Revenue Results - Twist Bioscience Corporation announced preliminary, unaudited revenue results for Q1 fiscal 2026, ending December 31, 2025[4]. - The revenue expectations are subject to change based on ongoing internal control, review, and audit procedures, indicating potential material differences from final financial statements[5]. - The press release detailing the preliminary revenue results is dated January 12, 2026, and is available as Exhibit 99.1[8].

Financial Performance - Sales increased by 5% or $690 million in Q1 fiscal 2026, driven by growth in Beef, Chicken, and Prepared Foods segments, while Pork and International segments saw declines [134]. - Operating income for Q1 fiscal 2026 was $302 million, down 48% compared to Q1 fiscal 2025, impacted by $115 million in restructuring charges and $155 million in legal contingency accruals [134]. - Net income attributable to Tyson was $85 million in Q1 fiscal 2026, down from $359 million in Q1 fiscal 2025, resulting in a diluted earnings per share of $0.24 compared to $1.01 [155]. - The effective tax rate for Q1 fiscal 2026 was 29.7%, up from 23.5% in Q1 fiscal 2025, influenced by state taxes and foreign withholding tax on repatriated earnings [151][152]. Segment Performance - The Beef segment reported a sales increase to $5,771 million in Q1 fiscal 2026 from $5,335 million in Q1 fiscal 2025, while the Pork segment saw a slight decline in sales [157]. - Beef segment sales increased by $436 million to $5,771 million, with a sales volume change of -7.3% and an average sales price change of +17.2% [160]. - Pork segment sales decreased by $8 million to $1,609 million, with a sales volume change of +1.6% and an average sales price change of +1.6% [162]. - Chicken segment sales increased by $147 million to $4,212 million, with a sales volume change of +3.7% and an average sales price change of -0.1% [166]. - Prepared Foods segment sales increased by $200 million to $2,673 million, with a sales volume change of +0.2% and an average sales price change of +7.9% [167]. Cost and Expenses - Cost of sales increased by $977 million, with higher input costs per pound contributing approximately $1,017 million, including $850 million in cattle costs for the Beef segment [145]. - Selling, general and administrative expenses decreased to $506 million in Q1 fiscal 2026 from $515 million in Q1 fiscal 2025, representing 3.5% of sales [146]. - Corporate expenses decreased by $13 million to $188 million, while amortization decreased by $10 million to $54 million [174]. Cash Flow and Liquidity - Cash provided by operating activities was $942 million, a decrease of $89 million compared to the prior year [178]. - Total liquidity at December 27, 2025, was $4,528 million, including cash and cash equivalents of $1,278 million [181]. - The company had current debt of $909 million, which it intends to pay with existing cash and cash generated from operating activities [183]. - The revolving credit facility has a committed capacity of $2.5 billion, providing additional liquidity for working capital needs [184]. - The company entered into a $750 million revolving term loan credit facility, maturing in December 2028, with no borrowings under this facility during the three months ended December 27, 2025 [189]. Debt and Interest Rates - The company expects net interest expense to approximate $370 million for fiscal 2026 [189]. - As of December 27, 2025, $654 million of cash was held in international accounts of foreign subsidiaries, which are not relied upon for domestic liquidity needs [189]. - A hypothetical 10% increase in interest rates would increase annualized interest expense by less than $1 million, with variable rate debt of $44 million at a weighted average interest rate of 4.8% [205]. - The company had fixed-rate debt of $8,318 million with a weighted average interest rate of 4.8% [206]. - A hypothetical 10% decrease in interest rates would have increased the fair value of fixed-rate debt by approximately $227 million at December 27, 2025, and $231 million at September 27, 2025 [206]. Risk Management - The company assesses goodwill and indefinite life assets for impairment annually, with one international reporting unit having goodwill of $0.2 billion considered at heightened risk of impairment [196]. - The fair value of livestock and grain positions is sensitive to market price changes, with a 10% change in fair value resulting in potential impacts of $37 million for live cattle and $36 million for corn as of December 27, 2025 [204]. - The company utilizes derivative financial instruments to manage commodity price risks, with significant price fluctuations potentially impacting results of operations [203]. - The company is exposed to interest rate risk related to pension and post-retirement benefit obligations, which could increase cash contribution requirements if plan asset values decline [207]. - The primary foreign currencies the company is exposed to include the Brazilian real, British pound sterling, Canadian dollar, Chinese renminbi, European euro, Malaysian ringgit, Mexican peso, and Thai baht [208]. - A hypothetical 10% change in foreign exchange rates would have impacted pretax income by $14 million at December 27, 2025, and $21 million at September 27, 2025 [208]. Compliance and Governance - The company maintains compliance with all debt covenants as of December 27, 2025, and expects to continue doing so [193]. - Detailed discussions on concentration of credit risks are available in the company's Annual Report filed on Form 10-K for the fiscal year ended September 27, 2025 [209].

