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 1-5684 W.W. Grainger, Inc. (Exact name of registrant as specified in its charter) Illinois 36-1150280 (State or other juri ...

Dropbox Announces Fourth Quarter and Fiscal 2025 Results Fourth Quarter GAAP Operating Margin of 25.5% and Non-GAAP Operating Margin of 38.2% Net Cash Provided by Operating Activities of $235.4 Million and Unlevered Free Cash Flow of $250.5 Million Revenue of $636.2 Million, down 1.1% year-over-year; excluding FormSwift, up 0.4% year-over-year Fiscal 2025 GAAP Operating Margin of 27.3% and Non-GAAP Operating Margin of 40.6% Net Cash Provided by Operating Activities of $951.8 Million and Unlevered Free Cash ...

Financial Performance - Gross premiums written decreased by 11% to $156.8 million for Q4 2025 compared to $176.3 million in Q4 2024[4] - Net premiums earned slightly decreased by 1% to $188.5 million for Q4 2025 from $190.2 million in Q4 2024, while annual net premiums earned increased by 2% to $761.9 million[4] - The company reported a net loss of $23.4 million in Q4 2025, a significant decline from a net income of $28.3 million in Q4 2024, representing a 183% decrease[4] - Adjusted net income for Q4 2025 was $14.5 million, down 49% from $28.7 million in Q4 2024[4] - Net income for the three months ended December 31, 2025, was a loss of $23.4 million, compared to a profit of $28.3 million in the same period of 2024[11] - Adjusted net income for the year ended December 31, 2025, was $21.8 million, down from $94.0 million in 2024[11] - Basic earnings per share (EPS) for Q4 2025 was $(1.06), compared to $1.14 in Q4 2024, indicating a significant decline[22] Investment Income - Net investment income increased by 18% to $31.4 million in Q4 2025, up from $26.7 million in Q4 2024, and annual net investment income rose by 9% to $116.7 million[4] - The company reported net realized and unrealized gains on investments of $49.7 million in Q4 2025, compared to $0.4 million in Q4 2024, indicating a significant improvement[22] Assets and Equity - Total assets decreased by 3% to $3,436.6 million as of December 31, 2025, compared to $3,541.3 million as of December 31, 2024[7] - Stockholders' equity fell by 11% to $955.7 million in 2025 from $1,068.7 million in 2024[7] - The average stockholders' equity for the year ended December 31, 2025, was $1,012.2 million, down from $1,041.3 million in 2024[11] - Stockholders' equity decreased to $955.7 million in 2025 from $1,068.7 million in 2024, a decline of approximately 10.5%[19] Underwriting Performance - The combined ratio excluding LPT increased to 106.8% in Q4 2025 from 95.5% in Q4 2024, indicating a decline in underwriting performance[4] - The GAAP combined ratio for the three months ended December 31, 2025, was 106.1%, compared to 95.5% in 2024, indicating a decline in underwriting performance[13] - The loss and LAE ratio for the three months ended December 31, 2025, was 71.3%, up from 59.5% in the same period of 2024[13] Shareholder Returns - Cash dividends declared per share increased by 7% to $0.32 in Q4 2025 from $0.30 in Q4 2024[4] - Cash dividends declared per share rose to $1.26 in 2025 from $1.18 in 2024, an increase of 6.8%[19] - The book value per share increased by 8% to $46.98 in 2025 from $43.52 in 2024[7] - Book value per share increased by 10.8% to $46.98 in 2025 from $43.52 in 2024[19] - Adjusted book value per share was $50.95 in 2025, slightly up from $50.71 in 2024, showing a modest increase[19] Share Count - Average common shares outstanding (basic) decreased to 21,922,345 in Q4 2025 from 24,725,425 in Q4 2024, a reduction of approximately 11.5%[22] Other Financial Metrics - Total investments and cash as of December 31, 2025, amounted to $2,498.8 million, a decrease from $2,532.4 million in 2024[17] - The weighted average ending book yield on fixed income securities, cash, and cash equivalents was 4.9% as of December 31, 2025, compared to 4.5% in 2024[17] - The impact of the LPT Agreement on net income was a loss of $1.4 million in Q4 2025, compared to a gain of $0.1 million in Q4 2024[22] - Net unpaid losses and LAE at the end of the period for December 31, 2025, were $1,419.3 million, unchanged from the previous year[15] - The company reported a return on stockholders' equity of (2.3)% for the three months ended December 31, 2025, compared to 2.6% in 2024[11]

Exhibit 99.1 Onto Innovation Reports 2025 Fourth Quarter and Full Year Results Wilmington, Mass., February 19, 2026 – Onto Innovation Inc. (NYSE: ONTO) ("Onto Innovation," "Onto," or the "Company") today announced financial results for the fourth quarter and full year 2025. Fourth Quarter and Full Year Business and Financial Highlights: "2025 concluded on a strong note for Onto Innovation, highlighted by record revenue for both the fourth quarter and the full year, the successful acquisition of select produ ...

