Employee Statistics - As of December 31, 2025, the company had approximately 25,900 employees, with about 40% based in the U.S.[42] Environmental Responsibility - The company has invested significantly in technologies to improve fuel efficiency, aiming to reduce greenhouse gas emissions, with a focus on highly fuel-efficient diesel engines and next-generation electric and hybrid powertrains[47][48] - PACCAR's factories are ISO 14001 certified, and over 80% of them are zero waste-to-landfill[46] - The company has publicly disclosed greenhouse gas emissions since 2014 and has set reduction targets approved by the Science Based Targets Initiative (SBTi)[44] - The company is committed to environmental responsibility, continuously seeking ways to reduce waste and conserve energy in its operations[46] - PACCAR's remanufacturing efforts include a new engine remanufacturing facility in Columbus, Mississippi, aimed at reducing waste and enhancing sustainability[51] Financial Risks - The potential loss in fair value from a 10% unfavorable change in foreign currency exchange rates is estimated at $96.8 million for contracts outstanding at December 31, 2025, down from $126.3 million in 2024[205] - The potential loss in fair value from a 10% unfavorable change in commodity prices is estimated at $0.9 million for contracts outstanding at December 31, 2025, compared to no loss in 2024[206] Technological Advancements - The company is collaborating with partners to produce commercial vehicle batteries in a 21-gigawatt hour factory in Mississippi, with investment timing under review due to changing market conditions[53] - The company has introduced the PACCAR Connect fleet management system, providing real-time data to improve fleet efficiency and reduce fuel consumption[52]

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: 001-40691 ______________________ Robinhood Markets, Inc. (Exact name of ...

Sales Performance - Retail units sold reached 596,641 in FY 2025, an increase of 43% year-over-year, with revenue exceeding $20 billion for the first time, up 49% year-over-year[9] - Retail units sold in Q4 2025 totaled 163,522, an increase of 43% year-over-year, with revenue reaching $5.603 billion, up 58%[27] - Retail vehicle sales net revenue reached $4.156 billion for Q4 2025, up 63% from $2.552 billion in Q4 2024, and total sales for the year were $14.537 billion, a 50% increase from $9.681 billion in 2024[77] - Retail vehicle unit sales rose to 163,522 units in Q4 2025, a 43.0% increase compared to 114,379 units in Q4 2024[85] - The company reported a total of 416,348 retail vehicle unit sales for the year 2024, with a projected increase to 596,641 for 2025[105] Financial Performance - Net income for FY 2025 totaled $1.895 billion, with a net income margin of 9.3%, reflecting an increase from 3.0% in FY 2024[27] - The net income in FY 2025 was positively impacted by approximately $685 million due to the release of valuation allowance against deferred tax assets[26] - Net income attributable to Carvana Co. for the year 2025 was $1.407 billion, significantly up from $210 million in 2024, reflecting a growth of 570%[77] - Operating income for the year 2025 was $1.881 billion, compared to $990 million in 2024, showing an increase of 90%[77] - The company reported a net cash provided by operating activities of $1.036 billion for 2025, up from $918 million in 2024, a growth of 12.8%[79] Profitability Metrics - Adjusted EBITDA for FY 2025 was $2.237 billion, with an Adjusted EBITDA margin of 11.0%, up from 10.1% in FY 2024[27] - Gross profit for Q4 2025 was $1.051 billion, compared to $763 million in Q4 2024, marking a 38% increase[77] - The company achieved a total gross profit of $4.192 billion in FY 2025, an increase of 46% year-over-year[27] - Carvana's gross profit per unit (GPU) decreased year-over-year, with total GPU at $6,427 in Q4 2025, down from $6,671 in Q4 2024, primarily due to higher non-vehicle costs and lower shipping fee revenue[62][63] - The total SG&A expense per unit decreased to $3,834 in Q4 2025 from $4,319 in Q4 2024, reflecting operational efficiencies and cost leverage on retail units sold growth[62] Operational Efficiency - Average delivery times were reduced by one full day year-over-year, with the share of retail sales featuring same-day or next-day deliveries more than doubling[9] - The company expanded its vehicle selection by 20,000 vehicles year-over-year, growing inventory pools to 34 locations nationwide[9] - The company plans to integrate 6 to 8 additional ADESA production sites in 2026, with expected costs of $30 to $35 million per site, unlocking an average of 40,000 units of annual production capacity per site[55][54] - The company reported an unused built-out capacity of 0.85 million retail units at the end of 2025, indicating potential for future production increases[53] - Carvana's strategy includes increasing staffing at existing facilities and integrating retail production lines at more ADESA facilities to support future growth[54] Liquidity and Assets - Total assets increased to $13.201 billion in 2025 from $8.484 billion in 2024, representing a growth of 55.5%[75] - Cash and cash equivalents at the end of 2025 were $2.429 billion, an increase from $1.760 billion in 2024, indicating a rise of 37.9%[79] - Total liquidity resources available as of December 31, 2025, amounted to $6,739 million, up from $5,690 million in 2024[93] - Cash and cash equivalents increased to $2,327 million as of December 31, 2025, compared to $1,716 million in 2024[93] Future Outlook - The company plans to sell 3 million retail units annually by 2030 to 2035, with a target Adjusted EBITDA margin of 13.5%[34] - The company aims to sell 3 million retail units and beyond, driven by a compounding cycle of customer experience, word of mouth, and operational efficiencies[48] - Carvana's forward-looking statements highlight expectations for operational efficiency gains and infrastructure capacity utilization, with potential risks related to macroeconomic conditions and competitive pressures[68][69] - The company plans to continue leveraging its liquidity resources to support future growth and operational needs[94] Employee and Brand Recognition - The company was recognized by Forbes as one of the Best Large Employers for 2026, reflecting its commitment to employee satisfaction and corporate culture[9] - Carvana's consumer surveys indicate strong brand influence, with a significant percentage of customers recommending the service to others, enhancing organic demand[49]

