Posts

Posted on

JPMorganChase Files Form 10-K for the Fiscal Year Ended December 31, 2025

JPMorganChase Files Form 10-K for the Fiscal Year Ended December 31, 2025

NEW YORK–(BUSINESS WIRE)–
JPMorgan Chase & Co. (NYSE: JPM) (“JPMorganChase” or the “Firm”)has filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the SEC. The report is available on the SEC’s website at https://www.sec.gov and will be available on the Firm’s Investor Relations website at https://www.jpmorganchase.com/ir under SEC Filings & Other Disclosures.

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.4 trillion in assets and $362 billion in stockholders’ equity as of December 31, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Investor Contact:

Mikael Grubb

212-270-2479

Media Contact:

Joseph Evangelisti

212-270-7438

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo
Logo
Posted on

JPMorganChase Declares Preferred Stock Dividends

JPMorganChase Declares Preferred Stock Dividends

NEW YORK–(BUSINESS WIRE)–
JPMorgan Chase & Co. (NYSE: JPM) (“JPMorganChase” or the “Firm”) has declared dividends on the outstanding shares of the Firm’s Series II and OO preferred stock. Information can be found on the Firm’s Investor Relations website at https://www.jpmorganchase.com/ir/news.

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.4 trillion in assets and $362 billion in stockholders’ equity as of December 31, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Investor Contact:

Mikael Grubb

212-270-2479

Media Contact:

Joseph Evangelisti

212-270-7438

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Logo
Logo
Posted on

General American Investors Files Certified Shareholder Report for Year Ended December 31, 2025

General American Investors Files Certified Shareholder Report for Year Ended December 31, 2025

NEW YORK–(BUSINESS WIRE)–
General American Investors Company, Inc., a closed-end investment company listed on the New York Stock Exchange (GAM), filed with the U.S. Securities and Exchange Commission (SEC) its Certified Shareholder Report (Form N-CSR) for the year ended December 31, 2025. The Form N-CSR, which contains the Company’s 2025 Annual Report, is available at the SEC’s website: www.sec.gov and the Company’s website: www.generalamericaninvestors.com.

The 2025 Annual Report and the Proxy Statement, pertaining to the Company’s Annual Meeting of Stockholders to be held on April 15, 2026, will be available on the website.

The Annual Report indicates that as of and for the year ended:

 

2025

2024

 

 

 

Net Assets Applicable to Common Stock

$1,566,103,931

$1,355,988,837

Per Common Share

$65.20*

$57.78**

 

 

 

Net Investment Income

$8,539,968

$13,297,853

Per Common Share

$0.35

$0.57

 

 

 

Net Gain (Loss) on Investments

$331,301,301

$232,157,337

Per Common Share

$14.11

$10.10

 

 

 

Common Shares Outstanding

24,019,271

23,468,163

 

 

 

Dividends and Distributions to Common Shareholders

$154,222,981

$103,286,898

Per Common Share

$6.65

$4.50

 

 

 

Dividends and Distributions to Preferred Shareholders

$11,307,310

$11,307,310

Per Common Share

$0.49

$0.49

*

After dividends and distributions of $0.25 per share and $6.40 per share paid in March, 2025 and December, 2025, respectively.

**

After dividends and distributions of $4.50 per share paid in December 2024.

The Company also reported that it purchased 388,307 shares of its outstanding common stock in the open market during 2025. The Board of Directors has authorized repurchasing common shares when they are trading at a discount in excess of 8%. The Company is also authorized to repurchase up to a remaining 1,601,553 shares of its 5.95% Cumulative Preferred Stock, Series B (symbol GAM Pr B on NYSE) when they are trading at less than $25 per share. The aggregate liquidation value of the preferred stock is $190.0 million.

The five largest stock holdings in the Company’s portfolio at December 31, 2025 included: Alphabet Inc., Microsoft Corporation, Berkshire Hathaway, Inc., TJX Companies, and Republic Services. General American Investors was founded in 1927, has been publicly traded since its inception and has been listed on the NYSE since 1930. The objective of the Company is long-term capital appreciation through investment in companies with above average growth potential.

Eugene S. Stark

Vice-President, Administration

(212) 916-8447

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Posted on

Heartflow to Report Fourth Quarter and Full Year 2025 Financial Results on March 18, 2026

MOUNTAIN VIEW, Calif., Feb. 13, 2026 (GLOBE NEWSWIRE) — Heartflow, Inc. (Heartflow) (Nasdaq: HTFL), the leader in AI technology for coronary artery disease (CAD), today announced it will release financial results for the fourth quarter and full year of 2025 after market close on Wednesday, March 18, 2026. Management will host a conference call to discuss financial results beginning at 1:30 p.m. PT / 4:30 p.m. ET on March 18, 2026.

Those interested in listening to the conference call should register online using this link. Once registered, participants will receive dial-in numbers and a unique PIN to join the call. Participants are encouraged to register more than 15 minutes prior to the start of the call. A live and archived webcast of the event will also be available on the “Investor Relations” section of the Heartflow website at https://ir.heartflow.com. The archived version will be available for 12 months following completion of the live call.

About Heartflow’s Technology and Research

Heartflow’s technology is redefining precision cardiovascular care through clinically-proven AI and the world’s largest coronary imaging dataset. Heartflow has been adopted by more than 1,400 institutions globally and continues to strengthen its commercial presence to make this cutting-edge solution more widely available to an increasingly diverse patient population. Backed by ACC/AHA guidelines and supported by more than 600 peer-reviewed publications, Heartflow has redefined how clinicians manage care for over 500,000 patients worldwide.1 Key benefits include:

  • Proprietary data pipeline: Built from more than 160 million annotated CTA images, Heartflow’s data foundation powers advanced AI models that deliver highly accurate, reproducible insights across diverse patient populations.
  • Extensive clinical and real-world validation: Heartflow’s AI-driven solutions have been validated through clinical evidence in over 200 studies assessing over 365,000 patients. Proven in real-world practice with reproducibility and accuracy, Heartflow’s coronary CTA image acceptance rates exceed 97%.
  • Seamless clinical integration via upgraded workflow: Heartflow delivers final quality-reviewed analyses instantly upon order, enabling clinicians to move from diagnosis to decision without delay.
  • Quality system, global security and patient-data integrity compliance: Heartflow meets or exceeds leading international standards, including HITRUST, SOC 2 Type 2, ISO 13485, and ISO 27001.

About Heartflow, Inc.
Heartflow is transforming coronary artery disease from the world’s leading cause of death into a condition that can be detected early, diagnosed accurately, and managed for life. The Heartflow One platform uses AI to turn coronary CTA images into personalized 3D models of the heart, providing clinically meaningful, actionable insights into plaque location, volume, and composition and its effect on blood flow — all without invasive procedures. Discover how we’re shaping the future of cardiovascular care at heartflow.com.

Investor Contact

Nick Laudico
[email protected]

Media Contact

Elliot Levy
[email protected]

____________________
1Gulati, et al. 2021 AHA/ACC/ASE/CHEST/SAEM/SCCT/SCMR Guideline for the Evaluation & Diagnosis of Chest Pain. J Am Coll Cardiol.



Posted on

Edesa Biotech Reports Fiscal 1st Quarter 2026 Results

TORONTO, Feb. 13, 2026 (GLOBE NEWSWIRE) — Edesa Biotech, Inc. (Nasdaq:EDSA), a clinical-stage biopharmaceutical company focused on developing host-directed therapeutics for immuno-inflammatory diseases, today reported financial results for the three months ended December 31, 2025 and provided an update on its business.

