Reports

In Q4 2025, YPF generated $4.556 billion in revenue and $1.283 billion in adjusted EBITDA, supported by strong refining performance and shale oil production growth. However, the company posted a net loss of $649 million mainly due to a $1.042 billion income tax charge related to the Tax Normalization Plan. Free cash flow turned positive at $265 million during the quarter.

• Q4 revenue reached $4.556 billion, down 4% year-over-year due to lower oil and gas prices.
• Adjusted EBITDA was $1.283 billion, up 53% year-over-year but down sequentially due to seasonal gas weakness.

Globalstar reported fourth quarter 2025 total revenue of 71961000 and a net loss of 11618000, with loss from operations improving to 371000 and Adjusted EBITDA increasing to 32368000.

• Total revenue rose to 71961000, including 67391000 of service revenue and 4570000 of subscriber equipment sales.
• Loss from operations improved to 371000 from 4249000 in the prior-year quarter.

BrightSpring delivered strong Q4 2025 performance with 29.3% revenue growth, a substantial increase in operating income, and net income rising to $49.6 million from $4.3 million a year ago, driven by solid performance in both Pharmacy Solutions and Provider Services.

• Total revenue increased 29.3% year over year to $3550631000.
• Operating income nearly doubled to $108113000.

For Q4 2025, CG Oncology reported total revenue of $1159000 and a net loss of $41300000 as operating expenses increased year-over-year driven by higher R&D and G&A costs. The company ended the year with $742155000 in cash, cash equivalents and marketable securities.

• Total revenue was $1159000 in Q4 2025, driven by collaboration revenue.
• Net loss widened to $41300000 compared to $31800000 in Q4 2024.

Amneal delivered a strong fourth quarter with an 11% revenue increase and a return to GAAP profitability. The performance was driven by significant growth in the Specialty and AvKARE segments, while the company met or exceeded all full-year 2025 guidance metrics.

• Q4 2025 net revenue grew 11% year-over-year to $814 million, led by a 38% increase in Specialty revenue.
• The company reported GAAP net income of $35 million for the quarter, compared to a net loss of $31 million in the prior year period.

TransAlta generated Q4 2025 revenues of 599000000 and Adjusted EBITDA of 247000000, down from the prior year, while free cash flow improved year-over-year. The company reported a net loss attributable to common shareholders of 62000000.

• Revenues were 599000000 compared to 678000000 in Q4 2024.
• Adjusted EBITDA was 247000000 versus 282000000 in the prior year period.

Revenue rose sharply year-over-year to 172600000 in Q4 2025, supported by higher production and realized metal prices, while the company recorded a net loss of 23800000 primarily due to derivative revaluations and higher finance costs.

• Silver production increased to 2030206 ounces and silver equivalent production reached 3767713 ounces.
• Revenue from operations surged to 172600000 compared to 42200000 in Q4 2024.

NIQ reported 1139100000 in Q4 2025 revenue, up 9.2% year-over-year, with Adjusted EBITDA of 289200000 and margin expansion to 25.4%, while significantly narrowing its net loss.

• Revenue increased 9.2% year-over-year to 1139100000.
• Adjusted EBITDA rose 30.2% to 289200000 with 25.4% margin.

Delek Logistics delivered record Q4 2025 performance, with strong Adjusted EBITDA growth driven by acquisitions, increased wholesale margins and higher storage and transportation contributions.

• Net income increased to 47292000 from 35305000 year-over-year.
• Adjusted EBITDA rose to 142274000 compared to 114287000 in Q4 2024.

In Q4 2025, TMTG generated revenue of 1010000 and reported EPS of -2.37, reflecting a substantial quarterly loss primarily tied to non-cash digital asset valuation impacts and other non-operating charges.

• Revenue totaled 1010000 in Q4 2025.
• EPS was -2.37 for the quarter.

Calumet generated Q4 2025 sales of 1038600000 and reported a net loss of 37300000. Adjusted EBITDA was 48400000, while Adjusted EBITDA with Tax Attributes improved to 69300000 compared to the prior year period.

• Sales increased to 1038600000 from 949500000 year-over-year.
• Net loss was 37300000 compared to 40700000 in Q4 2024.

Hawaiian Electric generated fourth quarter 2025 net income for common stock of $39617000, with revenues of $805824000 and operating income of $67109000, reflecting solid utility performance and improved year-over-year profitability.

• Total revenues were $805824000 in Q4 2025, up from $799180000 in Q4 2024.
• Net income for common stock was $39617000 compared to a net loss of $68245000 in Q4 2024.

Alpha Metallurgical reported a fourth quarter 2025 net loss of 17271000 despite generating 28470000 in Adjusted EBITDA, as weaker met coal pricing and higher per-ton costs pressured margins.

• Reported net loss of 17271000 for Q4 2025.
• Adjusted EBITDA totaled 28470000 for the quarter.

