Financial Performance - Consolidated revenue for Q4 2025 reached $2.12 billion, a 17% increase year-over-year, with full-year revenue of $7.25 billion, up 15% from the previous year[2][3] - Operating income for Q4 2025 was $614 million, a 19% increase year-over-year, contributing to a record full-year operating income of $1.88 billion, an 18% increase from the prior year[2][3] - Pro forma EPS for Q4 2025 was $2.79, representing a 16% growth compared to the prior-year quarter, with full-year pro forma EPS of $8.56, also a 16% increase[2][3] - Garmin reported net sales of $2,124,955 thousand for the 13 weeks ended December 27, 2025, representing a 16.6% increase from $1,822,560 thousand in the same period last year[24] - The company's gross profit for the same period was $1,258,260 thousand, up 16.6% from $1,079,926 thousand year-over-year[24] - Operating income increased to $614,154 thousand for the 13 weeks ended December 27, 2025, compared to $516,082 thousand in the prior year, reflecting a 19% growth[24] - Garmin's net income for the 52 weeks ended December 27, 2025, was $1,663,887 thousand, a 17.9% increase from $1,411,436 thousand in the previous year[28] - The company reported a diluted net income per share of $2.73 for the 13 weeks ended December 27, 2025, compared to $2.25 in the same period last year, reflecting a 21.3% increase[24] - Garmin's net sales for the 52 weeks ended December 27, 2025, reached $7,245,519 thousand, a 15.1% increase from $6,296,903 thousand in the previous year[24] - GAAP net income for the 13 weeks ended December 27, 2025, was $528,681, compared to $435,734 in 2024, marking a 21% increase[37] - Pro forma net income for the 13 weeks ended December 27, 2025, was $540,109, up from $466,281 in 2024[37] - The estimated impact of foreign currency gains and losses on diluted net income per share was $0.03 for the 52 weeks ended December 27, 2025[43] - The pro forma effective tax rate for the fiscal year 2025 was 16.8% for the 13 weeks ended December 27, 2025[38] Segment Performance - The fitness segment saw a 42% revenue increase in Q4 2025, driven by strong demand for wearables, while the outdoor segment's revenue remained flat compared to the prior year[5][6] - The aviation segment's revenue increased by 16% in Q4 2025, with significant contributions from both OEM and aftermarket products[7] - The marine segment reported an 18% revenue increase in Q4 2025, led by growth in chartplotters[8] - The auto OEM segment experienced a 3% revenue decline in Q4 2025, attributed to legacy programs nearing end-of-life[9] Cash and Investments - Garmin plans to propose a 17% increase in dividends, with a cash dividend of $4.20 per share for the fiscal year 2026[16] - The company announced a new $500 million share repurchase program, replacing the previous $300 million program[17] - Cash and cash equivalents at the end of the year were $2,279,360 thousand, up from $2,080,154 thousand, indicating improved liquidity[28] Future Guidance - Guidance for fiscal year 2026 includes expected revenue of $7.9 billion, a 9% increase over 2025, with pro forma EPS projected at $9.35[13][14] - Management anticipates that forward-looking financial measures for 2026 will be influenced by economic factors such as foreign currency exchange rates and tariffs[41] Research and Development - Research and development expenses rose to $294,984 thousand for the 13 weeks ended December 27, 2025, compared to $258,752 thousand in the same period last year, indicating a focus on innovation[24] Asset Growth - The total assets of Garmin increased to $10,993,669 thousand as of December 27, 2025, up from $9,630,527 thousand a year earlier, showing strong financial growth[26] Free Cash Flow - Free cash flow for the 13 weeks ended December 27, 2025, was $429,612, compared to $399,188 in 2024, indicating an 8% increase[40] Regional Performance - The Americas region generated $1,034,565 in net sales for the 13 weeks ended December 27, 2025, up 21% from $854,816 in 2024[32]

