Exhibit 99.1 For the full year 2025, the Company's revenues were $372.7 million, compared to $317.7 million in the full year 2024, an increase of $55.0 million, or 17.3%. The increase in revenues in the full year 2025, compared to the full year 2024, resulted from increases in sales volumes and average selling prices of the Company's lime and limestone products. The increase in sales volumes for the full year 2025 was principally due to increased demand from the Company's construction, environmental, and st ...

BANGKOK, Thailand – February 2, 2026 – Fabrinet (NYSE: FN), a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced its financial results for its second fiscal quarter ended December 26, 2025. Seamus Grady, Chairman and Chief Executive Officer of Fabrinet, said, "We delivered an exceptional second quarter with record revenue and earnings that significantly exceede ...

Financial Performance - Healthpeak Properties reported a net income of $0.16 per share and a Nareit FFO of $0.47 per share for Q4 2025, reflecting a year-over-year increase in FFO of 6.8%[14]. - Healthpeak's full-year 2025 Nareit FFO was $1.81 per share, up from $1.61 per share in 2024, marking a 12.4% increase[15]. - Total revenues for Q4 2025 reached $719,402,000, a 3.0% increase from $697,988,000 in Q4 2024[38]. - Net income attributable to Healthpeak Properties, Inc. for Q4 2025 was $113,968,000, compared to $4,547,000 in Q4 2024[38]. - Funds From Operations (FFO) applicable to common shares for Q4 2025 was $328,564,000, up from $306,856,000 in Q4 2024[39]. - Diluted Nareit FFO per common share for Q4 2025 was $0.47, compared to $0.44 in Q4 2024[39]. - For the full year 2026, Healthpeak has provided guidance for diluted earnings per common share between $0.34 and $0.38, and diluted Nareit FFO per share between $1.70 and $1.74[35]. Asset Management and Acquisitions - The company executed new and renewal lease agreements totaling 2.1 million square feet in Q4 2025, with outpatient medical leases showing a cash releasing spread of +4.4% on renewals[10]. - Healthpeak completed $511 million in asset sales and loan repayments in 2025, including $325 million in outpatient medical sales in Q4[10]. - The company acquired a 1.4 million square foot campus in South San Francisco for $600 million, representing a low-6% going-in yield[24]. - Healthpeak completed $464 million in real estate acquisitions year-to-date, including a $14 million acquisition of a senior housing portfolio[44]. - The company plans to allocate $1,000 million for acquisitions and share repurchases in FY 2026[43]. - In December 2025, the company acquired a lab building and a 50% interest in six other lab buildings for a total purchase price of $600 million[58]. Financial Position and Debt - The company reported a net debt to adjusted EBITDA ratio of 5.2x for Q4 2025, indicating a stable financial position[10]. - Total liabilities as of December 31, 2025, were reported at $12.03 billion, with total stockholders' equity at $7.50 billion[37]. - The leverage ratio is at 39%, significantly below the maximum requirement of 60%, indicating strong financial health[48]. - The company has a bank line of credit and commercial paper totaling $1.08 billion as part of its liabilities[37]. - Total liquidity as of December 31, 2025, is $2,388.607 million, after accounting for commercial paper borrowings[50]. - The company has a tangible net worth of $13.4 billion, exceeding the minimum requirement of $7.7 billion[48]. - The company holds cash and cash equivalents of $467.457 million as of December 31, 2025[50]. Operational Performance - Healthpeak's total Merger-Combined Same-Store Cash (Adjusted) NOI growth for Q4 2025 was +3.9%, with outpatient medical properties contributing 4.1% growth[17]. - Healthpeak's life plan segment achieved a year-over-year NOI growth of +16.7% in Q4 2025, contributing to a full-year growth of +12.6%[17]. - The occupancy rate for the outpatient medical portfolio is 90.6%, while the lab portfolio occupancy is 77.1%[45]. - The total life plan portfolio generated resident fees of $128,651,000, with adjusted occupancy at 87.4%[77]. - The total net operating income (NOI) for the life plan portfolio was $41,865,000, indicating a positive cash flow despite