Financial Performance - Q4 2025 revenue reached $69 million, representing a 7% year-over-year increase[3] - Q4 2025 GAAP net loss was $4 million, significantly reduced from $12 million in the same period last year[3] - Full-year 2025 revenue was $258 million, up 4% year-over-year[3] - Full-year 2025 Adjusted EBITDA was positive at $1 million, marking the first positive Adjusted EBITDA in company history[3] - Adjusted EBITDA margin improved by 6 percentage points year-over-year in Q4 2025[3] User Engagement - Q4 2025 Platform Weekly Active Users (WAU) totaled 21.0 million, a decrease of 5% year-over-year[3] - The company aims to enhance user engagement by leveraging AI to provide relevant local information[2] - Nextdoor's focus remains on improving the core experience for users and unlocking the potential of its neighborhood graph[2] Investment and Cash Position - Cash, cash equivalents, and marketable securities stood at $405 million as of December 31, 2025[4] - The company plans to continue investing in growth with a strong cash foundation[4]

Revenue Performance - Service revenue for the year ended December 31, 2025 was $1,106.1 million, an increase of $73.1 million, or 7.1%, compared to $1,033.0 million for 2024, driven by a 7.1% increase in university partner enrollments to 136,239[4] - For the three months ended December 31, 2025, service revenue was $308.1 million, an increase of $15.5 million, or 5.3%, compared to $292.6 million for the same period in 2024, also due to a 7.1% increase in university partner enrollments[5] - Service revenue for Q4 2025 was $308,119,000, an increase of 5.3% from $292,573,000 in Q4 2024[25] - Full year 2026 diluted EPS guidance is projected to be between $9.79 and $10.40, with service revenue expected between $1,167.5 million and $1,189.0 million[13] Income and Earnings - Operating income for the year ended December 31, 2025 was $265.9 million, a decrease of $9.5 million, or 3.4%, compared to $275.4 million for 2024, with an operating margin of 24.0%[8] - Net income for the year ended December 31, 2025 was $216.2 million, a decrease of $10.0 million, or 4.4%, compared to $226.2 million for 2024, with adjusted net income of $254.5 million[8] - Operating income for Q4 2025 was $108,079,000, up from $100,027,000 in Q4 2024, representing an 8.2% increase[25] - Basic earnings per share for Q4 2025 was $3.16, compared to $2.86 in Q4 2024, marking a 10.5% increase[25] - Net income for Q4 2025 was $86.7 million, compared to $81.9 million in Q4 2024, reflecting a 4.5% increase[36] - Non-GAAP net income for Q4 2025 was $88.7 million, compared to $85.1 million in Q4 2024, indicating a 4.2% increase[36] - GAAP diluted income per share for Q4 2025 was $3.14, up from $2.84 in Q4 2024, marking a 10.6% increase[36] Enrollment Growth - GCU enrollments increased to 131,826 at December 31, 2025, a 7.0% increase over 2024, while online enrollments rose to 107,148, an increase of 8.7%[5] - The company plans to open five new off-campus sites in 2025, contributing to enrollment growth[5] Costs and Expenses - Total costs and expenses for the year ended December 31, 2025, were $840,160,000, an increase of 10.9% from $757,603,000 in 2024[25] - The company incurred $40.5 million in litigation and regulatory costs for the year ended December 31, 2025, significantly higher than $6.2 million in 2024[35] - The company reported a litigation settlement expense of $35,000,000 for the year ended December 31, 2025[25] - Contributions in lieu of state income taxes amounted to $5.0 million for the year ended December 31, 2025, compared to $4.5 million in 2024[35] - The company reported a loss on fixed asset disposal of $0.9 million for the year ended December 31, 2025, compared to $0.1 million in 2024[35] Adjusted EBITDA - Adjusted EBITDA increased 8.4% to $368.6 million for the year ended December 31, 2025, compared to $340.0 million for 2024[8] - Adjusted EBITDA for Q4 2025 was $123.3 million, up from $116.6 million in Q4 2024, representing a 2.5% increase year-over-year[35] - For the year ended December 31, 2025, Adjusted EBITDA reached $368.6 million, an increase of 8.4% from $340.0 million in 2024[35] Tax and Compliance - The effective tax rate for the year ended December 31, 2025 was 22.8%, compared to 22.3% for 2024, influenced by higher state income taxes[8] - The company plans to continue expanding its services and managing risks associated with strategic initiatives and regulatory compliance[19] - The company expects to continue facing unusual, non-routine, or non-recurring expenses in the future, which may affect Adjusted EBITDA[33] Assets and Cash Flow - Total assets as of December 31, 2025, were $992,305,000, down from $1,018,425,000 in 2024, a decrease of 2.6%[27] - Cash and cash equivalents decreased to $111,762,000 from $324,623,000, a decline of 65.5% year-over-year[29] - Amortization of intangible assets for the year ended December 31, 2025, was $8.4 million, consistent with the previous year[36]

Exhibit 99.1 Farmland Partners Inc. Reports Full Year 2025 Results Raises Quarterly Dividend by 50% to $0.09 per share; Beats AFFO Guidance by $0.05 per Share DENVER, February 18, 2026 (BUSINESS WIRE) -- Farmland Partners Inc. (NYSE: FPI) ("FPI" or the "Company") today reported financial results for the year ended December 31, 2025. Selected Highlights For the year ended December 31, 2025, the Company: Subsequent to December 31, 2025, the Company: ● recorded net income of $32.2 million, or $0.65 per share a ...

Financial Performance - Total operating revenue for Q4 2025 was $43,461,000, an increase of 6.4% from $40,841,000 in Q3 2025[3] - Net income for Q4 2025 reached $5,382,000, representing a 30.1% increase compared to $4,137,000 in Q3 2025[3] - Funds from operations (FFO) available to common stockholders for Q4 2025 was $17,821,000, an 8.9% increase from $16,366,000 in Q3 2025[3] - Total operating revenue for the year ended December 31, 2025, was $161,336,000, an 8.0% increase from $149,388,000 in 2024[6] - Net income for the year ended December 31, 2025, was $19,292,000, a decrease of 19.8% from $24,040,000 in 2024[6] - Core funds from operations available to common stockholders for the year ended December 31, 2025, was $65,669,000, a 9.1% increase from $60,177,000 in 2024[6] - FFO available to common stockholders for FY 2025 was $64.9 million, an 8.8% increase compared to FY 2024, equating to $1.38 per share[13] - Core FFO for FY 2025 was $65.7 million, a 9.1% increase compared to FY 2024, equating to $1.40 per share[13] Asset and Equity Management - Total assets as of December 31, 2025, were $1,246,933,000, a decrease of 1.4% from $1,265,003,000 as of September 30, 2025[4] - Total equity and mezzanine equity decreased to $341,933,000, down 3.7% from $354,999,000 as of September 30, 2025[4] - Total assets increased to $1,246.9 million, a 13.9% increase from $1,094.3 million[10] Leasing and Property Management - The company maintained a square feet leased rate of 99.1% as of December 31, 2025[4] - Leased 305,589 square feet of previously vacant space with lease terms ranging from 5.3 to 11.7 years[10] - Renewed leases for 884,327 square feet with remaining terms from 0.7 to 11.3 years[10] - Collected 100% of 2025 base rent throughout the year[10] Capital and Financing Activities - Issued 4.4 million shares of common stock for net proceeds of $61.0 million under the ATM Program[10] - Increased credit facility from $155.0 million to $600.0 million, extending maturity dates to 2029 and 2030[10] - Paid monthly cash distributions totaling $1.20 per share on common stock and Non-controlling OP Units[10] Risks and Uncertainties - Gladstone Commercial's forward-looking statements regarding income stability and portfolio growth are subject to risks and uncertainties[23] - The company emphasizes the importance of its ability to raise additional capital and secure financing for operations and debt refinancing[23] - Economic downturns and tenant performance are significant factors that may impact actual results compared to forecasts[23] - Competition affects efforts to renew existing leases or re-lease space, which could influence overall performance[23] - Changes in interest rates are highlighted as a potential risk to the company's financial outlook[23]

