Market Signal Briefing

NEW YORK, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that it has filed a class action lawsuit against Ardent Health, Inc. (NYSE:ARDT) and certain of the Company’s senior executives for securities fraud after a significant stock drop resulting from potential violations of the federal securities laws.

If you invested in Ardent Health, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/ardent-health-inc-class-action-lawsuit.

Investors have until March 9, 2026, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Ardent Health securities. The class action is pending in the U.S. District Court for the Middle District of Tennessee. It is captioned Postiwala v. Ardent Health, Inc., et al., No. 3:26-cv-00022.

Why is Ardent Health Being Sued for Securities Fraud?

Ardent Health and its affiliates operate acute care hospitals and other healthcare facilities. A critical aspect of Ardent Health’s operations is the collection of accounts receivable and the framework by which Ardent Health determines the collectability of such accounts. According to the lawsuit, Ardent Health stated that it employed an active monitoring process to determine the collectability of its accounts receivable, and that this process included “detailed reviews of historical collections” as a “primary source of information.”

As alleged, in truth, Ardent Health did not primarily rely on “detailed reviews of historical collections” in determining collectability of accounts receivable, but instead “utilized a 180-day cliff at which time an account became fully reserved.” This allowed Ardent Health to report higher amounts of accounts receivable during the Class Period, and delay recognizing losses on uncollectable accounts. The lawsuit alleges that Ardent Health’s purported misrepresentations are a violation of the federal securities laws.

Why did Ardent Health’s Stock Drop?

On November 12, 2025, after market hours, Ardent Health revealed it had completed “hindsight evaluations of historical collection trends” that resulted in a $43 million decrease in revenue for the quarter. Ardent Health also revealed that it increased its professional liability reserves by $54 million because of “adverse prior period claim developments” resulting from a set of claims between 2019 and 2022 “as well as consideration of broader industry trends.”

This news caused the price of Ardent Health stock to drop $4.75 per share, or more than 33%, from a closing price of $14.05 per share on November 12, 2025, to $9.30 per share on November 13, 2025.

Click here for more information: https://www.bfalaw.com/cases/ardent-health-inc-class-action-lawsuit.

What Can You Do?

If you invested in Ardent Health, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/ardent-health-inc-class-action-lawsuit

Or contact:
Adam McCall
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/ardent-health-inc-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

NEW YORK, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that it has filed a class action lawsuit against BellRing Brands, Inc. (NYSE:BRBR) and certain of the Company’s senior executives for securities fraud after a significant stock drop resulting from potential violations of the federal securities laws.

If you invested in BellRing, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases-investigations/bellring-brands-inc-class-action-lawsuit.

Investors have until March 23, 2026, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in BellRing securities. The class action is pending in the U.S. District Court for the Southern District of New York. It is captioned Denha v. BellRing Brands, Inc., No. 1:26-cv-00575.

Why is BellRing Being Sued for Securities Fraud?

BellRing develops, markets, and sells “convenient nutrition” products such as ready-to-drink (“RTD”) protein shakes primarily under the brand name Premier Protein. During the relevant period, Defendants represented that sales growth reflected increased end-consumer demand, attributing results to “organic growth,” “distribution gains,” “incremental promotional activity,” and “[s]trong macro tailwinds around protein” among other factors. At the same time, Defendants downplayed the impact of competition on demand, insisting BellRing was not experiencing any significant changes in competition, and that in the RTD category particularly, BellRing possessed a “competitive moat,” given that “the ready-to-drink category is just highly complex” and the products are “hard to formulate.”

As alleged, in truth, BellRing’s reported sales during the Class Period were driven by its key customers stockpiling inventory and did not reflect increased end-consumer demand or brand momentum. Following the destocking, BellRing admitted that competitive pressures were materially weakening demand.

Why did BellRing’s Stock Drop?

On May 6, 2025, BellRing’s CFO revealed “several key retailers lowered their weeks of supply on hand, which is expected to be a mid-single-digit headwind to our third quarter growth,” adding “[w]e now expect Q3 sales growth of low single digits.” BellRing’s CEO further revealed that retailers had been “hoarding inventory to make sure they didn’t run out of stock on shelf” and “protecting themselves coming out of capacity constraints,” but since there had been “several quarters of high in-stock rates,” customers “felt comfortable about bringing [inventory] down. We thought this could happen.”

This news caused the price of BellRing stock to drop $14.88 per share, or 19%, from a closing price of $78.43 per share on May 5, 2025, to $63.55 per share on May 6, 2025.

On August 4, 2025, after market hours, BellRing reported its 3Q 2025 financial results and “narrowed its fiscal year 2025 outlook for net sales.” Then, during the Company’s August 5, 2025 earnings call, BellRing’s CEO attributed the narrowed guidance to “several other competitors” gaining space to sell their products with a large retailer and that “it is not surprising to see new protein RTDs enter[ed]” the convenient nutrition market.

This news caused the price of BellRing stock to drop $17.46 per share, or nearly 33%, from a closing price of $53.64 per share on August 4, 2025, to $36.18 per share on August 5, 2025.

Click here for more information: https://www.bfalaw.com/cases-investigations/bellring-brands-inc-class-action-lawsuit.

What Can You Do?

If you invested in BellRing, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases-investigations/bellring-brands-inc-class-action-lawsuit

Or contact:
Adam McCall
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases-investigations/bellring-brands-inc-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

HomeIndustriesPublished: Feb. 19, 2026 at 6:39 a.m. ET

CEO of Palantir Technologies Alex Karp speaks during the World Economic Forum (WEF) annual meeting in Davos on Jan. 20, 2026. Michael Burry has a new line of attack against Palantir. Photo: Fabrice Coffrini/Agence France-Presse/Getty ImagesWith Palantir Technologies’ stock now down nearly a third from its peak, Michael Burry has a new line of attack against the AI-services company.

Burry, the former hedge-fund manager chronicled in “The Big Short” for his bets against the housing market during the subprime-mortgage crisis, went through Palantir’s 10-K and called out the fact that accounts receivable have been growing faster than revenue for nine of the last 12 quarters.

Nvidia stock was falling on Thursday but a report about OpenAI's fundraising plans could provide cause for optimism.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

The Alerian MLP ETF (NYSEARCA:AMLP) offers retirees a 7.9% yield through master limited partnerships in energy infrastructure. The fund has significantly increased distributions as natural gas demand surged and pipeline operators benefited from higher utilization rates following the pandemic recovery and European energy crisis, with payouts growing substantially as energy infrastructure assets proved their resilience.

This infographic explains how the Alerian MLP ETF (AMLP) generates its 7.9% yield from energy infrastructure, detailing its dividend growth, distribution coverage, and concentration risks. How AMLP Generates Income AMLP invests in MLPs that own pipelines, storage facilities, and processing plants. These assets collect fees for transporting and storing oil, natural gas, and refined products, creating predictable cash flows that support quarterly distributions. The ETF passes these distributions to shareholders after deducting its 0.85% expense ratio.

The portfolio is highly concentrated, with the top 6 holdings representing approximately 77% of assets. AMLP’s distribution sustainability depends heavily on whether these core holdings maintain their payouts.

Distribution Safety: Evaluating the Top Holdings Three MLPs drive the fund’s income: Energy Transfer (NYSE:ET) at 13%, Enterprise Products Partners (NYSE:EPD) at 13%, and MPLX (NYSE:MPLX) at 12%. Together, these three holdings account for 38% of the portfolio, making their distribution sustainability critical to the fund’s overall income stability.

Distribution safety varies significantly among the three MLPs that drive 38% of portfolio income. Energy Transfer demonstrates the strongest coverage, with $11.5 billion in operating cash flow comfortably supporting its $1.32 annual distribution. MPLX follows a similarly conservative approach, generating $5.9 billion in operating cash flow against a $3.6 billion distribution requirement.

Enterprise Products Partners presents a concerning pattern—the partnership distributed $4.5 billion to unitholders while generating only $3.6 billion in free cash flow. This coverage gap represents a structural weakness that could pressure future distributions if the trend continues.

Total Return Considerations AMLP has delivered strong total returns as energy infrastructure rebounded from chronic underinvestment when oil price crashes and ESG concerns starved the sector of capital. This outperformance reflects investor recognition that these assets generate stable cash flows regardless of commodity price volatility, though the rally may limit upside potential for new buyers at current levels.

The Verdict AMLP’s 7.9% yield reflects both opportunities and risks in the MLP sector. The distribution has grown steadily from 2021 through 2025, and two of the three largest holdings show adequate coverage. However, Enterprise Products Partners’ inability to cover its distribution from free cash flow represents a structural weakness in the portfolio. The fund’s concentration—with one-third of assets in three MLPs—means the sustainability of these core holdings directly determines the fund’s income stability. The ETF’s 0.85% expense ratio and K-1 tax reporting requirements are additional considerations for income-focused investors.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

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iShares MSCI USA Value Factor ETF (NYSEARCA:VLUE) targets a specific investor problem: capturing value stock outperformance without the concentration risk of individual stock picking. With $9.6 billion in net assets and a 0.15% expense ratio, the fund provides institutional-grade access to systematic value investing at a fraction of active management costs. The timing matters now because value has sharply outpaced growth in recent months. VLUE posted a 38.25% one-year return through February 17, 2026, more than tripling the SPDR S&P 500 ETF Trust (NYSEARCA:SPY)’s performance. This outperformance signals a meaningful rotation from growth narratives to fundamental valuations.

