Financial Performance - The company reported a net income of $600 million for the fiscal year, representing a 15% increase year-over-year[17]. - Radian Group reported consolidated pretax income from continuing operations of $791 million and net income of $618 million, or $4.39 per diluted share in 2025, compared to $846 million and $660 million, or $4.28 per diluted share in 2024[44]. - The company anticipates a revenue growth of 12% for the next fiscal year, driven by increased demand for mortgage insurance products[17]. - Radian Group's available holding company liquidity increased to $1.8 billion at December 31, 2025, up from $885 million at December 31, 2024, in preparation for the $1.67 billion Inigo acquisition[44]. - The company repurchased 13.4 million shares in 2025 at an average price of $32.06 per share, totaling $430 million[44]. - Radian Group increased its quarterly cash dividend by 4% from $0.245 to $0.255 per share, starting with the first quarter of 2025[44]. Insurance Operations - New insurance written (NIW) for the year totaled $5 billion, reflecting a 10% growth compared to the previous year[17]. - The persistency rate for insurance in force (IIF) remained strong at 85%, indicating stability in the company's portfolio[18]. - The company wrote $55.2 billion of new insurance written (NIW), increasing its insurance in force (IIF) from $275.1 billion at the end of 2024 to $282.5 billion at the end of 2025[44]. - In 2025, the company wrote $55.2 billion of first-lien Primary Mortgage Insurance, an increase from $52.0 billion in 2024, resulting in an Insurance in Force (IIF) of $282.5 billion at December 31, 2025, compared to $275.1 billion in 2024[51]. - The total direct Primary Mortgage Insurance Risk in Force (RIF) was $74.7 billion at December 31, 2025, up from $72.1 billion at the end of 2024[51]. Strategic Initiatives - The company plans to expand its market presence by entering three new states by the end of 2024, aiming for a 20% increase in market share[17]. - A new quota share reinsurance agreement was established in July 2023, expected to enhance capital efficiency by ceding 30% of NIW[17]. - The acquisition of Inigo Limited was completed for $500 million, expected to diversify the company's product offerings and enhance revenue streams[17]. - Radian entered into a definitive agreement to acquire Inigo, a Lloyd's specialty insurer, for $1.67 billion in a primarily all-cash transaction[154]. - The planned divestiture of Radian's Mortgage Conduit, Title, and Real Estate Services businesses is expected to be completed by the end of the third quarter of 2026[33]. Risk Management - The company anticipates potential losses from mortgage defaults beyond current reserves, indicating a need for careful risk management[26]. - Radian's mortgage insurance business utilizes reinsurance as a capital and risk management tool to lower the risk profile and financial volatility of its portfolio[137]. - The risk management framework includes a centralized Enterprise Risk Management function responsible for overseeing risk identification and mitigation across the organization[121]. - Radian's quality assurance function audits individual loan files to ensure compliance with underwriting guidelines, enhancing underwriting quality across its portfolio[134]. - The company faces risks related to the quality of third-party mortgage underwriting and servicing, which could impact financial results[21]. Market Conditions - Radian's financial performance is influenced by the health of the U.S. housing market, with economic conditions impacting the insurable mortgage market and credit performance[20]. - The mortgage insurance portfolio is affected by macroeconomic conditions, including interest rates, home prices, and unemployment, which influence borrowers' ability to pay their mortgages[71]. - The private mortgage insurance market was approximately 38% and 41% of the total insured mortgage market for 2025 and 2024, respectively[101]. - The default rate in the Mortgage Insurance business is subject to seasonality, with a historical fourth quarter increase in defaults and a first quarter decline[77]. - High levels of defaults and delays in foreclosures could increase the time a loan remains in the inventory of defaulted mortgage loans[81]. Regulatory Environment - Changes in regulatory requirements could impact Radian's ability to maintain capital levels necessary for compliance, affecting liquidity[21]. - Radian Guaranty is currently an approved mortgage insurer under the PMIERs, which impose comprehensive financial and operational requirements to ensure strong counterparty capacity[200]. - The PMIERs require that a mortgage insurer's Available Assets must meet or exceed its Minimum Required Assets, with increased financial requirements for defaulted loans and those with higher likelihoods of default[201]. - The federal government, through the FHFA and GSEs, plays a significant role in the U.S. housing finance system, influencing the strategic direction of housing finance[210]. - Legislative proposals for GSE reform have been debated since the FHFA became conservator in 2008, but no significant reform has advanced[209]. Technology and Innovation - The company is investing $100 million in technology development to improve underwriting processes and customer experience over the next two years[17]. - The company utilizes models, including AI and machine learning, for decision-making in underwriting and risk management, but actual results may vary from model predictions[26]. - The company employs various mathematical modeling methodologies, including AI and machine learning, to assist in decision-making across key areas such as underwriting and risk distribution[136]. - The company utilizes a "black box" pricing framework, allowing for dynamic pricing changes based on granular risk-based factors, which has become a predominant competitive factor in the mortgage insurance market[60]. - The company's pricing strategy aims to balance credit risk, profitability, and volume considerations, incorporating expected lifetime returns and projected economic value[53].

