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AMETEK(AME) - 2025 Q4 - Annual Results
2026-02-03 19:05
Exhibit 99.1 AMETEK Announces Record Fourth Quarter and Full Year Results Berwyn, Pa., February 3, 2026 – AMETEK, Inc. (NYSE: AME) today announced its financial results for the fourth quarter ended December 31, 2025. AMETEK's fourth quarter 2025 sales were a record $2.0 billion, a 13% increase over the fourth quarter of 2024. On a GAAP basis, fourth quarter earnings were a record $1.73 per diluted share. Adjusted earnings in the quarter were a record $2.01 per diluted share, up 7% from the fourth quarter of ...
BellRing Brands(BRBR) - 2026 Q1 - Quarterly Report
2026-02-03 18:56
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 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: 1-39093 BellRing Brands, Inc. (Exact name of registrant as specified in its charter) Delaw ...
Ashland(ASH) - 2026 Q1 - Quarterly Report
2026-02-03 18:50
Financial Performance - Sales for the three months ended December 31, 2025, were $386 million, a decrease of 4.7% compared to $405 million in the same period of 2024[7] - Gross profit for the same period was $105 million, down from $111 million, reflecting a gross margin of 27.2%[7] - Operating loss narrowed to $6 million from a loss of $179 million year-over-year, indicating improved operational efficiency[7] - Net loss for the quarter was $12 million, significantly reduced from a net loss of $165 million in the prior year[7] - The company reported a loss from continuing operations of $14 million for the three months ended December 31, 2025, compared to a loss of $166 million for the same period in 2024[106] - The diluted EPS from continuing operations improved to a loss of $0.30 in Q1 2025 from a loss of $3.51 in Q1 2024, reflecting a positive change of $3.21[148] - Adjusted EBITDA for the three months ended December 31, 2025, was $58 million, compared to $61 million in the same period of 2024, indicating a slight decline[185] - The company reported an EBITDA of $42 million for the three months ended December 31, 2025, compared to a loss of $128 million in the same period of 2024, reflecting a significant improvement[196] Cash and Liquidity - Cash and cash equivalents increased to $304 million from $215 million at the end of the previous quarter, showing improved liquidity[11] - As of December 31, 2025, Ashland had $596 million of remaining borrowing capacity under its 2022 Credit Agreement[63] Assets and Liabilities - Total assets decreased to $4,519 million from $4,611 million, primarily due to changes in current and noncurrent assets[9] - Total current liabilities decreased to $366 million from $423 million, indicating better management of short-term obligations[9] - Ashland's total stockholders' equity decreased to $1.878 billion as of December 31, 2025, down from $2.592 billion in 2024[110] Restructuring and Operational Efficiency - Ashland initiated a restructuring plan in fiscal 2025 to offset impacts from the sale of the Nutraceuticals and Avoca businesses, continuing into fiscal 2026[26] - The total severance expense for the 2025 Restructuring Program was $2 million for the three months ended December 31, 2025, compared to $4 million for the same period in 2024[30] - As of December 31, 2025, the balance for the 2025 Restructuring Program severance liabilities was $4 million, down from $5 million at September 30, 2025[32] - The company continues to refine its expense allocation methodologies for reportable segments as market conditions evolve[123] Segment Performance - Sales in the Life Sciences segment increased to $139 million in Q1 2026, up from $134 million in Q1 2025[114] - Life Sciences segment sales increased to $139 million in 2025 from $134 million in 2024, while Personal Care segment sales remained stable at $123 million[125] - Specialty Additives segment sales were $102 million in 2025, a decrease from $115 million in 2024[125] - The Personal Care segment's operating income remained stable at $11 million, despite a decrease in sales[196] Research and Development - Research and development expenses remained stable at $13 million, reflecting ongoing investment in innovation[7] - Research and development expenses for Life Sciences were $4 million in 2025, consistent with 2024[125] Tax and Compliance - The effective tax rate for the three months ended December 31, 2025, was a benefit of 7%, compared to a benefit of 21% for the same period in 2024[68][69] - The effective tax rate for Q1 2025 was a benefit of 7%, significantly improved from a 21% benefit in Q1 