Financial Performance - Annual revenues reached $14.4 billion, representing a 4% growth on a pro forma basis[1] - Annual net income was $66 million, with annual adjusted EBITDA of $1,104 million[1] - Revenues for the year ended October 3, 2025, were $14,393 million, with an operating income of $1,089 million[47] - Adjusted EBITDA for the year ended October 3, 2025, was $1,104 million, with an EBITDA margin of 7.7%[47] - Net income attributable to common shareholders for the year was $542 million, resulting in a net income margin of 3.8%[47] - Basic income per share attributable to common shareholders was $2.23 for the year ended October 3, 2025[47] - Revenues for the three months ended October 3, 2025, were $3,925 million, a 77.4% increase from $2,212 million for the same period in 2024[31] - Net income attributable to common shareholders for the three months ended October 3, 2025, was $40 million, compared to $26 million for the same period in 2024, representing a 53.8% increase[31] - Revenues for the three months ended September 27, 2024, were $3,565 million, with an operating income of $269 million[56] - For the fiscal year ended September 27, 2024, revenues reached $13,858 million, and operating income was $1,030 million[59] Backlog and Contracts - Backlog totaled $47.1 billion, with a book-to-bill ratio of 1.2x for the full year[13] - Amentum secured a $4 billion contract with the U.S. Space Force, enhancing its backlog[14] - The company reported a backlog as an operational measure, indicating future revenue potential under negotiated contracts, although specific figures were not disclosed[30] Debt and Cash Management - The company reduced net debt to $3.6 billion, achieving a net leverage ratio of 3.2x[1] - For fiscal year 2025, Net Leverage was 3.2x, with total debt of $4,008 million and cash and cash equivalents of $437 million, resulting in Adjusted EBITDA of $1,104 million[40] - Total assets decreased from $11,974 million as of September 27, 2024, to $11,460 million as of October 3, 2025[34] - Total liabilities decreased from $7,422 million as of September 27, 2024, to $6,840 million as of October 3, 2025[34] - The company had cash and cash equivalents of $437 million as of October 3, 2025, slightly down from $452 million as of September 27, 2024[34] - The company experienced a net cash provided by operating activities of $270 million for the three months ended October 3, 2025, compared to a net cash used of $113 million for the same period in 2024[35] Adjusted EBITDA and Non-Operating Expenses - Pro forma adjusted EBITDA increased by 8% for Q4 and 5% for the full year, driven by higher revenues[7] - Adjusted EBITDA for fiscal year 2025 was $516 million, with a Free Cash Flow of $516 million after deducting $27 million for property and equipment purchases[39] - Non-operating expenses for the year totaled $345 million, impacting overall income before income taxes of $744 million[47] - Acquisition, transaction, and integration costs for the year amounted to $85 million, contributing to the operating income adjustments[47] - Stock-based compensation expenses recognized for the year were $21 million, affecting the overall non-GAAP results[47] - Non-operating expenses for the three months ended September 27, 2024, totaled $(98) million, impacting overall income before income taxes[56] - Acquisition, transaction, and integration costs for the fiscal year were $62 million, contributing to the overall operating income[59] Earnings Per Share - Basic earnings per share attributable to common shareholders for the three months ended October 3, 2025, were $0.16, compared to $0.28 for the same period in 2024[31] - The reconciliation of Adjusted EBITDA to GAAP measures highlights the impact of various non-cash and one-time expenses on financial performance[51] - The company reported a diluted income per share of $2.22 for the year ended October 3, 2025[47] - Net income attributable to common shareholders for the three months ended September 27, 2024, was $(16) million, translating to a basic and diluted loss per share of $(0.06)[56] - For the fiscal year ended September 27, 2024, net income attributable to common shareholders was $487 million, with a basic and diluted income per share of $2.00[59] - The net income margin for the three months ended September 27, 2024, was (0.4)%, while for the fiscal year it was 3.5%[59]

Financial Performance - StoneX Group Inc. reported a record net income of $305.9 million for fiscal year 2025, representing a 17% increase year-over-year[1] - Quarterly net operating revenues reached $585.1 million, up 29% compared to the same quarter last year[1] - The company achieved a record quarterly net income of $85.7 million, with a quarterly return on equity (ROE) of 15.2%[1] - Diluted earnings per share (EPS) for the quarter was $1.57, while the fiscal year EPS was $5.89, reflecting increases of 1% and 11% respectively[1] - The company experienced a 12% increase in quarterly net income despite $9.3 million in acquisition-related charges, which reduced diluted EPS by approximately $0.13[2] - Total revenues for the fiscal year increased by 33% to $132.4 billion, driven by significant growth in sales of physical commodities and interest income[5] - Net operating revenues for the fiscal year ended September 30, 2025, increased by 36% to $856.9 million from $630.4 million in 2024[34] - For the three months ended September 30, 2025, total revenues reached $31,813.0 million, a 5% increase from $30,430.3 million in the same