VLUE’s return engine operates through factor-based selection rather than traditional market-cap weighting. The fund tracks the MSCI USA Enhanced Value Index, screening for stocks with low price-to-book, price-to-earnings, and price-to-sales ratios. This methodology produces an unexpected result: Information Technology commands 35.1% of the portfolio, led by semiconductor stocks like Micron Technology (NASDAQ:MU) and Intel (NASDAQ:INTC). This tech-heavy allocation means VLUE behaves differently than traditional value funds—it generates returns from business fundamentals improving faster than market expectations, not from dividends. The 1.91% yield reflects this growth-oriented value approach, where the fund targets undervalued companies with earnings power rather than income generation.

VLUE’s recent performance validates its value mandate during market rotations. The fund captured a 10.52% year-to-date gain through mid-February while SPY remained essentially flat, demonstrating how factor-based strategies can outperform during style shifts. This outperformance reflects a broader pattern where VLUE’s methodology positions it between pure value approaches like Vanguard Value ETF (NYSEARCA:VTV) and broad market exposure—capturing value premiums while maintaining exposure to secular growth sectors. The strategy works when markets reward cash flows over growth narratives, making timing and market cycle awareness critical for investors.

Three constraints define VLUE’s tradeoffs. First, tech concentration creates cyclical volatility—semiconductor exposure means sensitivity to memory pricing cycles and capital expenditure trends. Second, the 30% annual turnover exceeds pure index funds, potentially creating tax drag in taxable accounts. Third, factor timing matters: value underperforms during growth-dominated markets, as evidenced by the fund’s relative weakness before the recent rotation.

VLUE fits portfolios seeking systematic value exposure with acceptance of sector concentration risk and cyclical underperformance periods, but investors expecting traditional defensive value characteristics should recognize the tech-heavy reality differs from that profile.

Fourth Quarter AFFO Per Share Increases 3% Year-Over-Year to $0.38/Share

Delivered Continued Improvement in Full-Year Services Margin

Introduces 2026 Key Priorities to Support Future Growth

ATLANTA, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), is the global leader in temperature-controlled logistics, ensuring safe, efficient food movement worldwide, today announced financial and operating results for the fourth quarter and year ended December 31, 2025.

Rob Chambers, Chief Executive Officer of Americold Realty Trust, stated, “Americold delivered solid fourth‑quarter AFFO per share of $0.38, slightly ahead of expectations in what remains a challenging backdrop across the cold storage industry. Our teams continue to execute well, improving operational performance, advancing our commercial strategy, and delivering on key development milestones around the globe. During the year we expanded our services margin and achieved our long-term 60% target for fixed commitment contracts, while winning new business with some of the world’s most important food producers and retailers. I am proud of how the organization has remained focused on delivering our commitments as we build a stronger foundation for the years ahead.”

“Entering 2026, we have developed a list of key priorities that are designed to position Americold for long‑term future growth. These include taking disciplined steps to strengthen our balance sheet, enhance the profitability of our global real estate portfolio, and focus our capital on customer‑driven development opportunities. At the same time, we are expanding our presence in high‑value retail and store‑support solutions, while broadening our commercial aperture to pursue opportunities in new and adjacent sectors. Our cost‑reduction initiatives are well underway and will help us navigate the ongoing headwinds while we execute against these priorities. With the upcoming addition of Chris Papa as our Chief Financial Officer, we are further bolstering our capabilities as we advance this next phase of our strategy.”

“In this complex environment, we are taking a prudent approach to our 2026 outlook and expect AFFO of $1.20 to $1.30 per share. I believe the actions we are taking behind our key priorities will meaningfully strengthen our company and enhance our long‑term earnings power. Americold’s mission-critical assets, operational excellence, and deep customer relationships continue to differentiate us in the marketplace, and we remain confident in our ability to create sustained value for our shareholders.”

Fourth Quarter 2025 Highlights

Total revenues of $658.5 million, a 1.2% decrease from $666.4 million in Q4 2024 and a decrease of 1.6% on a constant currency basis.Net loss of $88.3 million, or $0.31 loss per diluted share, as compared to a net loss of $0.13 per diluted share in Q4 2024.Global Warehouse segment same store revenues decreased 1.1% on an actual basis and decreased 1.5% on a constant currency basis as compared to Q4 2024.Global Warehouse same store services margin increased to 13.9% from 12.7% in Q4 2024.Global Warehouse segment same store NOI decreased 0.6%, or 0.8% on a constant currency basis, as compared to Q4 2024.Adjusted FFO of $108.3 million, or $0.38 per diluted share, a 2.7% increase from Q4 2024 Adjusted FFO per diluted share of $0.37.Core EBITDA of $162.9 million, increased $7.3 million, or 4.7% (3.3% on a constant currency basis) from $155.6 million in Q4 2024.Core EBITDA margin of 24.7%, increased from 23.3% in Q4 2024. Full Year to Date 2025 Highlights

Total revenues of $2.6 billion, a 2.4% decrease from $2.7 billion in 2024 and a decrease of 2.3% on a constant currency basis.Net loss of $114.5 million, or $0.40 loss per diluted share, as compared to a net loss of $0.33 per diluted share in 2024.Global Warehouse segment same store revenues decreased 1.4% on an actual basis and decreased 1.2% on a constant currency basis as compared to 2024.Global Warehouse same store services margin increased to 12.8% from 12.3% in 2024.Global Warehouse segment same store NOI decreased 2.7%, or 2.5% on a constant currency basis, as compared to 2024.Adjusted FFO of $408.3 million, or $1.43 per diluted share, a 2.7% decrease from 2024 Adjusted FFO per diluted share of $1.47.Core EBITDA of $617.9 million, decreased $16.2 million, or 2.6% on an actual and constant currency basis from $634.1 million in 2024.Core EBITDA margin of 23.7%, decreased from 23.8% in 2024. 2026 Outlook

The table below includes the details of our annual guidance. The Company’s guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

 February 19, 2026Warehouse segment same store revenues (constant currency)$2.20B – $2.27BWarehouse segment same store NOI (constant currency)$735M – $785MTotal Company NOI (constant currency)$780M – $845MTotal selling, general and administrative expense (inclusive of approximately $218M – $228M of core SG&A, $23M – $24M of share-based compensation expense, and $8M-$10M of Project Orion deferred costs amortization)$250M – $260MCore EBITDA$570M – $620MInterest expense$170M – $180MCurrent income tax expense$6M – $8MTotal maintenance capital expenditures$60M – $70MAdjusted FFO per share$1.20 – $1.30
Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, February 19, 2026 at 8:00 a.m. Eastern Time to discuss its fourth quarter and full year 2025 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust’s website at www.americold.com. To listen to the live webcast, please go to the site at least fifteen minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can also be accessed by dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#13758077. The telephone replay will be available starting shortly after the call until March 5, 2026.

The Company’s supplemental package will be available prior to the conference call in the Investors section of the Company’s website at http://ir.americold.com.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

Fourth Quarter 2025 Total Company Financial Results

Total revenues for the fourth quarter of 2025 were $658.5 million, a 1.2% decrease from $666.4 million in the same quarter of the prior year, primarily due to lower volumes in the Global Warehouse segment and a decrease in third-party managed services and transportation services revenues.

For the fourth quarter of 2025, Global Warehouse segment revenues were $600.7 million, a decrease of $5.8 million, or 1.0% on an actual basis and 1.3% on a constant currency basis, compared to $606.5 million for the fourth quarter of 2024. This decrease was principally driven by a reduction in economic occupancy of 130 basis points to 76.1% and a reduction in throughput pallets of 4.3% due to a competitive environment, changes in consumer buying habits, and the related change in food production levels. Such changes are due to increasing consumer conservatism, amid an inflationary environment, and increased capacity associated with recent speculative development in the cold storage industry. Such headwinds are partially offset by higher revenue per pallet due to changes in mix and pricing adjustments in the normal course of operations.

Global Warehouse segment contribution net operating income (NOI) was $206.9 million for the fourth quarter of 2025 as compared to $201.4 million for the fourth quarter of 2024, an increase of $5.5 million, or an increase of 2.7% on an actual basis and an increase of 2.5% constant currency basis. Global Warehouse segment margin was 34.4% for the fourth quarter of 2025, a 120 basis point increase compared to the fourth quarter of 2024. The increase in both NOI and margin for the Global Warehouse segment is primarily driven by lower costs of operations due to the exit of certain sites, partially offset by the decrease in warehouse segment revenues.

Total NOI for the fourth quarter of 2025 was $216.9 million, an increase of 2.7% (2.4% increase on a constant currency basis) from the same quarter of the prior year. This increase is primarily related to an increase in warehouse segment NOI which was driven by lower costs of operations, partially offset by a decrease in warehouse revenue both described above. Such decreases in warehouse revenues were partially offset by increases in warehouse revenues and NOI associated with recently completed expansions, developments, and acquisitions.

For the fourth quarter of 2025, the Company reported net loss of $88.3 million, or a net loss of $0.31 per diluted share, compared to a net loss of $36.2 million, or a net loss of $0.13 per diluted share, for the comparable quarter of the prior year. This was primarily driven by the Net loss from sale of real estate of $55.9 million recognized in the fourth quarter of 2025 related to the sale of certain sites, partially offset by the $12.9 million increase in the Total income tax benefit and the same factors driving the increase in NOI mentioned above.

Core EBITDA was $162.9 million for the fourth quarter of 2025, compared to $155.6 million for the comparable quarter of the prior year. This increase (4.7% on an actual basis and 3.3% on a constant currency basis) was primarily driven by the increase in total NOI and the decrease in Selling, general, and administrative costs.