Revenue Performance - Total revenue for the year ended December 31, 2025, was $1,607,095, a decrease from $1,712,802 in 2024 and an increase from $1,512,764 in 2023[18] - North and Latin America (NLA) segment revenue was $558,033, accounting for 34.7% of total revenue, while the Europe and Sub-Saharan Africa (ESSA) segment generated $486,900, representing 30.3%[18] - The Middle East and North Africa (MENA) segment revenue increased to $363,616, making up 22.6% of total revenue, while the Asia-Pacific (APAC) segment revenue decreased to $198,546, contributing 12.4%[18] - Revenue is primarily derived from services and product sales to customers in the oil and gas industry, with no single customer accounting for more than 10% of revenue for the year ended December 31, 2025[45] - One customer accounted for approximately 10.5% and 12.5% of revenue in the years ended December 31, 2024 and 2023, respectively[45] - Revenue for the year ended December 31, 2025 decreased by $105.7 million, or 6.2%, to $1,607.1 million compared to $1,712.8 million for the year ended December 31, 2024[190] - NLA revenue was $558.0 million for the year ended December 31, 2025, a decrease of $8.0 million, or 1.4%, compared to 2024[205] - ESSA revenue decreased to $486.9 million for the year ended December 31, 2025, down $77.5 million, or 13.7%, compared to 2024[207] - MENA revenue increased to $363.6 million for the year ended December 31, 2025, an increase of $31.4 million, or 9.5%, compared to 2024[209] - APAC revenue was $198.5 million for the year ended December 31, 2025, a decrease of $51.6 million, or 20.6%, compared to 2024[211] Safety Performance - The Lost Time Injury Frequency (LTIF) rate for 2025 was 0.00, down from 0.06 in 2023, indicating improved safety performance[38] - The Total Recordable Case Frequency (TRCF) rate decreased to 0.37 in 2025 from 0.61 in 2023, reflecting a significant reduction in workplace injuries[38] Corporate Strategy and Goals - The corporate strategy for 2026 focuses on exceeding industry safety expectations, advancing product offerings, and leveraging data for operational improvements[22] - Expro aims to achieve above-market revenue growth and strong profitability while maintaining a commitment to free cash flow generation[22] Workforce and Employment - The company has approximately 8,500 employees, with 20% under collective bargaining agreements, indicating a stable workforce[25] Product Innovations - New product innovations include CoilHose™, Octopoda™, and Galea™, aimed at enhancing well intervention and integrity services[23] Corporate Social Responsibility - Expro is committed to corporate social responsibility, engaging in community activities that align with its core values[35] Market and Economic Risks - The company reported a significant reliance on the oil and gas industry's activity levels, which are influenced by global economic conditions and geopolitical events, such as the ongoing Russian war in Ukraine[68] - Oil and gas prices are volatile and can impact customer demand for services and products, with potential reductions in capital spending during periods of low prices[68] - The company faces risks from political, economic, and social instability in the countries where it operates, which could adversely affect demand for its products and services[78] - The company is exposed to financial risks as shareholders may shift investments away from fossil fuel companies due to climate change concerns[55] - The consolidation of major customers in the industry may lead to reduced capital spending and decreased demand for the company's products and services[86] - The company may face challenges in maintaining sales levels if larger customers consolidate or experience financial difficulties, impacting liquidity and profitability[87] Regulatory and Compliance Risks - The company is subject to numerous stringent environmental and governmental regulations that could materially impact capital expenditures and financial position[49] - Climate change regulations are becoming more stringent, with the EU targeting a 55% reduction in net emissions by 2030 from 1990 levels, which could affect demand for oil and gas services[53] - The company is subject to varying sustainability reporting requirements, which may increase compliance costs and affect capital raising efforts[92] - Compliance with trade sanctions and embargoes poses risks, as failure to comply could