Industry Challenges - The company reported significant uncertainties in the energy industry, including fluctuations in global oil and natural gas prices, which could impact future performance [81]. - The management highlighted the ongoing transition to alternative energy sources as a critical factor affecting business conditions and growth expectations [81]. - The company has identified potential risks including fluctuations in oil prices and regulatory changes that could impact future performance [82]. Operational Efficiency - There are risks associated with the availability and increased costs of chartered vessels, which could affect operational efficiency [86]. - The company is committed to maintaining compliance with evolving environmental regulations, which may impact operational costs and strategies [86]. - The management is aware of the competitive nature of the industry and is strategizing to mitigate risks associated with contract cancellations and changes [86]. Financial Performance - The company reported a significant increase in revenue, with a year-over-year growth of 15% to $1.2 billion in the last quarter [81]. - Future financial performance will be influenced by the availability and terms of capital deployment, as well as currency exchange rate fluctuations [81]. - The company expects revenue growth to continue, projecting a 10% increase for the next quarter, driven by new product launches [81]. Technology and Innovation - The company is focused on enhancing its mobile robotics technology products, aiming to capture a larger market share in this segment [81]. - Investment in new technologies is set to increase by 25% in the upcoming fiscal year, focusing on mobile robotics and subsea solutions [81]. Market Expansion - The company plans to expand its market presence in Asia, targeting a 30% increase in sales in that region over the next two years [81]. - A strategic acquisition of a smaller competitor is anticipated to close by Q3 2026, expected to enhance service capabilities and market share [81]. Leadership and Governance - The executive team includes experienced leaders, such as Roderick A. Larson, who has been with the company since 2012 and serves as President and CEO [87]. - The executive team has undergone changes, with new appointments aimed at strengthening leadership in key operational areas [87]. - Catherine E. Dunn was appointed Vice President and Chief Accounting Officer in 2023, having joined Oceaneering in 2002 and served as Corporate Controller since 2012 [100]. - The board of directors includes M. Kevin McEvoy as Chair, with a diverse range of experience across various industries [101]. - Roderick A. Larson has been the President and CEO of Oceaneering since 2017, indicating stability in leadership [101]. - The company has a total of 15 directors as of February 13, 2026, reflecting a robust governance structure [102]. Cybersecurity - The company is enhancing its cybersecurity measures in response to increasing threats, with a budget increase of 15% allocated for this purpose [86]. Credit Market Monitoring - The company is actively monitoring credit market volatility, which could affect its financial stability and growth prospects [86].

FORM 8-K CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 20, 2026 22nd Century Group, Inc. (Exact Name of Registrant as Specified in Charter) Nevada 001-36338 98-0468420 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 321 Farmington Rd., Mocksville, North Carolina 27028 (Address of ...

Table of Contents 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 Commission file number: 0-27275 Akamai Technologies, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

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 001-37848 KINSALE CAPITAL GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 98-0664337 (State or ot ...