During the first quarter, Edesa progressed manufacturing of its dermatology drug candidate, EB06 (an anti-CXCL10 monoclonal antibody), and placebo for an upcoming Phase 2 study in moderate-to-severe nonsegmental vitiligo. The company anticipates recruitment will begin midyear 2026, subject to regulatory approvals. In its respiratory program, Edesa reported that it is evaluating subgroup data for additional efficacy signals among subjects with certain comorbidities following positive results from a Phase 3 study of its monoclonal antibody, paridiprubart, in patients with Acute Respiratory Distress Syndrome. The company plans to present its Phase 3 respiratory and subgroup data at upcoming scientific and medical conferences.

“Manufacturing plans for our upcoming vitiligo study are on schedule, and we are advancing the EB06 program toward regulatory readiness and launch,” said Par Nijhawan, MD, Chief Executive Officer of Edesa. “In parallel, we are utilizing positive Phase 3 data to explore accelerated commercialization pathways as well as potential broader strategic opportunities for paridiprubart.”

Edesa’s Chief Financial Officer Peter Weiler reported that financial results for the first quarter reflected the continuation of trends from the preceding period, including the ramp up in activities for the company’s vitiligo drug development program as well as the completion of the Phase 3 clinical study of paridiprubart. “Management remains disciplined in deploying resources and executing in line with our plans. Going forward, we anticipate that research expenditures will generally track activity in our EB06 program, including the manufacturing of clinical drug supplies. We continue to evaluate opportunities to achieve our clinical objectives more efficiently, such as establishing investigational sites across multiple jurisdictions to provide greater cost and operational flexibility.”

Financial Results for the Three Months Ended December 31, 2025

Total operating expenses increased by $0.4 million to $2.3 million for the three months ended December 31, 2025 compared to $1.9 million for the same period in the previous year:

  • Research and development expenses increased by $0.1 million to $1.1 million for the three months ended December 31, 2025 compared to $1.0 million for the same period last year primarily due to increased expenses for manufacturing-related activities and other preparations for a planned Phase 2 clinical study of EB06 in vitiligo patients, as well as increased unallocated research costs, which were offset by decreased expenses related to the completion of the Phase 3 study of paridiprubart.
  • General and administrative expenses increased by 0.3 million to $1.2 million for the three months ended December 31, 2025 compared to $0.9 million for the same period year primarily due to an increase in noncash share-based compensation.

Total other income decreased by $0.2 million to $0.1 million for the three months ended December 31, 2025 compared to $0.3 million for the same period last year, primarily due to a decrease in reimbursement funding from the Canadian government’s Strategic Response Fund.

For the quarter ended December 31, 2025, Edesa reported a net loss of $2.2 million, or $0.28 per common share, compared to a net loss of $1.6 million, or $0.48 per common share, for the quarter ended December 31, 2024.

Working
Capital

At December 31, 2025, Edesa had cash and cash equivalents of $12.1 million and working capital of $12.0 million.

Calendar

Edesa plans to participate in the Global Vitiligo Foundation Annual Scientific Symposium on March 26, 2026; BIO Europe Spring 2026 from March 23-25, 2026; the Respiratory Innovation Summit from May 15-16, 2026; the American Thoracic Society (ATS) 2026 International Conference from May 15-20. 2026; and the Dermatology Drug Development Summit from May 19-21, 2026. Attendees interested in meeting with company representatives can request meetings through the conference organizers or by contacting Edesa directly at [email protected].

About
Edesa
Biotech,
Inc.


Edesa Biotech, Inc.
 (Nasdaq: EDSA) is a clinical-stage biopharmaceutical company developing innovative ways to treat inflammatory and immune-related diseases. Its clinical pipeline is focused on two therapeutic areas: Medical Dermatology and Respiratory. In Medical Dermatology, Edesa is developing EB06, an anti-CXCL10 monoclonal antibody candidate, as a therapy for vitiligo, a common autoimmune disorder that causes skin to lose its color in patches. Its medical dermatology assets also include EB01 (1.0% daniluromer cream), a Phase 3-ready asset developed for use as a potential therapy for moderate-to-severe chronic Allergic Contact Dermatitis (ACD), a common occupational skin condition. The company’s most advanced Respiratory drug candidate is paridiprubart, which is being developed as a potential treatment for Acute Respiratory Distress Syndrome, a life-threatening form of respiratory failure. The paridiprubart program has been the recipient of two funding awards from the Government of Canada to support the further development of this asset, and is currently being evaluated in a U.S. government-funded platform study. Edesa is also pursuing additional uses for paridiprubart. Sign up for news alerts. Connect with us on X and LinkedIn.

Edesa
Forward-Looking
Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “will,” “would,” “could,” “should,” “might,” “potential,” or “continue” and variations or similar expressions, including statements related to: The company’s plans for an upcoming Phase 2 study in moderate-to-severe nonsegmental vitiligo; the company’s belief that recruitment for its vitiligo study will begin midyear 2026, subject to regulatory approvals; the company’s plans to present its Phase 3 respiratory and subgroup data at upcoming scientific and medical conferences; the company’s belief that its manufacturing plans for the vitiligo study are on schedule and advancing toward regulatory readiness and launch; the company’s belief that positive Phase 3 data for paridiprubart creates opportunities for accelerated commercialization pathways as well as potential broader strategic opportunities for the drug candidate; management’s intentions to remain disciplined in deploying resources and executing in line with its plans; the company’s anticipation that research expenditures will generally track activity in its EB06 program, including the manufacturing of clinical drug supplies; the company’s intention to evaluate opportunities to achieve its clinical objectives more efficiently, such as establishing investigational sites across multiple jurisdictions to provide greater cost and operational flexibility; and the company’s timing and plans regarding its clinical studies in general. Readers should not unduly rely on these forward-looking statements, which are not a guarantee of future performance. There can be no assurance that forward-looking statements will prove to be accurate, as all such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results or future events to differ materially from the forward-looking statements. Such risks include: the ability of Edesa to obtain regulatory approval for or successfully commercialize any of its product candidates, the risk that access to sufficient capital to fund Edesa’s operations may not be available or may be available on terms that are not commercially favorable to Edesa, the risk that Edesa’s product candidates may not be effective against the diseases tested in its clinical trials, the risk that Edesa fails to comply with the terms of license agreements with third parties and as a result loses the right to use key intellectual property in its business, Edesa’s ability to protect its intellectual property, the timing and success of submission, acceptance and approval of regulatory filings, and the impacts of public health crises. Many of these factors that will determine actual results are beyond the company’s ability to control or predict. For a discussion of further risks and uncertainties related to Edesa’s business, please refer to Edesa’s public company reports filed with the U.S. Securities and Exchange Commission and the British Columbia Securities Commission. All forward-looking statements are made as of the date hereof and are subject to change. Except as required by law, Edesa assumes no obligation to update such statements.

Contact:

Gary Koppenjan
Edesa Biotech, Inc.
[email protected]

Condensed Interim Consolidated Statements of Operations  
(Unaudited)  
             
      Three Months Ended  
      December 31, 2025   December 31, 2024  
             
Expenses:            
Research and development     $ 1,124,727     $ 1,019,818    
General and administrative       1,216,656       878,871    
             
Loss from operations       (2,341,383 )     (1,898,689 )  
             
Other Income (Loss):            
Reimbursement grant income       102,425       301,195    
Other income (loss)       (8,711 )     (19,759 )  
             
Net loss       (2,247,669 )     (1,617,253 )  
             
Exchange differences on translation       (5,315 )     18,656    
             
Net comprehensive loss     $ (2,252,984 )   $ (1,598,597 )  
             
Weighted average number of common shares       7,972,532       3,345,135    
             
Loss per common share – basic and diluted     $ (0.28 )   $ (0.48 )  
             
           
Condensed Interim Consolidated Balance Sheets  
(Unaudited)  
           
    December 31, 2025



 		  September 30, 2025
Audited 		 
           
Assets:        
  Cash and cash equivalents $ 12,051,748   $ 10,792,172  
  Other current assets   665,739     720,704  
  Non-current assets   1,992,955     2,017,642  
           