2024, influenced by jurisdictional income mix and discrete tax items[164][165] Environmental and Legal Reserves - Total reserves for asbestos claims were $246 million at December 31, 2025, down from $258 million at September 30, 2025[79] - Ashland estimates that the upper end of reasonably possible future costs for identified environmental remediation sites could reach approximately $485 million[102] - Environmental remediation reserves totaled $226 million as of December 31, 2025, unchanged from September 30, 2025, with $179 million classified as other noncurrent liabilities[98] Other Income and Expenses - The company recorded a pre-tax gain of $2 million from the sale of excess land property during the quarter[21] - Investment income for the three months ended December 31, 2025, was $6 million, compared to $5 million for the same period in 2024[43] - The company reported a net interest and other expense of $8 million for the three months ended December 31, 2025, down from $28 million in 2024[126]
Northfield Bancorp(NFBK) - 2025 Q4 - Annual Results
2026-02-03 18:45
EXHIBIT 99.1 PRESS RELEASE DATED FEBRUARY 2, 2026 Company Contact: William R. Jacobs Chief Financial Officer Tel: (732) 499-7200 ext. 2519 FOR IMMEDIATE RELEASE NORTHFIELD BANCORP, INC. ANNOUNCES STRATEGIC TRANSACTION AND FOURTH QUARTER AND YEAR END 2025 RESULTS NOTABLE ITEMS FOR THE QUARTER: 1 • NORTHFIELD BANCORP, INC. HAS AGREED TO MERGE WITH COLUMBIA FINANCIAL INC. (NASDAQ: CLBK) SEE JOINT PRESS RELEASE FOR FURTHER DETAILS. • CASH DIVIDEND OF $0.13 PER SHARE, PAYABLE FEBRUARY 25, 2026, TO STOCKHOLDERS O ...
Broadridge(BR) - 2026 Q2 - Quarterly Report
2026-02-03 17:16
Financial Performance - Revenues for the three months ended December 31, 2025, increased to $1,713.9 million, up 7.8% from $1,589.2 million in the same period of 2024[13] - Net earnings for the six months ended December 31, 2025, reached $450.0 million, a significant increase of 102.5% compared to $222.2 million in the prior year[13] - Basic earnings per share for the three months ended December 31, 2025, was $2.44, representing a 100% increase from $1.22 in the same quarter of 2024[13] - Comprehensive income for the six months ended December 31, 2025, was reported at $523.9 million, compared to $328.1 million for the previous period, indicating a year-over-year increase of approximately 59.7%[27] - The company reported diluted earnings per share of $0.20 for the three months ended December 31, 2025, compared to $0.17 for the same period in 2024[69] - Net earnings for the three months ended December 31, 2025, were $284.6 million, an increase of $142.1 million, or 100%, compared to $142.4 million in 2024[191] - Operating income for the three months ended December 31, 2025, was $206.0 million, a decrease of $4.6 million, or 2%, from $210.7 million in 2024[191] - Operating income for the six months ended December 31, 2025, was $394.8 million, reflecting a 14% increase from $345.1 million in 2024[199] Revenue Breakdown - The Investor Communication Solutions segment generated total revenues of $1,233.3 million for the three months ended December 31, 2025, compared to $1,149.2 million in the same period of 2024, marking a 7.3% increase[66] - Revenues for the three months ended December 31, 2025, were $1,713.9 million, with Investor Communication Solutions contributing $1,233.3 million and Global Technology and Operations contributing $480.6 million[146] - For the six months ended December 31, 2025, total revenues reached $3,303.3 million, with Investor Communication Solutions at $2,363.2 million and Global Technology and Operations at $940.1 million[146] - Recurring revenues for the six months ended December 31, 2025, reached $2,047.6 million, up from $1,880 million in the prior year, reflecting a growth of 8.9%[66] - Distribution revenues increased by $107.3 million, or 11%, driven by a postage rate increase and higher event-driven mailings[205] Expenses and Costs - Total operating expenses for the three months ended December 31, 2025, were $1,507.9 million, an increase of 9.4% from $1,378.5 million in the prior year[13] - Cost of revenues increased by $186.3 million, or 8%, to $2,407.1 million, primarily due to higher expenses in the ICS segment[199] - Selling, general and administrative expenses rose by $55.3 million, or 12%, primarily due to higher technology investments and compensation-related expenses[199] - Interest expense decreased by $17.0 million, or 26%, to $48.0 million, attributed to lower average borrowings and borrowing costs[202] Cash Flow and Assets - Cash flows from operating