Financial Performance - The company reported a consolidated Adjusted EBITDA of $1,275.0 million for the year ended December 31, 2025, compared to $1,159.8 million in 2024, reflecting a year-over-year increase of 10%[310]. - The company experienced a significant operating loss of $7,096.7 million in 2025, compared to a profit of $1,869.1 million in 2024, indicating a substantial decline in profitability[310]. - The company reported a foreign currency transaction gain of $3,121.1 million in 2025, compared to a loss of $1,756.5 million in 2024, highlighting the impact of currency fluctuations on financial results[310]. - Total consolidated revenue increased by $536.6 million, or 12.4%, from $4,341.9 million in 2024 to $4,878.5 million in 2025[313]. - The company’s share of results from affiliates, net, was $3,186.9 million in 2025, a significant increase from $205.6 million in 2024, indicating strong performance from joint ventures[310]. - Adjusted EBITDA for total consolidated reportable segments increased by $13.6 million, or 0.9%, reaching $1,484.1 million in 2025[319]. - The company reported a loss from continuing operations of $7,096.7 million in 2025, compared to earnings of $1,869.1 million in 2024[378]. Customer and Market Metrics - The company served 11,399,700 fixed-line customers and 44,886,600 mobile subscribers as of December 31, 2025, with networks passing 29,117,600 homes[290]. - The average number of residential customers decreased by $37.3 million, while ARPU increased by $15.1 million[325]. - The VMO2 joint venture reported revenue of $13,335.2 million in 2025, down from $13,649.7 million in 2024, with adjusted EBITDA increasing to $4,662.8 million from $4,503.4 million[360][361]. - The VodafoneZiggo joint venture generated revenue of $4,518.5 million in 2025, slightly up from $4,450.5 million in 2024, while adjusted EBITDA decreased to $1,977.7 million from $2,033.9 million[363]. Revenue Breakdown - Residential fixed revenue increased by $57.1 million, or 3.3%, with broadband internet subscription revenue growing by $59.0 million, or 6.6%[323]. - B2B revenue rose by $56.3 million, or 6.7%, with subscription revenue increasing by $15.5 million, or 3.6%[323]. - Other revenue surged by $410.2 million, or 36.1%, contributing significantly to the overall revenue growth[323]. - The impact of foreign exchange (FX) contributed $136.3 million to the total revenue increase, highlighting the importance of currency fluctuations[314]. - Consolidated revenue increased by $536.6 million or 12.4% in 2025 compared to 2024, with $240.8 million from the Formula E Acquisition and $171.1 million from Sunrise Services[324]. Operating Expenses - Programming and other direct costs of services increased by $219.8 million or 15.2% in 2025, with an organic decrease of $71.2 million or 4.3%[331]. - Other operating expenses (excluding share-based compensation) rose by $122.9 million or 16.5% in 2025, with an organic increase of $59.3 million or 7.9%[334]. - SG&A expenses (excluding share-based compensation) increased by $78.7 million or 8.0% in 2025, with an organic decrease of $20.7 million or 2.0%[338]. Debt and Cash Management - The company aims to maintain a consolidated debt balance between four and six times its consolidated Adjusted EBITDA, which is a non-GAAP measure[399]. - As of December 31, 2025, the consolidated debt and finance lease obligations totaled $8.6 billion, with $0.8 billion classified as current and $3.3 billion not due until 2029 or later[401]. - The company expects to maintain significant levels of interest expense due to its debt management strategy aimed at providing attractive equity returns[380]. - The total cash and cash equivalents as of December 31, 2025, amounted to $2,081.4 million, with $914.3 million held by unrestricted subsidiaries[384]. Strategic Initiatives - The company aims to achieve organic revenue and customer growth by developing bundled services and enhancing network quality, excluding the impact of foreign currency translation and acquisitions[297]. - The company plans to roll out DOCSIS 4 technology capable of 10 Gbps starting in 2026, following successful tests on live network infrastructure[44]. - Liberty Telecom's sustainability strategy includes