Streaming Performance - As of December 31, 2025, Warner Bros. Discovery had 131.6 million Streaming subscribers, contributing to increased revenue and profitability for the Streaming segment [37]. - In 2025, HBO Max expanded to over 100 markets, adding 14.7 million global subscribers to its Streaming products [38]. - The Streaming segment includes HBO Max and discovery+, with both ad-free and ad-lite versions available in most markets [40]. - For the year ended December 31, 2025, distribution, advertising, and content revenues were 87%, 9%, and 4%, respectively, of total revenues for the segment [45]. - The decline in linear television viewership is expected to continue, prompting significant investments in streaming services like HBO Max and discovery+ [106]. - The success of subscription-based streaming services relies on attracting and retaining subscribers, which may be impacted by consumer discretionary spending [112]. Financial Structure and Debt - The company is subject to significant debt, which may affect its financial health and operational flexibility [20]. - As of December 31, 2025, the company's consolidated indebtedness was $32,567 million, with $139 million classified as current liabilities [133]. - The company entered into an 18-month $17 billion Bridge Loan Facility in June 2025, which imposes restrictive covenants that may limit operational flexibility [129]. - The company may be unable to refinance the Bridge Loan Facility on favorable terms, which could adversely affect financial health [132]. - The company’s ability to meet financial obligations depends on cash flow from operations, which may be restricted by existing debt agreements [136]. - The company faces risks related to its ability to meet financial ratio covenants, which could result in accelerated debt obligations if defaults occur [139]. Mergers and Acquisitions - The company plans to separate into two publicly traded entities, Warner Bros. and Discovery Global, with ongoing evaluations of strategic options [26]. - The PSKY Merger Agreement was entered into on February 27, 2026, with each share of WBD common stock to be converted into cash of $31.00, plus potential Ticking Consideration [30]. - A termination fee of $2.8 billion was paid to Netflix in connection with the termination of the Netflix Merger Agreement [28]. - If the PSKY Merger is not completed by March 4, 2027, the company may incur a termination fee of $3.0 billion and reimbursements up to $1,528 million [93]. - The ongoing PSKY Merger may create business uncertainties and contractual restrictions that could adversely affect the company's operations and financial condition [94]. Content and Programming - HBO Max's content pipeline for 2025 included successful series such as The White Lotus and The Last of Us, which received multiple Emmy Awards [39]. - In June 2025, Warner Bros. Games announced its new focus on four core franchises: Harry Potter, Game of Thrones, DC, and Mortal Kombat [52]. - Among the Studios segment's content highlights for 2025 were award-winning TV titles such as Abbott Elementary, Shrinking, and The Pitt [49]. - The company continues to develop properties licensed from DC Comics for film, television, animation, and games, focusing on high-quality storytelling within the DC Universe [47]. - The film industry faces challenges from changing consumer preferences, with a focus on creating compelling films to enhance the theater experience [107]. Advertising and Revenue Challenges - The company faces industry headwinds, including pressures on linear distribution and declines in linear advertising revenue [21]. - Advertising revenues have been adversely affected by changing television advertising spending and market conditions, which could materially impact financial results [100]. - The advertising market is sensitive to economic conditions, and financial instability could lead to decreased advertising spending, impacting overall advertising revenues [102]. - Changes in consumer behavior and competition from alternative entertainment sources complicate revenue predictability and audience engagement [105]. - The reliance on third-party platforms for content distribution poses risks, as these platforms may not continue to provide access on favorable terms [119]. Legal and Regulatory Risks - The company is subject to various federal and state laws in the U.S. regarding consumer protection, data privacy, and advertising, which may impact its digital products and services [76]. - The company is involved in ongoing legal actions, including a consolidated derivative action related to alleged breaches of fiduciary duty by certain directors and officers [197]. - The company has ongoing legal proceedings, including a securities class action filed in November 2024, alleging false and misleading statements related to negotiations with the NBA [196]. - The company is subject to evolving domestic and international privacy and data protection laws, which could impose significant compliance costs and risks [149]. - Intellectual property theft and piracy pose substantial threats, potentially decreasing revenues and adversely affecting financial condition [158]. Cybersecurity Measures - The company has implemented a cybersecurity program overseen by the board of directors to manage risks to data and technology assets [178]. - The company has a cybersecurity risk management strategy that includes both technical and non-technical controls, with a focus on evolving processes in response to changes in the business and threat landscape [179]. - The Cybersecurity Operations Center provides continuous threat monitoring and anomaly detection to minimize damage from cybersecurity attacks [180]. - The company conducts annual internal and external penetration testing and biennial cybersecurity maturity assessments to evaluate the effectiveness of its cybersecurity program [181]. - As of December 31, 2025, there are no known cybersecurity incidents that have materially impacted the company's business or financial condition [183]. Employee and Talent Management - The company has implemented a compensation philosophy focused on performance, offering competitive benefits and incentives to attract and retain talent [83]. - The Global Learning & Development team provides various learning opportunities, including tuition reimbursement for eligible courses [85]. - The company relies on attracting and retaining key employees and creative talent, with significant competition in the labor market [161]. - The ongoing PSKY Merger could impact employee morale and the company's reputation as an employer [162]. - The company has experienced changes in its executive leadership, with several appointments made in 2025, including Chief People and Culture Officer and Chief Legal Officer [204][202]. Market Performance - Warner Bros. Discovery (WBD) common stock is traded on the Nasdaq under the symbol "WBD" with approximately 549,967 holders of record as of February 12, 2026 [209][210]. - The cumulative total shareholder return for WBD common stock was $116.30 as of December 31, 2025, compared to $42.66 at the end of 2022, indicating a significant increase [215]. - The stock performance graph shows that WBD's stock began trading on April 11, 2022, with an initial value of $100, which has since increased [212]. - The company’s stock performance is compared to the S&P 500 Index and the S&P 500 Media & Entertainment Index, highlighting its market position [215].

