Brandywine Realty Trust(BDN) - 2025 Q4 - Annual Results
2026-02-04 17:14
Exhibit 99.1 Company / Investor Contact: Tom Wirth EVP & CFO 610-832-7434 tom.wirth@bdnreit.com Brandywine Realty Trust Announces Fourth Quarter, Full Year 2025 Results and Initiates 2026 Guidance Philadelphia, PA, February 3, 2026 - Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and twelve-month periods ended December 31, 2025. Management Comments "We achieved many of our full year 2025 business plan objectives including tenant retention, same store NOI ...
Johnson Controls(JCI) - 2026 Q1 - Quarterly Report
2026-02-04 15:34
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ 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: 001-13836 JOHNSON CONTROLS INTERNATIONAL PLC (Exact name of registrant as specified in its charter) One Albert Quay, Cork, Irel ...
GSK(GSK) - 2025 Q4 - Annual Report
2026-02-04 15:10
Financial Performance - Total sales for 2025 reached £32.7 billion, representing a 4% increase at AER and a 7% increase at CER[6] - Total operating profit surged to £7.9 billion, reflecting a growth of over 100% due to lower legal expenses and higher operating income[6] - Core operating profit increased by 11% to £9.8 billion, driven by growth in Specialty Medicines and Vaccines, alongside improved SG&A productivity[6] - GSK expects 2026 turnover growth between 3% to 5%, with core operating profit and core EPS both anticipated to grow by 7% to 9%[9] - Total turnover for 2025 reached £32,667 million, representing a 4% increase at AER and a 7% increase at CER, with Q4 2025 turnover at £8,618 million, up 6% at AER and 8% at CER[48] - Operating profit for 2025 was £7,932 million, a significant increase of 97% at AER and over 100% at CER, with Q4 2025 operating profit at £1,100 million, up 58% at AER and 65% at CER[63] - Core operating profit for 2025 was £9,783 million, reflecting a 7% increase at AER and an 11% increase at CER, with Q4 2025 core operating profit at £1,634 million, up 14% at AER and 18% at CER[50] - Total earnings per share (EPS) for 2025 was 141.1p, showing a greater than 100% increase, while Q4 2025 EPS was 15.8p, up 56%[69] - Core EPS for 2025 was 172.0p, an 8% increase, with Q4 2025 Core EPS at 25.5p, up 10%[69] Sales Growth by Segment - Specialty Medicines sales grew to £13.5 billion, up 17%, with significant contributions from Oncology (+43%) and Respiratory, Immunology & Inflammation (+18%)[6] - Respiratory, Immunology & Inflammation sales reached £3,810 million in 2025, growing by 15% year-over-year and 18% in Q4 2025, driven by Nucala and Benlysta[23] - Nucala sales grew at a double-digit rate globally, with US sales accelerating in Q4 2025 following its recent launch in COPD, despite ongoing pricing pressures[24] - Benlysta sales totaled £1,773 million in 2025, reflecting a 19% increase year-over-year and a 22% increase in Q4 2025, driven by strong demand and volume growth[25] - Oncology sales reached £1,977 million in 2025, with a 40% year-over-year growth, primarily driven by Jemperli and Ojjaara/Omjjara[26] - Jemperli sales grew to £861 million in 2025, marking an 84% increase year-over-year, supported by FDA and EMA approvals expanding its indication[27] - Vaccines sales totaled £9,157 million in 2025, with a 2% increase year-over-year, driven by strong demand for Shingrix and Meningitis vaccines[30] - Shingrix sales grew by 42% in Europe for the year, reflecting strong uptake and expanded public funding across several countries[31] - US sales of Shingrix decreased by 17% in 2025 due to challenges in activating unvaccinated consumers, with a cumulative immunization rate of 44%[33] - General Medicines sales were £10,036 million in 2025, reflecting a 4% decline year-over-year, with Trelegy sales growing by 11%[37] Research and Development - Research and development expenses totaled £7,525 million for 2025, an 18% increase at AER and 19% at CER, with Q4 2025 R&D expenses at £2,350 million, up 16% at AER and 17% at CER[55] - Five major FDA approvals were achieved in 2025, including Blenrep and Nucala for COPD, enhancing