commitments to achieve Net Zero targets for the majority of its operations by 2040[34]. - The company aims to enhance its product offerings through strategic acquisitions and partnerships, as well as new product developments[28]. Joint Ventures and Affiliates - The net loss for the VMO2 joint venture was $5,766.5 million in 2025, compared to a net gain of $1.7 million in 2024, impacted by a goodwill impairment charge of £3.8 billion ($5.0 billion)[362]. - The VodafoneZiggo JV's revenue in 2025 decreased compared to 2024, primarily due to a decline in residential fixed revenue and mobile revenue, offset by increases in other revenue related to premium sports content and B2B fixed revenue[365]. - The VodafoneZiggo JV's Adjusted EBITDA in 2025 was affected by increased consulting costs, higher programming costs, and cost control measures, alongside the revenue changes[365]. Impairment and Valuation - The company evaluates goodwill for impairment at least annually, with assessments conducted on October 1 and whenever circumstances indicate potential impairment[417]. - The company did not record any significant impairment charges related to goodwill for the years ended December 31, 2025, 2024, and 2023[419]. - The aggregate valuation allowance against deferred tax assets was $2,088.5 million as of December 31, 2025[431]. Economic and Regulatory Risks - The company is subject to inflationary pressures and foreign currency exchange risks, which could impact operating margins if costs cannot be passed on to customers[308]. - The company is subject to risks from economic conditions, competitive pressures, and regulatory changes that could impact future performance[434]. - The company has significant uncertainties regarding future cash flows, which could lead to potential impairment charges if actual results differ from estimates[420].

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 001-35961 Liberty Global Ltd. (Exact name of Registrant as specified in its charter) Bermuda 98-1750381 (State or other jurisdiction of incorporatio ...

Financial Performance - The company reported a consolidated Adjusted EBITDA of $1,275.0 million for the year ended December 31, 2025, compared to $1,159.8 million in 2024, reflecting a year-over-year increase of 10%[310]. - The company reported a loss from continuing operations of $7,096.7 million for 2025, compared to a profit of $1,869.1 million in 2024[310]. - Total consolidated revenue increased by $536.6 million, or 12.4%, from $4,341.9 million in 2024 to $4,878.5 million in 2025[313]. - Adjusted EBITDA for total consolidated reportable segments increased by $13.6 million, or 0.9%, reaching $1,484.1 million in 2025[319]. - Telenet's revenue rose by $123.5 million, or 4.0%, driven by a $15.8 million increase in ARPU despite a decrease in the average number of customers[314]. - VM Ireland's total revenue increased by $3.4 million, or 0.7%, with a notable organic decrease of $17.6 million, primarily due to a decline in residential fixed subscription revenue[315]. - Other revenue surged by $410.2 million, or 36.1%, from $1,136.3 million in 2024 to $1,546.5 million in 2025, indicating successful diversification strategies[323]. - The share of results from affiliates showed a net loss of $3,186.9 million in 2025, compared to a loss of $205.6 million in 2024, largely driven by the VMO2 JV's performance[360]. Customer and Market Metrics - The company served 11,399,700 fixed-line customers and 44,886,600 mobile subscribers as of December 31, 2025, with networks passing 29,117,600 homes[290]. - Liberty Telecom serves residential and business customers in Belgium, Ireland, and Slovakia, with a total of 5,260,500 homes passed and 2,314,500 fixed-line customer relationships[29]. - As of December 31, 2025, Liberty Telecom had 2,088,500 broadband subscribers and 4,711,100 total RGUs across its consolidated operations[37]. - The VMO2 joint venture reported 16,226,100 homes passed and 5,789,300 fixed-line customer relationships, with 36,309,300 mobile subscribers[37]. Revenue Streams and Growth - The company aims to achieve organic revenue and customer growth by developing bundled services and upgrading network quality, excluding foreign currency translation effects and acquisition