Exhibit 99.2 MERCK & CO., INC., RAHWAY, N.J., USA CONSOLIDATED STATEMENT OF INCOME - GAAP (AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES) (UNAUDITED) Table 1a MERCK & CO., INC., RAHWAY, N.J., USA FOURTH QUARTER AND FULL YEAR 2024 GAAP TO NON-GAAP RECONCILIATION (AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES) (UNAUDITED) Only the line items that are affected by non-GAAP adjustments are shown. Merck is providing certain non-GAAP information that excludes certain items because of the nature of these items and ...

Exhibit 99.1 MPLX LP Reports Fourth-Quarter and Full-Year 2025 Results FINDLAY, Ohio, Feb. 3, 2026 - MPLX LP (NYSE: MPLX) today reported fourth-quarter 2025 net income attributable to MPLX of $1,193 million, compared with $1,099 million for the fourth quarter of 2024. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,804 million, compared with $1,762 million for the fourth quarter of 2024. During the quarter, MPLX generated $1,496 million in net ca ...

Financial Performance - For Q4 2025, Marathon Petroleum Corp. reported net income of $1.5 billion, or $5.12 per diluted share, compared to $371 million, or $1.15 per diluted share in Q4 2024, representing a significant increase [2]. - Full-year 2025 net income attributable to MPC was $4.0 billion, or $13.22 per diluted share, compared to $3.4 billion, or $10.08 per diluted share in 2024 [4]. - Net income attributable to MPC for Q4 2025 was $1,535 million, compared to $371 million in Q4 2024, representing a significant increase of 313% [33]. - Adjusted net income attributable to MPC for Q4 2025 was $1,220 million, compared to $249 million in Q4 2024 [47]. - Net income attributable to MPC for the twelve months ended December 31, 2025, was $4,047 million, compared to $3,445 million for the same period in 2024, reflecting a year-over-year increase of 17.5% [50]. Operational Performance - Adjusted EBITDA for Q4 2025 was $3,489 million, a significant increase from $2,120 million in Q4 2024, representing a growth of 64.4% [50]. - Adjusted EBITDA for Q4 2025 was $3.5 billion, up from $2.1 billion in Q4 2024, indicating strong operational performance [3]. - Refining & Marketing segment adjusted EBITDA for Q4 2025 was $1,997 million, up from $559 million in Q4 2024, indicating a substantial increase of 257.6% [52]. - The company achieved an adjusted EBITDA of $7.15 per barrel for Q4 2025, compared to $2.03 per barrel in Q4 2024, reflecting enhanced operational performance [35]. - MPC's income from operations for Q4 2025 was $2,694 million, a substantial increase from $1,141 million in Q4 2024, showcasing strong operational results [33]. Revenue and Sales - Total revenues for Q4 2025 were $33,422 million, a slight decrease from $33,466 million in Q4 2024 [33]. - Refining & Marketing refined product sales volume for Q4 2025 was 3,803 mbpd, an increase from 3,747 mbpd in Q4 2024 [36]. - Refining & Marketing margin for Q4 2025 reached $5,214 million, compared to $3,566 million in Q4 2024, marking a 46.2% increase [52]. - The Gulf Coast region contributed $2,111 million to the Refining & Marketing margin in Q4 2025, up from $1,483 million in Q4 2024, a growth of 42.3% [52]. Capital Expenditures and Investments - Capital expenditures for Q4 2025 totaled $1,462 million, up from $921 million in Q4 2024, indicating increased investment in operations [34]. - The company reported a total of $4,693 million in capital expenditures for the full year 2025, compared to $3,076 million in 2024, highlighting a strategic focus on growth [34]. - MPC's 2026 standalone capital spending outlook is $1.5 billion, with 65% focused on value-enhancing capital and 35% on sustaining capital [15]. - The company plans to invest $350 million in 2026 for a distillate hydrotreater at Galveston Bay, aimed at upgrading high-sulfur distillate to ultra-low sulfur diesel [20]. - MPLX's 2026 capital spending outlook is $2.7 billion, with 90% allocated to growth capital and 10% to maintenance capital [20]. Costs and Expenses - Cash provided by operating activities for 2025 was $8.3 billion, slightly down from $8.7 billion in 2024, while adjusted EBITDA for the full year was $12.0 billion, up from $11.3 billion [4]. - The company incurred refining planned turnaround costs of $412 million in Q4 2025, compared to $281 million in Q4 2024, reflecting a 46.6% increase [52]. - Total net interest and other financial costs for the twelve months ended December 31, 2025, were $1,276 million, compared to $839 million in 2024, representing a 52.2% increase [50]. - The company reported a provision for income taxes of $372 million for Q4 2025, significantly higher than $111 million in Q4 2024, an increase of 235.1% [50]. Refining and