For the fourth quarter of 2025, Core FFO was $102.8 million, or $0.36 per diluted share, compared to $88.6 million, $0.31 per diluted share for the fourth quarter of 2024.

For the fourth quarter of 2025, Adjusted FFO was $108.3 million, or $0.38 per diluted share, compared to $105.9 million, $0.37 per diluted share for the fourth quarter of 2024.

Please see the Company’s supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.

Balance Sheet Activity and Liquidity

As of December 31, 2025, the Company had total liquidity of approximately $935.4 million, including cash and available capacity on its revolving credit facility. Total net debt outstanding was approximately $4.2 billion (inclusive of approximately $194.6 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees). Unsecured debt comprises 95.5% of the Company’s total debt as of December 31, 2025. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months pro forma Core EBITDA) was approximately 6.8x. The Company’s unsecured debt has a remaining weighted average term of 4.1 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%. As of December 31, 2025, approximately 86.6% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.

Dividend

On December 16, 2025, the Company’s Board of Directors declared a 5% increase in the dividend, as compared to the prior year, to $0.23 per share for the fourth quarter of 2025, which was paid on January 15, 2026 to common stockholders of record as of December 31, 2025.

About the Company

Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. With 231 operating facilities across North America, Europe, Asia-Pacific, and South America— totaling approximately 1.4 billion refrigerated cubic feet—we connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities.

Non-GAAP Measures

We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, and maintenance capital expenditures. Definitions of these non-GAAP metrics are included in our quarterly financial supplement, and reconciliations of these non-GAAP measures to their most comparable US GAAP metrics are included herein. Each of the non-GAAP measures included in this press release has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this press release may not be comparable to similarly titled measures disclosed by other companies, including other REITs.

Forward-Looking Statements

This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: failure to execute on growth strategies and opportunities; rising inflationary pressures, increased interest rates and operating costs; national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; periods of economic slowdown or recession; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; difficulties in expanding our operations into new markets and products; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to implementation of the new ERP system; risks related to defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers for transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including our JV investment; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings, including our ongoing at the market program; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT.

Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include, but are not limited to, those regarding our 2026 outlook and our migration of our customers to fixed commitment storage contracts. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law.

Contacts:
Americold Realty Trust, Inc.
Investor Relations
Telephone: 678-459-1959
Email: [email protected]

Fourth Quarter and Full Year 2025 Global Warehouse Segment Results

The following tables present revenues, contribution (NOI), margins, and certain operating metrics for our global, same store, and non-same store warehouses for the three months and years ended December 31, 2025 and 2024.