operational expenses[77]. Strategic Initiatives - The company is focusing on strategic initiatives, including the IPO of Janus Living, Inc., to enhance its senior housing portfolio valuation and capitalize on market demand[9]. - Healthpeak plans to complete the IPO of Janus Living in the first half of 2026, subject to market conditions and regulatory approvals[31]. - Healthpeak's investor presentation regarding the Janus Living IPO is available on its Investor Relations website[31]. Market and Tenant Information - The company has 689 properties in its operating portfolio, with a total capacity of 25,363,183 square feet[45]. - The largest tenant, HCA Healthcare, occupies 5,213 thousand square feet with a lease term of 6.7 years[67]. - The total square footage for the top 20 tenants is 15,889 thousand square feet, which constitutes 34.6% of the Annualized Base Rent (ABR)[67]. - The average lease term for the top 20 tenants is 6.7 years[67]. - The tenant diversification includes 40.0% from Mid Cap Health System Biopharma[66]. Development and Redevelopment Projects - The company has active development projects with a total estimated cost to complete of $280,575 thousand and a projected stabilized cash yield of approximately 7%[61]. - The Gateway at Directors Science Park development has an estimated completion occupancy of 93% and is expected to be completed in Q1 2026[59]. - The company has several redevelopment projects with a total estimated cost of $214,603 thousand and a total capacity of 472,000 square feet[60].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-38081 Liberty Energy Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 81-4891595 (I.R.S. Employer Identification No.) Organization) 950 17th Street, S ...

Revenue and Growth - Revenue for the three months ended December 31, 2025, increased by 16.9% to $103.7 million from $88.7 million, driven by growth in NGS Applications and DNA Synthesis and Protein Solutions revenues [106]. - The number of genes shipped increased by 32.2% to approximately 271,000 genes for the three months ended December 31, 2025, compared to approximately 205,000 genes for the same period in 2024 [115]. - Total revenues from DNA synthesis and protein solutions were $51.1 million, accounting for 49% of total revenues, while NGS applications generated $52.6 million, accounting for 51% [110]. Financial Performance - Gross margin improved to 52.0% from 48.3%, primarily due to increased revenues and cost savings from process improvements [112]. - Net loss for the three months ended December 31, 2025, was $30.5 million, a slight improvement from a net loss of $31.6 million for the same period in 2024 [105]. Cash Flow and Investments - Cash, cash equivalents, and short-term investments totaled $197.9 million as of December 31, 2025 [105]. - Net cash used in operating activities increased to $24.8 million for the three months ended December 31, 2025, compared to $21.4 million for the same period in 2024 [125]. - Net cash used in operating activities was $24.8 million for the three months ended December 31, 2025, primarily due to a net loss of $30.5 million, adjusted for non-cash items including depreciation and amortization of $6.2 million and stock-based compensation of $13.3 million [126]. - Net cash used in investing activities was $9.9 million during the three months ended December 31, 2025, consisting of purchases of property and equipment totaling $10.0 million [128]. - Net cash provided by financing activities was $0.3 million in the three months ended December 31, 2025, from the exercise of stock options [129]. Expenses - Research and development expenses decreased by 20% to $17.1 million for the three months ended December 31, 2025, compared to $21.3 million for the same period in 2024 [118]. - Selling, general and administrative expenses increased by 24% to $69.7 million for the three months ended December 31, 2025, compared to $56.2 million for the same period in 2024 [119]. Market and Risk - The company has no off-balance sheet arrangements [130]. - There were no changes to critical accounting policies and estimates during the three months ended December 31, 2025 [133]. - The company's exposure to market risk has not changed materially since September 30, 2025 [135].

