Revenue Performance - Product revenue for Q4 2025 was $92.7 million, a 15.3% increase from $80.4 million in Q4 2024, and a 4.5% sequential increase from $88.7 million in Q3 2025[2] - Royalty revenue for Q4 2025 totaled $14.5 million, a 7.8% decrease from $15.8 million in Q4 2024, and a 33.1% sequential decrease from $21.7 million in Q3 2025[3] - Total revenue for the year ended December 31, 2025, including a $45 million patent litigation settlement, was $452.7 million, a 26.1% increase from $359.1 million in 2024[8] Profitability - Net income for Q4 2025 was $46.5 million, or $1.01 per diluted share, compared to $10.2 million, or $0.23 per diluted share, in Q4 2024[5] - Net income for 2025 was $118.6 million, or $2.61 per diluted share, compared to $6.1 million, or $0.14 per diluted share, in 2024[8] Cash Flow and Operations - Cash flow from operations for Q4 2025 was $15.7 million, compared to $10.1 million in Q4 2024, and down from $38.5 million in Q3 2025[6] Backlog and Future Outlook - Backlog for Q4 2025 was $176.9 million, a 13.8% increase from $155.5 million in Q4 2024, and a 15.8% sequential increase from $152.8 million in Q3 2025[7] - The CEO indicated that rising demand in high-performance computing and other sectors is expected to lead to record product revenues in 2026[9] Asset and Liability Management - Total current assets increased to $587,363,463 from $534,034,000, representing a growth of approximately 10% year-over-year[17] - Cash and cash equivalents reached $402,805, an increase from $277,273, reflecting a significant rise of 45%[17] - Total liabilities amounted to $653,216,161, up from $620,827,000, indicating a growth of about 5%[17] - Total equity increased to $711,816,570 from $629,291, showing an increase of approximately 13%[17] - Long-term deferred tax assets were reported at $27,463,261, a slight increase from the previous year[17] - Accounts payable rose to $12,290 from $8,737, marking an increase of about 40%[17] - Accrued expenses totaled $36,916,165, up from $35,889, indicating a growth of approximately 3%[17] - Total current liabilities increased to $65,321,616 from $82,820, reflecting a decrease of about 21%[17] - The company reported total assets of $785,831, which is an increase from $641,118, representing a growth of approximately 22%[17] - Retained earnings increased to $421,359,302 from $403,803, showing a growth of about 4%[17] Capacity Expansion - Vicor is planning a second fab to increase capacity and is exploring alternate sources for high current density modules[11]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________________________________________________ FORM 10-K __________________________________________________________________ (Mark One) x 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 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ...

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: 001-39653 ___________________________ BLUE OWL CAPITAL INC. (Exact name of regis ...

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 1-16463 ____________________________________________ PEABODY ENERGY CORPORATION None Indicate by check mark if the registrant ...

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 001-06605 ____________________________________ EQUIFAX INC. (Exact name of registrant as specified in its chart ...

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: 001-35969 PTC THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