| | | | As of and for the three months ended | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | December 31, | | September 30, | | | | | | | 2025 | | 2025 | | $ Change | % Change | | Operating Data: | | | | | | | | | Total operating revenue | $ | 43,461 | $ | 40,841 | $ | 2,620 | 6.4 % | | Total operating expenses | | (26,367) | | (26,021) | | (346) | 1.3 % | | Other expense, net | | (11,712) | | (10,683) (2) | | (1,029) | 9.6 % | | Net income | $ | 5,382 | $ | 4,137 | $ | 1,245 | 30.1 % | | ...

Financial Performance - Total operating revenue for Q4 2025 was $43,461,000, an increase of 6.4% from $40,841,000 in Q3 2025[3] - Net income for Q4 2025 reached $5,382,000, representing a 30.1% increase compared to $4,137,000 in Q3 2025[3] - Funds from operations (FFO) available to common stockholders for Q4 2025 was $17,821,000, an 8.9% increase from $16,366,000 in Q3 2025[3] - Total operating revenue for the year ended December 31, 2025, was $161,336,000, an 8.0% increase from $149,388,000 in 2024[6] - Net income for the year ended December 31, 2025, was $19,292,000, a decrease of 19.8% from $24,040,000 in 2024[6] - Core funds from operations available to common stockholders for the year ended December 31, 2025, was $65,669,000, a 9.1% increase from $60,177,000 in 2024[6] - FFO available to common stockholders for FY 2025 was $64.9 million, an 8.8% increase compared to FY 2024, equating to $1.38 per share[13] - Core FFO for FY 2025 was $65.7 million, a 9.1% increase compared to FY 2024, equating to $1.40 per share[13] Assets and Equity - Total assets as of December 31, 2025, were $1,246,933,000, a decrease of 1.4% from $1,265,003,000 as of September 30, 2025[4] - Total equity and mezzanine equity as of December 31, 2025, was $341,933,000, a decrease of 3.7% from $354,999,000 as of September 30, 2025[4] - Total assets increased to $1,246.9 million, a 13.9% increase from $1,094.3 million[10] Property Management - The company owned 151 properties with a total of 17,675,963 square feet, maintaining a lease occupancy rate of 99.1%[4] - Acquired 19 fully-occupied properties for $206.7 million at a weighted average cap rate of 8.88%[10] - Collected 100% of 2025 base rent throughout the year[10] - Leased 305,589 square feet of previously vacant space with lease terms ranging from 5.3 to 11.7 years[10] - Renewed leases for 884,327 square feet with remaining terms from 0.7 to 11.3 years[10] - Properties owned increased to 151, up 11.9% from 135[10] Dividends and Distributions - Cash dividends declared per common share remained stable at $0.30 for both Q4 2025 and Q3 2025[4] - Paid monthly cash distributions totaling $1.20 per share on common stock and Non-controlling OP Units[10] Risks and Uncertainties - Gladstone Commercial's forward-looking statements regarding income stability and property leasing are subject to risks and uncertainties[23] - The company emphasizes the importance of raising additional capital and the availability of financing for operations and debt refinancing[23] - Economic downturns and tenant performance are significant factors that may impact actual results compared to forecasts[23] - Competition affects efforts to renew leases or re-lease space, which could influence income stability[23] - Changes in interest rates are highlighted as a potential risk to the company's financial performance[23]

EXHIBIT 99.1 MARTIN MIDSTREAM PARTNERS REPORTS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS AND RELEASES 2026 GUIDANCE KILGORE, Texas, February 18, 2026 (BUSINESS WIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) ("MMLP" or the "Partnership") today announced its financial results for the fourth quarter and full year ended December 31, 2025. Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, "In 2025, the Partnership de ...