Delek US returned to profitability in Q4 2025, driven by significantly higher refining margins and solid logistics performance, resulting in positive net income and strong adjusted EBITDA.

• Net income attributable to Delek US was 78300000 compared to a loss in the prior year quarter.
• Adjusted EBITDA increased to 374800000 reflecting improved crack spreads and operational performance.

NW Natural delivered solid Q4 2025 results with net income of 57793000 and EPS of 1.39, driven by higher gas utility margins and contributions from the SiEnergy acquisition, while interest expense and other segment losses weighed on results.

• Net income increased to 57793000 from 45002000 year over year.
• Operating revenues rose to 394157000 from 370876000.

ANI delivered record Q4 2025 revenue of 247060000, up 29.6% year-over-year, with strong Cortrophin Gel and Generics growth driving profitability. Net income available to common shareholders was 27490000 and adjusted non-GAAP EBITDA rose 30.6% to 65356000.

• Total net revenues increased 29.6% year-over-year to 247060000.
• Cortrophin Gel revenue grew 87.6% to 111431000.

Sunstone generated total Q4 2025 revenues of 236966000, up year-over-year, driven by 9.6% RevPAR growth to 220.12. Net income increased to 7217000, while Adjusted EBITDAre rose 17.6% to 56562000 and Adjusted FFO per diluted share increased 25.0% to 0.20.

• Total Portfolio RevPAR increased 9.6% to 220.12, with ADR of 319.01 and occupancy of 69.0%.
• Net income improved to 7217000 compared to 836000 in Q4 2024.

Global Partners generated 4647883000 in sales in Q4 2025 with net income of 25058000, as stronger GDSO performance and higher volumes offset weaker Wholesale margins.

• Net income increased to 25058000 from 23858000 year over year.
• Total sales rose to 4647883000 driven by higher Wholesale volumes.

Carter’s delivered 7.6% net sales growth in Q4 fiscal 2025, driven by growth across U.S. Retail, U.S. Wholesale, and International segments, while operating margin declined and adjusted earnings decreased year over year.

• Net sales increased to 925451000, up 7.6% year over year.
• Operating income rose to 84694000, with operating margin of 9.2%.

Arbor Realty Trust reported net income attributable to common stockholders of 14575000 in Q4 2025, down from the prior year, driven by higher impairments and credit provisions. The company generated solid agency and structured loan originations and maintained a $36.20 billion servicing portfolio, while reducing its allowance for loan losses following legacy asset resolutions.

• Net income attributable to common stockholders was 14575000, or 0.07 per diluted share.
• Agency loan originations totaled 1628144000, while structured loan originations reached 1103132000.

For Q4 2025, Saul Centers generated total revenue of 75149000 and net income of 8194000. FFO available to common stockholders was 21452000, or 0.61 per diluted share, reflecting solid operating cash performance despite lower GAAP earnings.

• Total revenue increased to 75149000 from 67924000 year-over-year.
• Net income declined to 8194000 from 10358000 in Q4 2024.

In Q4 2025, Golden Entertainment generated total revenues of 155630000 and reported a net loss of 8516000, with Adjusted EBITDA of 33531000 reflecting softer performance in its Nevada Casino Resorts segment.

• Total revenues declined to 155630000 from 164204000 year-over-year.
• Net loss was 8516000 compared to net income of 2978000 in Q4 2024.

Fulgent generated Q4 2025 revenue of 83336000, up 9% year-over-year, with GAAP gross margin of 39.1%. The company reported a GAAP net loss of 23418000 and a non-GAAP net income of 5154000, while adjusted EBITDA was negative 4537000.

• Revenue increased 9% year-over-year to 83336000.
• GAAP gross margin was 39.1% and non-GAAP gross margin was 41.0%.

Gogo generated total revenue of 230561000 in Q4 2025 and operating income of 14192000, but posted a net loss of 9996000 that included litigation settlement accrual costs and acquisition and integration-related costs.

• Total revenue increased 67% year-over-year to 230561000.
• Service revenue rose 61% year-over-year to 191860000.

BlackRock TCP generated 43900000 in total investment income in Q4 2025 and net investment income of 22100000, but recorded a net decrease in net assets from operations of 118300000 due to substantial realized and unrealized losses.

• Net investment income was 22100000, or 0.26 per share.
• Net decrease in net assets from operations totaled 118300000.

inTEST generated Q4 2025 revenue of 32822000 and net earnings of 1243000, with gross margin expanding to 45.4%. Orders increased 22.2% year over year to 37471000, lifting backlog to 53916000.

• Revenue declined 10.3% year over year to 32822000 but increased 25.1% sequentially.
• Gross margin expanded to 45.4%, up 570 basis points year over year.

Treace generated 62519000 in Q4 2025 revenue, down 9% year-over-year, with gross margin of 80.6% and net loss of 9394000, while delivering adjusted EBITDA of 6185000.

• Revenue declined 9% year-over-year to 62519000.
• Gross margin remained strong at 80.6%.