Revenue and Income - Total revenues for 2025 YTD reached $136,560 million, a decrease of 4.6% compared to $145,496 million in 2024 YTD[1] - Net income attributable to Phillips 66 for 2025 YTD was $4,403 million, down from $2,117 million in 2024 YTD, reflecting a significant increase of 107.5%[5] - Basic earnings per share for 2025 YTD was $10.82, compared to $5.01 in 2024 YTD, indicating a growth of 116.3%[1] - Total adjusted net income attributable to Phillips 66 for 2025 was $2.632 billion, compared to $2.604 billion in 2024, reflecting a slight increase[8] - Income before income taxes for 2025 YTD reached $4,500 million, a significant increase from $1,011 million in 2024 YTD[45] Expenses and Costs - Operating expenses for 2025 YTD totaled $6,423 million, a slight increase from $5,939 million in 2024 YTD, representing a rise of 8.1%[1] - The company’s total costs and expenses for 2025 YTD were $131,140 million, a decrease of 8.2% from $142,821 million in 2024 YTD[1] - Selling, general and administrative expenses for 2025 amounted to $1.088 billion, a decrease from $1.434 billion in 2024, representing a reduction of approximately 24.1%[65] Taxation - The effective tax rate for 2025 YTD was 16.5%, compared to 18.7% in 2024 YTD, indicating a decrease in the tax burden[3] - The effective tax rate on taxable U.S.-based special items was approximately 24%[15] - Adjusted effective tax rate for 2025 was 22.9%, up from 20.5% in 2024, indicating an increase in the adjusted tax rate[67] Segment Performance - The refining segment reported a loss of $274 million for 2025 YTD, an improvement from a loss of $365 million in 2024 YTD[5] - Marketing and Specialties segment generated $4,500 million in income for 2025 YTD, a substantial increase from $1,011 million in 2024 YTD, reflecting a growth of 344.4%[5] - Adjusted EBITDA for the Midstream segment in 2025 reached $3.773 billion, up from $3.662 billion in 2024, indicating a growth of approximately 3%[11] - The refining segment reported an adjusted EBITDA of $2.338 billion for 2025, a significant increase from $966 million in 2024[11] - The Chemicals segment's adjusted EBITDA for 2025 was $845 million, down from $1.348 billion in 2024, indicating a decline of approximately 37%[11] Cash Flow and Financing - Cash flows from operating activities for Q3 2025 were $187 million, with a year-to-date total of $2.752 billion[19] - The total net cash used in financing activities for Q3 2025 was $2.049 billion, reflecting significant debt repayments[19] - The company reported a cash and cash equivalents balance of $1.489 billion at the end of Q3 2025[20] - Total debt as of the end of 2025 was $19,716 million, a decrease from $21,755 million in 2024, indicating a reduction of approximately 9.5%[51] Asset Dispositions and Impairments - The company reported a net gain on dispositions of $2,984 million for 2025 YTD, compared to $321 million in 2024 YTD, showing a significant increase[1] - The company recorded a net gain on asset dispositions of $(68) million in Q1 2025, compared to a pre-tax impairment of $79 million in Q4 2025[29] - The total impairments recognized in 2025 reached $1.060 billion, with significant impacts in Q2 and Q3[19] - Special items included in income (loss) before income taxes totaled $1.841 billion for 2025, compared to a loss of $710 million in 2024, indicating significant fluctuations in special items[13] Production and Sales - Total refined products sales in the U.S. for Q1 2025 were 1,828 MB/D, up from 1,926 MB/D in Q1 2024, reflecting a 5% increase[45] - Total renewable fuels produced in Q1 2025 was 44 MB/D, a decrease from 63 MB/D in Q1 2024, showing a decline of 30%[48] - The worldwide total production, including proportional share of equity affiliates, was 1,871 MB/D year-to-date[43] Market Conditions - The Henry Hub natural gas price for Q1 2025 was $4.27 per MMBtu, significantly higher than $2.41 per MMBtu in Q1 2024, representing a 77.6% increase[26] - WTI crude oil price averaged $64.89 per barrel for the year-to-date, while Brent averaged $69.06[43] Legal and Regulatory Matters - The company reported a legal accrual of $605 million in Q3 2025, which was a notable increase from $262 million in Q2 2025[46] - The company incurred special items including a legal settlement of $(181) million and pending claims of $(123) million[58]

FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR 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 OR o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 333-82318 NOVO NORDISK A/S (Exact name of Reg ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period 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 001-38776 FOX CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

Revenue Performance - For the three months ended December 31, 2025, total revenues increased by $104 million or 2% to $5,182 million compared to the same period in 2024, driven by higher distribution and advertising revenues [88]. - For the six months ended December 31, 2025, total revenues increased by $278 million or 3% to $8,920 million, attributed to higher distribution, advertising, and content revenues [92]. - Cable Network Programming segment revenues rose by $110 million or 5% for the three months ended December 31, 2025, driven by higher distribution, advertising, and content revenues [102]. - Television segment revenues decreased by $24 million or 1% for the three months ended December 31, 2025, primarily due to lower content revenues, despite higher advertising and distribution revenues [107]. - Television segment revenues increased by $73 million or 1% for the six months ended December 31, 2025, mainly due to higher advertising and distribution revenues [109]. Operating Expenses - Operating expenses for the three months ended December 31, 2025, increased by $119 million or 3% to $3,895 million, mainly due to higher sports programming rights amortization and production costs [90]. - Operating expenses for the six months ended December 31, 2025, increased by $185 million or 3% to $5,979 million, primarily driven by higher sports programming rights and digital content costs [93]. - Operating expenses for Cable Network Programming increased by $72 million or 5% for the three months ended December 31, 2025, primarily due to higher sports programming rights costs [103]. Net Income and EBITDA - Net income for the three months ended December 31, 2025, decreased by $141 million or 36% to $247 million, largely due to changes in the fair value of investments in equity securities [97]. - Adjusted EBITDA for Cable Network Programming decreased by $89 million or 11% for the three months ended December 31, 2025, reflecting the impact of increased expenses [101]. - Adjusted EBITDA for the three months ended December 31, 2025, was $692 million, compared to $781 million for the same period in 2024, representing a decrease of 11.4% [119]. - Corporate and Other EBITDA decreased by $57 million or 70% for the three months ended December 31, 2025, and by $119 million or 78% for the six months ended December 31, 2025, primarily due to costs associated with the launch of FOX One [114]. Cash Flow and Financial Position - The Company has approximately $2.0 billion in cash and cash equivalents as of December 31, 2025, along with an unused $1.0 billion revolving credit facility [120]. - Net cash used in operating activities for the six months ended December 31, 2025, was $(799) million, compared to $(204) million in 2024, indicating a significant increase in cash outflow [124]. - Net cash used in investing activities for the six months ended December 31, 2025, was $(393) million, up from $(240) million in 2024, primarily due to increased investments and capital expenditures [125]. - Net cash used in financing activities for the six months ended December 31, 2025, was $(2.142) billion, compared to $(553) million in 2024, largely due to stock repurchase activities [126]. Dividends and Acquisitions - The Company declared a semi-annual dividend of $0.28 per share, payable on March 25, 2026, with a record date of March 4, 2026 [128]. - The Company is evaluating potential acquisitions and dispositions of certain businesses and assets, which may involve cash or the assumption of additional indebtedness [123]. Credit Rating - The Company maintains a stable credit rating of Baa2 from Moody's and BBB from Standard & Poor's as of December 31, 2025 [130].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF ...