  Three Months Ended December 31, Change
Dollars and units in thousands, except per pallet data 2025 Actual 2025 Constant Currency(1) 2024 Actual Actual
 Constant Currency
           TOTAL WAREHOUSE SEGMENT          Global Warehouse revenues:          Rent and storage $259,021 $258,565 $259,889 (0.3)% (0.5)%Warehouse services  341,654  339,864  346,576 (1.4)% (1.9)%Total revenues $600,675 $598,429 $606,465 (1.0)% (1.3)%Global Warehouse cost of operations(2):          Power  34,655  34,437  35,271 (1.7)% (2.4)%Other facilities costs(3)  59,981  60,015  61,720 (2.8)% (2.8)%Labor  246,492  245,295  251,486 (2.0)% (2.5)%Other services costs(4)  52,669  52,233  56,561 (6.9)% (7.7)%Total warehouse segment cost of operations $393,797 $391,980 $405,038 (2.8)% (3.2)%           Global Warehouse contribution (NOI) $206,878 $206,449 $201,427 2.7% 2.5%Rent and storage contribution (NOI)(5) $164,385 $164,113 $162,898 0.9% 0.7%Services contribution (NOI)(6) $42,493 $42,336 $38,529 10.3% 9.9%Global Warehouse margin  34.4%  34.5%  33.2% 120 bps
 130 bps
Rent and storage margin(7)  63.5%  63.5%  62.7% 80 bps
 80 bps
Warehouse services margin(8)  12.4%  12.5%  11.1% 130 bps
 140 bps
           Global Warehouse rent and storage metrics:          Average economic occupied pallets(9)  4,147 n/a  4,272 (2.9)% n/a
Average physical occupied pallets(10)  3,574 n/a  3,693 (3.2)% n/a
Average physical pallet positions(10)  5,451 n/a  5,517 (1.2)% n/a
Economic occupancy percentage(9)  76.1% n/a  77.4% -130 bps n/a
Physical occupancy percentage(10)  65.6% n/a  66.9% -130 bps n/a
Total rent and storage revenues per average economic occupied pallet $62.46 $62.35 $60.84 2.7% 2.5%Total rent and storage revenues per average physical occupied pallet $72.47 $72.35 $70.37 3.0% 2.8%Global Warehouse services metrics:          Throughput pallets  8,839 n/a  9,234 (4.3)% n/aTotal warehouse services revenues per throughput pallet $38.65 $38.45 $37.53 3.0% 2.5% (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.(2)Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses after being considered idle or closed due to an intention to exit. These sites are recognized within Acquisition, cyber incident, and other, net.(3)Includes real estate rent expense of $7.7 million and $9.0 million for the three months ended December 31, 2025 and 2024, respectively.(4)Includes non-real estate rent expense (equipment lease and rentals) of $2.2 million and $2.8 million for the three months ended December 31, 2025 and 2024, respectively.(5)Calculated as warehouse rent and storage revenues less power and other facilities costs.(6)Calculated as warehouse services revenues less labor and other services costs.(7)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.(8)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.(9)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.(10)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.(n/a = not applicable)   Three Months Ended December 31, ChangeDollars and units in thousands, except per pallet data 2025 Actual 2025 Constant Currency(1) 2024 Actual Actual Constant Currency           SAME STORE WAREHOUSE          Number of same store warehouses  219    219    Same store revenues:          Rent and storage $249,667 $249,215 $252,625 (1.2)% (1.3)%Warehouse services  334,569  332,792  338,129 (1.1)% (1.6)%Total same store revenues $584,236 $582,007 $590,754 (1.1)% (1.5)%Same store cost of operations(2):          Power  33,083  32,865  34,198 (3.3)% (3.9)%Other facilities costs  58,775  58,815  55,788 5.4% 5.4%Labor  236,469  235,280  242,631 (2.5)% (3.0)%Other services costs  51,560  51,126  52,614 (2.0)% (2.8)%Total same store cost of operations $379,887 $378,086 $385,231 (1.4)% (1.9)%           Same store contribution (NOI) $204,349 $203,921 $205,523 (0.6)% (0.8)%Same store rent and storage contribution (NOI)(3) $157,809 $157,535 $162,639 (3.0)% (3.1)%Same store services contribution (NOI)(4) $46,540 $46,386 $42,884 8.5% 8.2%Same store margin  35.0%  35.0%  34.8% 20 bps 20 bpsSame store rent and storage margin(5)  63.2%  63.2%  64.4% -120 bps -120 bpsSame store services margin(6)  13.9%  13.9%  12.7% 120 bps 120 bps           Same store rent and storage metrics:          Average economic occupied pallets(7)  4,064 n/a  4,132 (1.6)% n/aAverage physical occupied pallets(8)  3,500 n/a  3,564 (1.8)% n/aAverage physical pallet positions(8)  5,182 n/a  5,216 (0.7)% n/aEconomic occupancy percentage(7)  78.4% n/a  79.2% -80 bps n/aPhysical occupancy percentage(8)  67.5% n/a  68.3% -80 bps n/aSame store rent and storage revenues per average economic occupied pallet $61.43 $61.32 $61.14 0.5% 0.3%Same store rent and storage revenues per average physical occupied pallet $71.33 $71.20 $70.88 0.6% 0.5%Same store services metrics:          Throughput pallets  8,684 n/a  9,039 (3.9)% n/aSame store warehouse services revenues per throughput pallet $38.53 $38.32 $37.41 3.0% 2.4% (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.(2)Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses after being considered idle or closed due to an intention to exit. These sites are recognized within Acquisition, cyber incident, and other, net.(3)Calculated as same store rent and storage revenues less same store power and other facilities costs.(4)Calculated as same store warehouse services revenues less same store labor and other services costs.(5)Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.(6)Calculated as same store services contribution (NOI) divided by same store services revenues.(7)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.(8)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.(n/a = not applicable)   Three Months Ended December 31, ChangeDollars and units in thousands, except per pallet data 2025 Actual 2025 Constant Currency(1) 2024 Actual Actual Constant Currency           NON-SAME STORE WAREHOUSE          Number of non-same store warehouses(2)  9    16    Non-same store revenues:          Rent and storage $9,354 $9,350 $7,264 n/r n/rWarehouse services  7,085  7,072  8,447 n/r n/rTotal non-same store revenues $16,439 $16,422 $15,711 n/r n/rNon-same store cost of operations(3):          Power  1,572  1,572  1,073 n/r n/rOther facilities costs  1,206  1,200  5,932 n/r n/rLabor  10,023  10,015  8,855 n/r n/rOther services costs  1,109  1,107  3,947 n/r n/rTotal non-same store cost of operations $13,910 $13,894 $19,807 n/r n/r           Non-same store contribution (NOI) $2,529 $2,528 $(4,096) n/r n/rNon-same store rent and storage contribution (NOI)(4) $6,576 $6,578 $259 n/r n/rNon-same store services contribution (NOI)(5) $(4,047) $(4,050) $(4,355) n/r n/r           Non-same store rent and storage metrics:          Average economic occupied pallets(6)  83 n/a  140 n/r n/aAverage physical occupied pallets(7)  74 n/a  129 n/r n/aAverage physical pallet positions(7)  269 n/a  301 n/r n/aEconomic occupancy percentage(6)  30.9% n/a  46.5% n/r n/aPhysical occupancy percentage(7)  27.5% n/a  42.9% n/r n/aNon-same store rent and storage revenues per average economic occupied pallet $112.70 $112.65 $51.89 n/r n/rNon-same store rent and storage revenues per average physical occupied pallet $126.41 $126.35 $56.31 n/r n/rNon-same store services metrics:          Throughput pallets  155 n/a  195 n/r n/aNon-same store warehouse services revenues per throughput pallet $45.71 $45.63 $43.32 n/r n/r (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.(2)As of December 31, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 2 facilities where the executive leadership team has approved exits (both of which are leased facilities), 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, and 1 site that is temporarily idle. Beginning in Q4 2025, sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end. As of December 31, 2025, there are 4 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.(3)Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses after being considered idle or closed due to an intention to exit. These sites are recognized within Acquisition, cyber incident, and other, net.(4)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.(5)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.(6)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.(7)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.(n/a = not applicable)(n/r = not relevant)   Years Ended December 31, ChangeDollars and units in thousands, except per pallet data 2025 Actual 2025 Constant Currency(1) 2024 Actual Actual Constant Currency           TOTAL WAREHOUSE SEGMENT          Global Warehouse revenues:          Rent and storage $1,031,487 $1,033,888 $1,059,508 (2.6)% (2.4)%Warehouse services  1,345,629  1,347,179  1,357,235 (0.9)% (0.7)%Total revenues $2,377,116 $2,381,067 $2,416,743 (1.6)% (1.5)%Global Warehouse cost of operations(2):          Power  144,347  144,402  147,453 (2.1)% (2.1)%Other facilities costs(3)  237,627  238,382  256,910 (7.5)% (7.2)%Labor  989,630  991,487  998,543 (0.9)% (0.7)%Other services costs(4)  206,061  205,926  212,124 (2.9)% (2.9)%Total warehouse segment cost of operations $1,577,665 $1,580,197 $1,615,030 (2.3)% (2.2)%           Global Warehouse contribution (NOI) $799,451 $800,870 $801,713 (0.3)% (0.1)%Rent and storage contribution (NOI)(5) $649,513 $651,104 $655,145 (0.9)% (0.6)%Services contribution (NOI)(6) $149,938 $149,766 $146,568 2.3% 2.2%Global Warehouse margin  33.6%  33.6%  33.2% 40 bps 40 bpsRent and storage margin(7)  63.0%  63.0%  61.8% 120 bps 120 bpsWarehouse services margin(8)  11.1%  11.1%  10.8% 30 bps 30 bps           Global Warehouse rent and storage metrics:          Average economic occupied pallets(9)  4,097 n/a  4,304 (4.8)% n/aAverage physical occupied pallets(10)  3,494 n/a  3,731 (6.4)% n/aAverage physical pallet positions(10)  5,492 n/a  5,523 (0.6)% n/aEconomic occupancy percentage(9)  74.6% n/a  77.9% -330 bps n/aPhysical occupancy percentage(10)  63.6% n/a  67.6% -400 bps n/aTotal rent and storage revenues per average economic occupied pallet $251.77 $252.35 $246.17 2.3% 2.5%Total rent and storage revenues per average physical occupied pallet $295.22 $295.90 $283.97 4.0% 4.2%Global Warehouse services metrics:          Throughput pallets  35,244 n/a  36,509 (3.5)% n/aTotal warehouse services revenues per throughput pallet $38.18 $38.22 $37.18 2.7% 2.8% (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.(2)Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses after being considered idle or closed due to an intention to exit. These sites are recognized within Acquisition, cyber incident, and other, net.(3)Includes real estate rent expense of $29.0 million and $35.9 million for the years ended December 31, 2025 and 2024, respectively.(4)Includes non-real estate rent expense (equipment lease and rentals) of $9.6 million and $12.3 million for the years ended December 31, 2025 and 2024, respectively.(5)Calculated as warehouse rent and storage revenues less power and other facilities costs.(6)Calculated as warehouse services revenues less labor and other services costs.(7)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.(8)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.(9)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.(10)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.(n/a = not applicable)   Years Ended December 31, ChangeDollars and units in thousands, except per pallet data 2025 Actual 2025 Constant Currency(1) 2024 Actual Actual Constant Currency           SAME STORE WAREHOUSE          Number of same store warehouses  219    219    Same store revenues:          Rent and storage $990,329 $992,716 $1,019,826 (2.9)% (2.7)%Warehouse services  1,311,031  1,312,459  1,314,503 (0.3)% (0.2)%Total same store revenues $2,301,360 $2,305,175 $2,334,329 (1.4)% (1.2)%Same store cost of operations(2):          Power  137,549  137,600  139,453 (1.4)% (1.3)%Other facilities costs  228,680  229,427  228,579 —% 0.4%Labor  950,752  952,517  956,908 (0.6)% (0.5)%Other services costs  193,012  192,865  195,963 (1.5)% (1.6)%Total same store cost of operations $1,509,993 $1,512,409 $1,520,903 (0.7)% (0.6)%           Same store contribution (NOI) $791,367 $792,766 $813,426 (2.7)% (2.5)%Same store rent and storage contribution (NOI)(3) $624,100 $625,689 $651,794 (4.2)% (4.0)%Same store services contribution (NOI)(4) $167,267 $167,077 $161,632 3.5% 3.4%Same store margin  34.4%  34.4%  34.8% -40 bps -40 bpsSame store rent and storage margin(5)  63.0%  63.0%  63.9% -90 bps -90 bpsSame store services margin(6)  12.8%  12.7%  12.3% 50 bps 40 bps           Same store rent and storage metrics:          Average economic occupied pallets(7)  3,980 n/a  4,148 (4.1)% n/aAverage physical occupied pallets(8)  3,396 n/a  3,590 (5.4)% n/aAverage physical pallet positions(8)  5,195 n/a  5,214 (0.4)% n/aEconomic occupancy percentage(7)  76.6% n/a  79.6% -300 bps n/aPhysical occupancy percentage(8)  65.4% n/a  68.9% -350 bps n/aSame store rent and storage revenues per average economic occupied pallet $248.83 $249.43 $245.86 1.2% 1.5%Same store rent and storage revenues per average physical occupied pallet $291.62 $292.32 $284.07 2.7% 2.9%Same store services metrics:          Throughput pallets  34,526 n/a  35,591 (3.0)% n/aSame store warehouse services revenues per throughput pallet $37.97 $38.01 $36.93 2.8% 2.9% (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.(2)Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses after being considered idle or closed due to an intention to exit. These sites are recognized within Acquisition, cyber incident, and other, net.(3)Calculated as same store rent and storage revenues less same store power and other facilities costs.(4)Calculated as same store warehouse services revenues less same store labor and other services costs.(5)Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.(6)Calculated as same store services contribution (NOI) divided by same store services revenues.(7)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.(8)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.