activities for the six months ended December 31, 2025, amounted to $367.1 million, compared to $111.2 million in the same period of 2024[24] - Total assets as of December 31, 2025, were $8,639.5 million, an increase from $8,545.0 million as of June 30, 2025[20] - Cash and cash equivalents at the end of the period were $370.7 million, down from $561.5 million at the beginning of the period[24] - Total liabilities as of December 31, 2025, were $33.2 million, including $10.7 million in derivative liabilities and $22.5 million in contingent consideration obligations[81] Equity and Stockholder Information - As of December 31, 2025, total stockholders' equity increased to $2,879.2 million, up from $2,635.1 million on September 30, 2025, reflecting a growth of approximately 9.3%[27] - The company reported a retained earnings balance of $4,103.3 million as of December 31, 2025, an increase from $3,932.5 million on September 30, 2025[27] - Common stock dividends declared were $0.975 per share for the period ending December 31, 2025, totaling $113.8 million[27] Acquisitions and Investments - The company acquired LDI-MAP, LLC for a total purchase price of $43.9 million, which includes $31.9 million in cash and contingent consideration of $8.5 million[74] - The acquisition of Signal Agency Limited was completed for a total price of $26.6 million, net of cash acquired[75] - The company completed the acquisition of Acolin Group Holdco Limited for approximately $70.1 million on January 5, 2026, enhancing its cross-border fund distribution capabilities[148] - In September 2025, the company acquired LDI-MAP, LLC for $70.5 million, expanding its retirement plan technology offerings[153] Accounting and Compliance - The company adopted a new accounting standard (ASU 2023-08), which may impact future financial reporting and disclosures[27] - The Company’s financial statements are prepared in accordance with GAAP and include all normal and recurring adjustments necessary for fair presentation[45] - The company is currently assessing the impact of several recently issued accounting pronouncements on its Consolidated Financial Statements[51][52][53][54][55][56] Market and Operational Insights - The company operates in two segments: Investor Communication Solutions and Global Technology and Operations, focusing on delivering technology-driven solutions to financial markets[37] - Broadridge's technology solutions support over 90 markets globally, enhancing trade processing and compliance for capital markets firms[42] - The company emphasizes the importance of acquisitions to meet strategic needs and enhance operational efficiency[152] - The company’s Global Technology and Operations segment offers SaaS solutions that automate the front-to-back transaction lifecycle across various asset classes[160]
Deckers(DECK) - 2026 Q3 - Quarterly Report
2026-02-03 16:42
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (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: 001-36436 DECKERS OUTDOOR CORPORATION (Exact name of registrant as specified in its charter) Delaware 95-3015862 (State or other ...
Spire(SR) - 2026 Q1 - Quarterly Report
2026-02-03 16:36
Financial Performance - Operating revenues for the three months ended December 31, 2025, increased to $762.2 million, up from $669.1 million in the same period of 2024, representing a growth of 13.3%[9] - Net income for the same period rose to $95.0 million, compared to $81.3 million in 2024, reflecting an increase of 16.5%[11] - Basic earnings per common share increased to $1.55 for the three months ended December 31, 2025, compared to $1.34 in 2024, marking a growth of 15.7%[9] - The company reported a comprehensive income of $77.2 million for the three months ended December 31, 2025, compared to $53.5 million in 2024, indicating a significant increase of 44.4%[25] - Adjusted earnings for the three months ended December 31, 2025, were $108.4 million, compared to $81.1 million for the same period in 2024, reflecting a year-over-year increase of 33.7%[124] - The company reported a net income of $103.9 million for the three months ended December 31, 2025, compared to $77.8 million for the same period in 2024, representing a year-over-year increase of 33.8%[176] Assets and Liabilities - Total assets as of December 31, 2025, reached $11,881.9 million, an increase from $11,275.8 million as of December 31, 2024, indicating a growth of 5.4%[16] - Long-term debt (less current portion) increased to $4,449.4 million as of December 31, 2025, compared to $3,697.7 million in the previous year, reflecting