Financial Position - As of December 31, 2025, the company had goodwill of $181.9 million, representing 14.3% of total stockholders' equity[182]. - Total consolidated assets were reported at $9.7 billion as of December 31, 2025, with expectations to exceed $10 billion in the future[200]. - As of December 31, 2025, the company had $7.6 billion in deposits, which are subject to fluctuations due to competitive pressures and interest rate changes[208]. - Total assets increased to $9.652 billion in 2025 from $9.497 billion in 2024, representing a growth of approximately 1.6%[412]. - The total stockholders' equity increased to $1.268 billion in 2025 from $1.091 billion in 2024, representing a growth of about 16.2%[412]. - The company reported a total revenue of $7,509,369 thousand for the period[1]. - The total allowance for credit losses was maintained at a level that supports the current loan portfolio, with no loans rated as Doubtful or Loss for the years ended December 31, 2025, and 2024[540]. Regulatory Compliance - The company is subject to increased regulatory scrutiny and compliance costs upon exceeding $10 billion in total consolidated assets[200]. - Compliance with the USA PATRIOT Act and the Bank Secrecy Act is critical, with potential fines for non-compliance[194]. - The company is restricted from certain transactions with foreign national stockholders without approval from the FRB[188]. - The company may incur increased costs and operational restrictions due to compliance with privacy and data protection laws[196]. Financial Performance - Net income for 2025 was $130,051 thousand, an increase of 7.7% from $120,759 thousand in 2024[414]. - Basic earnings per share increased to $2.90 in 2025, up from $2.78 in 2024, representing a growth of 4.3%[414]. - Total interest and dividend income increased to $572,220 thousand in 2025, up from $565,929 thousand in 2024, representing a growth of 0.5%[414]. - Net interest income after provision for credit losses rose to $349,246 thousand in 2025, compared to $321,005 thousand in 2024, reflecting an increase of 8.8%[414]. - Comprehensive income for 2025 reached $170,663 thousand, significantly higher than $107,189 thousand in 2024, indicating a substantial increase[416]. Loan and Credit Quality - The allowance for credit losses for loans and leases was $109 million as of December 31, 2025, reflecting an increase from $97.988 million in 2024[406]. - The allowance for credit losses increased to $36,102,000 in 2025 from $27,041,000 in 2024, reflecting a rise of 33.5%[419]. - The company reported a total of $408,078 million in construction, land development, and other land loans, indicating a focus on real estate development[536]. - The company has a diversified loan portfolio, including installment and other loans, which totaled $17,806 thousand[540]. - The overall credit quality remains stable, with no significant deterioration in loan performance metrics reported[540]. Acquisitions and Goodwill - The company acquired First Security Bancorp, Inc. for approximately $41.5 million, with each share of First Security's common stock converted into 2.3539 shares of Byline common stock[496][497]. - The acquisition resulted in goodwill of $147,000, which is nondeductible for tax purposes, reflecting the premium paid over the fair value of net tangible and intangible assets acquired[498]. - Total assets acquired from First Security amounted to $321.99 million, including cash and cash equivalents of $62.04 million and loans of $149.70 million[501]. - The Company did not record a deferred tax valuation allowance as of December 31, 2025, indicating confidence in the realization of deferred tax assets[476]. Interest Rate Risk - The company is exposed to interest rate risk, which could affect net interest income and net interest margin due to changes in interest rates[382]. - The company’s interest rate risk management is overseen by the Board of Directors and involves simulations to estimate the impact of interest rate changes on net interest income and equity[385]. - In a +300 basis point interest rate scenario, net interest income is estimated to increase by 10.0% in 2026 and 18.2% in 2027, while the economic value of equity (EVE) is projected to decrease by 6.7%[393]. Operational Efficiency and Future Outlook - The company aims to improve operational efficiency through strategic initiatives in the upcoming fiscal year[1]. - Future outlook includes a focus on market expansion and new product development strategies[1]. - The company plans to enhance its technology research and development efforts to drive growth[1]. - The company is exploring potential mergers and acquisitions to strengthen its market position[1].

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 January 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commiss ...

UNITED STATES OF AMERICA 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 1-13759 REDWOOD TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland 68-0329422 ...

EX-99.0 2 daio_ex990.htm PRESS RELEASE Exhibit 99.0 Data I/O Reports Fourth Quarter 2025 Results A Year of Strategic Progress for New Programming Innovations and Expanding Addressable Market AI-enabled Transformation Leading to Programming Acceleration and Operational Ef iciencies/Expense Reductions; 2026 Business Framework Initiated – Data I/O Returns to Growth Redmond, WA – February 26, 2026 -- Data I/O Corporation (NASDAQ: DAIO), the leading global provider of data programming and security provisioning s ...

OR 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 ☐ 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 001-37386 FTAI AVIATION LTD. (Exact name of registrant as specified in its charter) | Cayman Islands | | | 98-1420784 | | --- | --- | --- ...

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 001-37386 FTAI AVIATION LTD. (Exact name of registrant as specified in its charter) | Cayman Islands | | | 98-1420784 | | --- | --- | --- ...

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 001-37386 FTAI AVIATION LTD. (Exact name of registrant as specified in its charter) | Cayman Islands | | | 98-1420784 | | --- | --- | --- ...

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 1-4858 INTERNATIONAL FLAVORS & FRAGRANCES INC. (Exact name of registrant as specified in its charter) 521 West 57th Street, New York ...

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: 001-15373 ENTERPRISE FINANCIAL SERVICES CORP (Exact name of registrant as specified in its charter) (State or ...