(n/a = not applicable)   Years Ended December 31, ChangeDollars and units in thousands, except per pallet data 2025 Actual 2025 Constant Currency(1) 2024 Actual Actual Constant Currency           NON-SAME STORE WAREHOUSE          Number of non-same store warehouses(2)  9    16    Non-same store revenues:          Rent and storage $41,158 $41,172 $39,682 n/r n/rWarehouse services  34,598  34,720  42,732 n/r n/rTotal non-same store revenues $75,756 $75,892 $82,414 n/r n/rNon-same store cost of operations(3):          Power  6,798  6,802  8,000 n/r n/rOther facilities costs  8,947  8,955  28,331 n/r n/rLabor  38,878  38,970  41,635 n/r n/rOther services costs  13,049  13,061  16,161 n/r n/rTotal non-same store cost of operations $67,672 $67,788 $94,127 n/r n/r           Non-same store contribution (NOI) $8,084 $8,104 $(11,713) n/r n/rNon-same store rent and storage contribution (NOI)(4) $25,413 $25,415 $3,351 n/r n/rNon-same store services contribution (NOI)(5) $(17,329) $(17,311) $(15,064) n/r n/r           Non-same store rent and storage metrics:          Average economic occupied pallets(6)  117 n/a  156 n/r n/aAverage physical occupied pallets(7)  98 n/a  141 n/r n/aAverage physical pallet positions(7)  297 n/a  309 n/r n/aEconomic occupancy percentage(6)  39.4% n/a  50.5% n/r n/aPhysical occupancy percentage(7)  33.0% n/a  45.6% n/r n/aNon-same store rent and storage revenues per average economic occupied pallet $351.78 $351.90 $254.37 n/r n/rNon-same store rent and storage revenues per average physical occupied pallet $419.98 $420.12 $281.43 n/r n/rNon-same store services metrics:          Throughput pallets  718 n/a  918 n/r n/aNon-same store warehouse services revenues per throughput pallet $48.19 $48.36 $46.55 n/r n/r (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.(2)As of December 31, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 2 facilities where the executive leadership team has approved exits (both of which are leased facilities), 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, and 1 site that is temporarily idle. Beginning in Q4 2025, sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end. As of December 31, 2025, there are 4 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.(3)Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses after being considered idle or closed due to an intention to exit. These sites are recognized within Acquisition, cyber incident, and other, net.(4)Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.(5)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.(6)We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.(7)We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.(n/a = not applicable)(n/r = not relevant) Americold Realty Trust, Inc. and SubsidiariesCondensed Consolidated Balance Sheets (Unaudited)(In thousands, except shares and per share amounts)   December 31, 2025 December 31, 2024Assets    Property, buildings, and equipment:    Land $818,606 $806,981Buildings and improvements  4,798,286  4,462,565Machinery and equipment  1,612,744  1,598,502Assets under construction  756,798  606,233   7,986,434  7,474,281Accumulated depreciation  (2,641,241)  (2,453,597)Property, buildings, and equipment – net  5,345,193  5,020,684     Operating leases – net  179,935  222,294Financing leases – net  157,936  104,216     Cash, cash equivalents, and restricted cash  136,863  47,652Accounts receivable – net of allowance of $16,396 and $24,426 at December 31, 2025 and 2024, respectively  368,521  386,924Identifiable intangible assets – net  819,494  838,660Goodwill  828,335  784,042Investments in and advances to partially owned entities  39,231  40,252Other assets  246,090  291,230Total assets $8,121,598 $7,735,954     Liabilities and Equity    Liabilities    Borrowings under revolving line of credit $332,111 $255,052Accounts payable and accrued expenses  574,059  603,411Senior unsecured notes and term loans – net of deferred financing costs of $16,001 and $13,882 at December 31, 2025 and 2024, respectively  3,792,123  3,031,462Sale-leaseback financing obligations  42,352  79,001Financing lease obligations  152,262  95,784Operating lease obligations  179,965  219,099Unearned revenues  20,169  21,979Deferred tax liability – net  98,591  115,772Other liabilities  7,953  7,389Total liabilities  5,199,585  4,428,949     Equity    Stockholders' equity:    Common stock, $0.01 par value per share – 500,000,000 authorized shares; 284,871,943 and 284,265,041 shares issued and outstanding at December 31, 2025 and 2024, respectively  2,848  2,842Paid-in capital  5,664,195  5,646,879Accumulated deficit and distributions in excess of net earnings  (2,719,408)  (2,341,654)Accumulated other comprehensive loss  (63,190)  (27,279)Total stockholders’ equity  2,884,445  3,280,788Noncontrolling interests  37,568  26,217Total equity  2,922,013  3,307,005Total liabilities and equity $8,121,598 $7,735,954 Americold Realty Trust, Inc. and SubsidiariesCondensed Consolidated Statements of Operations (Unaudited)(In thousands, except per share amounts)   Three Months Ended December 31, Years Ended December 31,  2025
 2024
 2025
 2024
Revenues:        Rent, storage, and warehouse services $600,675 $606,465 $2,377,116 $2,416,743Transportation services  48,297  49,875  188,230  209,129Third-party managed services  9,481  10,095  36,500  40,669Total revenues  658,453  666,435  2,601,846  2,666,541Operating expenses:        Rent, storage, and warehouse services cost of operations  393,797  405,038  1,577,665  1,615,030Transportation services cost of operations  40,783  42,165  156,984  172,606Third-party managed services cost of operations  7,019  8,042  27,811  32,178Depreciation and amortization  99,895  89,711  367,362  360,817Selling, general, and administrative  62,350  66,576  269,474  255,118Acquisition, cyber incident, and other, net  26,201  33,144  103,893  77,169Impairment of long-lived assets  41,796  30,173  47,099  33,126Net loss (gain) from sale of real estate  55,941  —  44,324  (3,514)Total operating expenses  727,782  674,849  2,594,612  2,542,530         Operating (loss) income  (69,329)  (8,414)  7,234  124,011         Other (expense) income:        Interest expense  (39,483)  (34,458)  (147,776)  (135,323)Loss on debt extinguishment and termination of derivative instruments  —  —  —  (116,082)Loss from investments in partially owned entities  (373)  (682)  (2,112)  (3,702)Other, net  327  47  6,921  27,919Loss before income taxes  (108,858)  (43,507)  (135,733)  (103,177)         Income tax (expense) benefit:        Current income tax  (2,069)  386  (6,133)  (4,782)Deferred income tax  22,017  6,712  26,584  13,210Total income tax benefit  19,948  7,098  20,451  8,428         Net loss $(88,910) $(36,409) $(115,282) $(94,749)Net loss attributable to noncontrolling interests  (569)  (194)  (734)  (436)Net loss attributable to Americold Realty Trust, Inc. $(88,341) $(36,215) $(114,548) $(94,313)         Weighted average common stock outstanding – basic  286,104  284,938  285,742  284,782Weighted average common stock outstanding – diluted  286,104  284,938  285,742  284,782         Net loss per common share – basic $(0.31) $(0.13) $(0.40) $(0.33)Net loss per common share – diluted $(0.31) $(0.13) $(0.40) $(0.33) Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO(In thousands, except per share amounts)   Three Months Ended December 31, Years Ended December 31,  2025
 2024
 2025
 2024
Net loss(1) $(88,910) $(36,409) $(115,282) $(94,749)Adjustments:        Real estate related depreciation  63,319  56,620  228,424  225,388Net loss (gain) from sale of real estate  55,941  —  44,324  (3,514)Net loss on real estate related asset disposals  88  264  102  330Impairment charges on certain real estate assets  41,796  18,032  45,612  20,985Our share of reconciling items related to partially owned entities  247  314  894  1,144NAREIT FFO $72,481 $38,821 $204,074 $149,584Adjustments:        Net loss (gain) on sale of non-real estate related assets  2,404  775  2,494  (236)Acquisition, cyber incident, and other, net  26,201  33,144  103,893  77,169Impairment of long-lived assets (excluding certain real estate assets)  —  12,141  1,487  12,141Loss on debt extinguishment and termination of derivative instruments  —  —  —  116,082Foreign currency exchange loss (gain)  732  1,766  1,408  (8,833)Gain on legal settlement related to prior period operations  —  —  —  (6,104)Project Orion and other software related deferred costs amortization  947  1,791  16,596  4,182Our share of reconciling items related to partially owned entities  —  116  145  805Gain from sale of partially owned entity  —  —  (2,420)  —Core FFO $102,765 $88,554 $327,677 $344,790Adjustments:        Amortization of deferred financing costs and pension withdrawal liability  1,467  1,445  5,869  5,329Amortization of below/above market leases  360  354  1,441  1,445Straight-line rent adjustment  63  335  288  1,612Deferred income tax benefit  (22,017)  (6,712)  (26,584)  (13,210)Stock-based compensation expense(2)  3,929  6,335  22,922  25,274Non-real estate depreciation and amortization  36,576  33,091  138,938  135,429Maintenance capital expenditures(3)  (14,908)  (17,596)  (62,554)  (80,951)Our share of reconciling items related to partially owned entities  45  136  277  671Adjusted FFO $108,280 $105,942 $408,274 $420,389
(1) Net loss used in the calculation of the Adjusted FFO reconciliation represents Net loss before adjustment for Net loss attributable to noncontrolling interests.
(2) Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Acquisition, cyber incident, and other, net.
(3) Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)(In thousands, except per share amounts)   Three Months Ended December 31, Years Ended December 31,  2025
 2024
 2025
 2024
NAREIT FFO $72,481 $38,821 $204,074 $149,584Core FFO $102,765 $88,554 $327,677 $344,790Adjusted FFO $108,280 $105,942 $408,274 $420,389         Reconciliation of weighted average shares:        Weighted average basic shares for net income calculation  286,104  284,938  285,742  284,782Dilutive stock options and unvested restricted stock units  104  434  163  403Weighted average dilutive shares  286,208  285,372  285,905  285,185         NAREIT FFO – basic per share $0.25 $0.14 $0.71 $0.53NAREIT FFO – diluted per share $0.25 $0.14 $0.71 $0.52         Core FFO – basic per share $0.36 $0.31 $1.15 $1.21Core FFO – diluted per share $0.36 $0.31 $1.15 $1.21         Adjusted FFO – basic per share $0.38 $0.37 $1.43 $1.48Adjusted FFO – diluted per share $0.38 $0.37 $1.43 $1.47 Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA(In thousands)   Three Months Ended December 31, Years Ended December 31,  2025
 2024
 2025
 2024
Net loss(1) $(88,910) $(36,409) $(115,282) $(94,749)Adjustments:      Depreciation and amortization  99,895  89,711  367,362  360,817Interest expense  39,483  34,458  147,776  135,323Income tax benefit  (19,948)  (7,098)  (20,451)  (8,428)Net loss (gain) from sale of real estate  55,941  —  44,324  (3,514)Adjustment to reflect share of EBITDAre of partially owned entities  499  1,461  3,273  5,909NAREIT EBITDAre $86,960 $82,123 $427,002 $395,358Adjustments:      Acquisition, cyber incident, and other, net  26,201  33,144  103,893  77,169Loss from investments in partially owned entities  373  682  2,112  3,702Impairment of long-lived assets  41,796  30,173  47,099  33,126Foreign currency exchange loss (gain)  732  1,766  1,408  (8,833)Stock-based compensation expense(2)  3,929  6,335  22,922  25,274Loss on debt extinguishment and termination of derivative instruments  —  —  —  116,082Net loss on real estate related asset disposals  88  264  102  330Net loss (gain) on sale of non-real estate related assets  2,404  775  2,494  (236)Gain on legal settlement related to prior period operations  —  —  —  (6,104)Project Orion and other software related deferred costs amortization  947  1,791  16,596  4,182Reduction in EBITDAre from partially owned entities  (499)  (1,461)  (3,273)  (5,909)Gain from sale of partially owned entity  —  —  (2,420)  —Core EBITDA $162,931 $155,592 $617,935 $634,141       Total revenues $658,453 $666,435 $2,601,846 $2,666,541Core EBITDA margin  24.7%  23.3%  23.7%  23.8%
(1) Net loss used in the calculation of the Core EBITDA reconciliation represents Net loss before adjustment for Net loss attributable to noncontrolling interests.
(2) Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Acquisition, cyber incident, and other, net. Revenues and Contribution (NOI) by Segment(In thousands)   Three Months Ended December 31, Years Ended December 31,  2025
 2024
 2025
 2024
Segment revenues:        Warehouse $600,675 $606,465 $2,377,116 $2,416,743Transportation  48,297  49,875  188,230  209,129Third-party managed  9,481  10,095  36,500  40,669Total revenues  658,453  666,435  2,601,846  2,666,541         Segment contribution:        Warehouse  206,878  201,427  799,451  801,713Transportation  7,514  7,710  31,246  36,523Third-party managed  2,462  2,053  8,689  8,491Total segment contribution (NOI)  216,854  211,190  839,386  846,727         Reconciling items:        Depreciation and amortization expense  (99,895)  (89,711)  (367,362)  (360,817)Selling, general, and administrative expense  (62,350)  (66,576)  (269,474)  (255,118)Acquisition, cyber incident, and other, net  (26,201)  (33,144)  (103,893)  (77,169)Impairment of long-lived assets  (41,796)  (30,173)  (47,099)  (33,126)Net (loss) gain from sale of real estate  (55,941)  —  (44,324)  3,514Interest expense  (39,483)  (34,458)  (147,776)  (135,323)Loss on debt extinguishment and termination of derivative instruments  —  —  —  (116,082)Loss from investments in partially owned entities  (373)  (682)  (2,112)  (3,702)Other, net  327  47  6,921  27,919Loss before income taxes $(108,858) $(43,507) $(135,733) $(103,177)
We view and manage our business through three primary business segments—warehouse, transportation, and third-party managed. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request, case-picking, blast freezing, produce grading and bagging, ripening, kitting, protein boxing, repackaging, e-commerce fulfillment, and other recurring handling services.