Financial Performance - TWO reported a comprehensive income of $50.4 million, or $0.48 per weighted average basic common share for Q4 2025[6]. - The company declared a fourth quarter common stock dividend of $0.34 per share, representing a 3.9% quarterly economic return on book value[6]. - TWO's book value per common share was reported at $11.13, with a total stockholder return of 2.8% for the period from December 31, 2024, to December 31, 2025[6][5]. - The company experienced a (12.6)% economic return on book value, which improved to 12.1% when excluding a $375 million settlement expense related to litigation[6][8]. - The company reported a comprehensive income of $63,471 thousand for the three months ended December 31, 2025, compared to $10,164 thousand in the same period of 2024[42]. - Net income attributable to common stockholders turned negative at $(1,325) thousand for the three months ended December 31, 2025, compared to a profit of $264,945 thousand in the same period of 2024[42]. - Total interest income for the three months ended December 31, 2025, was $89,919,000, a decrease from $103,774,000 for the same period in 2024, representing a decline of approximately 13.3%[44]. - Total interest expense for the three months ended December 31, 2025, was $105,408,000, down from $138,668,000 in the prior year, reflecting a decrease of about 23.9%[44]. - Net interest expense for the three months ended December 31, 2025, was $(15,489,000), compared to $(34,894,000) for the same period in 2024, indicating an improvement of approximately 55.6%[44]. - Earnings available for distribution to common stockholders for the three months ended December 31, 2025, was $27,435,000, compared to $37,154,000 in the prior quarter, showing a decrease of about 26.2%[46]. - Earnings available for distribution per weighted average basic common share was $0.26 for the three months ended December 31, 2025, down from $0.36 in the previous quarter, a decline of approximately 27.8%[46]. - The company reported a realized loss on securities of $15,018,000 for the three months ended December 31, 2025[46]. - The unrealized gain on available-for-sale securities was $(51,754,000) for the three months ended December 31, 2025, compared to $(61,038,000) in the previous quarter[46]. Assets and Liabilities - Total assets decreased from $12,204,319 thousand as of December 31, 2024, to $10,859,217 thousand as of December 31, 2025, representing a decline of approximately 11.0%[41]. - Total liabilities decreased from $10,081,810 thousand in 2024 to $9,071,290 thousand in 2025, a reduction of approximately 10.0%[41]. - Cash and cash equivalents increased from $504,613 thousand in 2024 to $842,319 thousand in 2025, an increase of approximately 67.0%[41]. - The allowance for credit losses decreased from $2,866 thousand in 2024 to $1,609 thousand in 2025, a reduction of about 43.9%[41]. Borrowings and Financing - As of December 31, 2025, total borrowings amounted to $8,557,182, an increase from $8,430,709 as of September 30, 2025, representing a growth of 1.5%[22]. - The weighted average borrowing rate for total repurchase agreements was 4.36% as of December 31, 2025, compared to 4.61% as of September 30, 2025, indicating a decrease of 0.25 percentage points[22]. - The debt-to-equity ratio at period-end was 4.8:1.0 as of December 31, 2025, consistent with the previous quarter[22]. - The annualized cost of financing decreased to 5.04% for the three months ended December 31, 2025, down from 5.38% for the three months ended September 30, 2025[22]. - The company reported a total of $6,601,446 in repurchase agreements collateralized by securities as of December 31, 2025, an increase from $6,363,146 as of September 30, 2025[22]. Mortgage Servicing Rights and Acquisitions - The company added $399.1 million in unpaid principal balance (UPB) of mortgage servicing rights (MSR) through flow-sale acquisitions and recapture, and sold $9.6 billion MSR UPB on a subservicing-retained basis[6]. - As of December 31, 2025, the MSR portfolio had a weighted average gross coupon rate of 3.55% and a 60+ day delinquency rate of 0.87%[6]. - The company maintains a focus on acquiring mortgage servicing rights and managing its portfolio effectively[31]. Merger and Future Plans - TWO entered into a definitive merger agreement with UWM Holdings Corporation, where TWO stockholders will receive a fixed exchange ratio of 2.3328 shares of UWMC Class A Common Stock for each share of TWO common stock, representing an $11.94 per share value[6]. - The transaction with UWMC is expected to close in Q2 2026, subject to stockholder approval and regulatory conditions[6]. - The company has plans for a proposed transaction with UWMC, which includes expectations for future performance and synergies[30]. - The company is in the process of a proposed merger with UWMC, which has resulted in certain operating expenses related to transaction costs[48]. Risks and Conference Call - The company is exposed to various risks, including changes in credit markets and economic conditions, which could impact future performance[31]. - The company will host a conference call on February 3, 2026, to discuss its fourth quarter 2025 financial results[28].