Business Segments - IDEXX operates through three reportable business segments: Companion Animal Group, Water Quality Products, and Livestock, Poultry, and Dairy[19]. - The company operates primarily through three business segments: Companion Animal Group, Water, and Livestock, Poultry and Dairy[203]. Companion Animal Group - The Companion Animal Group provides diagnostic solutions including point-of-care analyzers and veterinary software, enhancing veterinarians' ability to access patient data[20][21]. - The IDEXX VetLab suite includes analyzers like the Catalyst One and ProCyte One, which utilize AI for real-time diagnostic results[22]. - IDEXX launched the Cancer Dx Panel in North America in 2025, screening for lymphoma in dogs, with plans to expand to include mast cell tumor detection in 2026[32]. - The company anticipates launching the IDEXX Cancer Dx test for canine lymphoma internationally in the first half of 2026[32]. - The company aims to develop innovative point-of-care laboratory analyzers to drive sales and increase demand for consumable products, services, and accessories[102]. - The company plans to maintain premium pricing through effective communication and promotion of product value, despite competitors offering lower-priced alternatives[102]. - The companion animal healthcare industry is highly competitive, with increasing competition anticipated from both existing competitors and new entrants, impacting future growth and profitability[102]. Water Quality Products - Water quality products include tests like Colilert and Enterolert, which detect microbial contamination in water, used by government and private laboratories[44][45]. - The IDEXX Tecta system automates water testing workflows, allowing simultaneous testing of multiple samples with remote notification capabilities[49]. Livestock and Poultry Diagnostics - The company’s principal livestock and poultry diagnostic products include tests for Bovine Viral Diarrhea Virus, Porcine Reproductive and Respiratory Syndrome, and Transmittable Spongiform Encephalopathies, which impact production yields[51]. - The SNAP test platform is used by dairy producers and processors globally to detect antibiotic drug residue in milk, with primary products including SNAP Beta-Lactam ST and SNAPduo ST Plus[53]. Research and Development - Research and development expenses for the year ended December 31, 2025, were $251.2 million, representing 5.8% of consolidated revenue, compared to $219.8 million (5.6%) in 2024 and $191.0 million (5.2%) in 2023[58]. - The company invests significantly in research and development to enhance existing products and develop new offerings, but success is not guaranteed[123]. Manufacturing and Quality Standards - The company has a facility license from APHIS to manufacture USDA-licensed products at its Westbrook, Maine facility, which also covers its distribution center in Memphis, Tennessee[74]. - The company’s manufacturing and distribution facilities are certified to ISO 9001 quality standards, ensuring compliance with product safety and quality requirements[69]. - IDEXX's veterinary diagnostic instrument systems are required to meet CE certification, ensuring compliance with the RoHS Directive and other safety requirements[80]. Intellectual Property and Competition - The company actively seeks to protect its intellectual property through patents, copyrights, and trade secrets, although no single patent is deemed material to its overall business[59]. - The company competes with various companies in the veterinary diagnostic market, including Zoetis Inc. and Mars, Incorporated brands, focusing on product quality, diagnostic accuracy, and customer service[71]. - The company competes in the veterinary software and diagnostic imaging systems market primarily against Covetrus, Inc. in North America and the U.K.[76]. Supply Chain and Risks - The company relies on third-party suppliers for certain components and raw materials, with some being sole or single-source suppliers, which poses supply chain risks[64]. - The company relies on third-party suppliers for components and raw materials, which poses risks to supply chain stability and could negatively impact operating results[104]. - Manufacturing biologic products is complex, and the company faces challenges in maintaining adequate sources of biological materials and meeting regulatory requirements[111]. Regulatory Environment - Regulatory approvals from agencies like the USDA, FDA, and EPA are critical for the company's product sales, and delays could adversely affect growth and profitability[113]. - The company is subject to various chemical regulations, including California's