a rise of 20.3%[16] - Total shareholders' equity as of December 31, 2025, was $3,432.7 million, up from $3,308.9 million in 2024, representing an increase of 3.8%[16] - Total assets for Spire Missouri Inc. rose to $6,550.8 million as of December 31, 2025, up from $6,349.8 million as of September 30, 2025[30] - Total regulatory assets as of December 31, 2025, amounted to $1,394.8 million, slightly down from $1,401.8 million as of September 30, 2025[70] - Total liabilities for gas utility contracts were $35.3 million, with $19.9 million related to natural gas commodity contracts[102] Cash Flow and Investments - Cash and cash equivalents decreased to $4.1 million as of December 31, 2025, down from $11.5 million in the previous year, a decline of 64.3%[14] - Cash provided by operating activities was $81.0 million for the three months ended December 31, 2025, slightly down from $81.1 million in 2024[22] - The net cash used in investing activities was $201.3 million for the three months ended December 31, 2025, compared to $260.1 million in 2024, indicating a reduction in investment outflows[22] - The company reported a net decrease in cash and cash equivalents of $1.9 million for the three months ended December 31, 2025[48] Capital Expenditures - Capital expenditures for the three months ended December 31, 2025, were $202.8 million, a decrease from $260.6 million in the same period of 2024[22] - Capital expenditures for Spire Alabama increased to $41.3 million in Q4 2025 from $34.5 million in Q4 2024, showing an increase of about 19.6%[118] - Capital expenditures for Spire Missouri were $148.0 million in Q4 2025, down from $178.3 million in Q4 2024, indicating a decrease of about 16.9%[116] Debt and Financing - The company has a commercial paper program allowing for short-term borrowings up to $1,500.0 million, with $224.1 million utilized to support lending to the Utilities as of December 31, 2025[82][83] - The weighted average interest rate for borrowings outstanding as of December 31, 2025, was 3.9% across Spire, Spire Missouri, and Spire Alabama[84] - Spire issued $900.0 million of junior subordinated notes on November 24, 2025, with interest rates of 6.250% and 6.450% for Series A and Series B, respectively[87][88] - The company has committed to a total of $1,738.5 million in minimum payments under contracts for the storage, transportation, and supply of natural gas, expiring through calendar 2039[125] Regulatory and Rate Changes - Spire Missouri filed a PGA adjustment increase effective November 26, 2025, reflecting changes in natural gas commodity prices[73] - The company received approval for a base rate increase of $210.0, effective October 24, 2025, resulting in a net base rate increase of $137.4 after accounting for the $72.6 already collected through the Infrastructure System Replacement Surcharge (ISRS)[74] - Spire Alabama's annual Rate Stabilization and Equalization (RSE) filing resulted in an annual revenue increase of $12.9 million, effective December 1, 2025[77] Acquisitions and Strategic Initiatives - Spire entered into an agreement to acquire Piedmont Natural Gas's Tennessee business for $2.48 billion in cash, subject to customary adjustments[146] - The acquisition is expected to significantly increase Spire's scale in a fast-growing region, expand regulatory diversity, and support dividend growth[150] - Spire has a committed senior unsecured bridge facility of up to $725.0 million to fund the acquisition, which includes a $125.0 million bridge term loan and a $600.0 million delayed draw term loan[147] Segment Performance - Revenue from the Gas Utility segment increased to $693.3 million in 2025, compared to $613.5 million in 2024, reflecting a growth of 13.0%[62] - Gas Utility net income for the quarter ended December 31, 2025, increased by $26.1 million compared to the prior year, driven by improved performance from Spire Missouri and Spire Alabama[184] - Operating revenues for Gas Utility rose to $79.8 million, primarily due to the $46.4 million impact from the Missouri rate case implementation and an $11.0 million increase in volumetric usage in Spire Alabama[185] Miscellaneous - The company is involved in ongoing environmental remediation activities, with costs incurred to date not being material, but future costs could be significant depending on various factors[130] - The company recorded unrealized gains or losses from mutual funds and bonds in the income statement, impacting overall financial performance[101] - The company is actively pursuing new strategies for market expansion and product development in the gas utility sector[104]