period of 2024[29] Revenue Growth - The commercial segment's operating revenues grew by 38% to $291.9 million for the quarter, while institutional revenues increased by 39% to $771.7 million[8] - Operating revenues increased by $282.2 million, or 31%, to $1,202.3 million for the three months ended September 30, 2025, compared to $920.1 million for the same period in 2024[14] - Operating revenues from securities transactions rose by $107.6 million, driven by a 25% increase in average daily volume (ADV) and a 23% increase in securities rate per million (RPM)[16] - Interest income increased by 39% to $66.5 million for the three months ended September 30, 2025, compared to $47.9 million in 2024[29] - Total revenues for the three months ended September 30, 2025, increased by 39% to $771.7 million compared to $554.1 million in 2024[32] Acquisitions and Strategic Initiatives - The company closed acquisitions of R.J. O'Brien and The Benchmark Company, LLC, which are expected to enhance product offerings and client service[2][3] - The acquisition of RJO contributed $141.0 million in operating revenues, with listed derivatives revenues increasing by $89.4 million primarily due to this acquisition[15] - The acquisition of RJO contributed an additional 15.9 million listed derivative contracts in the fiscal year ended September 30, 2025[32] - The company plans to continue expanding its product capabilities and geographic reach to drive shareholder value[3] Expenses and Liabilities - Total interest expense increased by 29% to $436.3 million for the three months ended September 30, 2025, compared to $337.8 million in 2024[20] - The total non-interest expenses for the three months ended September 30, 2025, were $657.9 million, up from $484.3 million in 2024[24] - The company’s total liabilities increased to $19,864.1 million in 2025, up from $10,345.9 million in 2024, representing a 92% increase[40] - Interest expense for the fiscal year ended September 30, 2025, rose by 25% to $1,480.5 million from $1,183.5 million in 2024[47] Client and Segment Performance - Average client equity for listed derivatives increased by 71% to $11,321 million for the three months ended September 30, 2025[19] - Segment income for the institutional segment surged by 73% to $133.8 million for the quarter, contributing to a total segment income increase of 31%[9] - The company reported a segment income of $111.4 million for the three months ended September 30, 2025, a 25% increase from $89.2 million in 2024[29] - The company reported a 91% increase in consulting, management, and account fees, reaching $38.4 million for the three months ended September 30, 2025, up from $20.1 million in 2024[32] Future Outlook - The company plans to discuss future developments and financial matters in a conference call scheduled for November 25, 2025[41] - The company plans to include additional segment performance information in its Annual Report on Form 10-K to be filed with the SEC[28]

Sales and Market Performance - In fiscal 2025, the company sold 9,409 buses globally, with approximately 92.6% sold through distributors and dealers[37]. - The company has delivered its 2,000th electric school bus in fiscal 2024, indicating strong demand for electric vehicle offerings[32]. - The U.S. and Canadian school bus industry is projected to achieve approximately 31,000 unit sales in 2025, reflecting a 30.8% increase compared to 2024[48]. - In fiscal 2025, the company sold 9,409 Type C and Type D buses, with Type C buses accounting for 82% of unit sales[71]. - The company sold 5,275 alternative powered buses in fiscal 2025, maintaining a market leadership position with approximately 64% of all alternative powered school buses sold from fiscal 2015 through fiscal 2025[66]. - The company experienced a 28.0% increase in sales of Type C and Type D electric vehicles in fiscal 2025, with 901 units sold[67]. - New bus orders remained robust, with a backlog of approximately 4,800 units as of September 28, 2024, despite selling 9,000 units in fiscal 2024[211]. Financial Performance and Investments - Parts sales represented 7.0% of the company's net sales in fiscal 2025, highlighting the importance of the Parts segment[44]. - The company received an approximate $80 million grant from the U.S. Department of Energy to convert a manufacturing site for diesel powered motorhomes into a facility for all powertrains, including electric[41]. - The company has updated its plans to increase investment in a new manufacturing facility to expand production capabilities for electric and low-emission vehicles[41]. - The company has received approximately $965 million in funding from the EPA's Clean School Bus Program in October 2022, with over 2,300 zero- and low-emission school buses ordered[57]. - The cumulative total return of the company's stock increased to 481 by September 27, 2025, compared to 100 at the start of the period on October 3, 2020[199]. Supply Chain and Production Challenges - The company has faced significant supplier shortages due to ongoing supply chain disruptions since the latter half of fiscal 2021, impacting production processes for certain units scheduled for delivery[79]. - The school bus industry has been operating below its historical long-term average of approximately 30,500 unit sales per year due to supply chain constraints since the pandemic[54]. - Supply chain disruptions continued into fiscal 2025, impacting the number and mix of school buses produced and sold, but management's actions allowed