FOR IMMEDIATE RELEASE February 2, 2026 Revvity Announces Financial Results for the Fourth Quarter and Full Year of 2025 WALTHAM, Mass. -- Revvity, Inc. (NYSE: RVTY) today reported financial results for the fourth quarter and full year ended December 28, 2025. Fourth Quarter 2025 The Company reported GAAP earnings per share of $0.87, as compared to $0.78 in the same period a year ago. Revenue for the quarter was $772 million, as compared to $729 million in the same period a year ago. GAAP operating income fr ...

Financial Performance - Sales for Q1 2026 were $14,313 million, a 5.1% increase from $13,623 million in Q1 2025[1] - GAAP operating income decreased by 48% to $302 million, while adjusted operating income fell by 13% to $572 million[4] - Net income per share attributable to Tyson was $0.24, down 76% from $1.01 in the prior year[4] - Net income for the three months ended December 27, 2025, was $90 million, down 75.5% from $366 million for the same period in 2024[26] - EBITDA for the three months ended December 27, 2025, was $591 million, compared to $918 million for the same period in 2024, reflecting a decline of approximately 35.5%[39] - Total adjusted EBITDA for the twelve months ended December 27, 2025, was $3.632 billion, up from $3.550 billion in the previous year[39] Liquidity and Capital Expenditures - Total liquidity as of December 27, 2025, was $4.5 billion, with a minimum liquidity target of $1.0 billion[4][18] - The company expects capital expenditures of $0.7 billion to $1.0 billion in fiscal 2026[16] - Cash provided by operating activities was $942 million, a decrease of 8.6% compared to $1,031 million in the prior year[26] - Cash and cash equivalents at the end of the period were $1,278 million, down from $2,292 million, a decline of 44.3%[26] - Free cash flow for the three months ended December 27, 2025, was $690 million, down from $760 million for the same period in 2024[41] - Free cash flow is anticipated to be between $1.1 billion and $1.7 billion for fiscal 2026[19] Debt and Equity - Total assets decreased to $36,019 million from $36,658 million, a decline of 1.75%[24] - Total current liabilities decreased to $6,203 million from $6,389 million, a reduction of 2.9%[24] - Long-term debt decreased to $7,453 million from $7,921 million, a decline of 5.9%[24] - Total gross debt as of December 27, 2025, was $8.830 billion, an increase from $8.362 billion in the previous year[39] - Total shareholders' equity decreased to $18,163 million from $18,227 million, a decline of 0.35%[24] - Net debt/Adjusted EBITDA ratio improved to 2.1x for the twelve months ended December 27, 2025, compared to 2.0x in the previous year[39] Future Outlook - The company anticipates total adjusted operating income of $2.1 billion to $2.3 billion for fiscal 2026[14] - Sales are expected to grow by 2% to 4% in fiscal 2026 compared to fiscal 2025[15] - Segment operating income for Chicken is projected to be between $1.65 billion and $1.90 billion in fiscal 2026[10] - The effective tax rate is expected to approximate 25% in fiscal 2026[20] - The company plans to continue optimizing operations and exploring acquisition opportunities to enhance growth[44] - Forward-looking statements indicate potential impacts from global pandemics, commodity price fluctuations, and changes in consumer preferences[44] Cash Flow Activities - Cash used for investing activities was $183 million, a decrease from $233 million in the previous year, reflecting a reduction of 21.5%[26] - Cash used for financing activities increased to $718 million from $195 million, an increase of 268.2%[26] - Cash provided by operating activities for the three months ended December 27, 2025, was $942 million, compared to $1.031 billion for the same period in 2024[41] Workforce - The company had approximately 133,000 team members as of September 27, 2025[42]

Acquisition Details - The acquisition involves 9559-2796 QUÉBEC INC. purchasing all issued and outstanding shares of EDDYFI HOLDING INC., NDT NATION INC., NDT ALLIANCE INC., HMT INC., GESTION MICHAEL SIROIS INC., and GESTION FLORIAN HARDY INC.[2] - The agreement is dated January 31, 2026, indicating a future strategic move for market expansion and consolidation within the industry[2] - The purchase price and estimated purchase price details are outlined in the agreement, emphasizing the financial commitment involved in this acquisition[4] - The agreement includes provisions for post-closing adjustments, which may impact the final financial outcomes of the acquisition[4] - The transaction involves multiple stakeholders, including various limited partnerships and trusts, indicating a complex ownership structure[9] - The agreement specifies conditions precedent that must be satisfied for the closing to occur, ensuring due diligence and regulatory compliance[5] - The Parent company, ESAB CORPORATION, is involved for the purpose of providing a