to 60.24% in the fourth quarter of 2023, showing enhanced operational efficiency[15] Asset Quality - Nonperforming assets decreased to $93.498 million from $115.635 million in Q4 2024[7] - Total nonaccrual loans amounted to $91,098, a decrease from $96,443 in the previous quarter, showing a reduction of 5.4%[9] - Net charge-offs for Q4 2025 totaled $16,418, compared to $7,676 in Q3 2025, representing a significant increase of 113.5%[9] Deposits and Liabilities - Total deposits rose to $23,798,430, compared to $23,460,975 in the previous year, reflecting a 1.4% increase[10] - Total liabilities rose to $24,697,436 million in 2025, compared to $24,453,514 million in 2024, reflecting increased borrowing[12] - Total borrowed funds decreased to $138,480 million in 2025 from $307,382 million in 2024, with a focus on reducing reliance on external financing[12] Shareholder Value - Basic earnings per common share for Q4 2025 was $0.71, compared to $0.61 in Q4 2024, an increase of 16.4%[11] - Shareholders' equity increased to $3,619,642 million in 2025 from $3,401,306 million in 2024, indicating improved financial health[12] - The book value per common share (GAAP) increased to $30.17 as of December 31, 2024, from $28.89 in 2023, reflecting a growth of 4.4%[14]

Financial Results Announcement - New Horizon Aircraft Ltd. announced its financial results for the quarter ended November 30, 2025, during an earnings call on January 14, 2026[4] - The press release detailing the financial results is included as Exhibit 99.1 in the Current Report[6] Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[3]

Financial Performance - Total net revenue for the year ended June 30, 2025, was $27,841,607, an increase from $20,215,245 in 2024, representing a growth of approximately 37.5%[506] - The company reported a net loss of $765,653 for the year ended June 30, 2025, compared to a net loss of $1,200,039 in 2024, indicating an improvement in financial performance[506] - The total assets as of June 30, 2025, were $4,110,737, a decrease from $4,511,386 in 2024, while total liabilities increased to $12,183,945 from $11,709,424[506] - Contract liabilities as of June 30, 2025, were $2,384,192, an increase from $2,225,461 in 2024, reflecting growth in unsatisfied performance obligations[521] Business Operations - The company enabled approximately $180 million of gross merchandise volume (GMV) across 521,500 projects in the first half of 2025, compared to $348 million across 0.99 million projects in 2024[500] - The company maintained an annual growth rate of about 30% since 2015, with a decline to 1.64% during the first half of 2025, reflecting challenges in user growth[494] - As of June 30, 2025, variable interest entities accounted for 34.01% of total assets and 99.95% of total liabilities, highlighting significant reliance on this structure[506] Strategic Initiatives - The company plans to enhance its artificial intelligence and big data technology capabilities to improve user experience and service offerings[497] - The company aims to selectively pursue acquisition and investment opportunities to integrate and refine its services, including local office sharing brands[504] - The company has a research and development team of 14 staff focused on improving the online marketplace and user matching accuracy[501] Revenue Recognition - The Company recognizes revenue from Premium Business Solutions upon customer acceptance, with service fees typically paid within one month after fulfillment[514] - Revenue from Online Promotion is recognized on a gross basis, with payments made in advance and amortized over the subscription period[516] - Value-Added Services revenue is recognized when the service has been rendered, with the Company acting as the primary obligor in contracts[517] - Shared office rental revenue is recognized on a straight-line basis over the lease term, regardless of actual cash receipts[518] - Digital marketing revenue is recognized when advertisements are posted, with service fees typically paid in advance[519] - The Company applies ASC 606 for revenue recognition, following a five-step process to determine revenue from contracts with customers[512] - The Company has not made any material changes to its accounting estimates or assumptions for the years ended June 30, 2025, and 2024[508] - The Company records revenue on a gross basis as it acts as a principal in its service offerings, assuming primary responsibility for the services rendered[515] - The Company has no material incremental costs of obtaining contracts with customers that need to be recognized as assets[522]