for consistent production to fulfill sales orders[210]. - The company continues to monitor supplier operations to ensure sufficient parts and supplies for production needs[213]. - The company has experienced significant supply chain constraints starting in the second half of fiscal 2021, which adversely impacted operations and results due to higher purchasing costs and manufacturing inefficiencies[208]. Safety and Compliance - The company is implementing industry-first safety features, including three-point seat belts for all student passengers starting in fiscal 2025[29]. - Compliance with various legal, environmental, health, and safety requirements adds to manufacturing costs, and failure to comply could lead to substantial regulatory costs[85]. - The company has invested in a safety and health department staffed with trained medical personnel to prioritize employee safety[102]. Employee and Labor Relations - The company employs 2,012 employees, with 2,008 being full-time as of September 27, 2025[103]. - A three-year collective bargaining agreement was executed with the United Steel Workers Union covering more than 1,580 employees as of September 27, 2025[104]. - The company has made significant investments in talent development, recognizing that employee growth is essential for continued success[100]. Risks and Regulatory Environment - The ongoing supply chain disruptions due to geopolitical conflicts, particularly the Russia-Ukraine war, have led to increased costs for critical components and limited access to inventory, impacting the company's ability to fulfill orders[113]. - Economic conditions significantly influence demand for school buses, with potential reductions in orders if municipal budgets deteriorate or housing prices decline[115]. - The company faces risks of product liability claims and recalls, which could lead to significant costs and adversely affect financial condition and cash flows[135]. - Recent trade policies and tariffs have increased costs for components sourced from Canada, China, and Mexico, potentially impacting pricing strategies and sales volumes[125]. Manufacturing and Operational Efficiency - The company launched a state-of-the-art 60,000 square foot paint facility in July 2019, designed to enhance manufacturing efficiency and environmental sustainability[33]. - The company operates a fabrication plant and an integrated chassis manufacturing and body assembly plant in Fort Valley, Georgia, with approximately 1.5 million square feet of owned facilities[82]. - The company is expanding its manufacturing capabilities in Fort Valley, Georgia, to support the production of electric and low-emission vehicles, backed by an $80 million grant from the DOE[63]. Cybersecurity and Risk Management - The company has a cybersecurity program in place, but there is no assurance it will prevent all threats or that insurance will cover all costs related to incidents[169]. - The cybersecurity risk management program includes regular vulnerability scans, penetration tests, and a Business Continuity Plan to identify potential threats and impacts[181]. - The Audit Committee oversees the implementation of the cybersecurity risk management program and receives quarterly updates on strategic objectives and key risks[185]. Shareholder and Stock Information - The company does not currently intend to pay cash dividends on its common stock, relying on appreciation for stockholder returns[170]. - The company has authorized a share repurchase program for up to $60 million of outstanding shares, expiring January 31, 2026, and a second program for up to $100 million, expiring January 1, 2028[200][201]. - As of September 27, 2025, the company repurchased a total of 12,387 shares at an average price of $43.01 per share, with a total approximate dollar value of shares that may yet be purchased under the plans amounting to $110.6 million[204].

Financial Performance - Net sales for fiscal 2025 reached $1,480.1 million, an increase of $132.9 million or 9.9% compared to fiscal 2024[13] - Adjusted EBITDA for fiscal 2025 was $221.3 million, reflecting an increase of $38.4 million compared to the prior year, with a margin of 15%[19] - Net income for fiscal 2025 was $127.7 million, an increase of $22.2 million from the previous year[17] - Adjusted net income for fiscal 2025 was $144.1 million, up $28.8 million compared to fiscal 2024[18] - Gross profit for fiscal 2025 was $303.5 million, an increase of $47.4 million from the prior year[16] - For Q4 fiscal 2025, net sales were $409.4 million, up $59.2 million or 16.9% from Q4 fiscal 2024[6] - Net income for the twelve months ended September 27, 2025, was $127.720 million, an increase of 20.9% from $105.547 million in 2024[38] - Adjusted EBITDA for the twelve months ended September 27, 2025, reached $221,336,000, up 21% from $182,909,000 in the previous year, with an adjusted EBITDA margin of 15.0%[42] Sales and Production - The company sold 9,409 buses in fiscal 2025, an increase of 409 units or 4.5% from the previous year[14] - The company delivered a record 901 electric-powered buses in fiscal 2025, with a backlog of approximately 680 EV buses[4] - The average sales price per bus increased by 6.0% in fiscal 2025, contributing to the overall revenue growth[14] - Net sales for the three months ended September 27, 2025, were $409.365 million, an increase of 16.8% compared to $350.212 million for the same period in 2024[38] Earnings and Cash Flow - Basic earnings per share for the three months ended