  Total Assets $ 14,710,442   $ 13,530,518  
           
Liabilities and shareholders’ equity:        
  Current liabilities $ 756,163   $ 1,078,536  
  Shareholders’ equity   13,954,279     12,451,982  
           
  Total liabilities and shareholders’ equity $ 14,710,442   $ 13,530,518  
           
         
Condensed Interim Consolidated Statements of Cash Flows
(Unaudited)
         
  Three Months Ended  
  December 31, 2025   December 31, 2024  
         
Cash flows from operating activities:        
Net loss $ (2,247,669 )   $ (1,617,253 )  
Adjustments for non-cash items   425,322       124,292    
Change in working capital items   (264,987 )     (24,242 )  
         
Net cash used in operating activities   (2,087,334 )     (1,517,203 )  
         
Net cash provided by financing activities   3,355,419       2,071,545    
         
Effect of exchange rate changes on cash and cash equivalents   (8,509 )     (28,160 )  
         
Net change in cash and cash equivalents   1,259,576       526,182    
Cash and cash equivalents, beginning of period   10,792,172       1,037,320    
         
Cash and cash equivalents, end of period $ 12,051,748     $ 1,563,502    



Posted on

Philadelphia Jury Returns $250,000 Verdict Against J&J in Latest Baby Powder-Ovarian Cancer Trial

Philadelphia Jury Returns $250,000 Verdict Against J&J in Latest Baby Powder-Ovarian Cancer Trial

Outcome marks the first of several trials scheduled for 2026

PHILADELPHIA–(BUSINESS WIRE)–
A jury in the Philadelphia Court of Common Pleas has found Johnson & Johnson (NYSE:JNJ) responsible for the company’s baby powder products contributing to the death of a Pennsylvania woman.

The jury deliberated for more than three days before returning a verdict totaling $250,000 on behalf of the estate of York, Pennsylvania, resident Gayle Emerson, who died as a result of ovarian cancer in November of 2019 after filing her lawsuit six months earlier. The verdict included $50,000 in compensatory damages to Ms. Emerson’s family and $200,000 in punitive damages against the company on claims of product liability, failure to warn about the products’ dangers, and negligence.

According to court testimony, Ms. Emerson used J&J’s talc-based body powders for feminine hygiene for more than 45 years and was diagnosed with ovarian cancer in 2015 at the age of 64.

“It’s important to note that this jury found J&J’s product and corporate conduct directly responsible for the death of Ms. Emerson. While the jury’s award is less than we hoped, and significantly less than the amount necessary to punish J&J for their outrageous conduct, we are moving forward. Our legal system is once again able to resume holding this giant company accountable for the death and devastation it has caused,” says Leigh O’Dell of the Beasley Allen Law Firm, who tried the case with David Dearing of Beasley Allen and Richard Golomb of Golomb Legal. “The evidence is clear that the company knew that its talc-based products were routinely contaminated with asbestos and other carcinogens but chose to deny and cover up that knowledge for decades. In addition, we will also review the trial record and consider appropriate avenues for post-trial motions.”

The trial was the first of several scheduled to be tried in 2026 in courts across the nation on similar claims, including more than 70,000 lawsuits currently consolidated in multidistrict litigation in New Jersey federal court. The initial bellwether trial in that MDL is expected to be tried later this year.

Johnson & Johnson made three unsuccessful attempts to consolidate talc liability claims under bankruptcy protection beginning in 2021, which created a pause on all litigation until last year. In 2020, J&J announced the company would no longer make or market talc-based powders for the North American market, a ban that was expanded in 2023 to include all worldwide sales.

In December a Los Angeles County jury ordered Johnson & Johnson to pay a combined $40 million to two women on ovarian cancer claims, the first such trial following the company’s more than three years of bankruptcy-related delays. In addition, in the fourth quarter of 2025 the company suffered more than $2 billion in combined trial losses based on claims that talc exposure resulted in mesothelioma.

In January, J&J reported 2025 revenues of $94.2 billion while anticipating more than $100 billion in annual revenue by year-end 2026.

More than 30 peer-reviewed medical studies published in the last 40 years have found a statistically significant correlation between talcum powder use and ovarian cancer. Most recently, scientists from the International Agency for Research on Cancer (IARC) raised the organization’s classification of the cancer risk stemming from genital talc use to “probable,” while a May 2024 study published by National Institutes of Health researchers in the Journal of Clinical Oncology found a “significant increase” in the data that supports “the plausibility of a true association between genital powder use and ovarian cancer risk.”

Further research has demonstrated that talc particles, when applied to the perineal area, can migrate to the ovaries and result in inflammation and related malignancies.

The case is Emerson v. Johnson & Johnson, No.190509334, in the Court of Common Pleas of Philadelphia County, Pennsylvania.

Media Contact:

Barry Pound

214-559-4630

[email protected]

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Professional Services Oncology Health Consumer Legal Women

MEDIA:

Posted on

ADDING and REPLACINGEversource Energy Reports Full-Year & Fourth Quarter 2025 Results

ADDING and REPLACINGEversource Energy Reports Full-Year & Fourth Quarter 2025 Results

HARTFORD, Conn. & BOSTON–(BUSINESS WIRE)–
Add after last table of release dated February 12, 2026: “CONSOLIDATED STATEMENTS OF INCOME/(LOSS)” table.

The updated release reads:

EVERSOURCE ENERGY REPORTS FULL-YEAR & FOURTH QUARTER 2025 RESULTS

Eversource Energy (NYSE: ES) today reported full-year 2025 earnings of $1.69 billion, or $4.56 per share, compared with full-year 2024 earnings of $811.7 million, or $2.27 per share. Non-GAAP recurring earnings totaled $1.77 billion1, or $4.76 per share1, for the full-year 2025, compared with $1.63 billion1, or $4.57 per share1, for the full-year 2024. The Company’s 2025 updated non-GAAP recurring earnings guidance was between $4.72 and $4.80 per share1.

Eversource reported fourth quarter 2025 earnings of $421.3 million, or $1.12 per share, compared with fourth quarter 2024 earnings of $72.5 million, or $0.20 per share. Non-GAAP earnings totaled $421.3 million, or $1.12 per share, in the fourth quarter of 2025 and $370.8 million1, or $1.01 per share1, in the fourth quarter of 2024.

Results for the full-year 2025 include an aggregate net after-tax loss of $75.0 million, or $0.20 per share, related to an increase in Eversource’s liability for expected future payments to Global Infrastructure Partners as part of the September 30, 2024 sale of the South Fork Wind and Revolution Wind projects, net of tax benefits associated with the tax losses on the sale of these projects. Results for the full-year 2024 include an aggregate net after-tax loss of $524.0 million, or $1.47 per share, related to Eversource completing the sales of its offshore wind investments. Also, in the fourth quarter 2024, the Company recorded an after-tax loss of $298.3 million related to the pending sale of the Aquarion Water Company. The full year 2024 impact of this loss was $0.83 per share, while the fourth quarter 2024 impact was $0.81 per share. These impacts are excluded from non-GAAP recurring earnings.

“In 2025, we executed on our priorities of delivering solid operational and financial results, strengthening our balance sheet, and improving cash flow from operations. We also made significant progress in achieving constructive regulatory outcomes by working collaboratively with our regulators during a time of extensive change at the state and federal levels. This solid execution would not have been possible without our highly dedicated team of nearly 11,000 employees who work expertly and passionately to serve our communities and customers,” said Eversource Chairman, President and Chief Executive Officer Joe Nolan.

“Looking ahead to 2026, we will continue to focus on energy affordability for our customers, making prudent investments and exercising cost discipline. We’ll also continue to adopt innovative technology solutions to improve our delivery of safe, reliable and affordable energy that our customers need and deserve. We are very excited about Eversource’s future as a pure-play regulated utility company with solid growth opportunities,” said Nolan.