result in criminal and civil penalties, including fines and loss of import/export privileges[111] - The company faces regulatory, political, and financial risks associated with greenhouse gas emissions, which could lead to increased operating costs and reduced demand for its services[112] - Data protection regulations may increase compliance costs, and failure to comply could result in fines and adversely affect the company's operations and reputation[113] - The company is subject to increasing regulatory enforcement in privacy and data protection, which could create compliance uncertainty and require changes in business practices[114] Financial Performance - Adjusted EBITDA for the year ended December 31, 2025 increased by $5.6 million, or 1.6%, to $353.0 million from $347.4 million for the year ended December 31, 2024[190] - Adjusted EBITDA margin increased to 22.0% during the year ended December 31, 2025, compared to 20.3% during the year ended December 31, 2024[190] - Net cash provided by operating activities was $210.2 million during the year ended December 31, 2025, an increase of $40.7 million from $169.5 million during the year ended December 31, 2024[190] Cybersecurity Risks - The Company faces ongoing cybersecurity risks that could materially affect its operations if realized[134] - The Company has implemented processes to assess and manage cybersecurity risks, including penetration testing and regular risk assessments[133] - The Chief Information Officer, with over 30 years of experience, oversees cybersecurity risk management, reporting to the Chief Financial Officer[134] - The Company has not identified any material risks from known cybersecurity threats in the last fiscal year[134] Stock and Shareholder Information - The market price of the company's common stock has been volatile, influenced by factors such as quarterly operating results and market conditions[116] - The company’s articles of association and Dutch corporate law may discourage takeover attempts, making it more difficult for third parties to acquire the company[122] - The company is authorized to issue common stock up to 20% of the issued share capital without further shareholder approval, which could affect the market price of its common stock[123] - The Board approved a stock repurchase program allowing the Company to acquire up to $100 million of its common stock from October 30, 2025, through December 31, 2026[144] - The Company repurchased approximately 3.7 million shares for a total cost of approximately $40.1 million during the year ended December 31, 2025[144] Global Operations - The Company operates in over 50 countries, maintaining several manufacturing and service facilities globally[135] - For the year ended December 31, 2025, approximately 81% of the company's revenue was generated outside of the United States, with 63% from offshore oil and gas operations[166] Market Trends and Projections - Global liquids demand grew by 1.2 million barrels per day year-on-year in 2025 and is expected to grow a further 1.1 million barrels per day in 2026[168] - North American drilling activity is projected to decline by 2% in 2026, with an average of 549 active rigs and around 15,300 wells completed[179] - European drilling activity is expected to increase by 1% in 2026, averaging 99 active rigs and accounting for approximately 780 new wells[180] - Offshore drilling in Central and South America is projected to grow by 11% in 2026, averaging 39 rigs and totaling about 225 new wells[179] - The EIA forecasts Brent crude oil prices to average approximately $56 per barrel for 2026, subject to geopolitical uncertainties[173] - The company anticipates continued demand for well intervention and production optimization services as operators focus on efficiency and cost reduction[177] - The market for energy services is significantly influenced by oil prices, affecting customer spending on exploration and production activities[171] - The company is well-positioned to support investment in strategic offshore developments and optimization of existing assets despite softer market conditions[178]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the fiscal year ended December 31, 2025 OR FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ 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 1-12031 UNIVERSAL DISPLAY CORPORATION (Exact name of registrant as specified in its charter) | Pennsylvania | | ...