September 27, 2025, were $1.15, up from $0.76 in the same period of 2024, marking a 51.3% increase[38] - Adjusted diluted earnings per share for the twelve months ended September 27, 2025, was $4.38, compared to $3.46 in the previous year, marking a 27% increase[49] - Free cash flow for the three months ended September 27, 2025, was $60,461,000, representing a 20% increase from $50,226,000 in the same quarter of 2024[45] - Net cash provided by operating activities for the twelve months ended September 27, 2025, was $176,214,000, significantly higher than $111,112,000 in the previous year[45] Assets and Liabilities - Total current assets increased to $411.628 million as of September 27, 2025, from $323.379 million a year earlier, reflecting a growth of 27.3%[36] - Total liabilities increased to $369.840 million as of September 27, 2025, compared to $365.330 million in 2024, indicating a rise of 1.4%[36] - Cash and cash equivalents at the end of the fiscal year were $229.313 million, up from $127.687 million in 2024, representing an increase of 79.5%[40] Guidance and Future Outlook - The company reaffirmed its 2026 revenue guidance at approximately $1.5 billion and adjusted EBITDA guidance of $220 million[5] Other Financial Metrics - Operating profit for the three months ended September 27, 2025, was $50.344 million, compared to $25.579 million for the same period in 2024, representing a growth of 96.9%[38] - The company reported a Clean Bus Solutions impairment of $7,394,000 for the three months ended September 27, 2025[42] - Share-based compensation expense for the twelve months ended September 27, 2025, totaled $14,785,000, compared to $8,609,000 in the previous year[42] - Interest expense for the three months ended September 27, 2025, was $(74,000), a decrease from $1,118,000 in the same period of 2024[42]

Financial Performance - Fiscal 2025 net sales were $3.1 billion, a decrease of 2% from $3.2 billion in fiscal 2024[1][5] - Fiscal 2025 GAAP EPS increased to $2.55 from $1.62, while non-GAAP EPS rose to $2.73 from $2.13[1][8] - Operating income for fiscal 2025 was $250 million, up from $185 million, with an operating margin increase to 8.0% from 5.8%[6][8] - The company reported a net loss attributable to Central Garden & Pet Company of $9,806,000 for the three months ended September 27, 2025, compared to a net loss of $34,158,000 in the same period of 2024, showing an improvement of approximately 71.2%[33] - The company reported a GAAP net loss of $9.8 million for the three months ended September 27, 2025, compared to a loss of $34.2 million for the same period in 2024[46] - Non-GAAP net income attributable to the company for fiscal year 2025 was $174.2 million, up from $142.4 million in fiscal year 2024, reflecting a significant increase[46] Margins and Profitability - Gross margin expanded by 240 basis points to 31.9% from 29.5% in fiscal 2024, driven by productivity initiatives[5][8] - The company achieved a gross margin of 31.9% for fiscal year 2025, compared to 30.0% for fiscal year 2024[49] - Adjusted EBITDA for fiscal year 2025 was $371.0 million, compared to $334.2 million for fiscal year 2024, indicating growth[52] - Adjusted EBITDA for the three months ended September 27, 2025, was $25,670,000, a decrease from $16,822,000 in the same period in 2024[53] Segment Performance - The Pet segment reported net sales of $428 million, a slight decrease from $435 million, primarily due to the closure of U.K. operations[12][13] - The Garden segment saw net sales increase to $250 million from $234 million, driven by improved consumer demand and retail execution[14] - The Pet segment's non-GAAP operating income for the three months ended September 27, 2025, was $30.6 million, compared to $34.6 million for the same period in 2024[50] - The Garden segment reported a GAAP operating loss of $1.7 million for the three months ended September 27, 2025, improving from a loss of $28.8 million in the same period of 2024[51] Cash and Debt Management - Cash and cash equivalents at the end of fiscal 2025 were $882 million, compared to $754 million in the prior year[16][17] - Total debt remained unchanged at $1.2 billion, with gross leverage at 2.8x, below the target range of 3.0 to 3.5x[17] - Cash and cash equivalents at the end of the fiscal year were $898,433,000, up from $768,403,000 at the end of the previous fiscal year, marking an increase of approximately 16.9%[35] - The company’s long-term debt remained stable at $1,191,641,000 as of September 27, 2025, compared to $1,189,809,000 in 2024[31] Future Outlook - The company expects fiscal 2026 non-GAAP EPS to be $2.70 or better, reflecting continued margin discipline and cost efficiencies[21] - Capital spending for fiscal 2026 is projected at approximately $50 million to $60 million, focusing on maintenance and targeted growth initiatives[22] Operational Efficiency - Selling, general and administrative expenses for the fiscal year ended September 27, 2025, were $747,294,000, a decrease from $758,348,000 in 2024, representing a reduction of about 1.46%[33] - The company reported adjusted EBITDA for the fiscal year ended September 27, 2025, which is a key non-GAAP measure, reflecting improved operational performance[38] Other Financial Metrics - Total current assets increased to $1,976,130,000 as of September 27, 2025, from $1,886,806,000 as of September 28, 2024, reflecting a growth of about 4.75%[31] - The total equity of Central Garden & Pet Company increased to $1,584,933,000 as of September 27, 2025, from $1,557,545,000 in 2024, indicating a growth of approximately 1.76%[31] - The company incurred a $12.8 million non-cash impairment charge in the Pet segment during fiscal 2024 due to changing market conditions[44] - In fiscal 2025, the company recognized a $5.0 million incremental expense in the Garden segment due to the closure of a distribution facility in Ontario, California[41]