Customer Concentration and Sales - In 2025, sales to the top ten customers accounted for 74% of total revenue, with Customer A, B, and C contributing 31%, 17%, and 11% respectively[73] - The company relies on a small number of customers, with three customers accounting for over 10% of total net revenue, increasing vulnerability to customer loss[73] - The company is affected by seasonality, with the strongest sales typically occurring in the fourth quarter due to holiday-related demand[102] Cost and Pricing Pressures - Significant increases in raw material costs, particularly aluminum, negatively impacted results in 2025[78] - The company experienced fluctuations in raw material and energy costs, which represent a significant portion of the cost of sales[78] - Labor costs in the United States continue to rise, potentially impacting operating expenses and growth[84] - The company has implemented price increases, which may slow sales growth or create volume declines as customers react to these changes[99] Regulatory and Compliance Risks - Regulatory changes regarding environmental sustainability could materially affect sales and product offerings, particularly in the Hefty Tableware segment[87] - The lack of a uniform regulatory framework across the U.S. complicates compliance and impacts marketing and product development strategies[90] - The company is subject to various governmental regulations, which may incur material liabilities and compliance costs, potentially affecting its financial condition and operations[123] - Environmental, health, and safety laws impose strict liabilities that could lead to significant fines, penalties, and increased compliance costs, impacting profitability[124] - The company may face increased costs due to new regulations aimed at reducing plastic waste, which could affect demand for certain products[127] - Stakeholder focus on environmental issues, including climate change and sustainability, may hinder access to capital and impact consumer demand for products[128] Financial and Debt Management - As of December 31, 2025, the company had $1,586 million of outstanding indebtedness under its senior secured term loan facility maturing in 2032 and $693 million of borrowing capacity under its senior secured revolving credit facility maturing in 2029[118] - The unhedged portion of the Term Loan Facility was approximately $586 million as of December 31, 2025, exposing the company to interest rate risk[121] - Higher interest rates during the year ended December 31, 2023, increased the company's debt service obligations on unhedged variable rate indebtedness, leading to a decrease in net income and cash flows[122] - As of December 31, 2025, the company had significant variable rate debt commitments outstanding, accruing interest at the SOFR rate plus an applicable margin of 1.75%[292] - The aggregate notional amount of interest rate swaps in effect as of December 31, 2025, was $1,000 million, with fixed rates ranging from 2.66% to 3.40%[293] - Additional interest rate swaps with a notional value of $900 million were entered into, fixing the SOFR to an annual rate of 3.33% to 3.41%[294] - A 100-basis point increase in interest rates under the Term Loan Facility would result in a $6 million increase in interest expense per annum on outstanding borrowings[296] Competition and Market Dynamics - The company faces competitive pressures from both established and new entrants in the market, necessitating continuous innovation[75] - Economic downturns and inflationary pressures have historically led to decreased demand for products, impacting overall sales[92][94] Operational Challenges - Supply chain disruptions, including reduced trucking capacity, have led to increased transportation costs and operational challenges[82] - The company faces intense competition for qualified personnel, which could hinder its ability to conduct research and development activities[104] - The company has quality control measures in place, but any failure to maintain product safety and quality could result in recalls and harm to its reputation[100] - Cybersecurity threats pose risks to the company's IT and operational technology systems, which could disrupt operations and adversely impact financial results[134] Corporate Governance and Ownership - PFL controls approximately 74% of the company's outstanding shares, allowing it to determine the outcome of corporate actions requiring stockholder approval[150] - The concentration of PFL's ownership may discourage other parties from making tender offers, potentially preventing stockholders from receiving a premium for their shares[152] - The company is classified as a "controlled company" under Nasdaq rules, which allows it to rely on exemptions from certain corporate governance requirements[158] Legal and Insurance Risks - Legal claims and proceedings could require significant time and resources to defend, potentially affecting cash flows and financial condition[137] - The company maintains insurance for some risks, but may face uninsured liabilities that could adversely affect cash position and results of operations[141] Strategic Initiatives - The company may pursue acquisitions of brands, businesses, assets, or technologies, which could involve risks such as the assumption of contingent liabilities and potential impairments of acquired intangible assets[105] - The company intends to continue paying quarterly cash dividends on its common stock, but this ability may be limited by various factors including financial condition and capital requirements[148] - The company relies on effective systems to gather and use consumer data for marketing, with risks associated with new product development and market entry[98]