Financial Performance - Total revenues for fiscal year 2025 increased 7% to $961.0 million compared to $895.0 million for fiscal year 2024[11] - Adjusted EBITDA for fiscal year 2025 increased 10% to $123.3 million compared to $112.1 million for fiscal year 2024[18] - Net income for fiscal year 2025 decreased 2% to $71.6 million compared to $72.9 million for fiscal year 2024[18] - Total revenues for the fourth quarter of 2025 increased 11% to $242.1 million compared to $217.2 million in the fourth quarter of 2024[12] - Adjusted EBITDA for the fourth quarter of 2025 increased 17% to $31.2 million compared to $26.7 million in the fourth quarter of 2024[12] - Net income for Q4 2025 was $12.06 million, a decrease of 16% from $14.39 million in Q4 2024[26] - Adjusted net income per diluted share for Q4 2025 was $0.12, down from $0.14 in Q4 2024[26] - Adjusted net income for Q4 2025 increased to $24,174 million, up 12.9% from $21,432 million in Q4 2024[34] - Adjusted EBITDA for Q4 2025 reached $31,214 million, representing a 16.4% increase compared to $26,700 million in Q4 2024[35] Revenue Breakdown - Service revenues for Q4 2025 reached $197.34 million, an increase of 12% compared to Q4 2024[26] - Product revenues for Q4 2025 were $44.78 million, reflecting an 8% increase from Q4 2024[26] - Total revenues for the year ended December 31, 2025, amounted to $961.00 million, a 7% increase from $895.02 million in 2024[26] Future Projections - The company expects fiscal year 2026 total revenues to exceed $1 billion, with guidance of $1.01 to $1.03 billion[14] - The company forecasts a period-end ship count of 208 for Q1 2026 and 210 for FY 2026[27] Shareholder Returns - The board declared a quarterly dividend of $0.05 per share, payable on March 25, 2026[15] - The company repurchased 3.9 million common shares for $75.4 million during fiscal year 2025[16] Cash and Liquidity - Cash at December 31, 2025 totaled $17.5 million, with total liquidity of $67.5 million[9] Operational Metrics - The company ended fiscal year 2025 with health and wellness centers on 206 ships, an increase from 199 ships in the previous year[6] - The average ship count for Q4 2025 was 199, compared to 188 in Q4 2024[26] - Average weekly revenues per ship increased to $89,428 in Q4 2025 from $83,913 in Q4 2024[26] Expenses and Impairments - Capital expenditures for Q4 2025 were $5.05 million, up from $3.31 million in Q4 2024[26] - The company reported a long-lived assets impairment of $2.97 million in Q4 2025, a significant increase of 689% from the previous year[26] - Long-lived assets impairment for Q4 2025 was $2,965 million, significantly higher than $376 million in Q4 2024[34] - Total income tax expense for Q4 2025 was $2,705 million, up 65.5% from $1,634 million in Q4 2024[35] - Interest expense for Q4 2025 was $1,256 million, slightly higher than $1,209 million in Q4 2024[35] - Restructuring expenses for Q4 2025 amounted to $2,703 million, with no such expenses recorded in Q4 2024[34] - The company recorded an inventory write-off of $348 million in Q4 2025 related to its exit from land-based health and wellness center operations in Asia[35] Stock-Based Compensation - Stock-based compensation for Q4 2025 was $2,335 million, a decrease of 19.7% from $2,907 million in Q4 2024[34] - The diluted net income per share for Q4 2025 was $0.24, compared to $0.20 in Q4 2024, marking a 20% increase[34]

Financial Position - As of December 31, 2025, NewAmsterdam Pharma Company reported a cash, cash equivalents, and marketable securities balance of approximately $729 million[8] - The report does not include any financial statements or exhibits beyond the press release[11] Company Overview - The company is registered under the Commission File Number 001-41562 and trades on The Nasdaq Stock Market LLC under the symbol NAMS[5] - NewAmsterdam Pharma is classified as an emerging growth company under the Securities Act of 1933[5] - The company has not indicated any changes in its name or address since the last report[2] Strategic Priorities - The company highlighted its achievements for 2025 and outlined strategic priorities for 2026 in a press release issued on January 9, 2026[8] Compliance and Reporting - The company has not elected to use the extended transition period for complying with new or revised financial accounting standards[6] - The information provided in the report is not deemed "filed" for purposes of the Securities Exchange Act of 1934[10] - The Chief Financial Officer, Ian Somaiya, signed the report on January 9, 2026[15] - The press release is furnished as Exhibit 99.1 to the Current Report on Form 8-K[8]

EXHIBIT 99.2 OPENLANE, Inc. Q4 and YTD 2025 Supplemental Financial Information February 18, 2026 OPENLANE, Inc. EBITDA and Adjusted EBITDA Measures EBITDA and Adjusted EBITDA as presented herein are supplemental measures of our performance that are not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP"). The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, f ...