Financial Performance - Fiscal 2025 net sales were $3.1 billion, a decrease of 2% from $3.2 billion in fiscal 2024[1][5] - Fiscal 2025 GAAP EPS increased to $2.55 from $1.62, while non-GAAP EPS rose to $2.73 from $2.13[1][8] - Operating income for fiscal 2025 was $250 million, up from $185 million, with an operating margin increase to 8.0% from 5.8%[6][8] - The company reported a net loss attributable to Central Garden & Pet Company of $9,806,000 for the three months ended September 27, 2025, compared to a net loss of $34,158,000 in the same period of 2024, showing an improvement of approximately 71.2%[33] - The company reported a GAAP net loss of $9.8 million for the three months ended September 27, 2025, compared to a loss of $34.2 million for the same period in 2024[46] - Non-GAAP net income attributable to the company for fiscal year 2025 was $174.2 million, up from $142.4 million in fiscal year 2024, reflecting a significant increase[46] Margins and Profitability - Gross margin expanded by 240 basis points to 31.9% from 29.5%, driven by productivity initiatives[5][8] - Gross profit for the fiscal year ended September 27, 2025, was $997,336,000, compared to $943,735,000 in 2024, indicating an increase of about 5.66%[33] - The company reported a gross margin of 31.9% for fiscal year 2025, compared to 30.0% for fiscal year 2024[48] - Adjusted EBITDA for fiscal year 2025 was $371.0 million, compared to $334.2 million for fiscal year 2024, indicating growth[52] Segment Performance - The Pet segment reported net sales of $428 million, a slight decrease from $435 million, primarily due to the closure of U.K. operations[12][13] - The Garden segment saw net sales increase to $250 million from $234 million, driven by improved consumer demand[14] - The Pet segment's non-GAAP operating income for the three months ended September 27, 2025, was $30.6 million, compared to $34.6 million for the same period in 2024[50] - The Garden segment's GAAP operating income for fiscal year 2025 was $142.4 million, a significant increase from $81.9 million in fiscal year 2024[51] Cash and Debt Management - Cash and cash equivalents at the end of fiscal 2025 were $882 million, compared to $754 million in the prior year[16][17] - Total debt remained unchanged at $1.2 billion, with gross leverage at 2.8x, below the target range of 3.0 to 3.5x[17] - Cash and cash equivalents at the end of the fiscal year were $898,433,000, up from $768,403,000 at the end of the previous fiscal year, marking an increase of approximately 16.9%[35] - The company’s total liabilities increased to $2,040,138,000 as of September 27, 2025, compared to $1,878,980,000 as of September 28, 2024, representing a rise of about 8.6%[31] Future Outlook - The company expects fiscal 2026 non-GAAP EPS to be $2.70 or better, reflecting continued margin discipline and cost efficiencies[21] - Capital spending for fiscal 2026 is projected at approximately $50 million to $60 million, focusing on maintenance and targeted growth initiatives[22] Operational Efficiency - Cash flows from operating activities for the fiscal year ended September 27, 2025, were $332,506,000, a decrease from $394,892,000 in the previous year, reflecting a decline of about 15.8%[35] - Operating loss for the three months ended September 27, 2025, was $6,400,000, an improvement from an operating loss of $32,408,000 in the same period of 2024[33] - Non-GAAP adjustments for the three months ended September 27, 2025, amounted to $5,751,000, while for the same period in 2024, it was $21,047,000[53] Other Financial Metrics - Total current assets increased to $1,976,130,000 as of September 27, 2025, from $1,886,806,000 as of September 28, 2024, reflecting a growth of about 4.75%[31] - The company’s total equity increased to $1,584,933,000 as of September 27, 2025, from $1,557,545,000 as of September 28, 2024, indicating a growth of approximately 1.76%[31] - Depreciation & amortization for the three months ended September 27, 2025, totaled $20,831,000, compared to $22,738,000 in the same period in 2024[53] - Interest expense, net for the three months ended September 27, 2025, was $6,881,000, compared to $6,476,000 in the same period in 2024[53] - Other expense for the three months ended September 27, 2025, was $576,000, a decrease from $6,137,000 in the same period in 2024[53] - Income tax benefit for the three months ended September 27, 2025, was $(3,421,000), compared to $(10,621,000) in the same period in 2024[53] - Noncash stock-based compensation for the three months ended September 27, 2025, was $5,488,000, slightly higher than $5,445,000 in the same period in 2024[53] - Net loss attributable to noncontrolling interest for the three months ended September 27, 2025, was $(630,000), compared to $(242,000) in the same period in 2024[53]

