UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year 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 : 001-14895 Sarepta Therapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 93-0797222 (State or other jurisdi ...

Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, "I am very pleased with the fourth quarter performance. Relative to last year's fourth quarter, Total Company Revenue increased 14.8% and Adjusted EBITDA increased 16.9%, resulting in margin improvement of 29 basis points. This performance was driven by strong aggregate and same center procedural growth, combined with a continued focus on driving operating and clinical efficiencies within the Imaging Center segment. These factors ...

AAON Reports Fourth Quarter and Full Year 2025 Results Carries Record Backlog into 2026 Full Year 2025 Results (All comparisons are year-over-year, unless otherwise noted) Fourth Quarter 2025 Results (All comparisons are year-over-year, unless otherwise noted) Company Introduces 2026 Outlook • 2026 outlook reflects revenue growth of 18-20% and gross margins of approximately 29-31%, supported by record backlog, expanded capacity, and improving operational execution Exhibit 99.1 TULSA, Okla., March 2, 2026 - ...

Financial Performance - Total revenue for 2025 was $5.129 billion, an increase of 5% year-over-year[4] - Adjusted EPS for 2025 was $0.89, up 19% from the previous year[4] - Total revenue for Q4 2025 was $1,276 million, a 1% increase from $1,260 million in Q4 2024[30] - For the full year 2025, total revenue reached $5,129 million, up 5% from $4,898 million in 2024[30] - Operating income for Q4 2025 was $333 million, representing a 9% increase compared to $305 million in Q4 2024[30] - Net income for Q4 2025 was $145 million, a decrease of 23% from $190 million in Q4 2024[30] - The diluted earnings per share for Q4 2025 was $0.17, down from $0.21 in Q4 2024[30] - Net income for the twelve months ended December 31, 2025, increased to $596 million, up 19% from $501 million in 2024[36] - Adjusted income from continuing operations for the twelve months ended December 31, 2025, was $750 million, compared to $685 million in 2024, representing a 9.5% increase[62] Cash Flow and Expenses - Adjusted Free Cash Flow for 2025 was $863 million, an increase of 16% year-over-year[13] - Free Cash Flow for the twelve months ended December 31, 2025, was $716 million, an increase of 17% compared to $612 million in 2024[48] - Adjusted Free Cash Flow for the twelve months ended December 31, 2025, rose to $798 million, up 21% from $659 million in 2024[48] - Selling, general, and administrative expenses decreased by 5% to $360 million in Q4 2025 compared to $380 million in Q4 2024[30] - Interest expense increased by 34% to $110 million in Q4 2025, compared to $82 million in Q4 2024[30] - Interest expense for the twelve months ended December 31, 2025, was $459 million, compared to $441 million in 2024, reflecting a rise of 4.1%[54] Shareholder Returns - The company returned $791 million to shareholders in 2025, including $604 million in share repurchases[14] - The company announced a new $1.5 billion share repurchase authorization effective March 2, 2026[17] Assets and Liabilities - Total assets decreased from $16,051 million in December 2024 to $15,819 million in December 2025, a decline of 1.4%[33] - Long-term debt decreased slightly from $7,511 million in December 2024 to $7,379 million in December 2025, a reduction of 1.8%[33] - Current liabilities decreased from $1,264 million in December 2024 to $1,013 million in December 2025, a decline of 20%[33] - Total stockholders' equity remained relatively stable, decreasing slightly from $3,801 million in December 2024 to $3,779 million in December 2025[33] Operational Highlights - Recurring monthly revenue (RMR) at the end of 2025 was $359 million, with a gross revenue attrition rate of 13.1%[4] - The company launched new safety features and expanded its ADT+ platform, integrating with Google Nest and Yale devices[8] - The company is focusing on integrating AI into its products and services, including customer interactions and operational efficiencies[29] - ADT was added to the S&P SmallCap 600 index effective February 9, 2026, highlighting its strong performance[8] Financial Ratios - The company achieved a net leverage ratio target of 2.5x or below as part of its multi-year financial framework[15] - The net leverage ratio improved to 2.7x as of December 31, 2025, down from 2.9x in the prior year, indicating better credit position[68] Other Financial Metrics - Adjusted EBITDA from continuing operations for Q4 2025 was $670 million, compared to $653 million in Q4 2024, reflecting a year-over-year increase of 2.6%[54] - Adjusted EBITDA margin for Q4 2025 was 53%, slightly up from 52% in Q4 2024, indicating stable operational profitability[54] - The company reported a goodwill impairment charge of $12 million associated with the Multifamily Divestiture during the year[55]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended October 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 28, 2026 BIGLARI HOLDINGS INC. (Exact Name of Registrant as Specified in Charter) Indiana 001-38477 82-3784946 (Former Name or Former Address, if Changed Since Last Report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligati ...