the product pipeline[10] - GSK has submitted regulatory applications for multiple products, including bepirovirsen for chronic hepatitis B in the US, EU, CN, and JP[89] - Anticipated pipeline milestones include regulatory decisions for depemokimab in H1 2026, indicating ongoing investment in R&D[88] - GSK completed the acquisition of IDRx, Inc. for a total consideration of US$1.1 billion (£840 million) and potential additional payments of up to US$150 million (£119 million) based on regulatory milestones[194] - GSK acquired BP Asset IX, Inc. for US$1.2 billion (£906 million) with additional success-based regulatory milestone payments of up to US$800 million (£588 million)[195] Shareholder Returns and Financial Management - GSK has initiated a £2 billion share buyback program, with £1.4 billion executed to date[14] - The company declared a dividend of 18p for Q4 2025 and expects to increase it to 70p for the full year 2026[13] - Cash generated from operations for 2025 was £8,943 million, an increase from £7,861 million in 2024, with Q4 2025 cash generation at £2,689 million[73] - Free cash inflow for 2025 was £4,029 million, a 41% increase from £2,863 million in 2024, with Q4 2025 free cash inflow at £960 million[77] - Dividends paid to shareholders increased to £2,564 million in 2025 from £2,444 million in 2024, a rise of 4.9%[141] Legal and Regulatory Matters - The effective tax rate for total results was 15.0% for 2025, while the core tax rate was 17.1%[66] - The Group's aggregate provision for legal and other disputes was £210 million as of 31 December 2025, a decrease from £1,446 million in 2024[160] - Significant legal charges and divestments included £367 million ($500 million) from settlements related to mRNA patent issues[123] Corporate Social Responsibility and Sustainability - GSK's commitment to responsible business includes making vaccines and medicines available at sustainable prices, with a focus on underserved populations[92] - GSK has pledged £6 million to the Global Fund to strengthen community-led responses to HIV, tuberculosis, and malaria, matched by the Gates Foundation for a total of £12 million[96] - GSK retained its position on the CDP 2025 A List for Climate Change and Water, ranking in the top 4% of companies assessed[96] - GSK's commitment to a net zero, nature-positive planet includes ambitious goals set for 2030 and 2045[92] Financial Position and Assets - Total assets increased to £61,118 million in 2025, up from £59,463 million in 2024, representing a growth of 2.8%[138] - Total equity increased to £15,956 million in 2025, up from £13,086 million in 2024, representing a growth of 21.6%[138] - Cash and cash equivalents at the end of 2025 were £3,397 million, down from £3,870 million at the end of 2024, a decrease of 12.2%[142] - The net surplus on the Group's pension plans improved to £229 million at 31 December 2025 from a net deficit of £103 million at 31 December 2024[188] Market Position and Future Outlook - GSK's 2031 sales outlook is projected to exceed £40 billion, supported by ongoing R&D investments and product launches[10] - The company plans to continue expanding its product offerings and market presence, focusing on innovative therapies and strategic acquisitions[143]
Phillips 66(PSX) - 2025 Q4 - Annual Results
2026-02-04 14:42
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]
Novo Nordisk(NVO) - 2025 Q4 - Annual Report
2026-02-04 14:23
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 ...
Fox(FOXA) - 2026 Q2 - Quarterly Report
2026-02-04 14:18
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 ...
Fox(FOX) - 2026 Q2 - Quarterly Report
2026-02-04 14:18
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].
ZK International(ZKIN) - 2025 Q4 - Annual Report
2026-02-04 14:16
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 ...
Reynolds Consumer Products(REYN) - 2025 Q4 - Annual Report
2026-02-04 14:16
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]
NHT Global(NHTC) - 2025 Q4 - Annual Results
2026-02-04 14:10
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]