Financial Performance - Fourth quarter 2025 GAAP revenue was $1.90 billion, with adjusted net revenue of $2.32 billion, reflecting a 6% increase in constant currency excluding dispositions[3] - Fourth quarter 2025 GAAP diluted earnings per share (EPS) were $0.92, while adjusted EPS increased to $3.18, marking an 11% growth in constant currency[3] - For the full year 2025, GAAP revenue totaled $7.71 billion, compared to $7.74 billion in 2024, with adjusted net revenues increasing 2% to $9.32 billion[7] - Revenues for Q4 2025 were $1,896,765, a slight decrease of 0.1% compared to $1,898,345 in Q4 2024[22] - Adjusted net revenue increased by 1.4% to $2,320,316 in Q4 2025 from $2,289,015 in Q4 2024[23] - For the year ended December 31, 2025, total revenues were $7,705,878, a decrease of 0.4% from $7,735,970 in 2024[27] - For the year ended December 31, 2025, Global Payments reported GAAP revenues of $7,705,878, with non-GAAP revenues reaching $9,315,056, reflecting a year-over-year increase in non-GAAP revenues of approximately 1.76% from $9,154,007 in 2024[39] Earnings and Income - Adjusted operating margin expanded by 80 basis points to 44.7% in the fourth quarter of 2025[7] - The company projects adjusted earnings per share for 2026 to be between $13.80 and $14.00, representing a growth of 13% to 15%[8] - Operating income for Q4 2025 was $215,330, down 70.1% from $720,359 in Q4 2024[22] - Adjusted operating income rose by 3.3% to $1,036,821 in Q4 2025 compared to $1,004,165 in Q4 2024[23] - Net income attributable to Global Payments decreased by 61.6% to $217,524 in Q4 2025 from $567,173 in Q4 2024[22] - Basic earnings per share for continued operations fell by 67.4% to $0.63 in Q4 2025 from $1.93 in Q4 2024[22] - Net income for the year ended December 31, 2025, was $1,456,047 thousand, a decrease of 11.5% compared to $1,644,153 thousand in 2024[32] - Net income attributable to Global Payments for 2025 was $1,400,107 under GAAP, with non-GAAP net income at $2,957,165, representing a 5.27% increase from $2,809,413 in 2024[39] Shareholder Returns - Global Payments announced a share repurchase authorization of $2.5 billion and an accelerated share repurchase plan of $550 million[10] - The company expects to return over $2 billion to shareholders through repurchases and dividends in 2026, including the accelerated share repurchase plan[10] - Global Payments aims to return $7.5 billion of capital to shareholders through the end of 2027, consistent with targets established at the 2024 investor conference[4] Assets and Liabilities - Total assets increased to $53,338,484 thousand as of December 31, 2025, up from $46,890,255 thousand in 2024, representing a growth of approximately 10.4%[31] - Total liabilities rose to $29,559,003 thousand in 2025, up from $23,873,688 thousand in 2024, indicating an increase of 23.8%[31] - Cash and cash equivalents increased significantly to $9,116,414 thousand at the end of 2025, compared to $2,735,975 thousand at the end of 2024, marking an increase of 232.5%[32] - The company’s long-term debt increased to $19,541,512 thousand in 2025 from $15,079,453 thousand in 2024, a rise of 29.8%[31] Business Operations - The company completed the acquisition of Worldpay and divestiture of Issuer Solutions, positioning itself as a leading pure-play merchant solutions provider[3] - The Merchant Solutions business exited 2025 with slightly more than 6% growth, supported by strong adjusted free cash flow generation[5] - The company recognized a goodwill impairment charge of $33.2 million related to the Issuer Solutions business, reflecting strategic asset management decisions[40] - Global Payments eliminated a loss on business dispositions of $160.4 million for discontinued operations in the fourth quarter of 2025, indicating improved asset management strategies[45] Future Outlook - The outlook for 2026 indicates GAAP revenue growth of approximately 