Annual Outlook, 5-year Investment Plan and Financing Activity

Eversource Energy’s annual projection for 2026 earnings is between $4.80 per share and $4.95 per share. The Company also expects that its cumulative long-term earnings per share growth rate would be within the range of 5 to 7 percent through 2030, using the 2025 non-GAAP results of $4.76 per share1 earned as the base year. In addition, the Company expects annual earnings growth towards the upper half of its long-term guidance by 2028.

Eversource released its new five-year $26.5 billion investment plan for the years 2026 to 2030, which is an increase of $2.3 billion dollars over its previous plan of $24.2 billion and an increase of $1.5 billion for the years 2025 to 2029. Both time periods exclude any capital investments related to Aquarion Water Company. This increase is primarily due to higher electric and natural gas distribution investment. These investments enable Eversource to continue to provide customers with safe and reliable service, support load growth and clean energy objectives for the Eversource territory.

Eversource expects to raise equity in the range of $800 million to $1.1 billion, excluding the annual equity issuances related to its dividend reinvestment and equity compensation programs, over its forecast period of 2026-2030. This equity raise is not impacted by the status of the potential sale of Aquarion.

Electric Transmission

Eversource’s transmission segment earned $776.7 million in 2025, compared with earnings of $724.6 million in 2024. Transmission earnings were $183.7 million in the fourth quarter of 2025, compared with $184.0 million in the fourth quarter of 2024. Transmission segment results improved due primarily to continued investment in Eversource’s electric transmission system. Fourth quarter results were slightly lower due primarily to the absence of a carrying charge benefit recorded in the prior year.

Electric Distribution

Eversource’s electric distribution segment earned $667.1 million in 2025, compared with earnings of $631.7 million in 2024. Electric distribution earned $95.5 million in the fourth quarter of 2025, compared with earnings of $110.4 million in the fourth quarter of 2024. Fourth quarter and full year 2025 earnings were negatively impacted by a charge to earnings for customer credits at NSTAR Electric as a result of the joint settlement agreement approved in Massachusetts on December 1, 2025. Improved full-year results were due primarily to higher revenues from base distribution rate increases at Eversource’s New Hampshire and Massachusetts electric businesses, and continued investments in our distribution system. The higher revenues were partially offset by higher interest expense, higher non-tracked operations and maintenance expense (O&M), as well as higher property taxes and depreciation.

Natural Gas Distribution

Eversource’s natural gas distribution segment earned $360.5 million in 2025, compared with earnings of $291.0 million in 2024. Natural gas distribution earned $123.6 million in the fourth quarter of 2025, compared with earnings of $103.4 million in the fourth quarter of 2024. Improved full-year and fourth-quarter results were due primarily to higher revenues from base distribution rate increases at Eversource’s Massachusetts natural gas businesses to recover continued investment in our natural gas infrastructure, as well as a base distribution rate increase at Yankee Gas effective November 1, 2025. The higher revenues were partially offset by higher O&M, which included a charge resulting from penalties recorded as part of NSTAR Gas’ settlement agreement with the Attorney General in December 2025 and an unfavorable impact from the Yankee Gas rate case decision, higher depreciation, interest and property tax expense.

Water Distribution

Eversource’s water distribution segment, excluding the prior year loss on the pending sale noted above, earned $44.2 million in 2025, compared with earnings of $44.6 million1 in 2024. Water distribution earned $7.4 million in the fourth quarter of 2025, compared with earnings of $7.5 million1 in the fourth quarter of 2024. Results in both periods were comparable to prior year results.

Eversource Parent and Other Companies

Eversource parent and other companies, excluding the net losses from offshore wind, lost $(81.1) million1 in 2025 compared with $(57.9) million1 in 2024, and earned $11.1 million in the fourth quarter of 2025, compared to losses of $(34.5) million1 in the fourth quarter of 2024. The full year loss is driven by higher interest expense due primarily to the absence of capitalized interest as a result of the sale of our offshore wind projects in the third quarter of 2024, partially offset by a lower effective tax rate. Fourth quarter and full year 2025 results also include a benefit from the approved recovery of costs to acquire Eversource Gas Company of Massachusetts (EGMA) as part of the Massachusetts joint settlement agreement approved on December 1, 2025.

Eversource Energy Consolidated Earnings

The following table reconciles 2025 and 2024 fourth quarter and full-year GAAP earnings per share including the effects of share dilution in 2025:

 

 

Fourth

Quarter

Full

Year

2024

Reported GAAP EPS

$

0.20

 

$

2.27

 

 

Electric transmission segment earnings

 

(0.01

)

 

0.06

 

 

Electric distribution segment earnings

 

(0.05

)

 

0.03

 

 

Natural gas distribution segment earnings

 

0.05

 

 

0.16

 

 

Water distribution segment earnings

 

—

 

 

—

 

 

Parent and other companies

 

0.12

 

 

(0.06

)

 

Absence of 2024 losses from sale of offshore wind investments, partially offset by the net loss to increase the offshore wind contingent liability recorded in the third quarter 2025

 

—

 

 

1.27

 

 

Absence of prior year loss on pending sale of the water distribution business

 

0.81

 

 

0.83

 

2025

Reported GAAP EPS

$

1.12

 

$

4.56

 

Financial results for the fourth quarter and full-year 2025 and 2024 for Eversource Energy’s business segments and parent and other companies are noted below:

Three months ended:

(in millions, except EPS)

December 31, 2025

December 31, 2024

Increase/

(Decrease)

2025 EPS

2024 EPS 1

Increase/

(Decrease)

Electric Transmission

$

183.7

$

184.0

 

$

(0.3

)

$

0.49

$

0.50

 

$

(0.01

)

Electric Distribution

 

95.5

 

110.4

 

 

(14.9

)

 

0.25

 

0.30

 

 

(0.05

)

Natural Gas Distribution

 

123.6

 

103.4

 

 

20.2

 

 

0.33

 

0.28

 

 

0.05

 

Water Distribution 1

 

7.4

 

7.5

 

 

(0.1

)

 

0.02

 

0.02

 

 

—

 

Parent and Other Companies

 

11.1

 

(34.5

)

 

45.6

 

 

0.03

 

(0.09

)

 

0.12

 

Loss on pending sale of the

water distribution business

 

—

 

(298.3

)

 

298.3

 

 

—

 

(0.81

)

 

0.81

 

Reported Earnings

$

421.3

$

72.5

 

$

348.8

 

$

1.12

$

0.20

 

$

0.92

 

Full year ended:

(in millions, except EPS)

December 31, 2025

December 31, 2024

Increase/

(Decrease)

2025 EPS 1

2024 EPS 1

Increase/

(Decrease)

Electric Transmission

$

776.7

 

$

724.6

 

$

52.1

 

$

2.09

 

$

2.03

 

$

0.06

 

Electric Distribution

 

667.1

 

 

631.7

 

 

35.4

 

 

1.80

 

 

1.77

 

 

0.03

 

Natural Gas Distribution

 

360.5

 

 

291.0

 

 

69.5

 

 

0.97

 

 

0.81

 

 

0.16

 

Water Distribution 1

 

44.2

 

 

44.6

 

 

(0.4

)

 

0.12

 

 

0.12

 

 

—

 

Parent and Other Companies 1

 

(81.1

)

 

(57.9

)

 

(23.2

)

 

(0.22

)

 

(0.16

)

 

(0.06

)

Losses on Offshore Wind

 

(75.0

)

 

(524.0

)

 

449.0

 

 

(0.20

)

 

(1.47

)

 

1.27

 

Loss on pending sale of the

water distribution business

 

—

 

 

(298.3

)

 

298.3

 

 

—

 

 

(0.83

)

 

0.83

 

Reported Earnings

$

1,692.4

 

$

811.7

 

$

880.7

 

$

4.56

 

$

2.27

 

$

2.29

 

Eversource Energy has approximately 375 million common shares outstanding and operates New England’s largest energy delivery system. It serves approximately 4.6 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire.