Proposition 65 and EU regulations, which could impact product manufacturing and sales[115]. - Compliance with U.S. and foreign regulations may require redesigning products, potentially increasing costs and affecting margins[117]. - The company faces complex product registration requirements in multiple countries, which could hinder market access and negatively impact financial results[118]. - The introduction of AI-related regulations in the U.S. and Europe may impose additional compliance costs and operational challenges[120]. Financial Performance - For the year ended December 31, 2025, recurring diagnostic revenue accounted for approximately 79% of the company's consolidated revenue[211]. - Approximately 36% of the company's overall revenue for the year ended December 31, 2025, was attributable to sales of products and services to customers outside the U.S.[142]. - The company has no intention to declare or pay dividends at this time[197]. - Historical stock performance shows IDEXX's total stockholder return was $111.04 in 2023, compared to $100.00 in 2020[200]. Employee and Workplace Culture - The company employs approximately 11,000 regular full-time and part-time employees across 34 countries, with a gender distribution of 41% men and 59% women[87]. - The company promotes a culture of inclusion and equal opportunity, aiming to attract and retain talented employees aligned with its purpose[86]. - The company regularly conducts employee surveys to gather insights on culture and workplace conditions, maintaining a strong level of employee engagement[95]. Cybersecurity - The cybersecurity risk management program includes regular assessments, employee training, and incident response protocols to mitigate potential threats[178]. - The company has engaged third parties for penetration testing and program assessments to enhance its cybersecurity measures[180]. - The Audit Committee oversees the cybersecurity risk management program, reviewing processes and risks at least annually[185]. - The company has experienced cybersecurity attacks in the past, but none have resulted in material adverse impacts on business or financial condition[138]. Economic and Market Conditions - A weak worldwide economy could lead to reduced demand for the company's products and services, particularly in the companion animal veterinary industry[145]. - Economic weakness may cause veterinarians to defer purchasing capital items, which could adversely affect sales growth of diagnostic products and services[146]. - Changes in testing patterns, such as the introduction of vaccines, could decrease demand for diagnostic tests, adversely affecting revenue[131]. - Increased competition from new entrants and technological advancements could negatively impact sales and profitability[127]. - Economic conditions and public health directives may lead to reduced demand for veterinary services and products, impacting overall sales[131]. Currency and Geopolitical Risks - Changes in foreign currency exchange rates could impact the company's results of operations due to the mix of domestic and international sales[144]. - The company faces risks associated with geopolitical conditions that could negatively affect international sales and operations[142]. - A strengthening U.S. dollar negatively impacts the dollar value of international sales, with 23% of consolidated revenue from products sold in local currencies[167]. - The company's foreign currency hedging activities may not fully offset adverse financial effects from unfavorable currency movements[168]. Environmental and Compliance Issues - IDEXX's operations are subject to various environmental, health, and safety laws, with significant ongoing compliance costs expected to increase, particularly in the European Union[96]. - The company has developed a greenhouse gas emissions reduction strategy and tracks environmental impact metrics, including greenhouse gas emissions and energy consumption[97]. - Compliance with environmental, social, and governance regulations is critical, as failure to meet these standards could adversely affect the company's reputation and financial condition[155]. - Climate change poses physical risks that could disrupt operations and supply chains, leading to increased costs and potential revenue impacts[160]. Debt and Financial Obligations - The company faces risks related to its debt agreements, which may increase borrowing costs and limit operational activities if future cash flows are insufficient to meet obligations[170]. - The company has a variable-rate Credit Facility, exposing it to interest rate risk; an increase in interest rates could raise debt service obligations[173].