Land and Property Management - Alico owned approximately 49,537 acres of land and 44,700 acres of oil, gas, and mineral rights as of September 30, 2025[16]. - Alico plans to wind down its Alico Citrus division after the 2024-2025 harvest due to financial challenges and focus on diversified land usage and real estate development[18]. - Alico's strategy includes transitioning approximately 25% of land holdings for strategic development opportunities while maintaining 75% for diversified agricultural ventures[30]. Financial Performance - The Alico Citrus division accounted for 93.8% of total operating revenues for the year ended September 30, 2025, down from 96.6% in 2024[27]. - Sales to the processed market represented 96.0% of Alico Citrus revenues for the year ended September 30, 2025[23]. - Revenues from Land Management and Other Operations increased to 6.2% of total operating revenues for the year ended September 30, 2025, up from 3.4% in 2024[28]. - Revenue from Tropicana accounted for 87.2% of consolidated revenue for the year ended September 30, 2025, compared to 86.8% in 2024[35]. - The increase in Tropicana revenue was primarily due to a decrease in Grove Management Services revenue and an increase in price per pound solids, despite lower total pound solids produced due to Hurricane Milton[36]. Workforce and Employment - Alico's workforce reduction involved up to 172 employees as part of cost-reduction initiatives[18]. - As of September 30, 2025, the company had 20 full-time employees, with no part-time employees, and no employees under collective bargaining agreements[49][50]. - The company relies on independent contractors for harvesting and hauling services, ensuring sufficient human capital for operations[45]. Sustainability and Community Engagement - The company emphasizes sustainable practices and ESG programs to maximize long-term value for customers and stockholders[39]. - The company provided cash grants and donations to support community health, safety, and education initiatives in the past year[53]. - The company is in material compliance with environmental regulations, which historically have not materially impacted financial position or operations[40]. Market Conditions - The company operates in highly competitive markets for oranges and specialty citrus, with no single producer holding significant market power[37]. - The company is shifting focus towards land development, facing increased competition from regional and national developers, private equity, and agricultural operators[38]. Agricultural Operations - The average pound solids per box for citrus was 4.82 for the year ended September 30, 2025[24]. - Raw materials for cultivation, including fertilizers and herbicides, are readily available from local suppliers without long-term commitments[52]. - The company entered into a Mutual Contract Termination Agreement with Tropicana in May 2025, terminating their agreement after fulfilling obligations for the 2024/2025 Crop Year[19].

Investment Strategy and Portfolio Composition - The company targets an investment size of $10 million to $50 million in middle-market companies, primarily focusing on first lien secured debt, second lien secured debt, and subordinated debt [44]. - The portfolio is expected to consist of up to 30% non-qualifying assets, including public companies with market capitalizations over $250 million [45]. - The principal investment focus is on providing secured debt to U.S. middle-market companies across various industries, with Business Services (19%) and Healthcare, Education and Childcare (18%) being the largest sectors [73]. - The company primarily invests in first lien secured debt, second lien secured debt, subordinated debt, and selected equity investments in middle-market companies [220]. - The company focuses on industries such as Aerospace and Defense, Financial Services, and Environmental Services, among others [75]. Debt and Financing Structure - The asset coverage requirement for senior securities was reduced from 200% to 150%, allowing $2 of debt for each $1 of equity [43]. - The company is authorized to borrow funds up to a maximum of $175 million, which is up to twice its regulatory capital [143]. - The company had outstanding borrowings of $426.5 million under the Truist Credit Facility, $150.0 million of 2026 Notes, and $165.0 million of 2026 Notes-2 [182]. - The company’s leverage, as of September 30, 2025, was 55% of total assets, which can magnify returns or losses depending on portfolio performance [183]. - The company may issue preferred stock in the future, which would rank senior to common stock and could magnify investment risks [186]. Fees and Incentives - For the years ended September 30, 2025, 2024, and 2023, the Investment Adviser earned base management fees of $16.2 million, $16.7 million, and $16.5 million, respectively [77]. - The base management fee is calculated at an annual rate of 1.50% of average adjusted gross assets, reduced to 1.00% for gross assets exceeding 200% of total net assets [77]. - The incentive fee for the years ended September 30, 2025, 2024, and 2023 amounted to $9.8 million, $12.7 million, and $13.9 million, respectively [80]. - The hurdle rate for the incentive fee is set at 1.75% per quarter (7.00% annualized), with no incentive fee payable if Pre-Incentive Fee Net Investment Income does not exceed this rate [80]. - The incentive fee payable to PennantPark Investment Advisers is based on a percentage of the company's NAV, which may encourage riskier investments [232]. Risk Factors - The company is exposed to risks associated with changes in interest rates that may affect its cost of capital and net investment income [157]. - A rise in general interest rates could lead to higher interest rates applicable to the company's debt investments, potentially increasing