impacts[297]. - B2B revenue increased by $56.3 million, or 6.7%, from $842.8 million in 2024 to $899.1 million in 2025, reflecting growth in both subscription and non-subscription revenue[323]. - Residential fixed revenue grew by $57.1 million, or 3.3%, driven by a $59.0 million increase in broadband internet subscription revenue[323]. - Non-subscription revenue for total residential fixed revenue increased by $6.0 million, or 27.8%, indicating a positive trend in ancillary services[323]. Costs and Expenses - Programming and other direct costs of services increased by $219.8 million or 15.2% in 2025, with $193.7 million attributed to the Formula E Acquisition[331]. - Other operating expenses (excluding share-based compensation) rose by $122.9 million or 16.5% in 2025, with a core network and IT-related cost increase of $51.5 million or 29.3%[334]. - SG&A expenses (excluding share-based compensation) increased by $78.7 million or 8.0% in 2025, with $58.1 million attributed to the Formula E Acquisition[338]. Foreign Currency and Economic Factors - The company experienced a significant foreign currency transaction gain of $3,121.1 million in 2025, compared to a loss of $1,756.5 million in 2024[310]. - The company is subject to inflationary pressures and foreign currency exchange risks, which could impact operating margins if costs cannot be passed on to subscribers[308]. - The company’s revenue is primarily derived from jurisdictions that administer VAT or similar taxes, which could adversely affect revenue growth if tax increases occur[306]. Debt and Cash Flow - The company aims to maintain a consolidated debt balance between four and six times its consolidated Adjusted EBITDA, which is a non-GAAP measure[399]. - As of December 31, 2025, the consolidated debt and finance lease obligations totaled $8.6 billion, with $0.8 billion classified as current and $3.3 billion not due until 2029 or later[401]. - Net cash provided by operating activities decreased from $1,331.2 million in 2024 to $1,211.1 million in 2025, a decline of $120.1 million[405]. - Adjusted free cash flow for 2025 was negative at $(274.0) million, compared to positive $311.7 million in 2024[414]. Strategic Initiatives and Future Outlook - The company is focused on sustainability, with commitments to achieve Net Zero targets for 2040 across most of its operations, including Telenet and VodafoneZiggo JV[34]. - The company plans to roll out DOCSIS 4 technology capable of 10 Gbps by 2026, enhancing its broadband service offerings[44]. - Telenet's fiber network expansion plans include covering 70% of its footprint with FTTH by 2030 and 78% by 2038[64]. - The company anticipates an increase in property and equipment additions for 2026 compared to 2025, although actual amounts may vary due to several factors[409]. Joint Ventures and Affiliates - The VMO2 JV reported revenue of $13,335.2 million in 2025, a decrease from $13,649.7 million in 2024, with adjusted EBITDA increasing to $4,662.8 million from $4,503.4 million[361]. - The VodafoneZiggo JV generated revenue of $4,518.5 million in 2025, slightly up from $4,450.5 million in 2024, with adjusted EBITDA decreasing to $1,977.7 million from $2,033.9 million[363].

QT Imaging Reports Preliminary Unaudited Fourth Quarter and Full Year 2025 Financial Results Generated Record Revenue of $8.3 Million in Q4 2025, up 97% versus Q3 2025 Shipped Record 17 Scanners in Q4 2025 and 40 in 2025, up from 12 Scanners Shipped in 2024 Exceeded 2025 Sales Outlook, Delivering Revenue of $18.9 Million Relisted on Nasdaq Less Than One Year After Leaving the Exchange Continues to Pivot from a Scanner Company to a SaaS and Biomarker-Driven Medical Imaging Franchise NOVATO, Calif. – February ...

QT Imaging Reports Preliminary Unaudited Fourth Quarter and Full Year 2025 Financial Results Generated Record Revenue of $8.3 Million in Q4 2025, up 97% versus Q3 2025 Shipped Record 17 Scanners in Q4 2025 and 40 in 2025, up from 12 Scanners Shipped in 2024 Exceeded 2025 Sales Outlook, Delivering Revenue of $18.9 Million Relisted on Nasdaq Less Than One Year After Leaving the Exchange Continues to Pivot from a Scanner Company to a SaaS and Biomarker-Driven Medical Imaging Franchise NOVATO, Calif. – February ...