Revenue and Sales Performance - Revenue for Q4 2025 was $9.7 million, a 3% increase sequentially from $9.5 million in Q3 2025, but a 10% decrease year-over-year from $10.8 million in Q4 2024[5] - Full year 2025 net sales were $39.8 million, a 7% decrease compared to $43.0 million in 2024[5] Membership and Active Users - Active Members decreased to 26,650 as of December 31, 2025, down from 28,030 at September 30, 2025, and 30,870 at December 31, 2024[5] Profitability and Loss - Operating loss for Q4 2025 was $635,000, compared to $495,000 in Q3 2025 and $421,000 in Q4 2024; excluding restructuring charges, the loss would have been $352,000[5] - Net loss for Q4 2025 was $588,000, or $0.05 per diluted share, compared to a net loss of $431,000, or $0.04 per diluted share, in Q3 2025, and net income of $176,000, or $0.02 per diluted share, in Q4 2024[5] - Net income for 2025 was $(882) million, a decrease from $572 million in 2024[18] Cash Flow and Liquidity - Total cash, cash equivalents, and marketable securities were $28.9 million as of December 31, 2025, down from $32.0 million as of September 30, 2025[11] - Operating cash flow for Q4 2025 was a net outflow of $959,000, compared to a net inflow of $88,000 in Q4 2024[11] - Net cash used in operating activities increased to $(5,997) million in 2025 from $(3,367) million in 2024[18] - Total cash, cash equivalents, and restricted cash decreased to $6,820 million at the end of 2025 from $13,567 million at the end of 2024[18] Dividends and Shareholder Returns - The company declared a quarterly cash dividend of $0.10 per share, payable on February 27, 2026[11] - Dividends paid remained consistent at approximately $(9,210) million for both 2025 and 2024[18] Inventory and Assets - Inventories increased to $1,274 million in 2025 from $1,000 million in 2024[18] - Other current assets showed a significant change, increasing to $1,224 million in 2025 from $(113) million in 2024[18] - Right-of-use assets obtained in exchange for operating lease liabilities rose to $487 million in 2025 from $124 million in 2024[18] Cost Management and Restructuring - The company expects to realize $1.5 million in annualized cost savings from restructuring initiatives that are substantially complete[4] - The company relocated about 40% of its product sourcing base from America to East Asia to reduce tariff uncertainty and streamline logistics[4] Cash Flow from Investments - Cash flows from investing activities provided $8,148 million in 2025, contrasting with $(30,075) million used in 2024[18] - Purchases of marketable securities decreased to $(50,742) million in 2025 from $(70,431) million in 2024[18] Foreign Exchange Impact - The effect of exchange rates on cash resulted in a gain of $312 million in 2025 compared to $5 million in 2024[18]

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: 000-19034 REGENERON PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter) New York 13-34446 ...

Financial Performance - Brookfield Asset Management reported record quarterly fee-related earnings of $867 million, up 28% year-over-year, and distributable earnings of $767 million, up 18% year-over-year[2][10]. - Net income for Q4 2025 was $615 million, with total net income for the year reaching $2.4 billion, marking a significant increase from the previous year[9][28]. - Brookfield's total revenues for 2025 reached $4.8 billion, up from $3.98 billion in 2024, driven by strong management and incentive fee revenues[28]. - Net income for Q4 2025 was $615 million, a decrease of 9.6% from $680 million in Q4 2024[29]. - Fee-related earnings (FRE) increased to $867 million in Q4 2025, up 28.1% from $677 million in Q4 2024[33]. - Distributable earnings (DE) rose to $767 million in Q4 2025, compared to $649 million in Q4 2024, reflecting an 18.2% increase[29]. - Base management and advisory fees reached $873 million in Q4 2025, a 9.9% increase from $794 million in Q4 2024[33]. - Incentive fees surged to $212 million in Q4 2025, doubling from $106 million in Q4 2024[33]. - Total fee revenues for the year ended December 31, 2025, were $5.487 billion, a 16.6% increase from $4.706 billion in 2024[33]. - The company reported a provision for taxes of $299 million in Q4 2025, significantly higher than $129 million in Q4 2024[29]. - Depreciation and amortization expenses increased to $24 million in Q4 2025 from $3 million in Q4 2024[29]. Dividends and Shareholder Returns - Brookfield announced a 15% increase in its quarterly dividend to $0.5025 per share, payable on March 31, 2026[5]. Fundraising and Investments - The company achieved a record fundraising of $35 billion in Q4 2025, totaling $112 billion for the year, with fee-bearing capital growing to over $600 billion, reflecting a 12% year-over-year increase[2][11]. - As of December 31, 2025, Brookfield had $134 billion in uncalled fund commitments, with $63 billion expected to generate approximately $630 million in annual fees once deployed[20]. - Corporate liquidity stood at $3.0 billion, including cash and undrawn capacity on revolving credit[21]. Strategic Initiatives - The company launched a $100 billion global AI infrastructure program, with $5 billion already secured in commitments for the Brookfield AI Infrastructure Fund[14][24]. - Brookfield completed the acquisition of a majority interest in Angel Oak, a leading asset manager with over $10 billion in fee-bearing capital[24]. - The company plans to acquire the remaining 26% of Oaktree for approximately $3.0 billion, expected to close in the first half of 2026[24]. Long-term Focus - The company emphasized its focus on long-term investments in real assets and essential service businesses, managing over $1 trillion in assets[41]. - Shareholders are encouraged to review the detailed financial results and strategy documents available on the company's website[36].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 4, 2026 GRI BIO, INC. (Exact name of registrant as specified in its charter) Delaware 001-40034 82-4369909 (State or other jurisdiction (Commission File Number) (IRS Employer Identification No.) of incorporation) 2223 Avenida de la Playa, Suite 208 (Registrant's telephone number, inclu ...