Financial Performance - Net interest income for the year ended December 31, 2025, was $60,096 million, an increase from $56,060 million in 2024[8] - Noninterest income reached $53,001 million for 2025, compared to $49,796 million in the previous year[8] - Total revenue, net of interest expense, was $113,097 million in 2025, up from $105,856 million in 2024[8] - Net income applicable to common shareholders for Q4 2025 was $29,055 million, a rise from $25,344 million in Q4 2024[8] - Diluted earnings per common share increased to $3.81 in Q4 2025, compared to $3.19 in the same quarter of 2024[8] - Net income for 2025 was $30,509 million, an increase of 5.7% from $26,973 million in 2024[10] - Earnings per common share rose to $3.86 in 2025, compared to $3.23 in 2024, indicating a growth of 19.5%[9] - Comprehensive income for 2025 was $35,268 million, compared to $29,476 million in 2024, reflecting an increase of 19.7%[10] Efficiency and Cost Management - The efficiency ratio improved to 61.65% in 2025 from 63.12% in 2024, indicating better cost management[8] - The efficiency ratio improved to 59.39% in the fourth quarter of 2025 from 62.59% in the third quarter of 2025[18] - The efficiency ratio improved to 51.97% in 2025 from 53.35% in 2024[22] - The efficiency ratio improved to 51.51% in 2025 from 49.91% in 2024, reflecting better cost management[26] - The efficiency ratio improved to 63.99% in 2025 from 63.85% in 2024, indicating better cost management[28] Assets and Liabilities - Total assets increased to $3,410,394 million as of December 31, 2025, compared to $3,403,149 million in the previous quarter[12] - Total liabilities rose to $3,107,151 million, compared to $3,100,712 million in the previous quarter[12] - Total deposits reached $2,018,729 million, an increase from $2,002,208 million in the previous quarter[12] - Total capital under the Standardized approach was $261,188 million, down from $263,433 million in the previous quarter[14] - Total capital under the Advanced approaches was $250,121 million, a decrease from $252,730 million in the prior quarter[14] Loans and Credit Quality - Total loans and leases at the end of the fourth quarter of 2025 amounted to $1,185,700 million, up from $1,165,900 million in the third quarter of 2025[19] - Total consumer loans reached $478,406 million in Q4 2025, with a net interest income of $6,874 million, reflecting a yield of 5.71%[15] - U.S. commercial loans increased to $455,781 million in Q4 2025, generating a net interest income of $5,934 million, with a yield of 5.17%[15] - Total nonperforming loans, leases, and foreclosed properties increased to $5,905 million as of December 31, 2025, up from $5,470 million in the previous quarter, representing an increase of 7.9%[35] - Nonperforming consumer loans and leases at the end of Q4 2025 were $2,576 million, a net increase of $45 million from the previous quarter[36] Shareholder Equity - The market capitalization at the end of 2025 was $396,686 million, up from $334,497 million in 2024[8] - Shareholders' equity at the end of 2025 was $303,243 million, up from $293,963 million in 2024, marking an increase of about 3.4%[42] - Tangible common shareholders' equity rose to $207,214 million in 2025, compared to $200,715 million in 2024, showing a growth of approximately 3.7%[42] - Book value per share of common stock increased to $38.44 in 2025 from $35.58 in 2024, reflecting a growth of approximately 8.3%[42] Credit Losses and Provisions - Provision for credit losses was $5,675 million in 2025, slightly down from $5,821 million in 2024, indicating a decrease of about 2.5%[42] - Total net charge-offs for Q4 2025 were $1,287 million, with a net charge-off ratio of 0.44%[37] - For the year ended December 31, 2025, total net charge-offs amounted to $5,631 million, reflecting a net charge-off ratio of 0.50%[38] - The allowance for loan and lease losses as of December 31, 2025, was $13,203 million, equating to 1.12% of total loans and leases[39] Digital Banking and Customer Engagement - Active digital banking users increased to 49,323 thousand in the fourth quarter of 2025, compared to 48,150 thousand in the same quarter of 2024[23] - New credit card accounts opened in the fourth quarter of 2025 totaled 3,531 thousand, compared to 901 thousand in the same quarter of 2024[23] - Consumer banking loan production for first mortgages in 2025 was $26,326 million, up from $21,104 million in 2024[23]

Financial Position - As of December 31, 2025, Nuvalent, Inc. reported approximately $1.4 billion in cash, cash equivalents, and marketable securities[4] - The reported cash amount is a preliminary, unaudited estimate and is subject to changes upon completion of year-end financial closing procedures[4] - The company emphasizes that the financial information does not present all necessary details for understanding its financial condition as of the reporting date[4] Forward-Looking Statements - Forward-looking statements regarding cash estimates are based on management's current expectations and are subject to various risks and uncertainties[6] - The company disclaims any obligation to update forward-looking statements beyond the date of the report[6]