incentive fees payable to the Investment Adviser [158]. - The company may face adverse effects on its business if it fails to maintain its status as a RIC, leading to corporate-level federal income tax on all taxable income [136]. - The company’s net investment income may be adversely affected by rising interest rates, which could lead to increased defaults among portfolio companies [160]. - The company is classified as a non-diversified investment company, allowing it to invest a significant proportion of its assets in a single issuer, increasing risk exposure [224]. Compliance and Regulatory Matters - The company must maintain at least 70% of its assets in qualifying assets to comply with the 1940 Act [106]. - The company has received exemptive relief from the SEC to modify asset coverage requirements, allowing it to exclude SBA debentures from calculations [108]. - The company must distribute at least 90% of its ordinary income and realized net short-term capital gains to maintain its RIC tax election [124]. - The company is subject to SBA regulations, including limitations on financing terms and investment in certain industries [141]. - The company is in the process of remediating identified material weaknesses but cannot estimate when these efforts will be completed, increasing the risk of undetected errors in future financial statements [165]. Operational and Management Aspects - The company conducts extensive due diligence on prospective portfolio companies, including financial analysis and management interviews [58]. - The investment structure is tailored to protect rights and manage risks while incentivizing portfolio companies to achieve their business plans [65]. - Ongoing monitoring of portfolio companies includes assessing financial trends and credit risk to identify potential issues early [67]. - The Investment Adviser manages day-to-day operations and provides investment advisory services under the Investment Management Agreement, which is not exclusive [76]. - The company has adopted a joint code of ethics and a code of conduct to ensure compliance with federal securities laws [109]. Financial Performance and Condition - As of September 30, 2025, PSLF had total assets of $1,315.4 million, an increase from $1,073.4 million in 2024, with investments in 109 portfolio companies [98]. - The company recorded administrative service expenses of $1.4 million, $1.2 million, and $1.3 million for the years ended September 30, 2025, 2024, and 2023, respectively [94]. - The company may experience fluctuations in quarterly results due to factors such as interest rates on debt securities, default rates, and general economic conditions, with future decreases in fair value of debt expected to increase NAV [195]. - The company may have difficulty meeting its Annual Distribution Requirement due to recognizing income before receiving cash, which could impact its ability to distribute income to stockholders [169]. - The company is exposed to significant loss if forced to discount the value of investments to provide liquidity for debt maturities [218].

Revenue Performance - Revenue for fiscal year 2025 was $2.3 billion, a decrease from $2.7 billion in fiscal year 2024, with fourth quarter revenue at $1.0 billion compared to $1.2 billion in the same period last year[5] - Total revenue for the fiscal year ended September 30, 2025, was $2,262,830,000, a decrease of 16.2% from $2,698,562,000 in 2024[29] - For the three months ended September 30, 2025, total revenue was $1,041,891,000, a decrease of 15.2% from $1,228,148,000 in the same period of 2024[32] - Total revenue for the three months ended September 30, 2025, was $1,041,891, a decrease from $1,228,148 in the same period of 2024[53] Profitability - The company reported a net loss of $68.0 million for fiscal year 2025, contrasting with a net income of approximately $30.4 million in fiscal year 2024[5] - Gross profit for the fiscal year 2025 was $295,785,000, down from $341,080,000 in 2024, reflecting a gross margin of approximately 13.1%[29] - The company reported a comprehensive loss of $49,213,000 for the fiscal year 2025, compared to a comprehensive income of $23,282,000 in 2024[35] - The gross profit for the three months ended September 30, 2025, was $142,903, compared to $157,469 in the same period of 2024[53] - Adjusted Gross Profit for the three months ended September 30, 2025, was $148,508, representing an adjusted gross profit margin of 14.3%, compared to 13.0% in 2024[53] Cash Flow and Liquidity - Total cash and liquidity reached approximately $1.3 billion as of September 30, 2025, the highest level in the company's history[5] - Cash and cash equivalents increased to $690,768,000 as of September 30, 2025, up from $448,685,000 in 2024[26] - The company reported a total cash and cash equivalents balance of $714.630 million at the end of the period, up from $518.706 million at the beginning[37] - The total cash used in operating activities was $145.538 million in 2025, a decrease from cash provided of $79.685 million in 2024[37] - Net cash used in operating activities for the fiscal year ended September 30, 2025, was $(145,538), a significant decline from $79,685 in 2024[55] - Free Cash Flow for the fiscal year ended September 30, 2025, was $(160,422), compared to $71,570 in 2024[55] Backlog and Future Projections - The backlog increased to approximately $5.3 billion as of September 30, 2025, compared to $4.5 billion a year earlier, marking the highest level in the company's history[5] - The