Financial Performance - Kforce's Technology business represents 93% of overall revenues, with total revenues decreasing 4.8% year-over-year to $1.2 billion in 2025[33]. - Revenue for the year ended December 31, 2025, decreased 5.4% to $1.33 billion from $1.41 billion in 2024, primarily due to decreases in consultants on assignment[133]. - Flex revenue decreased 5.3% to $1.30 billion in 2025 from $1.38 billion in 2024, with Technology Flex revenue decreasing 4.7% and FA Flex revenue decreasing 12.8%[133]. - Direct Hire revenue decreased 11.1% to $25.7 million in 2025 from $28.9 million in 2024[133]. - Net income for the year ended December 31, 2025, decreased 30.9% to $34.8 million, or $1.96 diluted earnings per share, from $50.4 million, or $2.68 diluted earnings per share, in 2024[133]. - Selling, General and Administrative expenses as a percentage of revenue increased to 23.0% from 22.0% in 2024, primarily due to declines in revenue and gross profit[133]. - The firm experienced a decline in gross profit margin, decreasing 20 basis points to 27.2% in 2025 from 27.4% in 2024[133]. - The company's net income for 2025 was $34,825,000, down 30.9% from $50,414,000 in 2024[192]. - The effective tax rate for 2025 was 25.8%, slightly up from 25.4% in 2024[152]. - Cash provided by operating activities was $61.645 million in 2025, down from $86.874 million in 2024, primarily due to lower profitability levels[161]. Market Position and Strategy - The technology temporary staffing industry is projected to generate revenues of $38 billion in 2026, with Kforce holding approximately 3% market share[43]. - Kforce's integrated strategy aims to enhance service delivery and accelerate revenue growth, targeting an operating margin of approximately 8% at $1.7 billion in annual revenues[49]. - Kforce focuses on technology staffing and solutions, with over 93% of its business concentrated in this area, enhancing its competitive advantage[53]. - Kforce's strategic partnerships with market leaders like Microsoft and Workday are expected to enhance operational efficiency through AI integration[51]. - The staffing industry is highly competitive, with significant pricing pressures and limited barriers to entry for new competitors, impacting Kforce's market share[74]. Operational Developments - The company established a development center in Pune, India, in January 2025 to enhance its offshore delivery capabilities[22]. - Kforce's commitment to employee well-being includes flexible work environments and comprehensive health and wellness programs[64]. - Kforce's strategic initiatives, including technological transformation and the establishment of an India development center, aim to enhance service offerings and profitability[75]. Economic and Regulatory Risks - The unemployment rate increased to 4.4% in December 2025, indicating broader economic uncertainty, yet demand for skilled professionals in technology remains strong[44]. - Kforce faces risks related to economic fluctuations, which can significantly affect demand for its services and overall financial performance[70]. - The company is subject to immigration regulations that could restrict the hiring of skilled foreign nationals, impacting its ability to meet client needs[92]. - Kforce's business model may be adversely affected by reclassification of independent contractors, leading to potential retroactive wages and tax liabilities[94]. - Increases in payroll-related costs could negatively impact financial results, as the company may struggle to raise client fees in response[95]. - The company is exposed to tax audits and changes in tax laws, which could affect its tax obligations and effective tax rate[96]. - Kforce's operations could be impacted by government regulations affecting the workplace, potentially increasing costs and compliance burdens[97]. Financial Management and Shareholder Returns - Kforce has returned $1.1 billion to shareholders since 2007, indicating a strong commitment to shareholder value[23]. - The firm returned $76.0 million of capital to shareholders, including $48.5 million in open market repurchases and $27.5 million in quarterly dividends[133]. - The Board declared dividends of $27.493 million in 2025, reflecting a per-share dividend of $1.56[163]. - In January 2026, the Board approved an increase in the dividend to $1.60 per share, marking the seventh consecutive annual increase[164]. - The company repurchased 1,205,000 shares for $48,552,000 in 2025, with $97.2 million remaining available for future repurchases under the stock repurchase program[167]. Challenges and Concerns - Kforce's dependence on key management and operating employees is critical; losing any key executive could adversely affect strategic priorities and financial objectives[85]. - Cybersecurity risks are a significant concern, with potential unauthorized access to sensitive information that could disrupt operations and harm financial results[86]. - Kforce relies on third-party suppliers for consultants, and any economic or regulatory changes could hinder their ability to provide necessary services, impacting client satisfaction and market expansion[81]. - The company faces risks from third-party software providers, including potential downtime and misalignment with business needs, which could lead to increased costs and operational inefficiencies[82]. - A hypothetical 10% increase in interest rates would increase annual interest expense by less than $500,000 based on the outstanding amount under the Credit Facility[180]. Financial Metrics and Ratios - Total assets increased to $365,638 thousand in 2025 from $357,834 thousand in 2024, representing a growth of 0.8%[195]. - Total liabilities increased to $241,035 thousand in 2025 from $203,216 thousand in 2024, reflecting an increase of 18.6%[195]. - Stockholders' equity decreased to $124,603 thousand in 2025 from $154,618 thousand in 2024, a decline of 19.4%[195]. - Cash and cash equivalents rose significantly to $2,142 thousand in 2025 from $349 thousand in 2024, marking a substantial increase of 512.6%[200]. - Capital expenditures for 2025 were $14,840 thousand, significantly higher than $7,573 thousand in 2024, an increase of 96.0%[200].

