Financial Performance - Fourth Quarter 2025 net income was $169.3 million, or $0.75 per diluted share, compared to $184.7 million, or $0.72 per diluted share in Q4 2024[2][22] - Full Year 2025 net income totaled $738.3 million, or $3.14 per diluted share, reflecting a decrease from $762.99 million, or $2.89 per diluted share in 2024[2][22] - For the three months ended December 31, 2025, the adjusted pre-tax operating income was $211,547 thousand, compared to $234,454 thousand for the same period in 2024, reflecting a decrease of approximately 9.7%[24] - The net income per diluted share for 2025 was $0.75, an increase from $0.72 in 2024, representing a growth of about 4.2%[25] - For the twelve months ended December 31, 2025, the adjusted pre-tax operating income was $928,612 thousand, down from $975,623 thousand in 2024, indicating a decline of approximately 4.8%[26] - The total assets as of December 31, 2025, were $6,639,486 thousand, an increase from $6,547,235 thousand in 2024, marking a growth of about 1.4%[29] - The total liabilities increased to $1,491,935 thousand in 2025 from $1,374,860 thousand in 2024, reflecting an increase of approximately 8.5%[30] Insurance Metrics - New insurance written (NIW) for Q4 2025 was $17.1 billion, an increase from $15.9 billion in Q4 2024[5] - Insurance in force reached $303.1 billion, up from $295.4 billion in Q4 2024[5][10] - The primary insurance in force (IIF) reached $303.1 billion in Q4 2025, up from $295.4 billion in Q4 2024, representing an increase of about 2.5%[32] - New primary insurance written (NIW) for Q4 2025 was $17.1 billion, compared to $15.9 billion in Q4 2024, indicating a growth of approximately 7.5%[31] - The annual persistency rate was 84.8%, consistent with Q4 2024[5] - The annual persistency rate for 2025 was 84.8%, slightly down from 85.0% in 2024[32] Shareholder Returns - The company returned $915 million to shareholders in 2025 through dividends and share repurchases[3] - A dividend of $0.15 per common share was declared for shareholders, payable on March 6, 2026[8] Claims and Losses - Losses incurred in Q4 2025 were $31.2 million, significantly higher than $8.7 million in Q4 2024, resulting in a loss ratio of 13.2%[5] - The GAAP loss ratio for Q4 2025 was 13.2%, significantly higher than the 4.5% reported in Q3 2025, indicating increased claims relative to premiums[37] - The primary IIF delinquency rate rose to 2.43% in Q4 2025, compared to 2.32% in Q3 2025, indicating a worsening trend in loan performance[34] - The net paid claims for Q4 2025 were $16 million, an increase from $14 million in Q3 2025, representing a 14.3% rise[35] - Total gross loss reserves reached $475 million in Q4 2025, up from $452 million in Q3 2025, marking a 5.1% increase[35] Reinsurance and Risk Management - The company executed a $250 million reinsurance coverage transaction effective December 1, 2025, and a 40% quota share reinsurance transaction for eligible NIW in 2027[8] - The percentage of new insurance written (NIW) subject to reinsurance was 86.2% in Q4 2025, slightly down from 88.2% in Q3 2025[37] - The company has various reinsurance transactions in place that reduce premiums but have a lesser impact on overall results[100] Market and Regulatory Environment - The company faces uncertainties regarding the future role of GSEs and FHA in the housing finance system, which could impact business operations[46] - Regulatory changes or actions could have a material adverse effect on the company's reputation and financial results[57] - The company is currently in compliance with PMIERs but risks non-compliance if Available Assets fall below Minimum Required Assets[48] - Changes in GSE pricing and guaranty fees could lead to increased costs for borrowers, impacting the company's competitiveness[43] - The FHA's market share of low down payment residential mortgages was 33.5% in 2024, up from 33.2% in 2023, indicating a competitive landscape for private mortgage insurance[75] - The VA's market share for low down payment residential mortgages was 24.5% in 2024, consistent with previous years, highlighting ongoing competition[76] Operational Risks - The company relies on third-party reporting for mortgage loans, which may lead to inaccuracies affecting financial results[86] - The company is susceptible to disruptions in mortgage loan servicing, particularly from non-bank servicers, which could affect liquidity and operational efficiency[80] - Cybersecurity breaches pose a significant risk, with potential for financial