Cybersecurity Risks - The company has experienced significant cybersecurity risks, including breaches that could lead to unauthorized access to sensitive client data, potentially harming client relationships and incurring liabilities [117]. - The company relies on third-party relationships for data management, which poses additional cybersecurity risks, as past incidents have shown unauthorized access to client data through these vendors [118]. - The company has invested significantly in enhancing its cybersecurity measures, but ongoing threats from increasingly sophisticated cyber-attacks necessitate continuous investment in security controls [119]. Operational Risks - The company’s network infrastructure is critical for service delivery, and any damage or disruption could impair operations and harm its reputation, potentially leading to revenue loss [121]. - The company faces risks from potential defects in its applications, which could lead to significant costs and reputational damage if clients experience service interruptions [132]. - The company relies on in-house deployment personnel to implement and configure solutions, emphasizing the importance of client satisfaction to avoid additional costs and negative impacts on profitability [134]. - Third-party relationships are crucial for delivering services, and failures in these partnerships could negatively affect the company's reputation and operational capabilities [144]. Market Competition - The company must continuously innovate and enhance its applications to remain competitive, as failure to do so could adversely affect its market position and financial performance [123]. - The competitive landscape for HCM software is intense, with pressure from competitors offering lower prices and more integrated solutions, which could impact client retention and sales [126]. - Challenges in attracting larger clients include demand for customized features and longer sales cycles, which may limit market opportunities if not addressed [135]. Client Retention and Satisfaction - The company’s annual revenue retention rate is sensitive to client satisfaction and market conditions, with potential declines if clients reduce their use of applications or do not purchase additional services [130]. - The company’s ability to attract and retain clients is contingent on maintaining high service quality and addressing any performance issues promptly to avoid negative publicity [132]. Leadership and Talent Management - The company is dependent on key executives for leadership, and their loss could adversely affect operations and client relationships [136]. - Attracting and retaining qualified personnel, particularly in software development and IT, is critical for the company's growth and ability to enhance existing products [138]. - The company faces increased competition for talent due to new immigration laws, which could raise costs and hinder recruitment efforts [139]. Financial and Regulatory Risks - Significant growth in operations has created demands on management and resources, necessitating improvements in operational and financial controls [140]. - The company is expanding internationally, which involves regulatory, economic, and political risks that could impact business performance [143]. - The company may incur additional compliance costs due to increasing regulatory scrutiny on its automation initiatives, particularly AI-powered tools [152]. - Changes in laws and regulations could materially affect the company's business and operational costs, particularly regarding compliance with government regulations [160]. - The company is subject to various privacy and data protection laws, with non-compliance potentially leading to significant fines and reputational harm [164]. Financial Performance and Reporting - Financial results may fluctuate significantly due to various factors, including client acquisition, seasonal revenue patterns, and economic conditions [187]. - The company has historically experienced seasonality in revenues, particularly related to payroll tax filings, which positively impact first and fourth quarter revenues [188]. - The company must maintain effective internal control over financial reporting, as material weaknesses could lead to misstatements and loss of investor confidence [194]. - The company's actual operating results may differ significantly from guidance provided, which is based on projections subject to uncertainties beyond its control [195]. Investment and Cash Management - As of December 31, 2025, the company had corporate cash and cash equivalents totaling $370.0 million and funds held for clients amounting to $4.8 billion [338]. - The company had available-for-sale securities totaling $374.5 million, primarily consisting of U.S. treasury securities with original maturities of two years or less [338]. - A hypothetical increase or decrease in interest rates of 100 basis points would result in an approximately $22.1 million increase or decrease in interest earned on funds held for clients over the ensuing 12-month period [341]. - An immediate increase in interest rates of 100 basis points would have resulted in a $1.7 million reduction in the aggregate market value of available-for-sale securities as of December 31, 2025 [342]. - The company’s investments are subject to market risk due to changes in interest rates, which may affect future investment income [339]. - The company does not enter into investments for trading or speculative purposes, focusing instead on capital preservation and liquidity needs [338]. Strategic Acquisitions and Corporate Governance - The company intends to evaluate strategic acquisitions in the future, which may involve issuing additional equity securities [201]. - Anti-takeover provisions in the company’s charter may delay or prevent changes in control or management, potentially affecting stockholder opportunities [203].

SENSATA TECHNOLOGIES REPORTS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS Swindon, United Kingdom – February 19, 2026 - Sensata Technologies (NYSE: ST) today announced financial results for its fourth quarter and full year ended December 31, 2025. "With our Q4 and Full Year 2025 results, I am pleased to report that we delivered on our objectives for the first year of our transformation journey. We expanded margins sequentially each quarter this year, dramatically improved free cash flow, strengthened ...