75%, with constant currency adjusted net revenue growth expected at 5% excluding dispositions[58] - GAAP diluted EPS for 2026 is projected to decline by 30% to 32%, while constant currency adjusted EPS is expected to grow by 13% to 15%[58] - Adjusted net revenue for 2025 reflects total company performance, including discontinued operations, and is believed to provide a better comparison with industry peers[60] - Adjusted operating income for 2025 excludes acquisition-related amortization expense and other specific items, reflecting the company's core business performance[61] - The company emphasizes the importance of non-GAAP financial measures for evaluating performance and setting operational goals[59]

Financial Performance - Moody's Corporation reported Q4 2025 revenue of $1.9 billion, a 13% increase year-over-year, and full year 2025 revenue of $7.7 billion, a 9% increase year-over-year[6]. - Moody's Analytics revenue for Q4 2025 was $943 million, up 9% year-over-year, while full year revenue was $3.6 billion, also up 9% year-over-year[6]. - Moody's Investors Service revenue grew 17% in Q4 2025 to $946 million, marking the strongest fourth quarter on record, and full year revenue increased 9% to $4.1 billion[6]. - Revenue for Q4 2025 was $1,889 million, a 13% increase from $1,672 million in Q4 2024[48]. - Total revenue for Moody's Corporation in Q4 2025 reached $1,889 million, a 13% increase from $1,672 million in Q4 2024[65]. - For the year ended December 31, 2025, total external revenue was $7,718 million, a 8.8% increase from $7,088 million in 2024[62]. - The company reported a total of $7,718 million in MCO revenue for the year ended December 31, 2025, reflecting a 9% increase from $7,088 million in 2024[77]. Earnings and Profitability - The diluted EPS for Q4 2025 was $3.41, a 57% increase, and for full year 2025, it was $13.67, a 21% increase[34]. - Basic earnings per share for Q4 2025 was $3.43, compared to $2.18 in Q4 2024, reflecting a 57% increase[48]. - Net income attributable to Moody's for 2025 was $2,459 million, representing a 19% increase from $2,058 million in 2024[48]. - Net income attributable to Moody's common shareholders for Q4 2025 was $610 million, compared to $395 million in Q4 2024, representing a 54% increase[87]. - For the full year 2025, adjusted net income was $2.687 billion, compared to $2.279 billion in 2024, marking a 18% increase[87]. Operating Metrics - Operating income for the year ended December 31, 2025, reached $3,351 million, up 16% from $2,875 million in 2024[48]. - Adjusted Operating Income for Q4 2025 was $920 million, up from $733 million in Q4 2024, reflecting a 25.5% growth[62]. - Adjusted Operating Income for the year 2025 was $3,942 million, up from $3,408 million in 2024, representing a 15.6% increase[62]. - Operating cash flow for 2026 is expected to be between $3.25 billion and $3.45 billion, with free cash flow projected at $2.8 billion to $3.0 billion[92]. Expenses and Margins - Operating expenses for full year 2025 increased by 4%, with projections for 2026 indicating a mid-single-digit percent increase[27]. - Moody's operating margin for Q4 2025 was 40.8%, with an adjusted operating margin of 48.7%[31]. - Adjusted Operating Margin improved to 48.7% in Q4 2025 compared to 43.8% in Q4 2024[62]. - The operating margin for 2026 is projected to be between 45% and 46%, with an adjusted operating margin guidance of 52% to 53%[92]. Cash and Assets - Total assets as of December 31, 2025, were $15,830 million, an increase from $15,505 million in 2024[52]. - Total liabilities decreased to $11,625 million in 2025 from $11,778 million in 2024[52]. - Cash and cash equivalents at the end of 2025 were $2,384 million, slightly down from $2,408 million in 2024[53]. - Net cash provided by operating activities for 2025 was $2,901 million, compared to $2,838 million in 2024[53]. - Free Cash Flow for the year ended December 31, 