company expects revenue for fiscal year 2026 to be between $3.2 billion and $3.6 billion, with a midpoint of $3.4 billion, of which approximately 85% is covered by the current backlog[6] - Adjusted EBITDA for fiscal year 2026 is projected to be approximately $40.0 million to $60.0 million, with a midpoint of $50.0 million[6] - The company aims for an ARR of approximately $180.0 million by the end of fiscal year 2026[7] - New orders totaled $1.4 billion in the fourth quarter of 2025, representing the largest quarterly order intake in the company's history[5] Expenses and Costs - Research and development expenses for the fiscal year 2025 were $86,217,000, an increase of 30.3% from $66,195,000 in 2024[29] - Depreciation and amortization increased to $29.343 million in 2025 from $14.482 million in 2024, reflecting a 103.5% increase[37] - Interest paid increased to $9.296 million in 2025 from $3.022 million in 2024, indicating a rise in financing costs[38] - The company incurred $11.8 million in severance costs related to restructuring for the fiscal year ended September 30, 2025[52] - The company faced $1.5 million in expenses related to the Tax Receivable Agreement for the fiscal year ended September 30, 2024[52] Energy Storage Products - Energy storage products deployed increased to 6.8 GW in 2025, up 36.0% from 5.0 GW in 2024[41] - The contracted backlog for energy storage products grew to 9.1 GW in 2025, representing a 21.3% increase from 7.5 GW in 2024[41] - The pipeline for energy storage products expanded to 35.7 GW in 2025, a 38.4% increase from 25.8 GW in 2024[41] Shareholder Information - The weighted average number of Class A common shares outstanding for the fiscal year 2025 was 130,307,162, compared to 126,180,011 in 2024[29]

Financial Performance - Revenue for Q4 FY2025 was $1.86 billion, exceeding guidance and representing a growth of 9.4% reported and 7.2% on a core basis compared to Q4 FY2024 [4]. - GAAP net income for Q4 FY2025 was $434 million, with EPS of $1.53, up 25% from Q4 FY2024 [5]. - Non-GAAP net income for Q4 FY2025 was $452 million, with EPS of $1.59, up 9% from Q4 FY2024 [5]. - Total revenue for FY2025 was $6.95 billion, exceeding guidance and representing a growth of 6.7% reported and 4.9% on a core basis compared to FY2024 [4]. - GAAP net income for FY2025 was $1.303 billion, with EPS of $4.57, up 3% from FY2024 [4]. - Non-GAAP net income for FY2025 was $1.592 billion, with EPS of $5.59, up 6% from FY2024 [4]. - FY2026 revenue is expected to be in the range of $7.3 billion to $7.4 billion, representing growth of 5% to 7% reported and 4% to 6% core [4]. - Q1 FY2026 revenue guidance is expected to be in the range of $1.79 billion to $1.82 billion, an increase of 6% to 8% reported and 4% to 6% core [8]. Segment Performance - Life Sciences and Diagnostics Markets Group reported Q4 revenue of $755 million, an increase of 15% reported and 11% core year-over-year [7]. - Agilent CrossLab Group reported Q4 revenue of $755 million, an increase of 7% reported and 6% core year-over-year [7]. - Revenue for the Life Sciences and Diagnostics segment in Q4 2025 was $755 million, a 15% increase from $657 million in Q4 2024 [37]. - Revenue for the Agilent CrossLab segment in Q4 2025 was $755 million, up from $706 million in Q4 2024, representing a growth of 6.9% [38]. - Applied Markets Segment revenue for Q4'25 was $351 million, a 4% increase from $338 million in Q4'24 [39]. - Life Sciences and Diagnostics Markets Segment revenue for FY25 reached $2,726 million, up 11% from $2,466 million in FY24 [47]. - Agilent CrossLab Segment revenue for FY25 was $2,908 million, reflecting a 6% increase from $2,747 million in FY24 [47]. - Non-GAAP revenue for Agilent in Q4'25 was $1,839 million, an 8% increase year-over-year [45]. - Non-GAAP revenue for the Applied Markets Segment in FY25 was $1,314 million, reflecting a 1% increase from FY24 [47]. Margins and Assets - Operating margin for the Life Sciences and Diagnostics segment improved to 22.7% in Q4 2025 from 21.5% in Q4 2024 [37]. - Operating margin for the Agilent CrossLab segment decreased to 32.5% in Q4 2025 from 33.8% in Q4 2024 [38]. - Gross margin for the Life Sciences and Diagnostics Markets Segment decreased to 52.3% in FY25 from 54.5% in FY24 [40]. - Operating margin for the Applied Markets Segment in FY25 was 22.9%, down from 24.0% in FY24 [42]. - The Agilent CrossLab Segment's operating margin decreased to 32.5% in FY25 from 33.7% in FY24 [41]. Balance Sheet Highlights - Total assets increased to $12,727 million in 2025 from $11,846 million in 2024, representing a growth of 7.4% [20]. - Cash and cash equivalents rose to $1,789 million in 2025, up from $1,329 million in 2024, marking a 34.6% increase [20]. - Total current liabilities increased to $2,347 million in 2025 from $1,895 million in 2024, a rise of 23.9% [20]. - Total stockholders' equity grew to $6,741 million in 2025, compared to $5,898 million in 2024, reflecting an increase of 14.3% [20]. - Net income for the fiscal year ended October 31, 2025, was $1,303 million, compared to $1,289 million in 2024, reflecting a growth of 1.1% [24]. - Non-GAAP net income for 2025 was $1,592 million, up from $1,539 million in 2024, indicating a 3.4% increase [24]. Year-over-Year Growth - Year-over-year revenue growth for the Life Sciences and Diagnostics Markets Segment was 12% at constant currency in Q4'25 [45]. - Agilent's total revenue for FY25 was $6,948 million, representing a 7% increase from $6,510 million in FY24 [47].