Marketing Metrics - Refining & Marketing margin increased to $18.65 per barrel in Q4 2025 from $12.93 per barrel in Q4 2024, reflecting improved profitability [35]. - Refining operating costs per barrel are projected to be $5.85 for Q1 2026, with total refinery throughputs expected to be 2,740 mbpd [23]. - Crude oil refining capacity utilization reached 95% in Q4 2025, up from 94% in Q4 2024, demonstrating operational efficiency [36]. - The Mid-Continent Region's refining & marketing margin rose to $18.19 per barrel in Q4 2025, compared to $11.31 in Q4 2024, marking a 60.5% increase [40]. - The West Coast Region reported a refining & marketing margin of $21.94 per barrel in Q4 2025, up from $15.70 in Q4 2024, a 39.8% increase [41]. Cash and Debt Position - Total cash and cash equivalents increased to $3,672 million as of December 31, 2025, compared to $2,654 million at the end of Q3 2025 [44]. - The total consolidated debt as of December 31, 2025, was $32,876 million, slightly up from $32,844 million at the end of Q3 2025 [44].

Financial Performance Projections - Fourth quarter 2025 net income is expected to range from a net loss of $1.8 million to net income of $0.4 million, compared to a net loss of $2.3 million in Q4 2024[3][5] - Full year 2025 net income is projected to be between $19.1 million and $21.3 million, compared to $20.8 million in 2024[3][5] - Fourth quarter 2025 Adjusted EBITDA is estimated to be between $63.1 million and $66.1 million, while full year 2025 Adjusted EBITDA is expected to range from $246.0 million to $249.0 million[3][5] - The preliminary financial data is subject to final adjustments and may differ materially from the estimates provided[6] - The company has not yet finalized its financial results for 2025, and the independent accounting firm has not audited the preliminary information[6] Business Developments - The company plans to provide a detailed discussion of its 2025 financial results and outlook for 2026 later this quarter[4] - The company is launching a roadshow for the initial public offering of its subsidiary, ARKO Petroleum Corp., which constitutes a material portion of its business[2] Operational Focus - The company operates in four reportable segments: retail, wholesale, fleet fueling, and GPM Petroleum, focusing on convenience store operations and fuel wholesaling[14] - The company emphasizes the use of non-GAAP measures like EBITDA and Adjusted EBITDA for evaluating operational performance[7][8] Market Considerations - The company anticipates potential changes in economic conditions and market dynamics that could impact its financial results[13]

Revenue and Geographic Distribution - The percentage of revenues generated from locations outside North America decreased from 55.3% in Q3 2024 to 53.1% in Q3 2025, primarily due to increased revenue from U.S. customers [120]. - For the six months ended December 26, 2025, the percentage of revenues from outside North America decreased from 58.4% to 54.9% [121]. - The company generates revenues from three geographic regions: North America (46.9%), Asia-Pacific and others (43.4%), and Europe (9.7%) for Q3 2025 [123]. Financial Performance - Revenues for the three months ended December 26, 2025, increased by $299.3 million, or 35.9%, to $1,132.9 million compared to $833.6 million for the same period in 2024 [156]. - Revenues from optical communications products were $832.6 million, representing 73.5% of total revenues, with a year-over-year increase of $185.4 million, or 28.7% [156]. - Revenues from non-optical communications products increased by $113.8 million, or 61.1%, to $300.3 million, driven by high demand for high-performance computing and growth in automotive revenue [156]. - Gross profit for the six months ended December 26, 2025, was $254.1 million, compared to $199.9 million for the same period in 2024, reflecting an increase of 27.1% [151]. - Operating income for the three months ended December 26, 2025, was $114.4 million, representing an increase of 43.7% compared to $79.6 million for the same period in 2024 [151]. - Net income for the six months ended December 26, 2025, was $208.6 million, compared to $164.0 million for the same period in 2024, marking a 27.1% increase [151]. - The company’s total revenue for the six months ended December 26, 2025, was $2,111.0 million, up from $1,637.8 million in the same period in 2024, reflecting a growth of 28.9% [156]. - Revenues increased by $473.2 million, or 28.9%, to $2,111.0 million for the six months ended December 26, 2025, compared to $1,637.8 million for the same period in the prior fiscal year [157]. - Revenues from optical communications products increased by $306.0 million, or 24.0%, to $1,579.5 