guaranty, highlighting the financial backing for the acquisition[12] - The agreement outlines the treatment of options and their surrender prior to closing, which may affect employee compensation and retention strategies[13] - The transaction is part of a broader strategy to enhance the company's portfolio and capabilities in the market[2] - The agreement includes confidentiality and exclusivity clauses, ensuring that sensitive information is protected during the transaction process[5] Financial Statements and Definitions - The audited consolidated financial statements for Previan Technologies for the fiscal year ended December 31, 2024, are referred to as the "Annual Financial Statements"[24] - The term "Cash" includes all cash and cash equivalents, totaling an aggregate sum calculated in accordance with the Accounting Principles[32] - "Current Assets" are defined as the aggregate sum of accounts receivable, current tax credits, work-in-progress, and inventories, calculated in accordance with the Accounting Principles[50] - "Current Liabilities" encompass accounts payable, accrued expenses, and customer deposits, calculated in accordance with the Accounting Principles[51] - The "Debt Financing" refers to any credit facility or issuance of debt securities obtained for financing the Transactions[57] - "Corporation Transaction Expenses" include all fees and costs incurred in connection with the Transactions, excluding certain liabilities[49] - "Antitrust Clearances" are necessary for the Transactions, including HSR Clearance and Competition Act Clearance if required[26] - The "Effective Time" is defined as 0:01 a.m. Eastern time on the Closing Date[65] - The "Closing Cash" is calculated immediately prior to the Effective Time, in accordance with the Accounting Principles[38] - "Books and Records" include all financial data and records related to the Business, excluding privileged communications[29] - The Escrow Amount is set at $14,500,000[72] - The Group's Indebtedness includes all outstanding principal amounts and accrued interest on borrowed money, with specific exclusions for accounts payable and deferred tax liabilities[109] - The Financial Statements encompass both Annual and Interim Financial Statements, adhering to IFRS standards[108] - The Group's obligations under Government Contracts are material to the Business, indicating significant reliance on governmental agreements[95] Employee and Shareholder Information - Employee Plans include a wide range of benefits such as retirement, health insurance, and profit-sharing arrangements for current and former employees[66] - The Group's Employee Shareholders exclude Gestion Holdcos, indicating a specific shareholder structure that may impact governance[67] - The Group's employment contracts for key employees provide for annual salaries exceeding $150,000[131] Regulatory and Compliance Matters - The Group is subject to Environmental Laws regarding the handling of Hazardous Substances, which may impact operational compliance[67] - The Group's financing arrangements include various credit agreements with HSBC entities, indicating a structured approach to capital management[80][84] - The Group's future outlook may be influenced by Foreign Investment Clearances required for certain transactions, affecting market expansion strategies[86] - The Group's transactions require clearance from the Italian government under foreign investment laws[118] - The Group's agreements include provisions for regulatory approvals necessary for the completion of transactions[158] - "Regulatory Approvals" are necessary for closing transactions without restrictions[166] Financial Metrics and Obligations - The Target Working Capital is set at $76,000,000[184] - The definition of "Working Capital" includes the sum of Current Assets minus Current Liabilities[200] - "Taxes" encompass a wide range of levies including income, sales, and property taxes, among others[184] - "Registered Intellectual Property" includes patents, trademarks, copyrights, and domain name registrations[165] - "Transaction Personal Information" refers to personal data held by the Group related to employees and clients[191] - "Vendors' Transaction Expenses" include all fees and costs incurred by vendors prior to closing[197] - "Sanctioned Person" refers to individuals or entities identified on various sanctions lists[174] - "Shareholders Agreements" include multiple agreements among various stakeholders in the Corporation[176] - "R&W Insurance Policy" is referenced in the context of risk management related to transactions[170] Material Contracts and Financial Condition - Material contracts include distributor agreements with annual sales exceeding $2,000,000 over a nine-month period[123] - The Group's financial condition is subject to material adverse changes that could impact operations and transactions[122] - The Group has obligations related to various financial agreements with significant creditors, including NBC and HSBC[146] - The Group's capital expenditures or fixed asset acquisitions require payments exceeding $1,000,000[131] - The Group's interim period is defined as starting from the date of the agreement until the closing date or termination[115] - The Group's unaudited balance sheet as of September 30, 2025, reflects a consolidated financial position[115]