2025, was $2,575 million, up from $2,521 million in 2024[74]. Shareholder Returns - Moody's Board of Directors declared a quarterly dividend of $1.03 per share, payable on March 13, 2026[39]. - The company repurchased shares worth $1,607 million in 2025, up from $1,292 million in 2024[53]. - Moody's plans to allocate approximately $2.0 billion for share repurchases, subject to market conditions and other capital allocation decisions[92]. Future Outlook - Moody's updated outlook for full year 2026 includes U.S. GDP growth forecast of 1.5% - 2.5% and global GDP growth of 2.0% - 3.0%[42]. - Moody's expects revenue growth in the high-single-digit percent range for 2026, with operating expenses projected to increase in the mid-single-digit percent range[92]. - The guidance for diluted EPS in 2026 is set between $15.00 and $15.60, while adjusted diluted EPS is projected to be between $16.40 and $17.00[92]. - Moody's Analytics (MA) revenue is expected to increase in the mid-single-digit percent range, with organic constant currency revenue anticipated to rise in the high-single-digit percent range[92].

Theater Operations - As of December 31, 2025, the company operated 496 theaters and 5,637 screens across the U.S. and Latin America, with 303 theaters and 4,241 screens in the U.S. and 193 theaters and 1,396 screens in Latin America[22]. - The company maintains a leading market share in 21 of its top 25 U.S. markets, including major cities like Dallas and San Francisco[43]. - The company is the largest exhibitor in Brazil and Argentina, with a significant presence in 15 of the 20 largest metropolitan areas in Latin America[44]. - Total venues across the U.S. and Latin America amount to 496, with 5,637 total screens[60]. - The company operated 193 theaters with 1,396 screens in 13 countries in Latin America as of December 31, 2025, with Brazil representing approximately 6.8% of consolidated revenue[110]. Financial Performance - Total revenue for 2023 was $3,066.7 million, with a projected increase to $3,115.0 million in 2025, reflecting a growth of 1.6%[199]. - Admissions revenue for 2023 was $1,555.6 million, with a slight decrease to $1,544.7 million projected for 2025, indicating a decline of 0.8%[199]. - Concession revenue increased from $1,192.0 million in 2023 to $1,227.2 million in 2025, representing a growth of 3.0%[199]. - Operating income for 2023 was $362.9 million, with a forecasted decrease to $333.2 million in 2025, a decline of 8.2%[199]. - Other revenue increased by 4.2% to $343.1 million in 2025 compared to $329.2 million in 2024, primarily due to higher gaming revenue and promotional income[206]. Market Trends - North American industry box office revenues were approximately $8.9 billion for 2025, with leading films including A Minecraft Movie and Jurassic World: Rebirth[25]. - Latin American industry box office revenues were approximately $1.2 billion for 2025, influenced by the quality and timing of Hollywood films[27]. - The company anticipates that the volume of new theatrical content has improved but has not returned to historical levels, which could materially impact business operations[102]. - The company faces intense competition for patrons and films, with competition from local, regional, national, and international exhibitors[108]. Customer Engagement - Over 27 million members participate in the company's global loyalty programs, contributing approximately 30% of domestic box office revenue from nearly 1.5 million paid Movie Club subscription members[49]. - The domestic subscription membership program, Movie Club, offers various benefits including ticket credits and concession discounts, enhancing customer loyalty[77]. - The company has introduced a free loyalty program in domestic theaters and select international locations, offering food and beverage promotions[63]. Operational Strategies - The company focuses on maximizing attendance and box office