Core Viewpoint - NewMarket reported a decline in net income and earnings per share for both the fourth quarter and full year of 2025, primarily due to a higher effective tax rate impacting profitability [5][8]. Financial Performance - Fourth-quarter 2025 net income was $81 million, or $8.65 per share, down from $111 million, or $11.56 per share, in the same period of 2024 [3][8]. - For the full year 2025, net income totaled $419 million, or $44.44 per share, compared to $462 million, or $48.22 per share, in 2024 [3][8]. - Pre-tax income for Q4 2025 was $113 million, down from $134 million in Q4 2024, while full-year pre-tax income was $561 million, a 4% decline from $584 million in 2024 [4][8]. Segment Performance - The Petroleum Additives segment saw Q4 sales decrease to $585 million from $626 million, with operating profit falling to $107 million from $136 million, attributed to a 6% decline in shipments, lower selling prices, and higher unit costs [7][9]. - Full-year sales for Petroleum Additives were $2.5 billion, down from $2.6 billion in 2024, with operating profit declining to $520 million from $592 million [8][9]. - Specialty Materials segment experienced growth, with Q4 sales rising to $49 million from $27 million in 2024, driven by increased volume at AMPAC and the acquisition of Calca [11][12]. Cash Flow and Capital Allocation - NewMarket generated solid cash flows in 2025, enabling $183 million in shareholder returns through share repurchases and dividends [14][15]. - The company reduced total debt by $88 million compared to 2024, with net debt to EBITDA at 1.1 times as of December 31, 2025 [14]. Strategic Outlook - Looking ahead, NewMarket anticipates continued strength in both Petroleum Additives and Specialty Materials, focusing on long-term value creation for shareholders and customers [16].