Revenue Performance - Full year 2025 revenue reached $20.4 billion, an increase of 3% compared to the previous year[6] - Fourth quarter 2025 revenue was $5.2 billion, reflecting a 5% increase year-over-year, with adjusted growth of 3% after accounting for currency and commodity impacts[7] - Net sales for Q4 2025 reached $5,153 million, a 5% increase from $4,907 million in Q4 2024, while total net sales for the year were $20,398 million, up from $19,713 million in 2024[40] Income and Earnings - Full year 2025 adjusted net income was $1,726 million, or $7.82 per diluted share, representing a 7.4% increase in net income and a 24.9% increase in earnings per share compared to the prior year[12] - The company reported a U.S. GAAP net income margin of 0.8% for the full year 2025, significantly lower than the prior year's margin of 9.1%[12] - Net income attributable to Aptiv for Q4 2025 was $138 million, a decrease from $268 million in Q4 2024, while total net income for the year was $165 million, down from $1,787 million in 2024[40] Operating Income - The company reported a fourth quarter adjusted operating income of $607 million, with an adjusted operating income margin of 11.8%, down from 12.7% in the prior year[9] - Operating income for Q4 2025 was $425 million, down from $479 million in Q4 2024, with total operating income for the year at $1,184 million compared to $1,842 million in 2024[40] - Total Adjusted Operating Income for the year ended December 31, 2025, was $2,461 million, with a margin of 12.1%, compared to $2,366 million and 12.0% in 2024[47] Cash Flow and Liquidity - The company generated cash from operations totaling $2,185 million for the full year 2025, compared to $2,446 million in the prior year[17] - Cash and cash equivalents increased to $1,851 million as of December 31, 2025, up from $1,573 million in 2024[36] - Cash flow before financing for Q4 2025 was $665 million, compared to $1,637 million in Q4 2024, indicating a significant decline[58] Future Projections - For Q1 2026, the company expects net sales between $4,950 million and $5,150 million, with U.S. GAAP net income guidance of $130 million to $170 million[21] - Full year 2026 net sales are projected to be between $21,120 million and $21,820 million, with adjusted EBITDA expected to range from $3,385 million to $3,585 million[21] - Estimated adjusted EBITDA for Q1 2026 is projected to be $740 million, with a margin of 14.7%[59] Shareholder Actions - The company repurchased $300 million of senior notes and retired 22.8 million shares valued at $1.5 billion during 2025[19] - The weighted average number of diluted shares outstanding for Q4 2025 was 216.14 million, down from 235.46 million in Q4 2024[54] Impairments and Costs - The company experienced a goodwill impairment of $648 million in 2025, compared to no impairment in 2024[38] - The company incurred separation costs of $78 million in Q4 2025, compared to none in Q4 2024[49] Tax and Valuation - The company recognized a $294 million increase in valuation allowances for deferred tax assets due to changes in tax incentives[54]

Financial Performance Expectations - Tenet Healthcare Corporation expects its Adjusted EBITDA for the year ended December 31, 2025, to be at the upper end of the guidance range of $4.47 billion to $4.57 billion[4]. - Investors are cautioned that actual results may differ from preliminary estimates due to potential adjustments before finalizing financial information[5]. - The Company emphasizes that forward-looking statements are subject to uncertainties that could materially affect actual results[11]. Balance Sheet Changes - The Company anticipates a reduction of approximately $885 million in redeemable non-controlling interest and other liabilities on its balance sheet due to recent transactions[9]. - The Company will see an increase of approximately $305 million to its additional paid-in capital as a result of the recent agreements[9]. Agreements and Payments - An aggregate payment of $1.9 billion from CommonSpirit Health to the Company will be made in annual installments over the next three years, with $540 million already satisfied[8]. - The redemption of CommonSpirit Health's 23.8% equity interest in Conifer Health will result in a payment of $540 million to Conifer Health, effective January 1, 2026[8]. - The Company has entered into an Omnibus Agreement with Conifer Health Solutions and CommonSpirit Health, which includes the termination of a Master Services Agreement effective December 31, 2026[8].