In our transportation segment, we broker and manage transportation of frozen and perishable food and other products for our customers. Our transportation services include consolidation services (i.e., consolidating a customer’s products with those of other customers for more efficient shipment), freight under management services (i.e., arranging for and overseeing transportation of customer inventory) and dedicated transportation services, each designed to improve efficiency and reduce transportation and logistics costs to our customers. We provide these transportation services at cost plus a service fee or, in the case of our consolidation or dedicated services, we may charge a fixed fee. We also provide multi-modal global freight forwarding services to support our customers’ needs in certain markets.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. We believe using our third-party management services allows our customers to increase efficiency, reduce costs, reduce supply-chain risks and focus on their core businesses. We also believe that providing third-party management services allows us to offer a complete and integrated suite of services across the cold chain.

Notes and Definitions

We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, and maintenance capital expenditures.

We calculate NAREIT funds from operations, or NAREIT FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding gains or losses from sales of previously depreciated operating real estate and other assets, plus specified non-cash items, such as real estate asset depreciation and amortization, impairment charges on real estate related assets, and our share of reconciling items for partially owned entities. We believe that NAREIT FFO is helpful to investors as a supplemental performance measure because it excludes the effect of real estate related depreciation, amortization and gains or losses from sales of real estate or real estate related assets, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, NAREIT FFO can facilitate comparisons of operating performance between periods and among other equity REITs.

We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of extraordinary items as defined under U.S. GAAP including Net loss (gain) on sale of non-real estate related assets; Acquisition, cyber incident, and other, net; Impairment of long-lived assets (excluding certain real estate assets); Loss on debt extinguishment and termination of derivative instruments; Foreign currency exchange loss (gain); Gain on legal settlement related to prior period operations; Project Orion and other software related deferred costs amortization; Our share of reconciling items related to partially owned entities; and Gain from sale of partially owned entity. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.

However, because NAREIT FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of NAREIT FFO and Core FFO measures of our performance may be limited.

We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of Amortization of deferred financing costs and pension withdrawal liability; Amortization of below/above market leases; Straight-line rent adjustment; Deferred income tax benefit; Stock-based compensation expense; Non-real estate depreciation and amortization; Maintenance capital expenditures; and Our share of reconciling items related to partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities.

NAREIT FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. NAREIT FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP Net loss and Net loss per common share - diluted (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. NAREIT FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our Condensed Consolidated Statements of Operations (Unaudited) and Condensed Consolidated Statements of Cash Flows (Unaudited) included in our quarterly and annual reports. NAREIT FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our Net loss or Net cash provided by operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our NAREIT FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We reconcile NAREIT FFO, Core FFO and Adjusted FFO to Net loss, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

We calculate NAREIT EBITDA for Real Estate, or NAREIT EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, Net loss before Depreciation and amortization; Interest expense; Income tax benefit; Net loss (gain) from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. NAREIT EBITDAre is a measure commonly used in our industry, and we present NAREIT EBITDAre to enhance investor understanding of our operating performance. We believe that NAREIT EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies.

We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Acquisition, cyber incident, and other, net; Loss from investments in partially owned entities; Impairment of long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments; Net loss on real estate related asset disposals; Net loss (gain) on sale of non-real estate related assets; Gain on legal settlement related to prior period operations; Project Orion and other software related deferred costs amortization; Reduction in EBITDAre from partially owned entities; and Gain from sale of partially owned entity. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in NAREIT EBITDAre but which we do not believe are indicative of our core business operations. We calculate Core EBITDA margin as Core EBITDA divided by Total revenues. NAREIT EBITDAre and Core EBITDA are not measurements of financial performance or liquidity under U.S. GAAP, and our NAREIT EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our NAREIT EBITDAre and Core EBITDA as alternatives to Net loss or Net cash provided by operating activities determined in accordance with U.S. GAAP. Our calculations of NAREIT EBITDAre and Core EBITDA have limitations as analytical tools, including:

these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;these measures do not reflect changes in, or cash requirements for, our working capital needs;these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;these measures do not reflect our tax expense or the cash requirements to pay our taxes; andalthough depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements. Net debt to proforma Core EBITDA is calculated using total debt outstanding less cash, cash equivalents, and restricted cash divided by pro-forma and/or Core EBITDA. If applicable, we calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquisitions and divestitures. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition.

NOI is calculated as Net loss before Interest expense, Income tax (expense) benefit, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of long-lived assets; Net loss (gain) from sale of real estate and all components of non-operating other income and expense. Management believes that this is a helpful metric to measure period to period operating performance of the business.

We define our “same store” population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to January 1 of the current calendar year. We define “normalized operations” as properties that have been open for operation or lease, after development, expansion, or significant modification (e.g., rehabilitation subsequent to a natural disaster). Acquired properties are included in the “same store” population if owned by us as of the first business day of the prior calendar year (e.g. January 1, 2024) and are still owned by us as of the end of the current reporting period, unless the property is under development. The “same store” pool is also adjusted to remove properties that are being exited (e.g. non-renewal of warehouse lease or held for sale to third parties), were sold, or entered development subsequent to the beginning of the current calendar year. Changes in ownership structure (e.g., purchase of a previously leased warehouse) does not result in a facility being excluded from the same store population, as management believes that actively managing its real estate is normal course of operations. Additionally, management classifies new developments (both conventional and automated facilities) as a component of the same store pool once the facility is considered fully operational and both inbounding and outbounding product for at least twelve consecutive months prior to January 1 of the current calendar year.

We calculate “same store revenues” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any Depreciation and amortization, Impairment of long-lived assets, Selling, general, and administrative, Acquisition, cyber incident, and other, net and Net loss (gain) from sale of real estate) and all components of non-operating other income and expense. In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP.

We define “maintenance capital expenditures” as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards.

All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.

Highlights:

In-situ carbon injection pilot successfully sequesters 12 tonnes of CO2 at the Crawford Nickel Project Project demonstrates another permanent CO2 storage pathway, distinct from the Company's IPT Carbonation and NetCarb processes , /PRNewswire/ - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQB: CNIKF) is pleased to announce the successful completion of an in-situ carbon sequestration pilot study at its flagship Crawford Nickel Project ("Crawford"), near Timmins, Ontario. 

The pilot was conducted in collaboration with the U.S. Department of Energy's Advanced Research Projects Agency – Energy (DOE ARPA-E) funded team, led by Dr. Estibalitz Ukar, Research Associate Professor at the University of Texas at Austin. 

Figure 1. Location of drillholes and stations for the Carbon sequestration test at Crawford. (CNW Group/Canada Nickel Company Inc.)  "This achievement marks another critical milestone toward realizing a Zero-Carbon Industrial Cluster in the Timmins region. By successfully demonstrating a third pathway for utilizing our ultramafic deposits to capture and store carbon – in addition to the IPT Carbonation and NetCarb processes – we are expanding the tools available for large-scale decarbonization" said Mark Selby, CEO of Canada Nickel. "The direct injection approach, which is implemented prior to mining, has the potential to lower future mining costs by pre-conditioning and fracturing the rock mass, making it less energy intensive to blast and process during crushing and grinding. The results also leverage portions of ultramafic deposits that lack economically recoverable minerals, turning them into valuable assets for environmental carbon removal."

Dr. Ukar added, "The Crawford in-situ mineralization field test shows that carbon capture doesn't have to be an add-on to mining—it can be built in from the very beginning. What we demonstrated at Crawford represents more than an experiment at a single site, it's a scalable model for how mining can contribute to global decarbonization. In-situ mineralization allows us to permanently store CO₂ while simultaneously reducing mining energy requirements, creating both environmental and economic value."