Note: Eversource Energy will webcast a conference call with senior management on February 13, 2026, beginning at 9 a.m. Eastern Time. The webcast and associated slides can be accessed through Eversource Energy’s website at eversource.com or directly on the Investor Relations website at investors.eversource.com.

1All per-share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings discussion includes financial measures that are not recognized under generally accepted accounting principles (non-GAAP) referencing earnings and EPS excluding losses associated with our previous offshore wind investments, a loss on the pending sale of the Aquarion water distribution business, and a loss on the disposition of land that was initially acquired to construct the Northern Pass Transmission project and was subsequently abandoned. EPS by business is also a non-GAAP financial measure and is calculated by dividing the net income attributable to common shareholders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy’s assets and liabilities as a whole. Eversource Energy uses these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain results without including these items. This information is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of future periods. Management believes the impacts of the losses associated with our previous offshore wind investments, the loss on the pending sale of the Aquarion water distribution business, and the loss on the disposition of land associated with an abandoned project are not indicative of Eversource Energy’s ongoing costs and performance. Management views these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on net income attributable to common shareholders and EPS, management believes that the non-GAAP presentation is a more meaningful representation of Eversource Energy’s financial performance and provides additional and useful information to readers of this report in analyzing historical and future performance of the business. These non-GAAP financial measures should not be considered as alternatives to reported net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy’s operating performance.

This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the U. S. federal securities laws. Generally, readers can identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “pending,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “would,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to cyber events or breaches, including acts of war or terrorism, affecting our systems or the systems of third parties on which we rely; unauthorized access to, and the misappropriation of, confidential and proprietary Company, customer, employee, financial or system operating information; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; changes in laws, regulations, Presidential executive orders or regulatory policy, including compliance with laws and regulations, which may impact the cost of compliance and strategic initiatives of the Company; adverse publicity, which can harm our reputation, influence legislative and regulatory bodies, and result in unfavorable outcomes; variability in the costs and final investment returns of the Revolution Wind and South Fork Wind offshore wind projects as it relates to the purchase price post-closing adjustment under the terms of the sale agreement for these projects; the ability to qualify for investment tax credits; extreme weather, including severe storms, due to the impacts of climate change, and fluctuations in weather patterns; adequacy, contamination of, or disruption in, our water supplies; physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; ability or inability to commence and complete our major strategic development projects and opportunities; breakdown, failure of, or damage to operating equipment, information technology systems, or processes of our transmission and distribution systems; changes in levels or timing of capital expenditures, including unplanned expenditures and increased capital expenditure requirements; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; substandard performance of third-party suppliers and service providers, or counterparties not meeting their obligations; limits on our access to, or increases in, the cost of capital, including disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in economic conditions, including impact on interest rates, tax policies, tariffs and customer demand and payment ability; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.

Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’s website at investors.eversource.com and on the SEC’s website at www.sec.gov, and management encourages you to consult such disclosures.

All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, Eversource Energy undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

 

EVERSOURCE ENERGY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)
 

 

For the Three Months Ended December 31,

(Thousands of Dollars, Except Share Information)

 

2025

 

 

2024

 

 

 

 

Operating Revenues

$

3,370,196

 

$

2,971,488

 

 

 

 

Operating Expenses:

 

 

 

Purchased Power, Purchased Natural Gas and Transmission

 

1,000,834

 

 

740,832

Operations and Maintenance

 

600,430

 

 

575,100

Depreciation

 

408,016

 

 

372,853

Amortization

 

163,111

 

 

215,369

Energy Efficiency Programs

 

212,403

 

 

165,007

Taxes Other Than Income Taxes

 

274,938

 

 

257,488

Loss on Pending Sale of Aquarion

 

—

 

 

297,000

Total Operating Expenses

 

2,659,732

 

 

2,623,649

Operating Income

 

710,464

 

 

347,839

Interest Expense

 

331,159

 

 

288,696

Other Income, Net

 

105,317

 

 

91,612

Income Before Income Tax Expense

 

484,622

 

 

150,755

Income Tax Expense

 

61,436

 

 

76,355

Net Income

 

423,186

 

 

74,400

Net Income Attributable to Noncontrolling Interests

 

1,880

 

 

1,880

Net Income Attributable to Common Shareholders

$

421,306

 

$

72,520

 

 

 

 

Basic and Diluted Earnings Per Common Share

$

1.12

 

$

0.20

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

Basic

 

375,513,202

 

 

366,481,846

Diluted

 

376,179,513

 

 

366,883,093
 

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

EVERSOURCE ENERGY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME/(LOSS)

(Unaudited)
 

 

For the Years Ended December 31,

(Thousands of Dollars, Except Share Information)

2025

 

2024

 

2023

 

 

 

 

 

 

Operating Revenues

$

13,547,244

 

$

11,900,809

 

$

11,910,705

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

Purchased Power, Purchased Natural Gas and Transmission

 

4,209,172

 

 

3,736,078

 

 

5,168,241

 

Operations and Maintenance

 

2,073,778

 

 

2,012,926

 

 

1,895,703

 

Depreciation

 

1,568,578

 

 

1,433,503

 

 

1,305,840

 

Amortization

 

835,909

 

 

342,864

 

 

(490,117

)

Energy Efficiency Programs

 

778,348

 

 

671,828

 

 

691,344

 

Taxes Other Than Income Taxes

 

1,092,870

 

 

997,901

 

 

940,359

 

Loss on Pending Sale of Aquarion

 

—

 

 

297,000

 

 

—

 

Total Operating Expenses

 

10,558,655

 

 

9,492,100

 

 

9,511,370

 

Operating Income

 

2,988,589

 

 

2,408,709

 

 

2,399,335

 

Interest Expense

 

1,243,266

 

 

1,111,336

 

 

855,441

 

Losses on Offshore Wind

 

284,000

 

 

464,019

 

 

2,167,000

 

Other Income, Net

 

378,854

 

 

410,482

 

 

348,069

 

Income/(Loss) Before Income Tax Expense

 

1,840,177

 

 

1,243,836

 

 

(275,037

)

Income Tax Expense

 

140,286

 

 

424,664

 

 

159,684

 

Net Income/(Loss)

 

1,699,891

 

 

819,172

 

 

(434,721

)

Net Income Attributable to Noncontrolling Interests

 

7,519

 

 

7,519

 

 

7,519

 

Net Income/(Loss) Attributable to Common Shareholders

$

1,692,372

 

$

811,653

 

$

(442,240

)

 

 

 

 

 

 

Basic Earnings/(Loss) Per Common Share

$

4.56

 

$

2.27

 

$

(1.27

)

 

 

 

 

 

 

Diluted Earnings/(Loss) Per Common Share

$

4.56

 

$

2.27

 

$

(1.26

)

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

Basic

 

370,852,601

 

 

357,482,965

 

 

349,580,638

 

Diluted

 

371,259,264

 

 

357,779,408

 

 

349,840,481

 
 

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

 

Rima Hyder (Investor Relations)

(781) 441-8882

William Hinkle (Media Relations)

(603) 634-2228

KEYWORDS: Massachusetts Connecticut United States North America

INDUSTRY KEYWORDS: Alternative Energy Energy Utilities Oil/Gas

MEDIA:

Logo
Logo
Posted on

Farmer Brothers Coffee Reports Second Quarter Fiscal 2026 Financial Results

FORT WORTH, Texas, Feb. 13, 2026 (GLOBE NEWSWIRE) — Farmer Brothers Coffee Co. (NASDAQ: FARM), a leading roaster, wholesaler and distributor of coffee, tea and allied products, announced today its second quarter fiscal 2026 financial results for the period ended Dec. 31, 2025. The company filed its Form 10-Q, which will be posted on the Investor Relations section of its website after the close of market Friday, Feb. 13.

