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 ...

Exhibit 99.1 Lumexa Imaging Announces Preliminary Unaudited Fourth Quarter and Full Year 2025 Results; Provides 2026 Financial Guidance and Earnings Conference Call Date RALEIGH, NORTH CAROLINA, March 2, 2026—Lumexa Imaging Holdings, Inc. ("Lumexa Imaging" or "we"), one of the nation's largest providers of outpatient imaging services, today announced certain preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2025. The financial results included in this release pe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________________ Form 10-K _____________________________________________________________________________________ ☒ 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 _ ...

Table of Contents 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: 001-33807 EchoStar Corporation (Exact name of registrant as specified in its charter) Nevada 26-1232727 (State or ot ...

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): March 2, 2026 XOMA ROYALTY CORPORATION (Commission File Number) Nevada 001-39801 52-2154066 (I.R.S. Employer Identification Number) 2200 Powell Street, Suite 310 Emeryville, California 94608 (Address of Principal Executive Offices) (510) 204-7200 (Registrant's telephone number, including area c ...

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): March 2, 2026 XOMA ROYALTY CORPORATION (Exact Name of Registrant as Specified in Charter) (State or Other Jurisdiction of Incorporation) (Commission File Number) Nevada 001-39801 52-2154066 (I.R.S. Employer Identification Number) 2200 Powell Street, Suite 310 Emeryville, California 94608 (Addre ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ 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 001-14905 BERKSHIRE HATHAWAY INC. (Exact name of Registrant as specified in its charter) Delaware 47-0813844 State or other juris ...

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Securities registered pursuant to Section 12(b) of the Act: 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 001-14905 BERKSHIRE HATHAWAY INC. (Exact name of Registrant as specif ...

Earnings Performance - Net earnings attributable to Berkshire shareholders were $66.968 billion in 2025, down from $88.995 billion in 2024 and $96.223 billion in 2023[404]. - After-tax other earnings declined by $1.3 billion in 2025 compared to 2024, impacted by foreign currency exchange rate losses and increased goodwill impairment losses[413]. - Net earnings attributable to Berkshire shareholders for 2025 were $3,979 million, a decrease of 1.1% from $4,026 million in 2024[483]. - Investment gains decreased to $39.078 billion in 2025 from $52.799 billion in 2024, with net earnings dropping to $30.737 billion[553]. - Net earnings of natural gas pipelines declined by $81 million in 2025, attributed to higher interest expenses and operating costs[486]. - Net earnings of other energy businesses decreased by $159 million in 2025, primarily due to lower earnings at Northern Powergrid[487]. Insurance Operations - Insurance underwriting generated after-tax earnings of $7.258 billion in 2025, compared to $9.020 billion in 2024 and $5.428 billion in 2023, reflecting lower earnings from underwriting groups[406]. - After-tax earnings from insurance investment income declined by $1.2 billion (8.5%) in 2025 versus 2024, due to lower interest and dividend income[407]. - GEICO's loss ratio was 72.3% in 2025, up from 71.8% in 2024, reflecting higher average claims severities[421]. - Premiums written in 2025 were $18,713 million, slightly lower than $18,836 million in 2024, with significant increases at MedPro (9.0%) and BH Direct (15.8%) offset by declines at GUARD (32.6%) and RSUI (8.7%)[431]. - Losses and LAE decreased by $147 million (1.2%) in 2025 compared to 2024, with a loss ratio decline of 0.7 percentage points; catastrophe losses were approximately $305 million in 2025 compared to $350 million in 2024[432]. - The aggregate claim liabilities for property and casualty insurance were approximately $152 billion as of December 31, 2025[572]. Revenue and Growth - BNSF's after-tax earnings increased by 8.8% in 2025, primarily due to lower operating expenses and improved efficiencies[408]. - Manufacturing, service, and retailing businesses saw a 4.4% increase in earnings in 2025 compared to 2024, despite mixed results across operations[410]. - Energy operating revenues for 2025 reached $21,871 million, a slight increase from $21,566 million in 2024[479]. - Total revenues for 2025 were $26,297 million, compared to $26,348 million in 2024, reflecting a decrease of 0.2%[479]. - Manufacturing revenues for 2025 were $78,487 million, reflecting a 1.6% increase from $77,231 million in 2024[496]. - Service group revenues reached $22.982 billion in 2025, an increase of 11.0% compared to 2024, primarily due to higher revenues from aviation services (9.9%) and IPS (24.2%)[532]. Investment and Financial Position - Pre-tax net investment income decreased by 8.9% in 2025 to $15.261 billion compared to $16.748 billion in 2024, following a 44.6% increase from 2023[454]. - Float increased to approximately $176 billion at December 31, 2025, up from $171 billion in 2024 and $169 billion in 2023[457]. - Berkshire's shareholders' equity at December 31, 2025, was $717.4 billion, an increase of $68.1 billion from December 31, 2024[563]. - As of December 31, 2025, Berkshire's cash, cash equivalents, and U.S. Treasury Bills totaled $369.0 billion[565]. - Berkshire's outstanding debt increased to $22.7 billion as of December 31, 2025, up by $1.6 billion from the previous year[566]. Operational Challenges - Operating revenues from consumer products decreased by 2.8% in 2025 to $8.2 billion, despite a volume increase of 1.2%[465]. - Consumer products group revenues decreased to $14.4 billion in 2025, a decline of 3.0%, primarily due to lower sales volumes at Fruit of the Loom, Jazwares, and Duracell[524]. - Pilot's revenues declined by $4.7 billion (10.0%) in 2025 from 2024, primarily due to significant volume reductions from bulk fuel sales[548]. - Pilot's pre-tax earnings fell by $424 million (69.1%) in 2025 compared to 2024, impacted by lower wholesale fuel margins and higher selling expenses[549]. Claims and Liabilities - GEICO's gross claim liabilities were $27.5 billion as of December 31, 2025, with a net of $26.6 billion after reinsurance[578]. - Estimated liabilities for asbestos and environmental exposures were approximately $11.1 billion at December 31, 2025[600]. - The company expects that the aggregate remaining losses payable under its policies will not exceed $46 billion, with a potential decline of no more than 15% from the estimated gross claims liability[598]. - The company believes a 5% increase in casualty claim liabilities over time is reasonably possible, which could result in an increase of about $1.8 billion in casualty liabilities[596].