Financial Performance - For the fourth quarter of 2025, net income attributable to common stockholders was $3.048 billion, or $9.35 per diluted share, compared to $667.2 million, or $2.04 per diluted share in 2024[7]. - Consolidated net income for Q4 2025 was $3,539,882, compared to $771,760 in Q4 2024, representing a significant increase of 359.5%[23]. - Basic and diluted earnings per common share for Q4 2025 were $9.35, up from $2.04 in Q4 2024, reflecting a growth of 359.3%[23]. - Consolidated net income for the twelve months ended December 31, 2025, reached $5,364,120, compared to $2,729,021 in 2024, marking a significant increase of 96.5%[44]. - The company reported a net income attributable to common stockholders of $3,048,269 for Q4 2025, compared to $667,231 in Q4 2024, an increase of 356.5%[23]. Revenue and Income Growth - Total revenue for Q4 2025 reached $1,791,462, an increase of 13.2% from $1,582,232 in Q4 2024[23]. - Lease income for the year ended December 31, 2025, was $5,839,160, up 8.3% from $5,389,760 in 2024[23]. - Total consolidated revenue for the three months ended December 31, 2025, was $1,791,462, an increase from $1,582,232 in the same period of 2024, representing a growth of 13.2%[44]. - Total Income from Unconsolidated Entities for Q4 2025 was $206,938, up from $140,947 in Q4 2024, marking a significant increase of 46.9%[59]. Operational Metrics - Domestic property Net Operating Income (NOI) increased by 4.8% in Q4 2025, while portfolio NOI increased by 5.1% compared to the prior year period[7]. - Total operating expenses for Q4 2025 were $900,793, an increase of 20.6% from $746,486 in Q4 2024[23]. - Total operating expenses for the twelve months ended December 31, 2025, were $1.019 billion, up from $930 million in 2024, indicating an increase of 9.5%[113]. - Operating income before other items for the three months ended December 31, 2025, was $193.449 million, compared to $189.144 million in the same period of 2024, showing a slight increase of 2.4%[110]. Shareholder Returns - For the full year 2025, Real Estate FFO reached a record $4.8 billion, with $3.5 billion returned to shareholders[5]. - The company declared a quarterly common stock dividend of $2.20 for Q1 2026, an increase of 4.8% year-over-year[11]. Assets and Liabilities - Total assets increased to $40,606,466 in 2025, up from $32,405,691 in 2024, marking a growth of 25.5%[25]. - Total liabilities rose to $33,901,073 in 2025, compared to $28,806,239 in 2024, an increase of 17.5%[25]. - Mortgages and unsecured indebtedness as of December 31, 2025, were $7.514 billion, compared to $6.313 billion in 2024, reflecting an increase of 19.0%[116]. - Total liabilities as of December 31, 2025, were $6.474 billion, consistent with total assets, indicating a balanced financial position[116]. Debt and Financing - The weighted average interest rate for consolidated indebtedness is 4.43%, with total mortgage debt amounting to $8,226,679,000[86]. - The total share of debt for 2026 is $7,305,804,000, with a weighted average interest rate of 3.90%[89]. - The company has a total debt amortization of $35,619,627,000, with a weighted average interest rate of 4.09%[89]. - The company’s total investment in new developments for FY 2025 is $16,979,000, with a forecasted return rate of 11%[75]. Property and Portfolio Management - The company owned or had an interest in 254 properties comprising 206 million square feet as of December 31, 2025[36]. - The company has a total of 178 U.S. Malls and Premium Outlets as of December 31, 2025, compared to 162 in 2024, representing a 9.9% increase[63]. - Total mall square footage is 119,734,147 square feet as of December 31, 2025[97]. - The company has a 100% ownership in most of its properties, indicating a strong control over its assets[99]. Future Projections - Estimated net income for 2026 is projected to be between $6.87 and $7.12 per diluted share, with Real Estate FFO expected to be between $13.00 and $13.25 per diluted share[13]. - The company has a total net cash investment for FY 2025 of $1,227,865,000, with a forecasted investment of $1,090,516,000 for FY 2025-2027[75].