“As expected, the second quarter was a challenging one for Farmer Brothers. We, however, continued to see year-over-year improvement in selling and general and administrative cost and our gross margin remained above 35%, where we expect it to be for the remainder of fiscal 2026,” said President and Chief Executive Officer John Moore. “Despite pressures related to higher cost of goods sold and current micro and macroeconomic pressures, we remain focused on growing top line revenue and coffee pounds as we strengthen our customer base.”

Second
quarter fiscal 2026 financial results

  • Net sales were $88.9 million in the second quarter of fiscal 2026, a decrease of $1 million, or 1%, compared to the prior year period.
  • Gross profit was $32 million, or 36.3%, during the second quarter of fiscal 2026, compared to a gross profit of $38.8 million, or 43.1%, in the second quarter of fiscal 2025.
  • Operating expenses were $36.4 million during the quarter, or 40.9% of net sales, compared to $37.8 million, or 42%, in the second quarter of fiscal 2025. This included a $700,000 decrease in general and administrative expenses.
  • Net loss for the second quarter of fiscal 2026 was $4.9 million, compared to a net income of $200,000 in the prior year period.
  • Adjusted EBITDA1 was $484,000 for the second quarter of fiscal 2026, compared to $5.9 million in the second quarter of fiscal 2025.

Balance Sheet and Liquidity

As of Dec. 31, 2025, the company had $4.2 million of unrestricted cash and cash equivalents and $24.6 million available under its revolver credit facility.

Investor Conference Call

Farmer Brothers will publish its second quarter fiscal 2026 financial results for the period ended Dec. 31, 2025 with the filing of its 10-Q and the issuing of its earnings results release, both of which will be posted on the Investor Relations section of its website after the close of market on Friday, Feb. 13.

The company will also host an audio-only investor conference call and webcast at 5 p.m. Eastern on Friday, Feb. 13 to provide a review of the quarter and business update. An audio-only replay of the webcast will be archived for at least 30 days on the Investor Relations section of farmerbros.com and will be available approximately two hours after the end of the live webcast.

1Adjusted EBITDA is a non-GAAP measure. Please refer to “Non-GAAP Financial Measures” below for an explanation and reconciliation of adjusted EBITDA and other related non-GAAP measures to comparable GAAP measures.

About Farmer Brothers

Founded in 1912, Farmer Brothers Coffee Co. is a national coffee roaster, wholesaler, equipment servicer and distributor of coffee, tea and culinary products. The company’s product lines include organic, Direct Trade and sustainably produced coffee, as well as tea, cappuccino mixes, spices and baking/biscuit mixes.

Farmer Brothers Coffee Co. delivers extensive beverage planning services and culinary products to a wide variety of U.S.-based customers, ranging from small independent restaurants and foodservice operators to large institutional buyers, such as restaurant, department and convenience store chains, hotels, casinos, healthcare facilities and gourmet coffee houses, as well as grocery chains with private brand coffee and consumer branded coffee and tea products and foodservice distributors. The company’s primary brands include

Farmer Brothers

,

Boyd’s Coffee

,

SUM>ONE Coffee Roasters

,

West Coast Coffee

,

Cain’s

and

China Mist

. You can learn more at

farmerbros.com

.

Forward-looking Statements

This press release and other documents we file with the Securities and Exchange Commission (the “SEC”) contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, that are based on current expectations, estimates, forecasts and projections about us, our future performance, our financial condition, our products, our business strategy, our beliefs and our management’s assumptions. In addition, we, or others on our behalf, may make forward-looking statements in press releases or written statements, or in our communications and discussions with investors and analysts in the normal course of business through meetings, webcasts, phone calls and conference calls. These forward-looking statements can be identified by the use of words, like “anticipates,” “estimates,” “projects,” “expects,” “plans,” “believes,” “intends,” “will,” “could,” “may,” “assumes” and other words of similar meaning. These statements are based on management’s beliefs, assumptions, estimates and observations of future events based on information available to our management at the time the statements are made and include any statements that do not relate to any historical or current fact. These statements are not guarantees of future performance and they involve certain risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed, implied or forecast by our forward-looking statements due in part to the risks, uncertainties and assumptions set forth in this press release and Part I, Item 1A. Risk Factors as well as Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended June 30, 2025 filed with the SEC on Sept. 11, 2025, as amended by the Amendment No. 1 on Form 10-K/A filed with the SEC on Oct. 24, 2025 (as amended, the “2025 Form 10-K”), and in our Quarterly Report on Form 10-Q for the fiscal quarter ended Sept. 30, 2025, as well as those discussed elsewhere in this press release and other factors described from time to time in our filings with the SEC.

Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, severe weather, levels of consumer confidence in national and local economic business conditions, developments related to pricing cycles and volumes, the impact of labor market shortages, the increase of costs due to inflation, an economic downturn caused by any pandemic, epidemic or other disease outbreak, the success of our turnaround strategy, the impact of capital improvement projects, the adequacy and availability of capital resources to fund our existing and planned business operations and our capital expenditure requirements, our ability to meet financial covenant requirements in our credit facility, which could impact, among other things, our liquidity, the relative effectiveness of compensation-based employee incentives in causing improvements in our performance, the capacity to meet the demands of our customers, the extent of execution of plans for the growth of our business and achievement of financial metrics related to those plans, our success in retaining and/or attracting qualified employees, our success in adapting to technology and new commerce channels, the effect of the capital markets, as well as other external factors on stockholder value, fluctuations in availability and cost of green coffee, competition, organizational changes, the effectiveness of our hedging strategies in reducing price and interest rate risk, changes in consumer preferences, our ability to provide sustainability in ways that do not materially impair profitability, changes in the strength of the economy, including any effects from inflation, business conditions in the coffee industry and food industry in general, our continued success in attracting new customers, variances from budgeted sales mix and growth rates, weather and special or unusual events, as well as other risks, uncertainties and assumptions described in the 2025 Form 10-K, our Quarterly Report on Form 10-Q for the fiscal quarter ended Sept. 30, 2025, and other factors described from time to time in our filings with the SEC.

Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction of actual results. Any or all of the forward-looking statements contained in this press release and any other public statement made by us, including by our management, may turn out to be incorrect. We are including this cautionary note to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required under federal securities laws and the rules and regulations of the SEC.

Investor Relations and Media Contact

Brandi Wessel
Director of Communications
405-885-5176
[email protected]

FARMER BROS. CO.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except share and per share data)
 
  Three Months Ended December 31,   Six Months Ended December 31,
  2025
   2024
   2025
   2024
Net sales $ 88,923     $ 90,021     $ 170,524     $ 175,086  
Cost of goods sold   56,656       51,182       105,821       98,930  
Gross profit   32,267       38,839       64,703       76,156  
Selling expenses   26,706       26,760       52,509       53,987  
General and administrative expenses   8,805       9,534       17,602       20,786  
Net losses on disposal of assets   892       1,527       1,909       3,193  
Operating expenses   36,403       37,821       72,020       77,966  
(Loss) income from operations   (4,136 )     1,018       (7,317 )     (1,810 )
Other (expense) income:              
Interest expense   (1,200 )     (1,922 )     (2,524 )     (3,713 )
Other, net   470       1,033       950       783  
Total other expense   (730 )     (889 )     (1,574 )     (2,930 )
(Loss) income before taxes   (4,866 )     129       (8,891 )     (4,740 )
Income tax (benefit) expense   —       (81 )     —       52  
Net (loss) income $ (4,866 )   $ 210     $ (8,891 )   $ (4,792 )
Net (loss) income available to common stockholders per common share, basic and diluted $ (0.22 )   $ 0.01     $ (0.41 )   $ (0.23 )
Weighted average common shares outstanding—basic   21,669,663       21,314,911       21,631,753       21,289,073  
Weighted average common shares outstanding—diluted   21,669,663       22,357,699       21,631,753       21,289,073  
                               