Financial Performance - Net income attributable to common stockholders for Q4 2025 was $0.82 per diluted share, compared to a loss of $0.56 per diluted share in Q4 2024[8]. - Core Funds from Operations (FFO) for Q4 2025 was $0.49 per diluted share, up from $0.46 per diluted share in Q4 2024[7]. - Adjusted Funds from Operations (AFFO) for Q4 2025 was $0.51 per diluted share, compared to $0.49 per diluted share in Q4 2024[7]. - Total revenues for the three months ended December 31, 2025, were $38,339,000, an increase of 7.1% from $35,742,000 in the same period of 2024[37]. - Net income attributable to the company for the three months ended December 31, 2025, was $28,335,000, compared to a net loss of $15,217,000 in the same period of 2024[39]. - Funds from operations attributable to common stockholders for the three months ended December 31, 2025, were $15,870,000, up from $15,236,000 in the same period of 2024[39]. - Adjusted EBITDA for the three months ended December 31, 2025, was $22,938,000, with an annualized figure of $91,752,000[45]. - Basic and diluted net income attributable to common stockholders per share for the three months ended December 31, 2025, was $0.82, compared to a loss of $0.56 in the same period of 2024[37]. Operational Metrics - Same-property net operating income (NOI) increased by 4.3% in Q4 2025 compared to Q4 2024, and by 4.4% for the full year[11]. - The company reported a same-property NOI of $20,466,000 for the three months ended December 31, 2025, compared to $20,246,000 in the same period of 2024[42]. - The company executed 167,000 square feet of comparable retail leases in Q4 2025, with a cash rent spread increase of 31%[11]. - The company reported a record high leased occupancy of 95.9% as of December 31, 2025, up 250 basis points from December 31, 2024[10]. Investment and Acquisitions - The company acquired Pompano Citi Centre for $65.2 million in Q4 2025, contributing to total investments of $165.9 million for the year[7]. - The Company’s investment in Alpine Income Property Trust, Inc. increased to $41,324,000 in 2025 from $39,666,000 in 2024, reflecting a growth of about 4.2%[35]. - The Company’s total real estate at cost rose to $1,060,397,000 in 2025 from $984,202,000 in 2024, an increase of approximately 7.7%[35]. Financial Position - Total liquidity as of December 31, 2025, was $167.1 million, consisting of $149.0 million of undrawn commitments and $18.1 million of cash[15]. - Total assets increased to $1,263,902,000 as of December 31, 2025, compared to $1,181,644,000 in 2024, reflecting a growth of approximately 6.9%[35]. - Long-term debt rose to $616,345,000 in 2025 from $518,993,000 in 2024, indicating an increase of about 18.8%[35]. - Cash and cash equivalents decreased to $6,467,000 in 2025 from $9,017,000 in 2024, a decline of approximately 28.3%[35]. - Total liabilities increased to $696,556,000 in 2025, up from $568,846,000 in 2024, representing a growth of around 22.5%[35]. - Retained earnings decreased to $184,886,000 in 2025 from $232,089,000 in 2024, a reduction of approximately 20.3%[35]. - The Company reported a significant increase in intangible lease liabilities, rising to $31,486,000 in 2025 from $15,124,000 in 2024, an increase of about 108%[35]. - The Company’s total stockholders' equity decreased to $567,346,000 in 2025 from $612,798,000 in 2024, a decline of approximately 7.4%[35]. Future Outlook - The 2026 outlook includes Core FFO per common share estimated between $1.98 and $2.03[18]. - The company anticipates same-property NOI growth of approximately 3.5% to 4.5% in 2026[20]. Dividends and Income - The company declared dividends of $0.38 per common share for the three months ended December 31, 2025, consistent with the same period of 2024[37]. - Interest income from commercial loans and investments increased to $3,421,000 for the three months ended December 31, 2025, from $2,950,000 in the same period of 2024[37]. - The company experienced a gain on disposition of assets of $20,079,000 for the three months ended December 31, 2025, compared to no gain in the same period of 2024[39].

Exhibit 99.1 CarGurus Announces Fourth Quarter and Full-Year 2025 Results Full-year 2025 revenue from continuing operations grew 14% YoY for the second consecutive year Full-year 2025 GAAP Net Income from continuing operations of $196.7 million, up 53% YoY; Non-GAAP Adjusted EBITDA from continuing operations of $319.0 million, up 25% YoY Repurchased approximately $350 million worth of shares in 2025, and announces new $250.0 million share repurchase program for 2026 Below are our financial highlights from c ...