results through pricing strategies and omni-channel marketing platforms[33]. - Concession sales represent the second largest revenue source, with ongoing strategies to enhance product offerings and adapt to customer preferences[61]. - The proprietary mobile concession ordering capability is available at all U.S. theaters, allowing guests to pre-order snacks for pickup or delivery[64]. Employee and Labor Considerations - The company has approximately 18,300 employees in the U.S., with 21% being full-time and 79% part-time[89]. - The company is subject to risks related to labor market conditions, which may affect its ability to hire and retain employees[111]. - Increased labor and benefits costs due to rising minimum wage rates and labor market conditions may lead to higher operational costs[127]. Financial Obligations and Risks - As of December 31, 2025, the company had $1,897.3 million in long-term debt obligations, $110.2 million in finance lease obligations, and $1,006.0 million in operating lease obligations[116]. - The company currently has primarily non-investment grade ratings, which could lead to increased borrowing costs and difficulties in obtaining additional debt financing[121]. - A credit market crisis may adversely affect the company's ability to raise capital and could materially impact operations, limiting acquisitions and investments in technology innovations[122]. - The company’s ability to generate positive cash flows is subject to various economic, financial, and regulatory factors, which may restrict its ability to fund operations[117]. Regulatory and Compliance Issues - The company is subject to various government regulations that could result in substantial costs and impact business operations[125]. - The company faces risks related to data protection and privacy regulations, which could impose compliance burdens and legal risks[126]. - Legislative initiatives related to climate change may lead to increased operating costs and compliance requirements for the company[134]. Asset Management - Long-lived assets are evaluated for impairment quarterly, with a full quantitative evaluation performed annually, considering factors such as actual cash flows and competitive changes in the marketplace[185]. - Goodwill is evaluated for impairment annually, with a quantitative assessment comparing fair value to carrying value, using both market and income approaches[188]. - Tradename intangible assets are tested for impairment at least annually, with a quantitative assessment comparing carrying values to estimated fair values based on market royalty rates[189]. Investment and Shareholder Returns - During the year ended December 31, 2025, the company paid cash dividends totaling approximately $653.2 million to fund various financial obligations, including shareholder dividends and share repurchases[155]. - The company declared a quarterly cash dividend of $0.09 per share on February 17, 2026, payable on March 17, 2026[175]. - The company repurchased a total of 3,152.20 thousand shares of common stock in the fourth quarter of 2025, with an approximate dollar value of shares that may yet be purchased under publicly announced plans totaling $225.0 million[158][159].

Table of Contents 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 Commission file number 1-12295 GENESIS ENERGY, L.P. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 76-05130 ...

Press Release February 18, 2026 HF Sinclair Reports 2025 Fourth Quarter and Unaudited Full Year Results and Announces Regular Cash Dividend Fourth Quarter Full Year 2025 Dallas, Texas, February 18, 2026 ‑ HF Sinclair Corporation (NYSE and NYSE Texas, Inc.: DINO) ("HF Sinclair" or the "Company") today reported fourth quarter Net loss attributable to HF Sinclair stockholders of $28 million, or $(0.16) per diluted share, for the quarter ended December 31, 2025, compared to Net loss attributable to HF Sinclair ...