Earnings Announcement - Biglari Holdings Inc. announced its earnings for the fourth quarter and year ended December 31, 2025, on February 28, 2026[4]. - The press release detailing the earnings is included as an exhibit to the Form 8-K filing[4]. Annual Report - The 2025 Annual Report to shareholders is available online, including Sardar Biglari's annual letter[6].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year 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 001-38477 BIGLARI HOLDINGS INC. (Exact name of registrant as specified in its charter) 19100 Ridgewood Parkway, Suite 1200 San Antonio, Te ...

Financial Performance - Net earnings attributable to Biglari Holdings Inc. shareholders for 2025 were $(37,488) thousand, a decrease from $(3,759) thousand in 2024, compared to $54,948 thousand in 2023[101]. - Total revenue for the restaurant segment in 2025 was $280,870 thousand, an increase of $29,423 thousand or 11.7% compared to $251,447 thousand in 2024[108]. - Net sales for company-operated units in 2025 were $181,884 thousand, representing an increase of $22,671 thousand or 14.2% compared to 2024, driven by a 10.5% increase in same-store sales[109]. - Franchise partner fees increased to $77,001 thousand in 2025 from $70,616 thousand in 2024, with a same-store sales increase of 10.1%[111]. - The underwriting gain for the insurance segment in 2025 was $7,210 thousand, compared to $4,438 thousand in 2024, with a net underwriting gain of $5,696 thousand[123]. Costs and Expenses - The cost of food at company-operated units was $56,205 thousand, or 30.9% of net sales in 2025, up from $47,891 thousand or 30.1% in 2024, primarily due to inflation[114]. - Labor costs at company-operated restaurants were $56,175 thousand, or 30.9% of net sales in 2025, compared to $50,431 thousand, or 31.7% in 2024[115]. - General and administrative expenses were $48,969 thousand, or 17.4% of total revenue in 2025, an increase from $47,130 thousand, or 18.7% in 2024[116]. - Marketing expenses increased to $17,951 thousand, or 6.4% of total revenue in 2025, from $12,584 thousand, or 5.0% in 2024, primarily due to new product promotions[117]. Insurance Segment Performance - Premiums written increased to $71,041 million in 2025, up from $68,394 million in 2024, representing a growth of 3.8%[124]. - First Guard's underwriting gain in 2025 was $6,015 million, a 49.0% increase compared to $4,038 million in 2024[127]. - Southern Pioneer reported a 19.0% increase in premiums earned to $33,473 million in 2025, up from $28,118 million in 2024[129]. Oil and Gas Revenue - Oil and gas revenue decreased to $30,211 million in 2025, down 18.3% from $36,945 million in 2024[133]. - Abraxas Petroleum's revenue declined by $5,592 million, or 24.8%, to $16,998 million in 2025 due to lower crude oil prices[135]. - Southern Oil's revenue decreased by $1,142 million, or 8.0%, to $13,213 million in 2025, attributed to lower sales prices of crude oil[138]. Licensing and Media Revenue - Maxim's licensing and media revenue surged to $7,717 million in 2025, a significant increase from $1,029 million in 2024[140]. Investment and Financing Activities - Investment partnership losses were $67,001 million in 2025, compared to losses of $41,058 million in 2024[143]. - The consolidated income tax benefit increased to $10,203 million in 2025 from $4,395 million in 2024, driven by taxes on income from investment partnerships[148]. - Interest expense on notes payable rose to $8,221 million in 2025, significantly higher than $771 million in 2024, due to new borrowings[147]. - Consolidated shareholders' equity decreased to $523,429 as of December 31, 2025, down $49,532 from the previous year, primarily due to a net loss of $37,488[150]. - Total cash and investments increased to $1,110,417 in 2025, up from $789,950 in 2024, with cash and cash equivalents rising significantly to $268,782[152]. - Net cash provided by operating activities rose to $106,959 in 2025, an increase of $57,299 compared to 2024, largely due to $56,000 in distributions from investment partnerships[154]. - Cash used in investing activities decreased by $21,918 in 2025, primarily due to a $33,411 increase in sales of investments and redemptions of fixed maturity securities[155]. - Financing activities provided $196,533 in 2025, a significant increase of $157,049 compared to 2024, driven by a $225,000 note payable from Steak n Shake[155]. - The line of credit balance was $27,250 as of December 31, 2025, down from $35,000 in 2024, with an interest rate of 6.7%[157]. - Steak n Shake obtained a loan of $225,000 on September 30, 2025, with a fixed interest rate of 8.8% and a five-year term[159]. - The carrying value of cash and investments on the balance sheet was $492,107 as of December 31, 2025, compared to $335,411 in 2024[152]. Corporate Performance - Corporate expenses for 2025 were reported at a net loss of $16,000, an increase from $12,503 in 2024, mainly due to higher professional fees[149]. - The company maintains significant liquidity, with cash flow activities reflecting a strong operational performance[153]. - The company operated 435 restaurants as of December 31, 2025, a decrease from 492 in 2024, with plans to reopen two closed locations and sell or lease five[105].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ ☐ 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: 001-41535 _________________________ FORM 10-K _________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ZYMEWOR ...