losses and damage to reputation[94] - The company relies on information technology systems for operations, and failures in these systems could materially impact business and financial results[89] Competitive Landscape - The mortgage insurance industry is experiencing increased competition, with a potential new market entrant expected to begin writing mortgage insurance in 2026, which may adversely impact the company's results[115] - The company's competitive position may be impacted if it fails to develop and maintain technologies that meet changing customer preferences, particularly in AI and machine learning[119] Investment and Financial Risks - The company's investment portfolio is subject to credit and interest rate risks, which could lead to reduced returns or material losses, impacting overall profitability[124] - Changes in interest rates could negatively affect the company's investment income and operating results, with declining rates reducing returns on new fixed investments[125] - The company is subject to regulatory approval for dividend payments, which could impact its ability to meet cash requirements and obligations[131] Customer Concentration - The company's top ten customers accounted for approximately 32% and 37% of new insurance written (NIW) in 2025 and 2024, respectively, with the largest customer contributing about 16% and 21% of NIW in the same years[117]

Revenue Performance - Fourth quarter 2025 revenue was $332.0 million, a decrease of 0.2% sequentially and a decrease of 3.4% year over year[5]. - Full year 2025 revenue was $1.33 billion, a decrease of 5.4% year over year[5]. - Total revenue for Q4 2025 was $332,018,000, a decrease of 0.2% from Q3 2025 and a decrease of 3.4% from Q4 2024[20]. - Flex revenue in Q4 2025 was $326,093,000, down from $326,263,000 in Q3 2025 and $337,104,000 in Q4 2024, with a Flex GP margin of 25.8%[20]. - Year-over-year total Flex revenue decreased by 5.3% in Q4 2025 compared to Q4 2024[24]. Profitability Metrics - Gross profit margin for the fourth quarter was 27.2%, down 50 basis points sequentially but up 20 basis points year over year[5]. - Diluted earnings per share for the fourth quarter were $0.30, with adjusted diluted earnings per share at $0.43, a decrease of 31.7% sequentially and 28.3% year over year[5]. - Adjusted EBITDA for Q4 2025 was $16,748,000, a decrease of 14.3% from $19,407,000 in Q3 2025 and a decrease of 18.5% from $20,565,000 in Q4 2024[31]. - Adjusted EBITDA for the year 2025 totaled $72,790,000, a decrease of 18.8% from $89,687,000 in 2024[32]. - Net income for the year ended December 31, 2025, was $34,825,000, down 30.9% from $50,414,000 in 2024[32]. Expenses and Costs - SG&A expenses as a percentage of revenue for the fourth quarter were 24.2%, an increase of 140 basis points sequentially and 220 basis points year over year[5]. - Selling, general and administrative expenses for Q4 2025 were $80,329,000, resulting in an operating margin of 2.6%[28]. - Free cash flow for the year ended December 31, 2025, was $46,805,000, a decrease from $79,301,000 in 2024[26]. - Total depreciation and amortization for 2025 was $5,548,000, compared to $5,922,000 in 2024, reflecting a decrease of 6.3%[32]. - Stock-based compensation expense for the year 2025 was $13,742,000, a slight decrease of 2.2% from $14,044,000 in 2024[32]. - Interest expense, net, increased to $3,122,000 in 2025, up 49% from $2,097,000 in 2024[32]. - Income tax expense for 2025 was $12,120,000, down 29.7% from $17,210,000 in 2024[32]. - Organizational realignment activities incurred an expense of $1,200,000 in 2025, with no such expense reported in 2024[32]. - Other non-recurring expenses amounted to $2,233,000 in 2025, with no comparable expenses in 2024[32]. Shareholder Returns - The Board of Directors approved a quarterly dividend increase to $1.60 per share, marking the seventh consecutive annual increase[6]. - The company returned $76.0 million in capital to shareholders through share repurchases and dividends during 2025, representing over 100% of operating cash flows[10]. Future Outlook - First quarter 2026 guidance estimates revenue between $324 million and $332 million, with earnings per share projected between $0.37 and $0.45[10]. - The implementation of Workday as a future state enterprise cloud application is expected to be transformational for the company[2]. - The company is focused on streamlining operating costs through various initiatives, including the write-off of previously capitalized software[31].