Financial Performance - Total revenues for the quarter ended December 27, 2025, increased to $25,981 million, up 5.2% from $24,690 million in the same quarter of 2024[14] - Net income attributable to The Walt Disney Company for the quarter was $2,402 million, a decrease of 5.9% compared to $2,554 million in the prior year[14] - Earnings per share (diluted) for the quarter was $1.34, down from $1.40 in the same quarter last year, reflecting a 4.3% decline[14] - Comprehensive income attributable to Disney for the quarter was $2,416 million, down from $3,565 million in the same quarter of 2024, reflecting a decrease of 32.2%[15] - Total segment revenues for the quarter ended December 27, 2025, reached $25.981 billion, an increase from $24.690 billion in the prior year, representing a growth of 5.2%[34] - Segment operating income decreased to $4.600 billion for the quarter ended December 27, 2025, down from $5.060 billion in the same quarter of the previous year, a decline of 9.1%[37] Cash Flow and Operations - Cash provided by operations for the quarter was $735 million, significantly lower than $3,205 million in the same quarter of 2024, representing a decrease of 77%[20] - Cash and cash equivalents as of December 27, 2025, totaled $5.678 billion, with restricted cash of $108 million[51] - Cash provided by financing activities was $1.984 billion, a significant improvement compared to cash used of $997 million in the prior-year quarter[157] - The change in cash, cash equivalents, and restricted cash was a decrease of $13 million, a 98% improvement from a decrease of $520 million in the prior-year quarter[149] Assets and Liabilities - Total assets as of December 27, 2025, were $202,089 million, an increase from $197,514 million at the end of the previous quarter[18] - Current liabilities increased to $38,046 million from $34,162 million in the prior quarter, marking an increase of 11%[18] - The company's total borrowings increased to $46.640 billion as of December 27, 2025, reflecting various borrowing activities during the quarter[52] - The fair value of borrowings as of December 27, 2025, was $43.66 billion, with $40.18 billion classified under Level 2[83] Segment Performance - Entertainment segment revenues increased to $11.609 billion, up from $10.872 billion, reflecting a growth of 6.8% year-over-year[38] - Sports segment revenues rose slightly to $4.909 billion from $4.850 billion, marking a growth of 1.2%[38] - Experiences segment revenues increased to $10.006 billion, compared to $9.415 billion, a growth of 6.3% year-over-year[38] - Operating income for the Entertainment segment fell by 35% to $1,100 million from $1,703 million, primarily due to lower theatrical distribution results[128] - Operating income for the Experiences segment increased by 6% to $3,309 million from $3,110 million, driven by growth at domestic parks and experiences[145] Costs and Expenses - Total costs and expenses for the quarter were $22.106 billion, compared to $20.612 billion in the previous year, reflecting an increase of 7.2%[36] - Programming and production costs in the Entertainment segment rose to $6.314 billion, up from $5.475 billion, an increase of 15.2%[36] - Cost of services increased by 9%, or $1.2 billion, to $15.0 billion, influenced by higher programming and production costs[105] - Selling, general, and administrative costs rose by 5%, or $0.2 billion, to $4.1 billion due to increased marketing expenses[106] Shareholder Actions - The company repurchased $2,034 million of common stock during the quarter, compared to $794 million in the same quarter of the previous year[20] - During the quarter ended December 27, 2025, the company repurchased 18 million shares for $2.0 billion, compared to 7 million shares for $0.8 billion in the same quarter of the previous year[62] - The company had remaining authorization to repurchase approximately 321 million additional shares as of December 27, 2025[62] - The Company plans to target $7 billion in share repurchases for fiscal 2026[158] Legal and Compliance - The Company is involved in multiple legal actions, including a securities class action lawsuit filed on May 12, 2023, alleging misstatements regarding Disney+ costs and subscriber growth[68] - The Company intends to vigorously defend against all lawsuits and cannot reasonably estimate the amount of any possible