First Financial (THFF) - 2025 Q4 - Annual Results
2026-02-03 15:45
Loan Performance - Average total loans for Q4 2025 were $3.97 billion, an increase of $183 million or 4.84% from Q4 2024[5] - Total loans outstanding as of December 31, 2025, were $4.06 billion, up $218 million or 5.69% year-over-year[6] Income and Profitability - Net income for Q4 2025 was $21.5 million, compared to $16.2 million for Q4 2024, representing a 32.1% increase[8] - Diluted net income per common share for 2025 was $6.68, up from $4.00 in 2024, an increase of 67%[8] - Net interest income for Q4 2025 reached a record $60.6 million, an increase of $11 million or 22.2% from Q4 2024[14] - Net interest income for the year ended December 31, 2025, was $219,868,000, up from $174,986,000 in 2024, reflecting a significant increase in interest income from loans[32] - Basic and diluted earnings per share increased to $6.68 for the year ended December 31, 2025, compared to $4.00 in 2024, demonstrating strong profitability growth[32] Deposits and Equity - Average total deposits for Q4 2025 were $4.64 billion, a decrease of $116 million or 2.44% from Q4 2024[9] - Shareholders' equity at December 31, 2025, was $650.9 million, up from $549.0 million a year earlier[11] - Book value per share increased to $54.78 as of December 31, 2025, an increase of $8.42 or 18.17% from the previous year[12] Efficiency and Cost Management - The efficiency ratio improved to 58.17% for Q4 2025, down from 62.98% in Q4 2024[22] - The efficiency ratio improved to 58.17% in Q4 2025 from 56.63% in Q3 2025, indicating better cost management[28] Credit Quality - The provision for credit losses for Q4 2025 was $2.4 million, compared to $2.0 million for Q4 2024[17] - Provision for credit losses for the year ended December 31, 2025, was $8,200,000, down from $16,166,000 in 2024, reflecting a more favorable credit environment[32] - Nonperforming loans and other real estate owned totaled $14,848,000 in Q4 2025, a decrease from $19,400,000 in Q3 2025, showing improvement in asset quality[29] - The net charge-offs to average loans and leases ratio was 0.18% in Q4 2025, up from 0.17% in Q3 2025, suggesting a slight increase in credit losses[28] Capital Position - Tier 1 leverage ratio improved to 11.25% in Q4 2025 from 11.05% in Q3 2025, indicating a stronger capital position[28] Total Assets and Non-Interest Income - Total assets reached $5,756,126,000 as of December 31, 2025, compared to $5,560,348,000 in 2024, indicating growth in the company's asset base[31] - Total non-interest income for the year ended December 31, 2025, was $41,972,000, slightly down from $42,772,000 in 2024, indicating stable revenue from non-interest sources[32]
Mueller Industries(MLI) - 2025 Q4 - Annual Results
2026-02-03 15:03
Financial Performance - Fourth Quarter 2025 net sales reached $962.4 million, an increase of 4.2% compared to $923.5 million in Q4 2024[2] - Full Year 2025 net sales totaled $4.2 billion, up 10.5% from $3.8 billion in 2024[2] - Operating income for Q4 2025 was $172.0 million, a slight increase of 1.0% from $170.3 million in Q4 2024[2] - Full Year 2025 operating income rose to $958.5 million, up 24.4% from $770.4 million in 2024[2] - Net income for Q4 2025 was $153.7 million, reflecting an 11.6% increase from $137.7 million in Q4 2024[2] - Full Year 2025 net income increased by 26.5% to $765.2 million from $604.9 million in 2024[2] - Diluted EPS for Q4 2025 was $1.38, up 14.0% from $1.21 in Q4 2024[2] Cash Flow and Investments - Year-end cash and short-term investments amounted to $1.39 billion, with a current ratio of 5.9 to 1[2] - The company generated $141.2 million in cash from operations during Q4 2025[2] - Net cash provided by operating activities rose to $755,444, compared to $645,908 in the prior year, reflecting an increase of about 17%[13] - Cash flows used in investing activities decreased significantly to $(24,911) from $(606,935), indicating a reduction in cash outflow by approximately 95.9%[14] - Cash, cash equivalents, and restricted cash at the end of the year reached $1,385,157, up from $1,038,895, showing an increase of approximately 33.4%[14] Shareholder Returns - Dividends paid to stockholders increased to $(109,050) from $(89,107), marking a rise of about 22.4%[14] - The company repurchased common stock amounting to $(243,615), a substantial increase from $(48,681) in the previous year[14] Asset Management - The average COMEX copper price was $5.13 per pound, which is 22% higher than the prior year period[2] - Proceeds from the sale of assets increased to $38,508 from $12,005, representing a growth of approximately 220.5%[13] - The company experienced a gain on disposals of assets, netting $(25,878), compared to $(5,780) in the previous year, indicating a decline in asset disposal gains[13] Expenses - Depreciation and amortization expenses rose to $68,561 from $53,376, reflecting an increase of about 28.5%[13] - The company reported a net cash used in financing activities of $(394,618), compared to $(160,478) in the previous year, indicating a significant increase in cash outflow[14]