Revenue Performance - Full year total revenues reached an all-time record of $15.2 billion, up 7% year-over-year[4] - Fourth quarter total revenues were $3.9 billion, down 1% year-over-year, with a record gross profit of $598.7 million, up 4% year-over-year[2] - EchoPark Segment revenues for the full year were $2.1 billion, down 3% year-over-year, but gross profit reached an all-time record of $233.9 million, up 13% year-over-year[11] - Franchised Dealerships Segment revenues for the full year were $12.9 billion, up 8% year-over-year, with gross profit of $2.1 billion, also up 8% year-over-year[4] - Total revenues for the twelve months ended December 31, 2025, increased by 7% to $15,153.6 million, up from $14,224.3 million in 2024[23] - Retail new vehicle revenues decreased by 4% to $1,852.2 million for the three months ended December 31, 2025, compared to $1,932.3 million in 2024[23] - Used vehicle revenues increased by 6% to $799.7 million for the three months ended December 31, 2025, compared to $757.0 million in 2024, contributing to total revenues of $12,879.1 million for the twelve months ended December 31, 2025, an 8% increase from $11,939.2 million in 2024[24] - EchoPark segment total revenues decreased by 5% to $480.7 million for the three months ended December 31, 2025, compared to $506.2 million in 2024[26] - Powersports segment total revenues rose by 19% to $36.4 million in Q4 2025, with retail new vehicle revenues increasing by 17% to $20.4 million[28] Profitability Metrics - Reported full year net income was $118.7 million, down 45% year-over-year, with adjusted net income of $229.2 million, up 17% year-over-year[4] - Fourth quarter EchoPark Segment income was $3.6 million, a 238% improvement year-over-year, with adjusted EBITDA of $8.8 million, up 110% year-over-year[2] - Total gross profit increased by 4% to $535.8 million for the three months ended December 31, 2025, compared to $517.4 million in 2024, with a total gross profit of $2,095.2 million for the twelve months ended December 31, 2025, an 8% increase from $1,941.2 million in 2024[24] - The gross profit for the same store segment decreased by 2% to $503.9 million for the three months ended December 31, 2025, compared to $515.0 million in 2024, with a total gross profit of $2,016.4 million for the twelve months, a 4% increase from $1,934.3 million[25] - Total gross profit for the Franchised Dealerships Segment rose to $2,095.2 million in 2025, an increase of $154.0 million or 8% compared to $1,941.2 million in 2024[33] - Total gross profit for the EchoPark Segment increased to $53.5 million in Q4 2025, up by $4.5 million or 9% from $49.0 million in Q4 2024[34] - Total gross profit for the Powersports segment increased by 25% to $9.4 million in Q4 2025, compared to $7.5 million in Q4 2024[36] Expenses and Cost Management - Total SG&A expenses as a percentage of gross profit were 70.4% for the full year, with 72.4% for the fourth quarter[4] - Total SG&A expenses reported at $433.7 million for the three months ended December 31, 2025, reflecting a 9% increase from $399.6 million in 2024[30] - Total adjusted SG&A expenses decreased by 6% to $433.7 million for the three months ended December 31, 2025, from $408.6 million in 2024[30] - Total SG&A expenses for the Franchised Dealerships Segment increased to $1,463.6 million in 2025 from $1,375.4 million in 2024, reflecting a change of $88.2 million or 6%[33] - Total SG&A expenses for the EchoPark Segment decreased slightly to $42.2 million in Q4 2025 from $42.6 million in Q4 2024, showing a change of $0.4 million or 1%[34] - Total SG&A expenses for the Powersports segment were reported at $9.0 million in Q4 2025, a 6% increase from $8.5 million in Q4 2024[36] Shareholder Returns - Sonic repurchased approximately 1.3 million shares of its Class A Common Stock for an aggregate purchase price of approximately $82.4 million during 2025[8] - A quarterly cash dividend of $0.38 per share was approved, payable on April 15, 2026[14] - Dividends declared per common share increased by 9% to $0.38 for the three months ended December 31, 2025, compared to $0.35 in 2024[23] Income and Earnings - Net income for the three months ended December 31, 2025, was $46.9 million, a decrease of 20% from $58.6 million in 2024[23] - Basic earnings per share for the three months ended December 31, 2025, decreased by 19% to $1.39, compared to $1.72 in 2024[23] - Reported net income for Q4 2025 was $46.9 million, with diluted