loss at this time[81] - The Company is committed to compliance with the Sarbanes-Oxley Act of 2002, as evidenced by certifications from the CEO and CFO[199] Strategic Initiatives - The company included FuboTV Inc. in its consolidated financial statements effective October 29, 2025, indicating a strategic expansion in the streaming market[26] - The Company formed a joint venture with Reliance Industries Limited, holding a 37% interest, consolidating Star India's results until November 14, 2024[27] - The estimated fair value of the NFL Transaction, which includes the acquisition of NFL media assets, is approximately $3 billion, with a significant portion deferred until late fiscal 2033[44] Future Outlook - The Company expects fiscal 2026 spending on produced and licensed content, including sports rights, to be approximately $24 billion[152] - Capital expenditures for fiscal 2026 are projected to be around $9 billion, up from $8 billion in fiscal 2025, driven by theme park and resort expansion[156] - The Company is currently assessing the impact of new accounting guidance on its financial statement disclosures, effective for fiscal years 2026 and 2028[96][97]

Financial Performance - Revenues increased 5% for the quarter to $26.0 billion from $24.7 billion in Q1 fiscal 2025[6] - Total segment operating income decreased 9% for the quarter to $4.6 billion from $5.1 billion in Q1 fiscal 2025[6] - Diluted EPS for Q1 decreased to $1.34 from $1.40 in Q1 fiscal 2025, while adjusted EPS decreased to $1.63 from $1.76[6] - Net income attributable to The Walt Disney Company was $2,402 million, a decrease of 5.9% from $2,554 million in the prior year[32] - Net income for the quarter ended December 27, 2025, was $2,484 million, a decrease of 6% compared to $2,644 million for the same quarter in 2024[36] Segment Performance - Entertainment segment revenue increased 7% to $11.6 billion, but operating income declined 35% to $1.1 billion[14] - SVOD revenue increased 11% to $5.3 billion, with operating income rising 72% to $450 million[16] - Sports segment revenue increased 1% to $4.9 billion, but operating income decreased 23% to $191 million[17] - Experiences segment achieved record quarterly revenue of $10.0 billion and operating income of $3.3 billion, with attendance up 1% and per capita spending up 4%[6] - Operating income for Parks & Experiences increased by 6% to $3,309 million, compared to $3,110 million in the prior year[19] Cash Flow and Expenditures - Cash provided by operations decreased significantly by $2,470 million to $735 million, primarily due to higher tax payments[28] - Free cash flow was negative at $(2,278) million, a decline of $3,017 million from $739 million in the prior year[28] - Capital expenditures increased to $3,013 million from $2,466 million, driven by higher spending on cruise ship fleet expansion and new theme park attractions[29] - Cash, cash equivalents, and restricted cash at the end of the period totaled $5,786 million, a slight decrease from $5,582 million in the previous year[48] - The company experienced a net change in cash, cash equivalents, and restricted cash of $(13) million, compared to a decrease of $(520) million in the prior year[48] Guidance and Future Expectations - Fiscal 2026 guidance includes expected double-digit adjusted EPS growth compared to fiscal 2025 and $19 billion in cash provided by operations[9] - The company is on track to repurchase $7 billion of stock in fiscal 2026[9] - The company expects Entertainment segment operating income for Q2 fiscal 2026 to be comparable to Q2 2025, with other Entertainment businesses operating income projected at approximately $0.7 billion[50] Market and Operational Challenges - The Fubo Transaction and the Star India Transaction impacted revenue and operating income across segments[10][11] - The company faces pressures from competitive conditions, including content creation and advertising revenue competition[56] - Consumer preferences and acceptance of content offerings are critical for subscriber additions and churn rates[56] - The advertising market for streaming services and linear networks is a significant focus for the company[56] - Health concerns and their impact on business operations and productions are being monitored[56] - International trade policies and political developments may affect the company's operations[56] - Technological developments are crucial for maintaining competitive advantage[56] - Labor market conditions, including potential work stoppages, could impact business plans[56] - Adverse weather conditions or natural disasters may pose risks to operations[56] Conference Call Information - The Walt Disney Company will host a conference call on February 2, 2026, at 8:30 AM EST to discuss earnings[57] - Prepared management remarks will be available on the company's investor relations website[57]