million, representing 74.8% of total revenues for the six months ended December 26, 2025 [157]. - Revenues from non-optical communications products increased by $167.2 million, or 45.9%, to $531.5 million, representing 25.2% of total revenues for the six months ended December 26, 2025 [157]. - Gross profit for the six months ended December 26, 2025, increased by $54.2 million, or 27.1%, to $254.1 million, representing 12.0% of revenues [161]. - Operating income increased by $52.1 million, or 33.3%, to $208.6 million, representing 9.9% of revenues for the six months ended December 26, 2025 [165]. - Net income for the six months ended December 26, 2025, was $208.6 million, or 9.9% of revenues, compared to $164.0 million, or 10.0% of revenues for the same period in the prior fiscal year [172]. Expenses and Costs - The company expects SG&A expenses for fiscal year 2026 to increase compared to fiscal year 2025, mainly due to higher information technology and employee costs [128]. - Employee costs are anticipated to rise due to increasing wages in Thailand and the PRC, which may impact profit margins [126]. Cash and Investments - Cash, cash equivalents, and short-term investments totaled $960.8 million as of December 26, 2025, compared to $934.6 million as of December 27, 2024 [175]. - As of December 26, 2025, the company had cash, cash equivalents, restricted cash, and short-term investments totaling $961.5 million, compared to $934.2 million as of June 27, 2025 [184]. - Cash provided by operating activities decreased to $148.8 million for the six months ended December 26, 2025, compared to $199.1 million for the same period in the prior fiscal year [179]. - The company recorded a foreign exchange loss of $5.3 million for the six months ended December 26, 2025, compared to a loss of $3.1 million for the same period in the prior fiscal year [169]. - A decline in overall interest rates by 10 basis points would have resulted in a decrease of approximately $0.5 million in interest income for both the six months ended December 26, 2025, and December 27, 2024 [184]. - The company’s short-term investments as of December 26, 2025, are held in various financial institutions with a maturity limit not exceeding three years, and all securities are rated A1, P-1, F1 or better [190]. Currency and Risk Management - The company has significant currency rate exposure to changes in the exchange rate between the Thai baht, RMB, and the U.S. dollar, impacting gross profit margins and cash flows [188]. - The majority of the company’s revenues are denominated in U.S. dollars, while a substantial portion of expenses is paid in Thai baht and RMB [187]. - The company continues to monitor the financial performance of suppliers and customers to mitigate credit risk exposure [190]. - The company has not used derivative financial instruments in its investment portfolio and does not anticipate material risks due to changes in market interest rates [184]. - The company recorded an unrealized gain of $1.2 million related to derivatives not designated as hedging instruments for Q3 2025 [136]. - The company recorded an unrealized loss of $0.1 million related to derivatives for the six months ended December 26, 2025, compared to a loss of $1.0 million for the same period in 2024 [137]. - The company recorded an unrealized loss of $0.1 million and $1.0 million for the six months ended December 26, 2025, and December 27, 2024, respectively, related to derivatives not designated as hedging instruments [189]. - A 10% weakening of the U.S. dollar against the Thai baht and RMB would have resulted in a decrease in the net dollar position of approximately $14.5 million and $9.4 million as of December 26, 2025, and June 27, 2025, respectively [189]. Strategic Initiatives - The company plans to diversify revenue sources and execute acquisitions to enhance market presence [114]. - The company is a global leader in advanced optical packaging and precision manufacturing services for complex products [115]. - The company anticipates maintaining favorable pricing on services despite expected price decreases for manufactured products over time [118]. - The company began construction of a new manufacturing facility of approximately 2.0 million square feet at its Chonburi campus, with a total expected cost of approximately $132.5 million [178]. Taxation - The effective corporate income tax rates for subsidiaries as of December 26, 2025, were 25% in the PRC, 21% in the U.S., 25% in the U.K., and 23% in Israel [147]. - The corporate tax exemption for income generated from certain projects in Thailand is available through June 2026, with additional benefits extending to 2031 for specific products [146].