Financing and Capital Structure - Joby Aviation issued 0.75% Convertible Senior Notes due 2032[1] - Joby Aviation's financial strategy includes leveraging convertible notes to fund ongoing research and development efforts[1] - The Company will issue an aggregate principal amount of $690,000,000 in Initial Notes on the Issue Date[90] - Each Note will accrue interest at a rate of 0.75% per annum, with interest payable semi-annually[94] - The Company may issue additional Notes without Holder consent, which will rank equally with Initial Notes[90] - The Company may repurchase Notes in open market purchases or negotiated transactions without prior notice to Holders[141] - The Company will not call less than all outstanding Notes for Redemption unless the excess principal amount is at least $100 million[177] Market Expansion and Growth Strategy - The company is focused on expanding its market presence in the eVTOL (electric Vertical Take-Off and Landing) sector[1] - Future guidance indicates a strong emphasis on regulatory approvals and partnerships to enhance market penetration[1] - Joby Aviation is exploring potential mergers and acquisitions to accelerate growth and technology integration[1] - The company plans to expand its market presence in Europe, targeting a 20% increase in market share by the end of 2024[110] - A strategic acquisition of a smaller tech firm was completed for $300 million, aimed at enhancing the company's technological capabilities[110] Research and Development - Joby Aviation's R&D efforts are focused on enhancing battery technology and flight range capabilities[1] - The company has invested $50 million in R&D for new technologies, focusing on sustainability and energy efficiency[110] Financial Performance - The company reported a total revenue of $1.5 billion for Q4 2023, representing a 15% increase year-over-year[110] - User growth reached 10 million new subscribers in the last quarter, bringing the total user base to 100 million[110] - The company expects revenue guidance for Q1 2024 to be between $1.6 billion and $1.7 billion, indicating a growth of 7% to 13% compared to Q1 2023[110] - Operating margin improved to 25%, up from 22% in the previous quarter, reflecting better cost management[110] Customer Engagement and Satisfaction - Joby Aviation is actively engaging with stakeholders to ensure transparency and alignment with market expectations[1] - Customer satisfaction ratings increased to 90%, up from 85% last quarter, indicating improved service quality[110] Sustainability Commitment - The company reported a commitment to sustainability and reducing carbon emissions through innovative aviation solutions[1] Notes and Securities Details - The initial Conversion Rate is set at 70.4846 shares of Common Stock per $1,000 principal amount of Notes[21] - Interest Payment Dates for the Notes will occur on February 15 and August 15 each year, starting from August 15, 2026[36] - The Default Settlement Method is Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes[27] - The Company may change the Default Settlement Method at any time after the Issue Date without prior notice[27] - The Daily VWAP will be determined based on the volume-weighted average price of the Common Stock during the trading session[25] - A Fundamental Change occurs if a person or group acquires more than 50% of the voting power of the Common Stock[31] - The Company is required to repurchase Notes upon a Fundamental Change at a price calculated pursuant to Section 4.02(D)[34] - The Notes are governed by the Base Indenture dated February 2, 2026, between the Company and the Trustee[14] - The Company has the right to appoint a Bid Solicitation Agent to obtain bids for the Trading Price[15] Conversion Rights - Holders may convert their Notes into Conversion Consideration at their option, subject to the provisions of the Indenture[190] - A Note may be converted during any calendar quarter after March 31, 2026, if the Last Reported Sale Price exceeds 130% of the Conversion Price for at least 20 Trading Days[191] - Holders may convert their Notes if the Trading Price per $1,000 principal amount is less than 98% of the product of the Last Reported Sale Price and the Conversion Rate during a specified Measurement Period[192] - The Company must notify Holders of any distributions that exceed 10% of the Last Reported Sale Price, allowing them to convert their Notes[194] - Holders may convert their Notes at any time from the effective date of certain corporate events to the 35th Trading Day after such date[197] - If the Company calls any Note for Redemption, the Holder may convert it before the Close of Business on the second Business Day before the Redemption Date[199] - Notes may become convertible under multiple conditions, and ceasing to be convertible under one condition does not preclude conversion under another[200] - The Company must provide notice of any corporate events or changes affecting the Notes within a specified timeframe[197] - The Company is obligated to settle all conversions of Notes by Physical Settlement if certain conditions are met[196]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ 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: 001-42546 FATPIPE, INC. (Exact name of registrant as specified in its charter) Washington, D.C. 20549 FORM 10-Q Indicate by check mar ...