Financial Performance - Total revenue for Q4 2025 was $21,292 million, a decrease of 1% from Q3 2025 and an increase of 4% year-over-year[4]. - Wells Fargo's net income for Q4 2025 was $5,361 million, down 4% from Q3 2025 but up 6% compared to Q4 2024[4]. - The diluted earnings per common share for Q4 2025 was $1.62, a decrease of 2% from Q3 2025 and an increase of 13% year-over-year[4]. - Net income for Q4 2025 was $5,361 million, a decrease of 4% year-over-year[12]. - Earnings per common share for Q4 2025 was $1.64, down 2% from Q3 2025 but up 13% year-over-year[12]. - For the year ended December 31, 2025, total revenue reached $83,699 million, an increase from $82,296 million in 2024, representing a growth of 1.7%[26]. - Net income for the year was $21,338 million, up from $19,722 million in 2024, marking an increase of 8.2%[26]. Credit Losses and Provisions - The provision for credit losses increased by 53% quarter-over-quarter to $1,040 million, while it decreased by 16% year-over-year[4]. - The provision for credit losses increased to $1,040 million from $681 million in the previous quarter, indicating a rise of 53%[22]. - The provision for credit losses for the year was $3,658 million, compared to $4,334 million in 2024, a decrease of 15.5%[26]. - The allowance for loan losses remained stable at $13,797 million, with no significant change from the previous quarter[16]. - The allowance for credit losses for loans was $1,071 million for the quarter ended December 31, 2025, an increase of $384 million from the previous quarter[51]. - The total allowance for credit losses for loans was $14,337 million, which is 1.45% of total loans as of December 31, 2025[52]. Assets and Liabilities - Total assets as of December 31, 2025, were $2,079,777 million, reflecting a 3% increase from Q3 2025 and an 8% increase year-over-year[9]. - Total liabilities rose to $1,895,933 million, a 4% increase from the previous quarter and 9% year-over-year[19]. - Total deposits reached $1,426,207 million, up 4% from the previous quarter and 4% year-over-year[16]. - Total common stockholders' equity increased to $164.651 billion, reflecting a 2% increase from the previous year[61]. Income and Expenses - Interest income for Q4 2025 was $22,602 million, a 1% increase from Q3 2025 and a 2% decrease year-over-year[12]. - Net interest income reached $12,331 million, reflecting a 3% increase from Q3 2025 and a 4% increase year-over-year[12]. - Noninterest expense totaled $13,726 million, a slight decrease of 1% from Q3 2025 and consistent year-over-year[12]. - Noninterest income decreased by 6% quarter-over-quarter to $8,961 million, but increased by 5% year-over-year[12]. Capital Ratios - Common Equity Tier 1 (CET1) ratio under the Standardized Approach was 10.6% as of December 31, 2025, down from 11.0% in Q3 2025[9]. - The total capital ratio was 14.3% as of December 31, 2025, compared to 14.8% in Q3 2025[9]. - The liquidity coverage ratio (LCR) was 119% as of December 31, 2025, down from 121% in Q3 2025[9]. Segment Performance - Net interest income in the Commercial Banking segment was $1,993 million, a 2% increase from the previous quarter[37]. - Total revenue for the Commercial Banking segment decreased by 6% to $11,978 million compared to the previous year[37]. - Net income for the Commercial Banking segment was $1,142 million, down 11% year-over-year[37]. - Total revenue for the Wealth and Investment Management segment was $4,360 million, reflecting a 4% increase from the previous quarter and a 10% increase year-over-year[45]. Customer Metrics - Digital active customers increased to 37.2 million, a 3% growth compared to the previous year[33]. - Debit card purchase volume reached $137.3 billion, reflecting a 5% increase year-over-year[33]. - Total mortgage banking income was $179 million, an 18% increase compared to $769 million for the year[33]. Nonperforming Assets - Total nonperforming assets increased to $8,503 million, representing 0.86% of total loans, up from $7,832 million (0.83%) in the previous quarter[54]. - Nonaccrual loans rose to $8,201 million, accounting for 0.83% of total loans, compared to $7,614 million (0.81%) in the prior quarter[54]. Miscellaneous - The company completed the acquisition of the remaining interest in its merchant services joint venture in April 2025, impacting card fees revenue[12]. - The company reclassified certain items on its balance sheet in Q4 2025, affecting the presentation of trading assets and liabilities[13].