ITW(ITW) - 2025 Q4 - Annual Results
2026-02-03 14:48
Financial Performance - Fourth quarter revenue reached $4.1 billion, an increase of 4.1%, with organic revenue growth of 1.3%[6] - GAAP EPS for the fourth quarter was $2.72, reflecting a 7% increase, while full year GAAP EPS was $10.49, exceeding the prior guidance midpoint of $10.45[7][9] - Full year revenue totaled $16 billion, a 0.9% increase, with organic revenue growth flat[8] - Q4 2025 operating revenue increased by 4.1% compared to Q4 2024, with organic growth of 1.3% and a translation impact of 2.5%[25] - Full Year 2025 operating revenue grew by 0.9% compared to Full Year 2024, with organic growth of 0% and a translation impact of 0.8%[27] - Net income for Q4 2025 was $790 million, up from $750 million in Q4 2024, while full year net income decreased to $3,066 million from $3,488 million in 2024[28] - Adjusted net income per share for the twelve months ended December 31, 2024, was reported at $10.15 after accounting for specific adjustments[33] Operating Margin - Operating margin for the fourth quarter was 26.5%, up 30 basis points, with enterprise initiatives contributing 140 basis points[7] - The total operating margin for Q4 2025 was 26.5%, reflecting a 30 basis points increase from the previous year, despite an unfavorable impact of 50 basis points from amortization expenses related to acquisition-related intangible assets[25] - The total operating margin for Full Year 2025 was 26.3%, which includes a 50 basis points unfavorable impact from amortization expenses related to acquisition-related intangible assets[27] - Operating margin for 2026 is expected to be in the range of 26.5% to 27.5%, with enterprise initiatives contributing 100 basis points[13] - All seven segments are anticipated to deliver positive organic growth and operating margin expansion in 2026[14] - Operating leverage improved in several segments, with Automotive OEM and Measurement & Electronics both seeing a 40 basis points increase in operating margin[25] Cash Flow and Investments - Free cash flow is projected to exceed 100% of net income, with plans to repurchase approximately $1.5 billion of shares[14] - Net cash provided by operating activities for Q4 2025 was $963 million, compared to $1,114 million in Q4 2024, reflecting a decrease of 13.5%[31] - Free cash flow for the twelve months ended December 31, 2025, was $2,707 million, down from $2,844 million in 2024, indicating a decline of 4.8%[31] - The net cash provided by operating activities to net income conversion rate improved to 122% in Q4 2025, compared to 149% in Q4 2024[31] - The free cash flow to net income conversion rate was 109% for Q4 2025, down from 133% in Q4 2024[31] - The average invested capital for the twelve months ended December 31, 2025, was $10,959 million, with a return on average invested capital of 29.3%[28] - The company reported a total invested capital of $11,344 million as of December 31, 2025, compared to $10,232 million in 2024[28] Tax and Projections - The effective tax rate for 2026 is projected to be between 23.5% and 24.5%[14] - The effective tax rate for the twelve months ended December 31, 2025, was reported at 22.7%, adjusted to 23.9% after accounting for discrete tax benefits[29] Revenue Growth Initiatives - Customer-Back Innovation initiatives contributed 2.4% to revenue growth in 2025, enhancing overall performance[5][11] - The company projects 2026 revenue growth of 2% to 4% and organic growth of 1% to 3%[12] Nonrecurring Items - The impact of the sale of noncontrolling interest in Wilsonart reduced the reported net income per share by $1.26[33] - A cumulative effect of change in inventory accounting method resulted in a reduction of $0.30 in net income per share, net of tax[33] - The pre-tax gain on the sale of noncontrolling interest in Wilsonart was $363 million, contributing to the adjusted net income[33] - The change from LIFO to FIFO accounting method for certain U.S. businesses had a pre-tax impact of $117 million[33]