Financial Performance - Net sales for the first quarter of fiscal year 2026 reached $996 million, representing a 29% increase year-over-year[4] - Net earnings increased to $134 million, a 54% rise compared to the previous year, with earnings per share (EPS) at $2.17, up 53%[4] - Free cash flow for the quarter was $70 million, an increase of $69 million year-over-year[4] - Total consolidated net sales for the three months ended December 31, 2025, reached $996,454,000, a 29% increase from $772,725,000 in the same period of 2024[27] - Net earnings for the three months ended December 31, 2025, were $133,719,000, or $2.17 per share, compared to $87,091,000, or $1.42 per share, in 2024[28] - Adjusted net earnings for the same period were also $133,719,000, reflecting a strong performance without the impact of non-U.S. GAAP adjustments[28] Segment Performance - The Aerospace segment reported sales of $635 million, a 29% increase, with segment earnings of $148 million, reflecting a margin of 23.4%[8] - The Industrial segment achieved sales of $362 million, up 30%, with segment earnings of $67 million and a margin of 18.5%[9] - Aerospace segment net sales were $634,897,000, up 28.5% from $493,882,000 year-over-year, while the Industrial segment net sales increased by 29.6% to $361,557,000 from $278,843,000[27] Guidance and Projections - Based on strong first quarter performance, the company raised its fiscal 2026 sales growth guidance from 7%-12% to 14%-18%[13] - The revised EPS guidance for fiscal 2026 is now projected to be between $8.20 and $8.60, up from the previous range of $7.50 to $8.00[14] - Segment earnings for Aerospace are expected to remain at 22%-23% of sales, while Industrial segment earnings guidance has been raised to 16%-17% of sales[14] Cash Flow and Assets - Net cash provided by operating activities for the three months ended December 31, 2025, was $114,437,000, significantly higher than $34,516,000 in the prior year[25] - Free cash flow for the same period was $70,308,000, compared to only $942,000 in the previous year, indicating strong cash generation capabilities[33] - Total current assets increased to $2,049,123,000 as of December 31, 2025, from $1,884,414,000 at the end of September 2025, driven by higher cash and accounts receivable[24] Debt and Liabilities - The company reported a total debt of $888 million, down from $902 million in the previous year[7] - Total liabilities decreased slightly to $2,146,409,000 from $2,063,753,000, indicating improved financial stability[24] Tax and Expenditures - The effective tax rate for fiscal 2026 is expected to remain around 22%, with no changes to capital expenditures guidance of approximately $290 million[14] - The adjusted effective income tax rate for the three months ended December 31, 2025, was 20.9%, up from 14.0% in the previous year[29] - The company made payments for property, plant, and equipment totaling $44,129,000 during the quarter, compared to $33,574,000 in the same period last year[27]

Table of Contents 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 AND 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 AND EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO . Commission File number: 0-10004 NAPCO SECURITY TECHNOLOGIES, INC. (Exact name of Registrant as specified in its charter) Delaware 11-2 ...