FARMER BROS. CO.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share and per share data)
       
  December 31, 2025   June 30, 2025
ASSETS      
Current assets:      
Cash and cash equivalents $ 4,186     $ 6,796  
Restricted cash   178       178  
Accounts receivable, net of allowance for credit losses of $652 and $650, respectively   25,527       24,758  
Inventories   49,395       49,839  
Prepaid expenses   4,351       3,975  
Total current assets   83,637       85,546  
Property, plant and equipment, net   25,704       27,845  
Intangible assets, net   7,933       9,033  
Right-of-use operating lease assets   33,875       38,347  
Other assets   301       461  
Total assets $ 151,450     $ 161,232  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable   38,704       37,669  
Accrued payroll expenses   8,199       12,692  
Right-of-use operating lease liabilities – current   15,263       16,773  
Other current liabilities   3,784       3,893  
Total current liabilities   65,950       71,027  
Long-term borrowings under revolving credit facility   21,300       14,300  
Accrued pension liabilities   6,509       7,322  
Accrued workers’ compensation liabilities   2,513       2,619  
Right-of-use operating lease liabilities – noncurrent   19,258       22,195  
Other long-term liabilities   262       221  
Total liabilities $ 115,792     $ 117,684  
Commitments and contingencies      
Stockholders’ equity:      
Common stock, $1.00 par value, 50,000,000 shares authorized; 21,720,306 and 21,560,985 shares issued and outstanding as of December 31, 2025 and June 30, 2025, respectively   21,720       21,561  
Additional paid-in capital   82,508       81,666  
Accumulated deficit   (53,761 )     (44,870 )
Accumulated other comprehensive loss   (14,809 )     (14,809 )
Total stockholders’ equity $ 35,658     $ 43,548  
Total liabilities and stockholders’ equity $ 151,450     $ 161,232  
               

FARMER BROS. CO.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
  Six Months Ended December 31,
  2025
   2024
Cash flows from operating activities:      
Net loss $ (8,891 )   $ (4,792 )
Adjustments to reconcile net loss to net cash (used in) provided by operating activities      
Depreciation and amortization   5,208       5,817  
Net losses on disposal of assets   1,909       3,193  
Net losses on derivative instruments   —       3,183  
401(k) and share-based compensation expense   1,001       1,037  
Provision for credit losses   464       322  
Change in operating assets and liabilities:      
Accounts receivable, net   (1,233 )     (782 )
Inventories   444       4,458  
Derivative assets, net   —       (3,635 )
Other assets   (208 )     (115 )
Accounts payable   1,033       (3,795 )
Accrued expenses and other   (5,520 )     155  
Net cash (used in) provided by operating activities $ (5,793 )   $ 5,046  
Cash flows from investing activities:      
Purchases of property, plant and equipment   (3,762 )     (5,362 )
Proceeds from sales of property, plant and equipment   50       165  
Net cash used in investing activities $ (3,712 )   $ (5,197 )
Cash flows from financing activities:      
Proceeds from Credit Facilities   7,000       7,000  
Repayments on Credit Facilities   —       (7,000 )
Payments of finance lease obligations   (98 )     (96 )
Payment of financing costs   (7 )     (24 )
Net cash provided by (used in) financing activities $ 6,895     $ (120 )
Net decrease in cash and cash equivalents and restricted cash   (2,610 )     (271 )
Cash and cash equivalents and restricted cash at beginning of period   6,974       6,005  
Cash and cash equivalents and restricted cash at end of period $ 4,364     $ 5,734  
               
Supplemental disclosure of non-cash investing and financing activities:              
Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,356     $ 8,890  
Non cash additions to property, plant and equipment   —       54  
               

Non-GAAP Financial Measures

In addition to net (loss) income determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we use the following non-GAAP financial measures in assessing our operating performance:

“EBITDA” is defined as net (loss) income excluding the impact of:

  • income tax (benefit) expense;
  • interest expense; and
  • depreciation and amortization expense.

“EBITDA Margin” is defined as EBITDA expressed as a percentage of net sales.

“Adjusted EBITDA” is defined as net (loss) income excluding the impact of:

  • income tax (benefit) expense;
  • interest expense;
  • depreciation and amortization expense;
  • 401(k) and share-based compensation expense;
  • net losses on disposal of assets;
  • strategic initiative costs; and
  • severance costs.

“Adjusted EBITDA Margin” is defined as Adjusted EBITDA expressed as a percentage of net sales.

For purposes of calculating EBITDA and EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin, we have excluded the impact of interest expense resulting from non-cash pretax pension and postretirement benefits. For purposes of calculating Adjusted EBITDA and Adjusted EBITDA Margin, we are also excluding the impact severance and strategic initiative costs, as these items are not reflective of our ongoing operating results.

We believe these non-GAAP financial measures provide a useful measure of the Company’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company’s ongoing operating performance. Further, management utilizes these measures, in addition to GAAP measures, when evaluating and comparing the Company’s operating performance against internal financial forecasts and budgets.

We believe that EBITDA facilitates operating performance comparisons from period to period by isolating the effects of certain items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies. These potential differences may be caused by variations in capital structures (affecting interest expense), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense). We also present EBITDA and EBITDA Margin because (i) we believe that these measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry, (ii) we believe that investors will find these measures useful in assessing our ability to service or incur indebtedness, and (iii) we use these measures internally as benchmarks to compare our performance to that of our competitors.

EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin, as defined by us, may not be comparable to similarly titled measures reported by other companies. We do not intend for non-GAAP financial measures to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP.

Set forth below is a reconciliation of reported net (loss) income to EBITDA (unaudited):

  Three Months Ended December 31,   Six Months Ended December 31,

(In thousands)
 		2025
   2024
   2025
   2024
Net (loss) income $ (4,866 )   $ 210     $ (8,891 )   $ (4,792 )
Income tax (benefit) expense   —       (81 )     —       52  
Interest expense (1)   535       694       1,196       1,258  
Depreciation and amortization expense   2,595       2,920       5,208       5,817  
EBITDA $ (1,736 )   $ 3,743     $ (2,487 )   $ 2,335  
EBITDA Margin   (2.0 )%     4.2 %     (1.5 )%     1.3 %
                       

____________

(1)   Excludes interest expense related to pension plans and post-retirement benefit plans.

Set forth below is a reconciliation of reported net loss to Adjusted EBITDA (unaudited):

  Three Months Ended December 31,   Six Months Ended December 31,

(In thousands)
 		2025
   2024
   2025
   2024
Net (loss) income $ (4,866 )   $ 210     $ (8,891 )   $ (4,792 )
Income tax (benefit) expense   —       (81 )     —       52  
Interest expense (1)   535       694       1,196       1,258  
Depreciation and amortization expense   2,595       2,920       5,208       5,817  
401(k) and share-based compensation expense   519       541       1,001       1,037  
Net losses on disposal of assets   892       1,527       1,909       3,193  
Strategic initiative costs (2)   809       —       1,396       —  
Severance costs   —       88       29       752  
Adjusted EBITDA $ 484     $ 5,899     $ 1,848     $ 7,317  
Adjusted EBITDA Margin   0.5 %     6.6 %     1.1 %     4.2 %
                               

________
(1) Excludes interest expense related to pension plans and postretirement benefit plans.
(2) Cost related to evaluation of strategic alternatives.



Posted on

Michael Lewis Named President, Marsh Risk Canada

Michael Lewis Named President, Marsh Risk Canada

NEW YORK–(BUSINESS WIRE)–
Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, today announced that Michael Lewis has been promoted to President, Marsh Risk Canada, effective April 1.