earnings per share of $1.36, compared to $58.6 million and $1.67 per share in Q4 2024[41] - Adjusted net income for Q4 2025 was $52.2 million, resulting in adjusted diluted earnings per share of $1.52, slightly up from $53.1 million and $1.51 per share in Q4 2024[41] - For the full year 2025, reported net income was $118.7 million, with diluted earnings per share of $3.42, down from $216.0 million and $6.18 per share in 2024[41] - Adjusted net income for the full year 2025 reached $229.2 million, translating to adjusted diluted earnings per share of $6.60, compared to $195.8 million and $5.60 per share in 2024[41] Adjusted Metrics - Adjusted EBITDA for Q4 2025 was $148.5 million, compared to $149.3 million in Q4 2024, indicating a slight decrease[42] - For the full year 2025, adjusted EBITDA was $614.6 million, an increase from $560.1 million in 2024[42] - Total pre-tax adjustments for the full year 2025 amounted to $145.1 million, with a tax effect of $(39.9) million[41] - The company reported a non-recurring tax item of $5.3 million for the full year 2025[41] - Cyber insurance proceeds contributed $(40.0) million to the adjusted EBITDA for the full year 2025[42] - The company experienced storm damage charges of $5.0 million for the full year 2025, compared to $8.3 million in 2024[42]

Financial Performance - Consolidated revenues for Q4 2025 were $574.6 million, a decrease of 5.2% from Q4 2024[5] - Net earnings from continuing operations for Q4 2025 were $19.9 million, down from $58.3 million in the prior year[6] - Adjusted EBITDA for Q4 2025 was $61.5 million, representing 10.7% of revenues, compared to $64.1 million or 10.6% of revenues in Q4 2024[6] - Total revenues for the three months ended December 31, 2025, were $574,586, a decrease of 5.2% from $606,376 in the same period of 2024[25] - Lease revenues and fees for the year ended December 31, 2025, were $2,322,754, a slight decrease of 1.8% compared to $2,366,489 in 2024[27] - Operating profit for the three months ended December 31, 2025, was $38,529, down 24.2% from $50,874 in the prior year[25] - Net earnings for the year ended December 31, 2025, were $146,788, a decrease of 25.5% from $197,249 in 2024[23] - Basic earnings per share for continuing operations were $3.10 for the year ended December 31, 2025, compared to $4.63 in 2024, reflecting a decline of 33.5%[23] - Non-GAAP net earnings from continuing operations for the full year 2025 were $143.51 million, compared to $146.97 million for the full year 2024, reflecting a decrease of 2.5%[36] - Non-GAAP diluted earnings per share from continuing operations for the three months ended December 31, 2025, was $0.74, down from $0.78 in the same period of 2024, representing a decline of 5.1%[37] - Adjusted EBITDA for the three months ended December 31, 2025, was $61.55 million, compared to $63.93 million for the same period in 2024, indicating a decrease of 3.7%[43] - For the twelve months ended December 31, 2025, net earnings from continuing operations reached $124,352 thousand, with an adjusted EBITDA of $269,167 thousand[47] Cash and Assets - The company ended Q4 2025 with cash of $308.8 million and gross debt of $600 million[9] - Cash and cash equivalents increased to $308,774 as of December 31, 2025, from $90,920 in 2024, representing a significant increase of 239.5%[21] - Total assets grew to $1,610,408 as of December 31, 2025, up from $1,513,767 in 2024, indicating a growth of 6.4%[21] - Total liabilities remained relatively stable at $863,991 in 2025 compared to $863,486 in 2024[21] - Cash provided by operating activities for the year ended December 31, 2025, was $334,962, an increase from $138,525 in 2024[23] Growth and Projections - For full year 2026, the company projects total revenues from continuing operations between $3,020 million and $3,140 million[11] - The projected diluted EPS from continuing operations for full year 2026 is between $3.34 and $3.79[11] - The projected net earnings from continuing operations for fiscal year 2026 are estimated to be between $132,000 thousand and $155,000 thousand, with projected adjusted EBITDA ranging from $350,000 thousand to $320,000 thousand[51] - The projected diluted earnings per share from continuing operations for full year 2026 is estimated to be between $4.00 and $4.45[53] - For the three months ended March 31, 2026, the projected adjusted EBITDA from continuing operations is expected to be between $65,000 thousand and $75,000 thousand[52] Strategic