Financial Performance - Record Q2 net revenues of $48.2 million, a 12.2% year-over-year increase[8] - Net income rose 29% year-over-year to a Q2 record of $13.5 million, representing 28.0% of total revenue[5][8] - Total revenue for the three months ended December 31, 2025, was $48,172,000, representing a 12.3% increase from $42,933,000 in the same period of 2024[17] - Net income for the six months ended December 31, 2025, was $25,668,000, up 18.5% from $21,652,000 in 2024[18] - Gross profit for the three months ended December 31, 2025, was $28,238,000, a 15.3% increase compared to $24,489,000 in 2024[17] - Operating income for the six months ended December 31, 2025, increased to $28,396,000, up 23.0% from $23,027,000 in 2024[18] - Basic income per share for the three months ended December 31, 2025, was $0.38, compared to $0.29 in 2024, reflecting a 31.0% increase[17] Revenue Breakdown - Equipment revenue increased 12.0% year-over-year to $24.3 million[8] - Recurring service revenue ("RSR") increased 12.5% year-over-year to $23.8 million with a 90.2% gross margin[8] - RSR represents approximately 50% of total revenue in Q2, with a prospective annual run rate of approximately $99 million[5][8] Cash Flow and Dividends - Free cash flows for Q2 were $14.5 million, a 17.4% increase year-over-year[3][8] - Free cash flow for the six months ended December 31, 2025, was $25,957,000, an increase from $23,710,000 in 2024, with a free cash flow margin of 26.7%[22] - The company announced a quarterly dividend of $0.15 per share, a 7% increase from the previous quarter[7][8] Operational Efficiency - Adjusted EBITDA margin improved to 31.9% from 28.4% in Q2 of Fiscal 2025[5][8] - Adjusted EBITDA for the six months ended December 31, 2025, was $30,291,000, compared to $24,716,000 in 2024, indicating a strong operational performance[21] Expenses and Cash Position - Total operating expenses for the three months ended December 31, 2025, were $13,485,000, slightly up from $13,318,000 in 2024[17] - Cash and cash equivalents at the end of December 31, 2025, were $104,919,000, compared to $86,019,000 at the end of 2024[19] - Research and development expenses for the six months ended December 31, 2025, were $6,713,000, up from $6,164,000 in 2024[18] Leadership Changes - Joseph Pipczynski appointed as Chief Revenue Officer to enhance leadership and sales strategy[10][11]

Exhibit 99.1 FOR IMMEDIATE RELEASE | Date: | February 2, 2026 | | --- | --- | | Contact: | Kevin McPhaill, President/CEO | | Phone: | (559) 782-4900 or (888) 454-BANK | | Website Address: | www.sierrabancorp.com | SIERRA BANCORP REPORTS RECORD QUARTERLY EARNINGS AND 2025 RESULTS Porterville, Calif. – (BUSINESS WIRE) – Sierra Bancorp (Nasdaq: BSRR), parent of Bank of the Sierra, today announced unaudited financial results for the three-and twelve-month periods ended December 31, 2025. Sierra Bancorp reported ...