Financial Performance - Achieved net income attributable to common stockholders of $1.36 per diluted share, a 9.7% increase year-over-year[5] - Funds from operations (FFO) attributable to common stockholders was $1.99 per diluted share, with Core FFO at $2.08 per diluted share, reflecting a 2.5% increase year-over-year[5] - Total revenues for Q4 2025 reached $857.5 million, a 4.3% increase from $821.9 million in Q4 2024[39] - Net income attributable to common stockholders for Q4 2025 was $287.4 million, up 9.5% from $262.5 million in Q4 2024[39] - Same-store rental revenues for the year ended December 31, 2025, were $2.65 billion, slightly up from $2.64 billion in 2024[40] - Total same-store net operating income for the year ended December 31, 2025, was $1.88 billion, compared to $1.92 billion in 2024, reflecting a decrease of 1.8%[40] - The company expects fully diluted earnings per share for the year ending December 31, 2026, to range between $4.40 and $4.70[41] - Net income for the year ending December 31, 2026, is estimated to be between $1.00 billion and $1.08 billion[42] Operational Metrics - Same-store revenue increased by 0.4% and same-store net operating income (NOI) increased by 0.1% compared to the prior year[5] - Reported ending same-store occupancy of 92.6% as of December 31, 2025, down from 93.3% as of December 31, 2024[5] - Same-store net rental income for Q4 2025 was $639,489,000, a 0.5% increase from Q4 2024's $636,530,000[1] - Total same-store revenues for the year ended December 31, 2025, reached $2,648,814,000, reflecting a 0.1% increase from $2,645,534,000 in 2024[1] - Same-store operating expenses increased by 1.1% to $188,329,000 in Q4 2025, compared to $186,299,000 in Q4 2024[1] - The company reported a total of 1,871 stores in its same-store pool for 2026[42] Investments and Acquisitions - Acquired 27 operating stores for a total cost of $304.8 million and seven additional stores for approximately $106.9 million[5] - Acquired joint venture interests for $342.2 million, now wholly owning 28 properties previously held by partners[7] - The company sold its interest in nine of ten properties held in a joint venture, resulting in a net gain of $45.2 million during Q4 2025[17] Shareholder Actions - Repurchased 1,089,659 shares of common stock for $140.9 million at an average price of $129.32 per share[5] - The company paid a fourth quarter common stock dividend of $1.62 per share on December 31, 2025[24] Debt and Assets - As of December 31, 2025, the company's percentage of fixed-rate debt to total debt was 82.1%[22] - Total assets increased to $29.26 billion in 2025 from $28.85 billion in 2024, reflecting a growth of approximately 1.4%[38] - Real estate assets, net, rose to $25.00 billion in 2025, up from $24.59 billion in 2024, indicating an increase of about 1.7%[38] - The company's total liabilities increased to $14.94 billion in 2025 from $13.99 billion in 2024, representing a growth of approximately 6.8%[38] - The company reported an accumulated deficit of $1.45 billion as of December 31, 2025, compared to $899.34 million in 2024, showing a significant increase in losses[38] Future Outlook - For 2026, the company expects improving results due to strengthening customer rates and moderating new supply[6] - Core FFO estimates for 2026 range from $8.05 to $8.35 per share, with same-store revenue growth projected between (0.50)% and 1.50%[25] - Estimated same-store rental revenues for 2026 are projected to be between $2.69 billion and $2.75 billion[42] - Interest expense for the year ending December 31, 2026, is estimated at approximately $595 million[42] Risk Factors - The company faces risks including adverse changes in economic conditions, competition, and potential liabilities related to environmental contamination[34] - The company emphasizes the importance of maintaining its REIT status for U.S. federal income tax purposes to ensure operational viability[34] Management and Operations - Added 78 stores to the third-party management platform, bringing the total to 2,263 managed stores[5] - The company managed a total of 2,263 stores as of December 31, 2025, including 1,856 stores for third-party owners[19] - The company originated $80.4 million in mortgage and mezzanine bridge loans and sold $16.2 million in mortgage bridge loans[5] - The company originated $80.4 million in bridge loans during Q4 2025, with outstanding balances of approximately $1.5 billion at the end of the quarter[18] - The company defines FFO (Funds From Operations) as net income excluding gains or losses on sales of operating stores and impairment write-downs, plus depreciation and amortization related to real estate[32] - Core FFO excludes non-core revenues and expenses, providing a clearer picture of operating performance, particularly post-merger with Life Storage[33] - The same-store pool consists of 1,804 stores that are wholly-owned and stabilized, allowing for a more accurate evaluation of operating performance[35]

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 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-37496 ___ ...

Financial Performance - Q4 2025 revenue was $58.0 million, up 8% sequentially, exceeding the midpoint of the outlook by $1 million[6] - GAAP operating loss for Q4 2025 was $33.9 million, consistent with the previous year, while Non-GAAP operating loss improved to $10.1 million from $14.2 million year-over-year[2] - For Q1 2026, revenue is expected to be between $52 million and $58 million, with core business revenue anticipated to grow by 20% sequentially to $34 million at the midpoint[3] - GAAP loss from operations for the three months ended December 31, 2025, was $(33,946) thousand, compared to $(33,896) thousand for the same period in 2024[19] - Non-GAAP operating loss for the year ended December 31, 2025, was $(51,030) thousand, an improvement from $(65,365) thousand in 2024[19] - Non-GAAP net loss for the three months ended December 31, 2025, was $(12,418) thousand, compared to $(15,414) thousand for the same period in 2024[20] - Adjusted EBITDA for the year ended December 31, 2025, was $(42,604) thousand, compared to $(58,521) thousand in 2024[20] - The company reported a net loss of $(151,693) thousand for the year ended December 31, 2025, compared to $(144,187) thousand in 2024[20] Assets and Liabilities - Total current assets decreased to $285.8 million from $408.7 million year-over-year[16] - Total liabilities decreased to $458.1 million from $496.0 million year-over-year[16] Share-Based Compensation and Expenses - Share-based compensation for the year ended December 31, 2025, amounted to $66,531 thousand, slightly down from $68,997 thousand in 2024[19] - Acquisition-related and other non-recurring professional expenses for the year ended December 31, 2025, totaled $935 thousand, down from $5,596 thousand in 2024[19] - Amortization of intangible assets for the year ended December 31, 2025, was $26,653 thousand, compared to $25,645 thousand in 2024[19] - Restructuring costs for the year ended December 31, 2025, were $9,066 thousand, up from $4,332 thousand in 2024[19] Strategic Partnerships and Product Developments - The company commenced first radar chipset shipments to a Tier 1 partner, marking a significant milestone[6] - A design win for the iND880 chipset with a Chinese EV manufacturer is expected to ramp up in mid-2026[7] - The integration of emotion3D has been completed, expanding the perception software ecosystem[7] - A strategic partnership with Mahindra for perception software has been announced for their electric SUVs[7] - Qi 2.0 wireless charging production is expected in the first half of 2026 with Ford[7] Non-GAAP Measures and Forward-Looking Statements - Adjusted EBITDA is calculated by excluding non-recurring, irregular, and one-time items from GAAP net income, including acquisition-related expenses and share-based compensation[34] - The company is unable to provide a reconciliation of forward-looking non-GAAP measures due to the unpredictability of certain future events[35] - Forward-looking estimates of both GAAP and non-GAAP financial measures may differ materially from actual results and should not be relied upon as statements of fact[35]