Financial Performance - Rambus reported GAAP revenue of $190.2 million for Q4 2025, exceeding expectations, with a 18% increase from $161.1 million in Q4 2024[4] - Total revenue for Q4 2025 reached $190.244 million, a 18.1% increase from $161.102 million in Q4 2024[24] - Net income for the year 2025 was $230.455 million, representing a 28.1% increase compared to $179.821 million in 2024[24] - Net income for Q4 2025 was $63.8 million, resulting in a diluted net income per share of $0.58, consistent with Q4 2024[4] - Basic net income per share for Q4 2025 was $0.59, slightly up from $0.58 in Q4 2024[24] - Non-GAAP net income for Q4 2025 was $74.698 million, compared to $59.586 million in Q4 2024, reflecting a 25.3% growth[26] Revenue Breakdown - Product revenue reached a record $96.8 million in Q4 2025, contributing to an annual product revenue of $347.8 million, up 41% from 2024[3] - Product revenue increased to $96.778 million in Q4 2025, up 32.0% from $73.369 million in Q4 2024[24] - Licensing billings for Q4 2025 were $71.5 million, compared to $63.6 million in Q4 2024, reflecting a year-over-year growth of 14.7%[2] Operating Performance - Operating income for Q4 2025 was $70.8 million, with an operating margin of 37%, slightly up from 36% in Q4 2024[2] - Operating income for the year 2025 was $260.218 million, a 42.3% increase from $183.009 million in 2024[24] - Total operating expenses for Q4 2025 were $79.207 million, compared to $71.726 million in Q4 2024, marking a 10.5% increase[24] - Research and development expenses for Q4 2025 totaled $49.246 million, up from $43.698 million in Q4 2024, indicating a 12.5% increase[24] Cash Flow and Financial Position - The company generated $99.8 million in cash from operating activities in Q4 2025, leading to a total of $360.0 million for the fiscal year[3] - Cash, cash equivalents, and marketable securities totaled $761.8 million as of December 31, 2025, an increase of $88.5 million from the previous quarter[5] Future Outlook - For Q1 2026, Rambus expects licensing billings between $66 million and $72 million, and product revenue between $84 million and $90 million[7] - The company anticipates total operating costs and expenses for Q1 2026 to be between $117 million and $121 million[8] - The company expects forward-looking non-GAAP operating costs and expenses for Q1 2026 to be between $100 million and $104 million[27] Market Position - Rambus maintains a strong position in DDR5 RCDs, with a robust product roadmap aligned with trends in data centers and AI[2]

Financial Performance - Consolidated revenues for Q4 2025 were $3.620 billion, and for the full year 2025, revenues totaled $13.643 billion[5]. - Net income from continuing operations for Q4 2025 was $209 million, with diluted earnings per share of $2.94; for the full year 2025, net income was $722 million, with diluted earnings per share of $9.51[4]. - Adjusted net income from continuing operations for Q4 2025 was $242 million, with adjusted diluted earnings per share of $3.40; for the full year 2025, adjusted net income was $818 million, with adjusted diluted earnings per share of $10.78[5]. - Total revenues for the year ended December 31, 2025, were $13,643,069, up 6.4% from $12,815,550 in 2024[27]. - Net income for the year ended December 31, 2025, was $1,078,716, a decrease of 13.7% from $1,250,737 in 2024[29]. - Operating income for Q4 2025 was $561,070, slightly down from $565,362 in Q4 2024[27]. - The company reported a total operating income of $2,044 million for the year ended December 31, 2025, compared to $2,090 million in 2024[56]. Cash Flow and Expenses - Operating cash flow for Q4 2025 was $541 million, and free cash flow was $309 million; for the full year 2025, operating cash flow was $1,887 million, and free cash flow was $1,024 million[5]. - Cash