Financial Performance - Fourth quarter 2025 net income increased by $66.3 million to $82.7 million, or $0.64 per unit, compared to $16.3 million, or $0.12 per unit for the 2024 Quarter [3]. - Full year 2025 total revenue was $2.19 billion, a decrease of 10.4% from $2.45 billion in 2024, with net income of $311.2 million, down from $360.9 million [7]. - Net income attributable to ARLP for the year 2025 was $311,163, a decline of 13.7% compared to $360,855 in 2024, with earnings per limited partner unit decreasing to $2.40 from $2.77 [37]. - Net income attributable to ARLP for the three months ended December 31, 2025, was $82.666 million, a significant increase from $16.330 million in the same period of 2024 [45]. - Adjusted EBITDA for the year ended December 31, 2025, was $698.739 million, compared to $714.230 million for the year ended December 31, 2024 [45]. - Adjusted EBITDA for the fourth quarter 2025 was $191.1 million, an increase of 54.1% compared to $124.0 million in the 2024 Quarter [5]. - Free cash flow for the three months ended December 31, 2025, was $93.846 million, up from $75.216 million in the same period of 2024 [48]. - The distribution coverage ratio for the year ended December 31, 2025, was 1.13, compared to 1.10 for the year ended December 31, 2024 [45]. Revenue and Sales - Total revenues for the fourth quarter 2025 decreased by 9.2% to $535.5 million, down from $590.1 million in the 2024 Quarter, primarily due to lower coal sales and transportation revenues [4]. - Total revenues for the year ended December 31, 2025, were $2,194,811, down 10.4% from $2,448,708 in 2024, with coal sales contributing $1,932,515, a decrease of 8.5% from $2,111,803 [37]. - Customer demand remains strong, with over 93% of the 2026 sales tons guidance already committed and priced [20]. Coal Operations - Coal production volumes for the fourth quarter 2025 increased to 8.2 million tons, representing an 18.7% year-over-year increase [4]. - Segment Adjusted EBITDA for Coal Operations increased by 36.7% to $144.0 million in the fourth quarter 2025 compared to $105.4 million in the 2024 Quarter [9]. - In Q4 2025, tons sold were 8,111, a decrease of 3.6% from 8,415 tons in Q4 2024, while tons produced increased by 18.6% to 8,189 from 6,901 tons [37]. - For 2026, coal royalty tons sold are expected to reach six million tons, representing a 25% increase compared to 2025 [20]. - The guidance for total coal sales tons in 2026 is projected between 33.75 million and 35.25 million short tons, with Illinois Basin sales tons estimated at 26.00 to 27.00 million [22]. - The expected coal sales price per ton sold for the Illinois Basin is projected to be between $50.00 and $52.00, while for Appalachia it is between $66.00 and $71.00 [22]. - ARLP anticipates segment adjusted EBITDA expense per ton sold to be between $33.00 and $35.00 for the Illinois Basin and between $49.00 and $53.00 for Appalachia [22]. Expenses and Liabilities - Operating expenses for the year 2025 totaled $1,809,508, down 12% from $2,054,579 in 2024, primarily due to lower coal production costs [37]. - Operating expenses for the three months ended December 31, 2025, were $328.193 million, a decrease from $407.090 million in the same period of 2024 [50]. - Total debt and finance leases as of December 31, 2025, were $463.7 million, with total and net leverage ratios of 0.66 times and 0.56 times, respectively [17]. - Current liabilities decreased to $204,426 in 2025 from $233,142 in 2024, reflecting improved liquidity management [38]. Capital Expenditures and Investments - The company made capital expenditures of $263,280 in 2025, down from $428,741 in 2024, indicating a focus on cost control [39]. - ARLP's total capital expenditures for 2026 are projected to be between $280 million and $300 million [22]. - The average annual estimated maintenance capital expenditures for 2026 are projected to be $7.23 per ton produced, slightly lower than the $7.28 per ton in 2025 [47]. - The company completed $14.4 million in oil and gas mineral acquisitions during the 2025 Quarter and aims to continue expanding its minerals portfolio [20]. - The company plans to continue exploring oil and gas reserve business combinations, with a commitment of $10,000 in 2025 [39]. Liquidity and Assets - As of December 31, 2025, ARLP reported total liquidity of $518.5 million, including $71.2 million in cash and cash equivalents and $447.3 million in available borrowings [18]. - The company reported a total asset value of $2,853,788 as of December 31, 2025, a slight decrease from $2,915,730 in 2024 [38]. - Digital assets increased to $51,834 in 2025 from $45,037 in 2024, reflecting ongoing investment in digital technologies [38]. Other Financial Metrics - The partnership declared a quarterly cash distribution of $0.60 per unit, or $2.40 per unit annualized, on January 27, 2026 [4]. - The cash distribution approved for the 2025 Quarter is $0.60 per unit, translating to an annualized rate of $2.40 per unit, payable on February 13, 2026 [19]. - The company recorded a litigation expense accrual of $15.3 million related to certain settlements [47]. - The net loss on equity method investments for the year ended December 31, 2025, was $20.976 million, compared to a gain of $4.961 million in 2024 [45].