In this role, Mr. Lewis will lead the strategic development and execution of Marsh Risk’s Canada commercial strategy, which encompasses its risk management, corporate and commercial client segments, risk consulting services, and specialty insurance broking solutions. He will also work closely with Marsh’s country leaders to deliver the firm’s market-leading capabilities across risk, reinsurance and capital, people and investments and management consulting to clients.

Mr. Lewis succeeds Sarah Robson, who will continue to serve as Marsh Canada CEO. He will report jointly to Ms. Robson and Michelle Sartain, President, Marsh Risk for US and Canada.

Mr. Lewis currently serves as Chief Commercial Officer (CCO) for Marsh Canada and Head of Specialty and Industry for Marsh Risk Canada. He will retain his CCO role alongside his new responsibilities as President. A new Head of Specialty and Industry will be named in due course. Mr. Lewis joined Marsh Risk in 2006 as part of its Workforce Strategies group in Australia. He moved to Hong Kong in 2013 to lead the Workforce Strategies group there, then moved to Canada in 2018 to become the National Growth and Industry Leader.

Commenting on the appointment, Ms. Robson said: “Michael’s appointment comes at a pivotal time as our Canadian clients face unprecedented economic and geopolitical volatility, including evolving trade policies, regulatory changes, and complex global risks. His commitment to clients, deep experience, and leadership will be critical in helping our clients navigate these challenges.”

Mr. Lewis added: “I look forward to working closely with our colleagues across Canada to build on the already strong foundation cemented by Sarah and to deliver continued innovation and stellar service to our clients.”

About Marsh

Marsh (NYSE: MRSH) is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit corporate.marsh.com, or follow us on LinkedIn and X.

Media contact:


Sally Roberts

+1 347 281 1454

[email protected]

KEYWORDS: United States North America Canada New York

INDUSTRY KEYWORDS: Consulting Professional Services Insurance Finance

MEDIA:

Logo
Logo
Posted on

CenterWell Completes Acquisition of MaxHealth From Arsenal Capital Partners

CenterWell Completes Acquisition of MaxHealth From Arsenal Capital Partners

  • MaxHealth is a Florida-based primary care organization with a network of 82 owned and affiliated clinics, providing care to more than 80,000 patients in value-based care programs.
  • CenterWell Senior Primary Care is the nation’s largest senior-focused, value-based primary care provider.
  • The acquisition will expand the reach of CenterWell Senior Primary Care to new key markets and allow it to serve more patients with CenterWell’s unique approach to personalized and integrated care.

LOUISVILLE, Ky. & TAMPA, Fla. & NEW YORK–(BUSINESS WIRE)–
CenterWell, the healthcare services division of Humana Inc., today announced the successful completion of its acquisition of MaxHealth from Arsenal Capital Partners (“Arsenal”), a private equity investment firm that specializes in building market-leading industrial growth and healthcare companies, and MaxHealth’s founder-shareholders. MaxHealth currently maintains a network of 54 owned primary care clinics, 4 owned specialty/ancillary clinics and 24 downstream affiliate clinics throughout West and South Florida that together provide high-quality, integrated care to more than 120,000 patients, including more than 80,000 patients in value-based care programs.

MaxHealth will now be affiliated with and owned by CenterWell Senior Primary Care, the nation’s largest senior-focused, value-based primary care provider. The acquisition will expand the reach of CenterWell Senior Primary Care to new key markets and allow it to serve more patients with CenterWell’s unique approach to personalized and integrated care. Financial terms of the transaction were not disclosed.

“We are pleased to complete the acquisition of MaxHealth and are excited to welcome their dedicated team of clinicians and staff to CenterWell Senior Primary Care,” said Sanjay Shetty, M.D., President of CenterWell. “MaxHealth is a patient-centered, results-driven organization that simplifies the healthcare experience and empowers patients to live their best lives – values that align closely with everything we do at CenterWell. Together, we will make an even bigger difference for those we serve.”

“MaxHealth was built through the collective efforts of physician-founded organizations and a remarkable team committed to reshaping healthcare delivery in Florida,” said Kimberly Ficocelli, Co-Founder of MaxHealth. “From the very beginning, we set out to build a platform grounded in strong provider alignment, patient-first care, and a disciplined approach to growth. Arsenal understood that vision, and our partnership helped turn it into a scaled, durable organization. I am incredibly proud of what this team has built and excited for the impact MaxHealth will continue to have for patients and communities across the state under the stewardship of CenterWell.”

“This milestone reflects the extraordinary work of the founders who built MaxHealth, the physicians who deliver exceptional care every day, and the teammates across our organization who bring our mission to life,” said Michelle Leslie, Chief Executive Officer of MaxHealth. “We are deeply grateful to Arsenal Capital Partners for its partnership and support during a period of meaningful growth. As we join CenterWell, we are excited to build on this strong foundation and further expand access to high-quality, patient-centered care for the communities we serve.”

“We are proud of the founders and the MaxHealth team in how they have set the standard for delivering high-quality care for patients across Florida,” said Martin Coulter, Chairman of MaxHealth and an Operating Partner of Arsenal. “As part of the CenterWell organization, MaxHealth is positioned for continued growth and scaling of its platform. We are delighted to have supported the company and its management team through this chapter and are grateful to the Humana and CenterWell leadership teams for their collaboration and partnership as MaxHealth begins the next leg of its journey.”

Guggenheim Securities, LLC served as the lead financial advisor to MaxHealth, and Morgan Stanley also acted as financial advisor to the company. Sidley Austin LLP served as legal counsel to MaxHealth. For Humana and CenterWell, J.P. Morgan Securities LLC served as financial advisor and Latham & Watkins LLP served as legal counsel.

About CenterWell

CenterWell is a leading healthcare services business focused on creating integrated and differentiated experiences that put our patients at the center of everything we do. The result is high-quality healthcare that is accessible, comprehensive and, most of all, personalized. As the largest provider of senior-focused primary care, a leading provider of home healthcare and a leading integrated home delivery, specialty, hospice and retail pharmacy, CenterWell is focused on whole health and addressing the physical, emotional and social wellness of our patients. CenterWell is part of Humana Inc. (NYSE: HUM). Learn more about what we offer at CenterWell.com.

About MaxHealth

MaxHealth is dedicated to simplifying healthcare and ensuring healthier futures. Founded in 2015, MaxHealth is a leading primary care platform focused on providing high-quality, integrated care to adults and senior patients throughout Florida. Its patients are supported by a 530-member team that includes 100+ primary care providers and 30+ specialists across 58 owned clinics and 24 affiliated clinics.

MaxHealth was founded by three provider organizations: (1) Best Value Healthcare founded by Dr. Rajankumar Naik, Kimberly Ficocelli and Dillon Moore; (2) MAXhealth founded by Tom Blankenship, Neil Bedi and Inita Bedi; and (3) Primary Care Associates founded by Dr. Paul Pulcini and Gladymar Vrkic. These three organizations came together along with an additional 13 independent providers under the common ownership of Arsenal Capital Partners.

About Arsenal Capital Partners

Arsenal Capital Partners (“Arsenal”) is a private equity investment firm that specializes in building market-leading industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 300 platform and add-on acquisitions and achieved more than 35 realizations. Driven by our commitment to unlock potential in people, businesses, and technologies, the firm partners with management teams to build strategically important companies with leading market positions, high growth and high value-add. For more information, visit www.arsenalcapital.com.

Investors – Humana: Lisa Stoner – [email protected]

Media – CenterWell: Mark Taylor – [email protected]

Media – Arsenal Capital Partners: Ellen Pavlovsky – [email protected]

KEYWORDS: New York Kentucky Florida United States North America

INDUSTRY KEYWORDS: Nursing Health Consumer Seniors Other Health Managed Care General Health

MEDIA:

Logo
Logo