flows from operating activities for the year ended December 31, 2025, were $1,886,500, down from $2,022,038 in 2024, a decrease of 6.7%[31]. - Free cash flow for the three months ended December 31, 2025, was $309 million, a decrease from $604 million in the prior quarter but an increase from $281 million in the same period last year[61]. - Net cash provided by operating activities for the twelve months ended December 31, 2025, was $1.887 billion, a slight decrease from $1.893 billion for the previous quarter[62]. - Maintenance capital expenditures were $412 million, compared to $423 million in the previous quarter[62]. - Development capital expenditures amounted to $164 million, down from $178 million in the previous quarter[62]. Patient Care and Treatment - Total U.S. dialysis treatments for Q4 2025 were 7,264,520, averaging 91,608 treatments per day, a decrease of 0.1% compared to Q3 2025[7]. - Revenue per treatment in Q4 2025 was $422.60, an increase of $12.01 from Q3 2025; patient care costs per treatment were $279.60, an increase of $6.06[8]. - Dialysis patient service revenues for Q4 2025 reached $3,399,232, a 9% increase from $3,119,180 in Q4 2024[27]. - The number of treatments in Q4 2025 was 7,264,520, showing a slight increase from 7,242,725 in Q3 2025, while average treatments per day remained stable at approximately 91,608[35]. - The company reported a normalized year-over-year non-acquired treatment growth of (0.6)% for Q4 2025, indicating challenges in organic growth[35]. Strategic Initiatives and Future Outlook - The company expects adjusted operating income for 2026 to be between $2.085 billion and $2.235 billion, with adjusted diluted net income per share projected between $13.60 and $15.00[20]. - DaVita Inc. is focused on strategic initiatives related to integrated kidney care (IKC) and value-based care (VBC) to enhance operational efficiency[25]. - The company anticipates potential impacts from the One Big Beautiful Bill Act (OBBBA) and changes in federal government policies affecting reimbursement rates[23]. - The company faces risks from supply chain disruptions and increased competition in the dialysis market, which may affect future performance[25]. Shareholder Actions and Financial Adjustments - DaVita repurchased 2.7 million shares for $331 million at an average price of $122.78 per share during Q4 2025[13]. - The company incurred impairment and restructuring charges of $20.5 million related to its investment in Mozarc Medical Holding LLC during Q4 2025[12]. - The company experienced a net loss of $34 million related to Mozarc for the year ended December 31, 2025, which affected overall financial performance[53]. - The company incurred $25 million in legal matter charges during the year ended December 31, 2025, impacting adjusted operating income[56]. Balance Sheet and Liabilities - Total liabilities increased to $16,321,665 as of December 31, 2025, compared to $15,193,917 in 2024, an increase of 7.4%[33]. - Total debt as of December 31, 2025, was $10,345 million, slightly up from $10,310 million at the end of Q3 2025, with a leverage ratio of 3.26x[37]. - Accounts receivable increased to $2,414,690 as of December 31, 2025, from $2,146,975 in 2024, reflecting a rise of 12.5%[33]. - Cash, cash equivalents, and restricted cash at the end of the period were $757,747, down from $879,825 at the beginning of the year, a decrease of 13.8%[31]. Tax and Compliance - The effective income tax rate on income from continuing operations attributable to DaVita Inc. was 27.7% for the three months ended December 31, 2025, down from 31.3% in the previous quarter[34]. - The effective income tax rate on income from continuing operations attributable to DaVita Inc. was 27.7% for the three months ended December 31, 2025, compared to 31.3% for the previous quarter[59].