Initiatives - The company plans to continue investing in growth and deleveraging following the acquisition of Purchasing Power[3] - The company plans to include estimated interest expense on Purchasing Power's asset-backed secured borrowings in its adjusted EBITDA starting in 2026, indicating a strategic shift in financial reporting[33] - The management emphasized that non-GAAP measures provide a clearer picture of operational performance, which is crucial for strategic planning and forecasting[35] Expenses and Write-offs - The company incurred restructuring expenses of $2.8 million in Q4 2025, which contributed to the decline in net earnings[37] - The total interest expense for the three months ended December 31, 2025, was $7.12 million, reflecting the costs associated with asset-backed secured borrowings[43] - Interest expense for the twelve months ended December 31, 2025, totaled $32,254 thousand, reflecting an increase from previous periods[47] - Stock-based compensation for the twelve months ended December 31, 2025, was $28,477 thousand, indicating a significant investment in employee incentives[47] - The company incurred restructuring expenses of $2,798 thousand for the twelve months ended December 31, 2025, as part of its operational adjustments[47] - The company reported a write-off of assets due to retailer bankruptcy amounting to $4.996 million in Q4 2025, impacting overall financial results[43] - The company reported costs related to a cybersecurity incident, net of insurance recoveries, amounting to $(88) thousand for the twelve months ended December 31, 2025[47] Market Performance - Progressive Leasing's GMV for Q4 2025 was $534 million, down 10.6% year-over-year[8] - PROG Marketplace GMV increased by 187% during the quarter[4] - Four Technologies achieved a GMV growth of 126% in Q4 2025[4] - Progressive Leasing reported a total GMV of $837.97 million for the three months ended December 31, 2025, an increase of 14.5% compared to $732.07 million in the same period of 2024[29]

Workforce and Business Operations - Sabre Corporation's workforce was reduced by approximately 17% following the sale of its Hospitality Solutions business, resulting in a total of 4,650 employees as of December 31, 2025[35]. - The company operates a business-to-business travel marketplace called Sabre Mosaic Marketplace, which integrates travel content from various suppliers with a large network of travel buyers[16]. - The company generates revenue through various streams, including distribution revenue from bookings made through its global distribution system (GDS), SaaS and hosted solutions, software licensing, and professional service fees[22][23][24][25]. - Sabre's customer base includes airlines, hotels, travel agencies, and corporate travel departments, with varying phases of adopting NDC strategies[21]. - A significant portion of travel buyer agreements, approximately 15% to 20%, is up for renewal each year, impacting revenue stability[57]. - The company relies on relationships with a limited number of large travel buyers, making it vulnerable to changes in their demand or business practices[55]. - The company has divested its Hospitality Solutions business, which may not yield the anticipated strategic and financial benefits, potentially impacting future growth[75]. Technology and Innovation - In 2024, Sabre launched SabreMosaic Airline Technology, an AI-enabled platform designed to help airlines create and sell personalized content to travelers[17]. - Sabre's growth strategy focuses on innovation and enhancing customer relationships, including the integration of new distribution capability (NDC) and expanding product lines[18]. - The company must continue to innovate and evolve its offerings to remain competitive in a rapidly changing travel technology market[44]. - The company is investing in the development of SabreMosaic Airline Technology, which is expected to impact revenue positively in future years[161]. Financial Performance and Risks - Revenue is highly dependent on transaction volumes in the global travel industry, particularly air travel, which significantly affects financial performance[42]. - The company faces pricing pressure from travel suppliers, leading to potential revenue and margin declines due to negotiations for lower fees[49]. - Financial instability among travel suppliers, including airlines, could lead to increased payment delays or defaults, negatively impacting cash flow[50]. - The company