Revenue Growth - Fourth quarter revenue reached $1,091 million, a 14% increase year-over-year, with 12% organic growth, driven by a 15% increase in Companion Animal Group (CAG) revenue[3] - Full year revenue totaled $4,304 million, marking a 10% increase as reported and organically, with CAG Diagnostics recurring revenue growing by 9% reported and 8% organic[5] - Revenue for Q4 2025 was $1,090,579,000, an increase of 14.3% compared to $954,288,000 in Q4 2024[46] - Total revenue for Q4 2025 reached $1,090,579, a 14.3% increase from $954,288 in Q4 2024[48] - Total revenue for the full year 2025 was $4,303,702, a 10.4% increase from $3,897,504 in 2024[48] - The company's organic revenue growth was 9.6%, with a notable 14.5% growth in international markets[50] Earnings and Profitability - Earnings per diluted share (EPS) for the fourth quarter were $3.08, reflecting an 18% increase as reported and 17% on a comparable basis, supported by a 150 basis point expansion in operating margin[4] - Expected EPS for 2026 is projected to be between $14.29 and $14.80, representing a growth of 9% to 13% as reported and 10% to 14% on a comparable basis[7] - The diluted earnings per share (EPS) for Q4 2025 was $3.08, an 18% increase compared to $2.62 in Q4 2024[35] - Comparable EPS, excluding certain adjustments, was $2.92 for Q4 2025, up 17% from $2.49 in Q4 2024[35] - The company anticipates a comparable EPS growth of 14% for the full year 2026, adjusted for share-based compensation and currency impacts[36] Operating Performance - Gross profit increased by 15% as reported, with a gross margin of 60.3%, reflecting a 50 basis point expansion[16] - Operating margin for the fourth quarter was 28.9%, an increase of 150 basis points compared to the prior year[17] - Operating profit for Q4 2025 was $315,605 thousand, reflecting a 21% increase year-over-year[31] - Income from operations for Q4 2025 was $315,605, a 20.6% increase from $261,686 in Q4 2024, with an operating margin of 28.9%[48] - The company reported a full-year income from operations of $1,360,031, up 20.5% from $1,128,337 in 2024[48] Future Projections - The company projects 2026 revenue guidance between $4,632 million and $4,720 million, indicating a growth of 7.6% to 9.6% reported and 7.0% to 9.0% organic[7] - CAG Diagnostics recurring revenue growth for 2026 is anticipated to be between 8.6% and 10.6% reported and 8.0% to 10.0% organic, supported by sustained execution drivers[18] - Projected full year 2026 operating margin is expected to expand by approximately 30 basis points due to favorable currency exchange rate changes[31] Cash Flow and Capital Expenditures - Free cash flow for the year ended December 31, 2025, was calculated by deducting approximately $125 million in capital expenditures from net cash provided by operating activities of approximately $1,182 million[41] - The company expects projected purchases of property and equipment for 2026 to be around $180 million, impacting future free cash flow[41] - Free cash flow for 2025 was $1,057,129, up from $808,079 in 2024[56] Balance Sheet and Equity - Total assets increased to $3,350,759 from $3,293,443, showing a solid balance sheet position[52] - The company’s total stockholders' equity rose to $1,605,383, up from $1,595,313 in 2024[52] - Long-term debt, net of current portion, decreased to $374,842 thousand as of December 31, 2025, from $449,786 thousand as of December 31, 2024[57] - Total shareholders' equity as of December 31, 2025, was $1,605,383 thousand, up from $1,595,313 thousand as of December 31, 2024[57] Research and Development - Research and development expenses for the full year 2025 were $251,207,000, up from $219,792,000 in 2024[46] Legal and Other Matters - The company concluded a litigation matter with a payment of approximately $80 million, impacting its financial position[45]