Financial Performance - Reported and adjusted EPS for full-year 2025 were $11.18 and $11.13, respectively, compared to $9.71 and $10.65 for full-year 2024, reflecting a significant increase [4]. - Operating income for full-year 2025 was $1,016 million, a 15% increase from 2024, while adjusted operating income was $1,028 million, a 1% increase [14]. - Net income attributable to Ingredion for full-year 2025 was $729 million, a 13% increase from $647 million in 2024 [40]. - Net income for the year ended December 31, 2025, increased to $736 million, up from $654 million in 2024, representing a growth of 12.5% [44]. - Adjusted operating income for the twelve months ended December 31, 2025, was $1,028 million, reflecting a slight increase of 1% from $1,016 million in 2024 [54]. Sales and Revenue - Fourth quarter 2025 net sales decreased by 2% to $1,757 million, and full-year 2025 net sales decreased by 3% to $7,219 million, primarily due to lower volume and price mix [7]. - Net sales for full-year 2025 were approximately $7.2 billion, a decrease of 3% from $7.43 billion in 2024 [40]. - Total net sales for the twelve months ended December 31, 2025, were $7,219 million, a decrease of 3% compared to $7,430 million in 2024 [45]. - The Texture & Healthful Solutions segment reported net sales of $2,397 million for the year ended December 31, 2025, a 1% increase from $2,366 million in 2024 [45]. - The U.S./Canada segment experienced a 7% decline in net sales for the year ended December 31, 2025, totaling $2,013 million compared to $2,155 million in 2024 [45]. Cash Flow and Investments - Cash from operations for full-year 2025 was $944 million, with $435 million returned to shareholders, including $224 million in share repurchases [4]. - Cash from operations for full-year 2025 was $944 million, down 34% from $1,436 million in 2024, due to investments in working capital [27]. - Cash provided by operating activities for the year ended December 31, 2025, was $944 million, down from $1,436 million in 2024 [44]. - Capital expenditures for full-year 2026 are projected to be approximately $400 million to $440 million [28]. - Net capital expenditures for full-year 2025 were $433 million, an increase of $138 million from 2024 [27]. Future Outlook - The company expects full-year 2026 reported and adjusted EPS to be in the range of $11.00 to $11.80, with net sales anticipated to increase by low single-digits to mid-single-digits [23][24]. - Full-year 2026 operating income for Texture & Healthful Solutions is expected to grow by low single-digits to mid-single-digits, while Food & Industrial Ingredients–LATAM is expected to be flat to up low single-digits [25]. - The company expects cash from operations for full-year 2026 to be in the range of $820 million to $940 million [28]. - For the first quarter of 2026, net sales are expected to decline by low single-digits compared to the same quarter last year [29]. Tax and Corporate Costs - Corporate costs for full-year 2026 are expected to be flat to up low single-digits, with effective tax rates projected to be between 25.5% and 27.0% [26]. - Reported effective tax rate for the fourth quarter of 2025 was 19.3%, significantly lower than 36.2% in the prior-year period [27]. - The expected effective tax rate (ETR) for full-year 2026 is estimated to be between 25.5% and 27.0% [61]. - The adjusted non-GAAP effective income tax rate for the twelve months ended December 31, 2025, was 25.8%, with income before income taxes of $988 million [57]. Segment Performance - Texture & Healthful Solutions segment reported full-year 2025 operating income of $405 million, up 16% from the previous year, driven by lower raw material costs and improved volumes [12]. - Food & Industrial Ingredients–U.S./Canada segment reported a full-year operating income of $315 million, a decrease of 16% from 2024, due to production challenges and lower demand [17]. Restructuring and Charges - The company recorded pre-tax restructuring charges of $6 million and $13 million for the three and twelve months ended December 31, 2025, respectively [51]. - Restructuring and resegmentation costs for the three months ended December 31, 2025, amounted to $6 million [57]. - Impairment charges for the twelve months ended December 31, 2025, totaled $10 million [57].