After nearly two years of planning, laboratory experiments, and deployment of an extensive monitoring network, the CO₂ injection field test was conducted between mid-November and mid-December 2025. All data collected to date indicate that the field test proceeded as planned and was a success: approximately 12 tonnes of injected CO₂ remained dissolved at depth, with no surface leakage detected.

Starting on November 20, 2025, the pilot project conducted short-duration injection trials over a 12-day period, until December 1st. From December 2nd until December 18th, CO2-saturated water was injected continuously at a constant CO2 delivery rate injected into a single injection well drilled to a depth of 396m. The well was cased to 350m, establishing an injection interval between 350m and 396m. The trials confirmed that the injected CO₂ remained fully dissolved within the water column, with no upward migration of CO₂ gas observed.

The water used to dissolve carbon dioxide was sourced from an onsite well. The well configuration for the test consisted of an injection well (IN), a water supply well (SW), four water monitoring wells, 12 surface seismic monitoring stations, and three seismic monitoring boreholes (Figure 1).

Seismicity and potential CO₂ gas leakage was continuously monitored throughout the field test. No significant seismic events (M>1) were detected, and no CO₂ was observed emerging from monitoring wells or through the silty sedimentary cover. Preliminary chemical analyses indicate that, at the time of writing, the injected CO₂-rich water had not reached the monitoring wells, as predicted by reactive transport modelling. No surface leakage was detected, providing a strong indication that, as expected, all injected CO₂ remained at depth.

In the coming months, monitoring of seismicity, water chemistry through regular sampling, and potential CO₂ gas leakage will continue. Monitoring wells will be re-entered and sampled in the spring, following several months of reaction, and prior to ground thaw, to ensure access to the site. The area is also being monitored using InSAR satellite measurements. Monitoring will continue for several months as the team tracks seismicity and water chemistry to continue understanding and documenting subsurface fluid flow and reaction processes.

This initiative is independent of Canada Nickel's In-Process Tailings (IPT) Carbonation and NetCarb Programs (processes in which CO2 is injected and stored in waste rock and tailings) and represents a key step in expanding the Company's carbon capture and storage capabilities. Results from this study will help guide future post-mining carbon sequestration strategies, further strengthening Canada Nickel's vision for a Zero-Carbon Industrial Cluster in the Timmins Region. 

About Canada Nickel Company

Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless-steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel- Cobalt Sulphide Project in the heart of the prolific Timmins-Nickel District. For more information, please visit www.canadanickel.com.

For further information, please contact:
Mark Selby
CEO
Phone: 647-256-1954
Email: [email protected]

Cautionary Note and Statement Concerning Forward Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the potential and viability of carbon sequestration generally, the impact of drilling on the definition of any resource, timing and completion (if at all) of additional mineral resource estimates, the potential of the Timmins Nickel District, strategic plans, including future exploration and development plans and results, and corporate and technical objectives. Forward-looking information is necessarily based upon several assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Canada Nickel Company Inc.

UBS reiterated its 'buy' rating on Centrica PLC (LSE:CNA) with a 12-month price target of 200p following full-year results, despite flagging no incremental positives in the release.

The shares closed at 196p on 18 February 2026, implying forecast price appreciation of 2.0% and a forecast total return of 4.8%, below UBS’s market return assumption of 8.6%.

Adjusted earnings per share of 11.2p were in line with UBS’s 11.3p estimate and the company-compiled consensus of 11.2p.

At the operating level, British Gas Services and Solutions outperformed, delivering £114 million of operating profit against UBS’s £85 million estimate.

Centrica Energy, the trading division, underperformed with £150 million of operating profit versus UBS’s £203 million forecast.

Net cash of £1.49 billion exceeded UBS’s £1.24 billion estimate and was broadly in line with consensus.

The group booked £0.5 billion of impairments on gas production and existing nuclear assets, which UBS described as partly technical and driven by commodity curves, discount rates and life assumptions.

UBS highlighted continued pressure in domestic receivables, with aged debt in retail rising from £1.95 billion to £2.48 billion despite flat bills year on year.

Provisions increased from £0.8 billion to £1.04 billion, and UBS argued that annual rises in working capital were unsustainable for the industry.

The bank did not expect a material flow back of receivables and noted that recovery through regulated price caps did not match cash outflows.

Guidance for 2026 was issued for the first time and appeared weak relative to UBS forecasts.

The centre of the EBITDA range for retail and optimisation was £900 million, versus UBS’s £977 million estimate.

Centrica flagged that 2026 EBITDA in Optimisation would be £100 million below the centre of the range, implying £200 million of earnings before interest and tax in Centrica Energy, compared with UBS’s £267 million forecast and the previous £250 million to £350 million range.

Net interest expense was guided to £100 million, ahead of UBS’s £57 million estimate.

On the positive side, Rough gas storage was expected to break even in 2026, compared with UBS’s prior forecast loss of £50 million.

UBS forecast 2026 adjusted earnings per share of 14.0p, below the Visible Alpha consensus of 14.6p.

The company paused its share buyback programme, which UBS saw as an additional negative for sentiment.

There was only a modest uplift to the 2028 EBITDA target, to £1.7 billion from £1.6 billion, compared with UBS’s £1,753 million estimate.

The 2030 EBITDA target of £2.0 billion included life extensions at advanced gas-cooled reactor nuclear assets, which UBS treated as an embedded assumption.

UBS’s valuation was based on a sum of the parts methodology, which values each business division separately and aggregates them to derive an equity value.

In early afternoon trading, the shares were down 6% at 184.95p.

Advanced Micro Devices (NASDAQ: AMD) has been hit hard by the early 2026 sell-off and is down 13.92% in the stock market in the last 30 days.

AMD stock price 30-day chart. Source: Finbold The uncertainty regarding AMD shares and business performance is evident in recent Wall Street analyst price target rating updates, though not to the extent that might be expected given the valuation crash.

Bernstein updates AMD stock 12-month price target Bernstein’s Stacy Rasgon – the institutional expert to prove the most recent update – proved no exception to the rule when she, on February 17, reiterated her previous opinion that the semiconductor giant’s equity is a ‘Hold.’

This neutral recommendation was also accompanied by a confirmation that AMD will, despite the tumult, rally later in 2026 and hit $235 in the coming 12 months.

Rasgon’s rating revision was also consistent with a broader Wall Street attitude regarding the world’s second-biggest semiconductor company. 

While the most recent notes provided a roughly equal mix of ‘Hold’ and ‘Buy’ rankings, the sum of the last three months paints Advanced Micro Devices stock as a ‘Strong Buy,’ with an average price target of $286.80, per data Finbold retrieved from TipRanks on February 19.

Wall Street sets AMD stock price target for the next 12 months. Source: TipRanks Why Bernstein expects AMD stock to rally to $235 When Bernstein’s Stacy Rasgon first gave the $235 AMD stock price target, it was done in response to the fairly strong earnings report published at the start of February. The filing provided ample reason for optimism with a $600 million revenue forecast beat and particularly strong sales in China.

Still, the tailwinds were tempered by the relatively weak guidance and, as Rasgon herself pointed out, AMD trading at a high 25x multiple applied to fiscal year 2027 earnings per share of $9.25. 

Indeed, this figure alone positions Advanced Micro Devices as the most relatively expensive player in the wider artificial intelligence (AI) sector – an especially damning indictment given the mounting fears AI has become an unprecedented bubble.

Could this shortage turbocharge an AMD stock rally Elsewhere, AMD might find an unexpected reprieve in the consumer market. Nvidia is, allegedly, considering a retreat from new-generation gaming hardware in favor of older models and as part of the growing focus on corporate clients.

If the world’s top semiconductor company truly pulls back, a void for AMD to fill might materialize in the consumer market.

Simultaneously, and much like many other aspects of Advanced Micro Devices, the existence of such tailwinds is very tentative, in no small part due to the AI-caused shortage of memory that is driving production costs up and limiting potential industrial output.

Featured image via Shutterstock

Wall Street Breakfast Podcast: Carvana Drops Despite Higher Sales

After falling 17.19% in 2026 to its February 19, press time price of $400.50, Microsoft (NASDAQ: MSFT) stock received a welcome show of confidence in the form of a board member executing a $2 million purchase.

MSFT stock price YTD chart. Source: Finbold Specifically, Director John W. Stanton bought 5,000 MSFT shares at an average price of $397.35 on February 18 and reported his trade on the very same day. 

The insider purchase is remarkable for being the biggest Microsoft has seen in about a decade, and one of the only two executed since 2022.

John Stanton’s February 18 Microsoft stock insider buy. Source: SECForm4 Vice Chair and President Bradford Smith made the other recent insider buy on April 23, 2025. It amounted to $1.45 million and 3,842 shares. Notably, Smith reported selling the exact same amount of equity only one week later – on April 30, 2025 – for just under $1.7 million.

Additionally, the Vice Chair only reported the two opposite trades months later, on December 12.

The third most recent insider buy took place in late January 2022, when Director Emma Walmsley purchased $1 million worth of Microsoft stock.

Thus, Stanton’s February 2026 insider trade is notable for multiple reasons. It came after MSFT shares suffered a significant drop in less than two months, it was the first purchase to not be immediately reversed by a sale, and it is the biggest Microsoft has seen in a decade.

Does Stanton’s Microsoft stock insider buy hint at imminent MSFT rally? While Director John Stanton’s insider trade is indeed a welcome show of confidence, it is notable that the blue-chip technology giant remains under significant pressure in 2026.

Specifically, investors have grown increasingly wary of Microsoft’s massive investments in artificial intelligence (AI) and exposure to OpenAI. 