Revenue Growth - U.S. revenue grew 93% year-over-year to $1.076 billion in Q4 2025, with U.S. commercial revenue increasing 137% year-over-year to $507 million[6] - Total revenue for FY 2025 reached $4.475 billion, representing a 56% year-over-year growth[6] - Revenue for Q4 2025 reached $1,406.8 million, a significant increase from $827.5 million in Q4 2024, representing a year-over-year growth of 70%[25] - For FY 2026, Palantir issued revenue guidance of $7.182 - $7.198 billion, with U.S. commercial revenue expected to exceed $3.144 billion, indicating a growth rate of at least 115%[12] Profitability - The company reported a GAAP net income of $609 million for Q4 2025, representing a 43% margin, and a full-year GAAP net income of $1.625 billion, representing a 36% margin[6] - Adjusted income from operations for FY 2025 was $2.254 billion, representing a 50% margin[7] - Adjusted operating margin for Q4 2025 was 57%, up from 45% in Q4 2024, indicating improved operational efficiency[30] - Net income attributable to common stockholders for the year ended December 31, 2025, was $1,625.0 million, compared to $462.2 million in 2024, marking a 251% increase[25] - Adjusted net income attributable to common stockholders for Q4 2025 was $608,676,000, while for the full year it was $1,625,033,000[33] Cash Flow and Liquidity - Cash from operations for FY 2025 was $2.134 billion, representing a 48% margin, with adjusted free cash flow of $2.270 billion, representing a 51% margin[6] - The company generated net cash provided by operating activities of $2,134.5 million for the year ended December 31, 2025, compared to $1,153.9 million in 2024, an increase of 85%[29] - Adjusted free cash flow for the year ended December 31, 2025, was $2,270.4 million, compared to $1,249.2 million in 2024, representing an increase of 82%[31] - Palantir's cash, cash equivalents, and short-term U.S. Treasury securities totaled $7.2 billion, providing a strong liquidity position[6] Customer Growth - The customer count grew 34% year-over-year, indicating strong demand for Palantir's services[6] - Palantir closed 180 deals of at least $1 million, including 61 deals of at least $10 million, with a record total contract value (TCV) of $4.262 billion, up 138% year-over-year[6] Financial Position - Total current assets increased to $8,358.2 million as of December 31, 2025, compared to $5,934.3 million in 2024, reflecting a growth of 41%[27] - Total liabilities increased to $1,412.4 million in 2025 from $1,246.5 million in 2024, a rise of 13%[27] - Cash and cash equivalents decreased to $1,423.8 million in 2025 from $2,098.5 million in 2024, a decline of 32%[27] Stock-Based Compensation - The company reported a stock-based compensation expense of $684.0 million for the year ended December 31, 2025, slightly down from $691.6 million in 2024[29] - The company reported stock-based compensation of $196,405,000 for Q4 2025 and $684,033,000 for the year[33] - Employer payroll taxes related to stock-based compensation amounted to $26,666,000 for Q4 2025 and $156,052,000 for the year[33] Earnings Per Share - Earnings per share attributable to common stockholders, diluted, was $0.63 for the year ended December 31, 2025, compared to $0.19 in 2024, reflecting a substantial increase[25] - Adjusted earnings per share (EPS), diluted, was $0.25 for Q4 2025 and $0.75 for the full year[33] Taxation - The income tax effects and adjustments for Q4 2025 were $(183,774,000) and $(549,480,000) for the full year[33] - The long-term estimated annual effective tax rate for the periods presented is 23.0%[33] Operational Efficiency - The company's Rule of 40 score is an impressive 127%, reflecting a combination of revenue growth and operational efficiency[3]