Financial Performance - Fourth quarter revenue was $3.34 billion, up 7% year-on-year, while full-year revenue was $12.27 billion, down 3% year-on-year[2] - Fourth quarter GAAP gross margin was 54.2%, with a GAAP operating margin of 22.3% and GAAP diluted net income per share of $1.79; full-year GAAP gross margin was 54.7%[2] - Fourth quarter non-GAAP gross margin was 57.4%, with a non-GAAP operating margin of 34.6% and non-GAAP diluted net income per share of $3.35; full-year non-GAAP gross margin was 56.8%[2] - NXP Semiconductors reported revenue of $12.27 billion for the full year 2025, a decrease from $12.61 billion in 2024, representing a decline of approximately 2.7%[16] - The gross profit for Q4 2025 was $1.807 billion, compared to $1.678 billion in Q4 2024, reflecting an increase of 7.7% year-over-year[20] - Operating income for Q4 2025 was $744 million, down from $893 million in Q3 2025, indicating a decrease of 16.7%[20] - Net income attributable to stockholders for Q4 2025 was $455 million, compared to $631 million in Q3 2025, a decline of 28%[20] - NXP's GAAP net income for Q4 2025 was $468 million, a decrease of 27.6% from $646 million in Q3 2025 and a decrease of 7.4% from $505 million in Q4 2024[22] - The diluted GAAP net income per share attributable to stockholders for Q4 2025 was $1.79, a decrease from $2.48 in Q3 2025 and $1.93 in Q4 2024[24] Cash Flow and Capital Management - Cash flow from operations for the fourth quarter was $891 million, resulting in non-GAAP free cash flow of $793 million, or 23.8% of revenue; full-year cash flow from operations was $2.82 billion[2] - Capital return during the fourth quarter was $592 million, representing 74.7% of non-GAAP free cash flow, with share buybacks totaling $338 million[2] - Cash flows from operating activities for the full year 2025 were $2,820 million, slightly up from $2,782 million in 2024[22] - Non-GAAP free cash flow for Q4 2025 was $793 million, an increase from $509 million in Q3 2025 and $292 million in Q4 2024, representing 20% of revenue[30] - Total net cash provided by operating activities for Q4 2025 was $891 million, up from $585 million in Q3 2025 and $391 million in Q4 2024[30] - Cash and cash equivalents as of December 31, 2025, were $3.267 billion, down from $3.454 billion as of September 28, 2025[21] - NXP's total cash and cash equivalents at the end of Q4 2025 were $3,267 million, down from $3,454 million at the end of Q3 2025[22] Strategic Initiatives and Acquisitions - NXP announced the completion of the acquisitions of Aviva Links for $243 million and Kinara for $307 million in cash[2] - The company completed the sale of its MEMS sensors business line for $900 million in cash, with an additional contingent payment of up to $50 million[2] - NXP's strategic focus includes advancements in software-defined vehicles and physical AI, alongside disciplined investment and margin expansion[1] - The company emphasizes its commitment to innovation in automotive, industrial, IoT, mobile, and communications infrastructure markets[16] Future Guidance - The company expects first quarter 2026 total revenue guidance between $3.05 billion and $3.25 billion, reflecting a quarter-on-quarter decline of 3% to 9%[6] - NXP's guidance for first quarter 2026 includes a gross margin expectation of 55.2% to 56.3%[6] Research and Development - Research and development expenses for the full year 2025 totaled $2.36 billion, slightly up from $2.35 billion in 2024, marking an increase of 0.6%[20] - The company plans to continue investing in research and development, with GAAP R&D expenses of $665 million in Q4 2025, up from $575 million in Q3 2025[23] Risks and Challenges - NXP's forward-looking statements highlight potential risks including market demand fluctuations and global trade policy changes, which could impact future performance[17]

Exhibit 99.1 ADM Reports Fourth Quarter and Full-year 2025 Results; Provides 2026 Guidance Reports fourth quarter 2025 EPS of $0.94 and adjusted EPS of $0.87, with full-year 2025 EPS of $2.23 and adjusted EPS of $3.43 2 1,2 2 1,2 Provides 2026 outlook underpinned by an expected increasingly constructive operating environment as global trade policies evolve and U.S. biofuel policy clarity progresses Announces increase in quarterly dividend, marking 53 consecutive years of dividend growth CHICAGO, February 3, ...