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 _____________ 001-13106 (Essex Property Trust, Inc.) 333-44467-01 (Essex Portfolio, L.P.) (Commission File Number) ESSEX PROPERTY TRUST, INC. ESSEX ...

Financial Performance - U.S. Consumer net sales for the first quarter were $328.5 million, reflecting a 4% decrease compared to the prior year[22] - GAAP gross margin rate improved by 90 basis points to 25.0%, while non-GAAP adjusted gross margin rate also improved by 90 basis points to 25.4%[8] - GAAP net loss from continuing operations was $0.83 per share, an improvement of $0.32 per share compared to the prior year[8] - Non-GAAP adjusted EBITDA for the quarter was $3.0 million, an increase of $2.1 million over the prior year[8] - The U.S. Consumer segment reported a segment profit of $9.0 million, down 8% from the previous year[22] - The net loss from continuing operations for the three months ended December 27, 2025, was $47.8 million, compared to a net loss of $66.1 million in the same period of 2024[26] - Adjusted EBITDA for the three months ended December 27, 2025, was $3.0 million, up from $0.9 million in the same period of 2024[26] - The company reported a diluted net loss per common share from continuing operations of $0.83 for the three months ended December 27, 2025, compared to $1.15 in the same period of 2024[26] Guidance and Future Expectations - The company reaffirmed its fiscal 2026 guidance, including non-GAAP adjusted net income per share from continuing operations projected between $4.15 and $4.35[15] - The company anticipates free cash flow of $275 million, which will drive the leverage ratio down to the high 3's[15] Asset and Liability Management - Total assets decreased to $3,034.0 million in December 2025 from $3,170.2 million in December 2024, a decline of approximately 4.3%[24] - Total current assets increased to $1,257.2 million in December 2025, compared to $940.3 million in September 2025, reflecting a growth of approximately 33.7%[24] - Long-term debt decreased to $2,250.2 million in December 2025 from $2,636.9 million in December 2024, a reduction of approximately 14.7%[24] - The current portion of debt increased significantly to $278.3 million in December 2025 from $54.6 million in December 2024[24] - The total liabilities decreased to $3,534.6 million in December 2025 from $3,649.7 million in December 2024, a decline of approximately 3.1%[24] Discontinued Operations - The planned divestiture of the Hawthorne subsidiary is expected to close in the fiscal second quarter, with the business classified as a discontinued operation[2] - The Company has classified the Hawthorne business as held for sale, impacting its financial statements for all periods presented[43] - Effective in the first quarter of fiscal 2026, the results of operations for the Hawthorne business will be reflected as a discontinued operation[43] - The Company incurred a loss from discontinued operations of $77.2 million for the three months ended December 27, 2025, compared to $3.4 million in the same period of 2024[42] - The decision to classify the Hawthorne business as held for sale was made during the three months ended December 27, 2025[43] Accounting and Reporting Practices - The Company does not provide a GAAP outlook due to the unpredictability of certain excluded items, which could significantly impact GAAP results[43] - Forward-looking non-GAAP measures are presented, but no reconciliation to GAAP measures is provided due to unreasonable efforts[43] - The reclassification of the Hawthorne business affects the Condensed Consolidated Balance Sheets for all periods presented[43] - Management does not forecast many of the excluded items for internal use, complicating the creation of a GAAP outlook[43] - The Company emphasizes that changes in excluded items are dependent on future events that are less predictable[43] - The classification of the Hawthorne business aligns with the criteria for being held for sale as per accounting standards[43] - The Company aims to ensure the accuracy of its financial reporting while navigating the complexities of non-GAAP measures[43] Shareholder Returns - A share repurchase program of up to $500 million has been approved, expected to commence in late 2026[3] Leverage and Financial Ratios - Net leverage improved to 4.03x, a reduction of 0.49x compared to the previous year[8]

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 001-38434 Dropbox, Inc. (Exact name of registrant as specified in its charter) Nevada 26-0138832 (State or other jurisdict ...