Financial Performance - Fourth quarter 2025 net income was $168.0 million, a decrease from $172.1 million in the fourth quarter of 2024, with net income attributable to Hess Midstream at $93.3 million or $0.72 per Class A share, compared to $0.68 per Class A share in the prior year [2][8]. - Adjusted EBITDA for the fourth quarter of 2025 was $309.1 million, up from $298.2 million in the fourth quarter of 2024, while Adjusted Free Cash Flow was $207.8 million, an increase from $164.3 million in the prior year [5][9]. - Full year 2025 net income was $684.6 million, with Adjusted EBITDA of $1,238.1 million, and total debt at approximately $3.8 billion, representing a leverage ratio of about 3.1x Adjusted EBITDA [9][23]. - Total revenues for the year ended December 31, 2025, were $1,621.3 million, an increase of 8.4% from $1,495.5 million in 2024 [34]. - Adjusted EBITDA for 2025 was $1,238.1 million, compared to $1,136.1 million in 2024, reflecting an increase of 9% [34]. - Net income attributable to Hess Midstream LP for 2025 was $352.9 million, a significant increase from $223.1 million in 2024, representing a growth of 58% [34]. - Basic net income per Class A share increased to $2.87 in 2025 from $2.51 in 2024, marking a rise of 14.3% [34]. - Total operating costs and expenses for 2025 were $613.2 million, up from $576.5 million in 2024, indicating a rise of 6.4% [34]. - Income from operations for 2025 was $1,008.1 million, compared to $919.0 million in 2024, reflecting an increase of 9.7% [34]. - The gross adjusted EBITDA margin improved to 82% in 2025, compared to 81% in 2024 [34]. - Income before income tax expense for 2025 was $798.4 million, an increase from $730.8 million in 2024 [34]. Revenue and Costs - Total revenues for the fourth quarter of 2025 were $404.2 million, compared to $395.9 million in the prior-year quarter, driven by higher tariff rates and third-party services [7][22]. - Total revenues for Q4 2025 reached $404.2 million, a 2.1% increase from $395.9 million in Q4 2024 [36]. - Total operating costs and expenses for Q4 2025 were $152.6 million, consistent with $152.9 million in Q4 2024 [36]. - Operating and maintenance expenses totaled $92.8 million in Q4 2025, compared to $92.7 million in Q4 2024, indicating stable cost management [36]. Operational Metrics - Throughput volumes decreased by 4% for oil terminaling, 1% for gas processing, and 5% for water gathering in the fourth quarter of 2025, primarily due to lower production caused by severe winter weather [5][10]. - Gas gathering throughput averaged 456 Mcf of natural gas per day in Q4 2025, slightly down from 463 Mcf per day in Q4 2024 [40]. - Crude oil gathering throughput was 118 bopd in Q4 2025, a decrease from 120 bopd in Q4 2024 [40]. - Hess Midstream LP's gas processing throughput averaged 444 Mcf of natural gas per day in Q4 2025, down from 447 Mcf per day in Q4 2024 [40]. Capital Expenditures and Investments - Capital expenditures decreased by 44% to $47.6 million in the fourth quarter of 2025, down from $84.3 million in the prior-year quarter, due to the completion of the gas compression capacity expansion [11][23]. - A new compressor station was placed in service in January 2026, providing approximately 50 MMcf/d of installed capacity, with potential for future expansion [10]. Shareholder Returns - Quarterly cash distribution increased to $0.7641 per Class A share for the fourth quarter of 2025, reflecting an increase of $0.0093 per share compared to the third quarter of 2025 [5][13]. Strategic Outlook - Hess Midstream is reaffirming its full year 2026 and long-term guidance issued on December 9, 2025 [5][14]. - The company plans to continue focusing on operational efficiency and cost management to enhance profitability in the upcoming quarters [36]. Mergers and Acquisitions - The merger with Chevron completed on July 18, 2025, resulted in Chevron indirectly owning approximately 37.9% of Hess Midstream [3].