Revenue Performance - Revenue for Q4 2025 was $2.94 billion, a decrease of 3% year-over-year, with organic growth of 6%[6]. - Full year 2025 revenue was $9.71 billion, a decrease of 2% compared to $9.93 billion in 2024, with organic growth of 5%[12]. - Total revenue for the three months ended December 31, 2025, was $2,936 million, a decrease of 3% compared to $3,035 million in 2024[52]. - The Health, Wealth & Career segment reported Q4 revenue of $1.65 billion, down 11%, but achieved organic growth of 6%[15][16]. - The Risk & Broking segment saw Q4 revenue increase to $1.25 billion, a 10% rise, with organic growth of 7%[18]. - Health, Wealth & Career segment revenue excluding interest income was $1,641 million, down 11% from $1,847 million in the previous year[52]. - Risk & Broking segment revenue excluding interest income increased by 10% to $1,229 million from $1,115 million[52]. - The company’s total revenue for the year ended December 31, 2025, was $9,708 million, a decrease of 2% from $9,930 million in 2024[53]. Income and Earnings - Net Income for Q4 2025 was $736 million, down 41% from $1.25 billion in Q4 2024, with diluted EPS at $7.62, a 38% decline[7][8]. - Adjusted net income for the three months ended December 31, 2025, was $784 million, compared to $811 million in 2024[62]. - Net income for 2025 was $1.613 billion, a significant recovery from a net loss of $88 million in 2024[81]. - The company reported a net income attributable to WTW of $735 million for Q4 2025, down from $1,246 million in Q4 2024[62]. - Diluted earnings per share for Q4 2025 was $7.62, down from $12.25 in Q4 2024[62]. Cash Flow and Financial Metrics - Free cash flow for the year ended December 31, 2025, was $1.55 billion, an increase of $279 million from the previous year[14]. - Free Cash Flow for the year ended December 31, 2025, was $1,546 million, up from $1,267 million in 2024, resulting in a Free Cash Flow Margin of 15.9%[73]. - Free cash flow is defined as cash flows from operating activities minus cash used for fixed assets and software, reflecting the core operating performance[42]. - Free cash flow margin indicates the percentage of revenue realized on a cash basis, serving as a meaningful metric for cash conversion[43]. - Net cash from operating activities improved to $1.775 billion in 2025, up from $1.512 billion in 2024, a growth of 17.4%[81]. Operating Performance - Adjusted EBITDA for Q4 2025 was $1.12 billion, representing 38.2% of revenue, a decrease of 3% year-over-year[7]. - Adjusted EBITDA for Q4 2025 was $1,121 million with a margin of 38.2%, compared to $1,151 million and a margin of 37.9% in Q4 2024[66]. - Operating margin for Q4 2025 improved to 34.6%, up 490 basis points from the prior year[8]. - Segment operating income for the three months ended December 31, 2025, was $1,164 million, slightly up from $1,159 million in 2024[55]. - Health, Wealth & Career segment operating margin improved to 44.3% in Q4 2025 from 41.9% in Q4 2024[58]. - Adjusted operating income for the year ended December 31, 2025, was $2,449 million with a margin of 25.2%, compared to $2,378 million and a margin of 23.9% in 2024[68]. Assets and Liabilities - Total assets increased to $29.53 billion in 2025 from $27.68 billion in 2024, representing a growth of 6.2%[78]. - Total current liabilities increased to $14.004 billion in 2025 from $12.598 billion in 2024, reflecting a rise of 11.2%[78]. - Long-term debt increased to $5.756 billion in 2025, compared to $5.309 billion in 2024, an increase of 8.4%[78]. - Total equity increased slightly to $8.052 billion in 2025 from $8.017 billion in 2024, reflecting a growth of 0.4%[78]. Shareholder Returns and Future Plans - The company plans to repurchase $1.0 billion or more in shares in 2026, subject to market