Financial Performance - Net revenue for Q4 2025 was $1.03 billion, with Gross VOI sales of $638 million, representing an 8% year-over-year increase[5] - Full-year 2025 net revenue reached $4.02 billion, with Gross VOI sales of $2.49 billion, also up 8% year-over-year[5] - Adjusted EBITDA for Q4 2025 was $272 million, while full-year Adjusted EBITDA was $990 million[5] - The company reported a net loss of $61 million for Q4 2025, including $210 million in inventory write-downs related to the Resort Optimization Initiative[5] - Adjusted EBITDA for Q4 2025 was $272 million, an 8% increase compared to $252 million in Q4 2024[34] - Adjusted net income for the year ended December 31, 2025, was $424 million, a 4% increase from $406 million in 2024[34] - Adjusted EBITDA for the year 2025 was $990 million, representing a margin of 24.6%, up from $929 million in 2024[41] - Net Income for 2025 was $230 million, a decline of 44% compared to $411 million in 2024[46] Future Projections - For 2026, the company expects Adjusted EBITDA to range from $1,030 million to $1,055 million, with Gross VOI sales projected between $2.5 billion and $2.6 billion[19] - The Resort Optimization Initiative is expected to yield meaningful annual savings, with a positive net impact on Adjusted EBITDA beginning in 2026[17] Shareholder Returns - The company plans to recommend a first quarter 2026 dividend of $0.60 per share, an increase from the previous dividend of $0.56 per share[16] - The company repurchased 1.4 million shares for $90 million in Q4 2025, and a total of 5.4 million shares for $300 million in the full year[15] Debt and Cash Position - As of December 31, 2025, the company had $3.47 billion in corporate debt and $253 million in cash and cash equivalents[11] - The company had a leverage ratio of under 3.1x as of December 31, 2025, indicating a stable financial position[11] - Average Corporate Debt slightly decreased to $3,471 million in 2025 from $3,522 million in 2024, a decline of approximately 1.5%[46] Revenue Segments - Vacation Ownership segment revenues increased by 8% to $875 million in Q4 2025 from $813 million in Q4 2024[34] - Total Vacation Ownership revenue for the year ended December 31, 2025, was $3.361 billion, up 6% from $3.171 billion in 2024[38] Cash Flow and Efficiency - The company reported a net cash provided by operating activities of $640 million for the year ended December 31, 2025, compared to $464 million for the year ended December 31, 2024[33] - Free cash flow for the year ended December 31, 2025, was $515 million, compared to $445 million in 2024[43] - The company achieved a net income cash flow conversion rate of 278% for the year 2025, compared to 113% in 2024[43] Member Metrics - Tours conducted in Q4 2025 totaled 184,000, a 5% increase from 175,000 in Q4 2024[38] - The average number of exchange members decreased by 2% to 3.299 million in Q4 2025 from 3.377 million in Q4 2024[38] - Average Number of Exchange Members represents the average number of paid members in vacation exchange programs during the reporting period[59] Asset and Liability Overview - Total assets as of December 31, 2025, were $6,760 million, slightly up from $6,735 million as of December 31, 2024[31] - Total liabilities rose to $7,742 million as of December 31, 2025, from $7,615 million as of December 31, 2024[31] - Cash and cash equivalents increased to $253 million as of December 31, 2025, compared to $167 million as of December 31, 2024[31] Profitability Metrics - Basic earnings per share from continuing operations for Q4 2025 was $(0.95), a decrease of 155% from $1.73 in Q4 2024[34] - Adjusted ROIC improved to 26% in 2025 from 25% in 2024, indicating enhanced efficiency in generating profits from capital investments[46] - Adjusted Net Operating Profit After Taxes (NOPAT) rose to $615 million in 2025, compared to $599 million in 2024, an increase of about 2.7%[46] - Adjusted EBIT increased to $866 million in 2025, up from $814 million in 2024, reflecting a growth of about 6.4%[46] - Taxes on Adjusted EBIT increased to $251 million in 2025 from $215 million in 2024, an increase of approximately 16.8%[46]