Growth Strategy - MetLife is executing its New Frontier strategy to accelerate growth across four key areas: Group Benefits, retirement platform, asset management, and high-growth international markets [23]. - The company reorganized its segment structure, creating a new reportable segment for MetLife Investment Management, which was previously included in Corporate & Other [24]. - MetLife's global brand and diversified business model are seen as strengths that will support its growth strategy [23]. - The acquisition of PineBridge Investments on December 30, 2025, supports MetLife's strategy to accelerate growth in asset management [46]. Financial Performance - The company emphasizes voluntary products in its Group Benefits segment, responding to employer demand and increasing marketing efforts towards employees [29]. - MetLife's diversified portfolio includes significant investments in fixed income securities, real estate, and equity securities, positioning it as one of the largest institutional investors in the U.S. [22]. - The company does not guarantee future performance, and actual results may vary from forward-looking statements due to inherent uncertainties [15]. - As of December 31, 2025, MetLife had $3.6 billion in cash and liquid assets at the holding companies, within the target range of $3.0 billion to $4.0 billion [306]. - In 2025, MetLife returned approximately $4.4 billion to shareholders and anticipates generating about $25.0 billion in free cash flow from 2025 to 2029 [306]. - The company expects long-term interest rates to moderately rise in 2026, with a 10-year U.S. Treasury rate projected at 4.40% [305]. - MetLife aims for an adjusted return on equity of 15%-17% and double-digit adjusted earnings per share growth for the near term, excluding notable items [309]. - The company is committed to achieving a direct expense ratio target of 12.1% for 2026 and 11.3% for 2029, focusing on expense discipline [310]. Risk Management - The company faces various risks, including economic conditions, regulatory changes, and investment volatility, which could affect future performance [14]. - MetLife uses a variety of underwriting and pricing management controls to assess and quantify insurance risks [55][61]. - Reinsurance agreements are utilized to limit losses and provide additional capacity for future growth, covering individual and group risks [64]. - The company establishes actuarially determined policyholder liabilities to meet future policy benefits and claims [52]. - The company maintains diversification across products and geographies to manage the impact of changing interest rates, applying disciplined asset/liability management strategies [320]. Regulatory Environment - The Financial Stability Oversight Council (FSOC) adopted final guidance in 2023 for designating certain financial companies as non-bank systemically important financial institutions (non-bank SIFIs), which could lead to increased supervision and regulation [70]. - The Competitive Health Insurance Reform Act amended the McCarran-Ferguson Act, leading to increased regulatory oversight and litigation risk for U.S. health insurance products [71]. - State insurance statutes typically restrict dividends or distributions an insurance company subsidiary may pay to its parent company, requiring regulatory approval for transactions above specified limits [78]. - The NAIC's group capital calculation tool uses an RBC aggregation methodology for all entities within an insurance holding company system, including non-U.S. entities, with annual filing requirements now mandated by most states [88]. - The NAIC has established a standard for insurers to report climate-related risks, applicable to those with over $100 million in direct premiums [122]. Market Competition - The life insurance and institutional asset management industries are highly competitive, with factors such as service, product features, and technology influencing market positioning [146]. - Competition in the life insurance sector includes domestic and foreign companies, with larger firms having advantages in brand equity and technology investment [148]. - Competitive pressures in the life insurance and institutional asset management industries are significant [351]. - Regulatory developments may increase statutory life insurance reserve financing costs and limit market capacity for new financings [352]. Economic Conditions - The company is closely monitoring global inflation, supply chain disruptions, and other economic conditions that may affect its business operations and investment portfolio [315]. - Management expects that a lower interest rate environment will have a modestly unfavorable impact on the business, while rising interest rates and inflation may have a neutral to modestly favorable impact [317]. - The Federal Open Market Committee lowered interest rates in the second half of 2025 to promote employment and combat inflation, with future adjustments in 2026 dependent on labor market conditions and inflation [315]. Investment Strategies - MetLife's investment portfolio is highly diversified, positioned to perform well across various economic scenarios [305]. - The company anticipates $1.6 billion in total estimated variable investment income for 2026, based on specific assumptions regarding market performance [308]. - The group life insurance products provide repricing flexibility to mitigate the negative impact of reinvesting in lower yielding assets [333]. - The Japan business offers U.S. dollar denominated annuities, allowing for effective management of product ALM and cash flows, which mitigates interest rate risk [341].