conditions[20]. - The company repurchased shares worth $1.650 billion in 2025, compared to $901 million in 2024, indicating a significant increase in share buybacks[82]. - Expected foreign currency tailwind on Adjusted Diluted EPS for 2026 is approximately $0.30[23]. Risks and Strategic Focus - Risks include macroeconomic trends, changes in interest rates, and geopolitical risks that could impact financial results[46]. - The company is actively pursuing growth strategies, including acquisitions and enhancing its service offerings[45]. - Forward-looking statements highlight the uncertainties and risks associated with achieving the company's objectives and plans[49]. - The company emphasizes the importance of constant currency measures to provide transparency in performance by excluding foreign currency fluctuations[33]. - Organic change excludes the impact of foreign currency fluctuations and acquisitions, providing a clearer view of core operating results[34]. - Adjusted operating income and margin are key financial measures used to evaluate core operations and benchmark against competitors[36]. - Adjusted EBITDA and margin are also critical metrics for assessing core operations and performance-based compensation plans[37].

Financial Performance - Fourth quarter revenues were $1.8 billion, representing a 2% increase as reported and unchanged FX neutral[5] - Net income for the fourth quarter was $242 million, a decrease of 39% year-over-year[5] - Adjusted EBITDA for the fourth quarter was $436 million, up 5% as reported and 1% FX neutral[5] - Full year revenues reached $6.5 billion, a 4% increase as reported and 3% FX neutral[5] - GAAP net income for Q4 2025 was $242 million, down from $399 million in Q4 2024, resulting in a diluted EPS of $3.36 compared to $5.11[28] - Total revenues for Q4 2025 reached $1,752.6 million, a slight increase from $1,715.1 million in Q4 2024, driven by growth in the Insights segment[28] - Adjusted net income for Q4 2025 was $284 million, with an adjusted EPS of $3.94, compared to $425 million and $5.45 in Q4 2024[24] - Operating income for Q4 2025 was $334.2 million, up from $317.8 million in Q4 2024, indicating improved operational efficiency[28] Share Repurchase and Stock Information - The company repurchased $2 billion of its stock in 2025, reducing the outstanding share count by 8% year-over-year[5] - The Board of Directors increased the share repurchase authorization by $500 million in January 2026[5] Contract Value and Sales Performance - Global Technology Sales Contract Value (GTS CV) was $3.9 billion, flat year-over-year FX neutral[9] - Global Business Sales Contract Value (GBS CV) was $1.2 billion, reflecting a 3% increase year-over-year FX neutral[9] - The company expects contract value to accelerate throughout 2026[3] Segment Performance - Segment revenues for Insights were $1.283 billion, a 3% increase, while Consulting revenues decreased by 13% to $134 million[7] Cash Flow and Expenses - Free cash flow for Q4 2025 was $311 million, an increase from $271 million in Q4 2024, while GAAP cash provided by operating activities was $295 million[25] - The company reported a total of $1,290 million in GAAP cash provided by operating activities for the year ended December 31, 2025, down from $1,485 million in 2024[25] - The cost of services and product development for Q4 2025 was $572.6 million, slightly lower than $574.9 million in Q4 2024[28] - The company incurred $78 million in workforce reduction expenses for the year ended December 31, 2025, compared to $35 million in 2024[24] - The effective tax rate on adjustments for Q4 2025 was approximately 3%, compared to 32% in Q4 2024[24] - The company’s total costs and expenses for Q4 2025 were $1,418.4 million, compared to $1,397.3 million in Q4 2024[28]