has $4.3 billion of outstanding indebtedness as of December 31, 2025, which may affect cash flow and operational capabilities[102]. - The company’s financial performance may be adversely affected by rising interest rates, which have already increased interest expenses significantly[106]. - The company anticipates a material negative impact on financial results and liquidity due to changing market conditions, with approximately $248 million of principal due or committed to be redeemed early under current debt facilities[212]. Cybersecurity and Compliance - The company has faced cybersecurity incidents, including unauthorized data extraction, which have not yet materially impacted financial conditions but could lead to significant future costs and reputational harm[87]. - The company has implemented measures to protect critical systems and data, but these protections are not comprehensive for all systems, potentially leading to significant recovery costs in the event of a disaster[83]. - Compliance with PCI Data Security Standards is essential for maintaining credit card processing services, with significant costs associated with compliance that may increase over time[63]. - Regulatory compliance regarding personal data protection is increasingly complex and could lead to significant operational costs and liabilities[52]. - The company is involved in various legal proceedings that could incur substantial costs and divert management's attention, potentially impacting financial results[64]. Market Conditions and Competition - The company faces competition from other global travel marketplace providers, local distribution systems, and direct distribution by travel suppliers[26]. - The travel industry is seasonal, with revenue typically peaking in the first and third quarters and declining significantly in the fourth quarter due to holiday travel patterns[33]. - The company is exposed to risks from adverse global economic conditions, including inflation, reduced consumer confidence, and increased tariffs, which could negatively impact travel demand[98]. - The company faces significant risks related to international operations, including political instability, regulatory changes, and currency fluctuations[101]. Debt and Liquidity Management - The company may need to incur additional indebtedness in the future, which could intensify existing risks associated with its current debt levels[103]. - The company has sufficient resources to fund liquidity requirements over the next twelve months, including approximately $248 million in principal payments due or committed for early redemption under current debt facilities[158]. - The company repaid $96 million of debt using cash from its balance sheet[213]. - Proceeds of $822 million from the sale of Hospitality Solutions were used to pay down debt and add approximately $135 million of cash to the balance sheet[213]. Revenue and Cost Management - Revenue for the year ended December 31, 2025, was $2,770,983, an increase of $26,138 or 1% compared to 2024[189]. - Adjusted Net Loss from continuing operations for 2025 was $(14,835), improving from $(75,858) in 2024[186]. - Cost of revenue, excluding technology costs, increased by $60,712 or 5% to $1,206,987 in 2025[192]. - Selling, general and administrative expenses decreased by $18,571 or 3% to $557,401 in 2025[194]. - Free Cash Flow for 2025 was $(191,751), a decline from $(9,278) in 2024[186]. Strategic Priorities and Future Outlook - The company has established strategic priorities to achieve sustainable long-term growth in response to changing needs of airline, hotel, and agency customers[157]. - The company anticipates continued growth in global share as it invests in technology and expands content and product functionality[164]. - Recent industry air distribution volume growth has leveled off, which may impact the company's growth rate moving forward[157].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission File Number: 001-39667 LESLIE'S, INC. ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 3, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Delaware 20-8397425 (State or other jurisdiction of incorporation or organization) 2005 East Indian School Road Phoe ...

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 ___________________ 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 | Commission I.R.S. Employer | Registrants; | | | | | | --- | --- | --- | --- | --- | --- | | File Number Identification ...