Indeed, the revelation that as much as 45% of the big tech firm’s backlog is tied to Sam Altman’s private company is, arguably, the single biggest reason behind MSFT stock’s recent post-earnings drop that wiped some $350 billion from the corporation’s market capitalization within a single session.

Such weakness and instability are relatively unlikely to subside despite Wall Street’s overwhelming bullishness and Stanton’s insider trade, considering OpenAI’s internal documents reportedly forecast a $14 billion loss in 2026.

Still, there remains strong potential for reversal. Microsoft’s overall business remains mostly healthy and very profitable – as seen with the other aspects of the most recent earnings – and, should the company address the growing number of complaints of Windows users, and should OpenAI’s forecast for $100 billion in revenue by 2029 come true, MSFT shares might soon enjoy tempestuous tailwinds.

Featured image via Shutterstock

Energy Transfer has high-octane total return potential.

Energy Transfer (ET +1.34%) has a high dividend yield (currently over 7%). A company usually has a high dividend yield because it lacks attractive investment opportunities.

However, that couldn't be further from the truth with this master limited partnership (MLP). The MLP can't seem to stop securing additional expansion projects. That's giving it lots of fuel to grow its earnings and high-yielding payout. As a result, the pipeline stock could produce robust total returns in the coming years.

Image source: Getty Images.

Adding more projects to the list Energy Transfer and its joint venture partner Kinder Morgan recently approved two expansion projects on their Florida Gas Transmission (FGT) pipeline to support growing demand across Florida:

FGT Phase IX Project: The companies will build up to 82 miles of looping pipeline and new and upgraded compression facilities, which they expect to complete in the fourth quarter of 2028. South Florida Project: The partners will build a new 37-mile lateral and related facilities to enhance system reliability and efficiency in South Florida, with completion expected in the first quarter of 2030. Energy Transfer will invest $535 million into FGT Phase IX and another $110 million into the South Florida Project, while its partner will fund up to $700 million of the capital costs. These expansion projects enhance their growth visibility and extend it into the early part of the next decade.

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The building boom Energy Transfer currently expects to invest between $5 billion and $5.5 billion into growth capital projects this year. This capital spending will support projects entering commercial service over the next several years. Notable 2026 project completions including Phase I of its $2.7 billion Hugh Brinson natural gas pipeline, its Mustang Draw I & II gas processing plants, and pipeline projects to supply gas to power plants and data centers. Meanwhile, the company has several longer-term capital projects underway, led by the $5.6 billion Transwestern Pipeline expansion project (with an anticipated in-service date in the fourth quarter of 2029).

The MLP has more projects under development. For example, it aims to approve the Dakota Access North Project to increase the flow of Canadian crude oil into the U.S. by the middle of this year. It's also working on several additional projects to supply gas to additional data centers and gas-fired power generation facilities. The company has so many expansion projects these days that it decided to suspend further development of its Lake Charles LNG export project to focus on investing in gas pipeline infrastructure with better risk/return profiles.

Energy Transfer's abundance of growth projects is helping fuel accelerated earnings growth this year. The company expects to grow its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 9% to 12% this year, up from 3% growth last year. Given the size of its backlog, it should continue to grow briskly. That supports its plans to increase its high-yielding distribution by 3% to 5% each year.

High-octane total return potential Energy Transfer's growing list of expansion projects is adding more fuel to its earnings and distribution growth engines. This combination of income and growth could give the company the fuel to produce robust total returns in 2026 and beyond, making it a compelling long-term investment opportunity.

Matt DiLallo has positions in Energy Transfer and Kinder Morgan. The Motley Fool has positions in and recommends Kinder Morgan. The Motley Fool has a disclosure policy.

SoFi is rapidly gaining market share as a top online bank.

Bank of America (BAC +1.24%) is one of the largest global banks, with thousands of branches. It offers a wide range of financial products that help people save, borrow, and invest their money.

The stock has been sluggish to start the year and is down by 3%, but its long-term returns are solid. The bank stock is up by more than 50% during the past five years and has a 2.1% dividend yield.

This same financial stock is approaching a $400 billion market cap, which will make it harder for the company to deliver life-changing returns for new investors. People who want exposure to the financial sector and a promising long-term pick may want to consider SoFi (SOFI +0.20%) instead. Here's why.

This small fintech company is delivering tremendous growth

Image source: Getty Images.

SoFi is larger than most fintech companies, but its $25 billion market cap looks small when you compare it to Bank of America. Its online banking solutions let it offer higher interest rates on deposits and have more competitive products than traditional banks, which have higher overhead costs as a result of operating large networks of physical branch offices.

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The online bank delivered 40% year-over-year revenue growth in the fourth quarter and secured its ninth consecutive quarter of profitability. SoFi's adjusted net income almost tripled year over year. This metric is more valuable than net income for this particular quarter, since SoFi had a one-time income tax benefit in Q4 2024 that distorts the year-over-year net income comparison.

SoFi's revenue and net income are growing at faster rates than those of Bank of America and other traditional banks. As more people tap into the benefits of online banking, SoFi should continue to gain market share and wind up with a more attractive price-to-earnings (P/E) ratio over time.

Here's what is fueling those numbers SoFi's growth rates are good, and its underlying business suggests it can maintain those gains. The fintech company has 13.7 million customers after adding 1 million new members in Q4. That's the most customers SoFi has added in a single quarter, highlighting the growing mainstream acceptance of online banks.

The company is also delivering solid results across multiple product categories. Just like any traditional bank, SoFi helps people save, borrow, and invest money. The company also recently tapped into cryptocurrencies again, which can turn into a long-term tailwind once Bitcoin (BTC 1.27%) regains its momentum. SoFi said it closed the year with 63,441 crypto products, which means that many SoFi members are using crypto trading. 

SoFi also saw strong demand across its product categories, with bank accounts, investment accounts, and credit card openings up by 33%, 28%, and 56% year over year, respectively. SoFi's products are getting more popular, and all that visibility directly translates into revenue and net income gains that can help the fintech stock outperform Bank of America and its peers.

Bank of America is an advertising partner of Motley Fool Money. Marc Guberti has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

, /PRNewswire/ -- Autoliv, Inc. (NYSE: ALV) and (SSE: ALIV.sdb), the worldwide leader in automotive safety systems, today announced that its Board of Directors has declared a quarterly dividend of 87 cents for the first quarter of 2026.

To holders of record on the close of business on Wednesday, March 4, the dividend will be payable on:

Thursday, March 19, 2026 to holders of Autoliv common stock listed on the New York Stock Exchange (Common Stock); and Friday, March 20, 2026 to holders of Autoliv Swedish Depository Receipts listed on Nasdaq Stockholm (SDRs). The ex-date will be:

Wednesday, March 4, for holders of Common Stock; and Tuesday, March 3, for holders of SDRs. Inquiries:          

Investors & Analysts: Anders Trapp, Tel +46 (0)709 578 170
Investors & Analysts: Henrik Kaar, Tel +46 (0)709 578 114

Media: Gabriella Etemad, Tel +46 (0)706 126 424

This information is information that Autoliv, Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 10:55 CET on February 19, 2026.

About Autoliv

Autoliv, Inc. (NYSE: ALV; Nasdaq Stockholm: ALIV.sdb) is the worldwide leader in automotive safety systems. Through our group companies, we develop, manufacture and market protective systems, such as airbags, seatbelts, and steering wheels for all major automotive manufacturers in the world, as well as mobility safety solutions, such as commercial vehicles and electrical safety solutions. At Autoliv, we challenge and re-define the standards of mobility safety to sustainably deliver leading solutions. In 2025, our products saved approximately 40,000 lives and reduced around 600,000 injuries.

We have operations in 25 countries, and we drive innovation, research, and development at our 13 technical centers. Our 64,000 employees are passionate about our vision of Saving More Lives and quality is at the heart of everything we do. Sales in 2025 amounted to $10.8 billion. For more information go towww.autoliv.com.

Safe Harbor Statement

This report contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Autoliv, Inc. or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including general economic conditions and fluctuations in the global automotive market. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law. 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/autoliv/r/autoliv-declares-quarterly-dividend,c4309845

The following files are available for download:

SOURCE Autoliv

VODNJAN, Croatia--(BUSINESS WIRE)--Global cloud communications platform Infobip has been named the number one Established Leader in the Juniper Research RCS for Business 2026 Leaderboard. The analyst firm scored Infobip as the top vendor out of 17 because of its superior capability and capacity, enhanced product and position and significant market presence.

Juniper Research scores vendors on a range of factors including but not limited to their geographical reach, depth of partnerships, RCS value-added services, notable RCS deployments, and innovation. According to Juniper Research, Infobip stands out for its wide network of mobile operator connections for RCS for Business and its extensive geographic reach, including being the first provider to launch RCS messaging across all major US telecom carriers. Brands such as Virgin Atlantic are using Infobip’s RCS solutions to deliver interactive, conversational messaging that drives stronger customer engagement.

Molly Gatford, Senior Research Analyst, Juniper Research, said: “With extensive mobile operator connectivity and global coverage, Infobip enables global brands to scale RCS for Business initiatives efficiently worldwide. Moreover, the platform’s ability to support brands through RCS sender registration with mobile operators helps accelerate onboarding, enabling enterprises to adopt RCS more quickly and at scale, and accelerate time to market.”

Adrian Benić, Chief Product Officer, Infobip, said: “RCS for Business took off last year following Apple’s support for RCS. With this increase in reach, Juniper Research expects enterprise adoption of RCS for Business to accelerate this year as brands look to explore how the channel can support end-to-end customer experiences. We are well-positioned to support this growth through our CPaaS offering, combining conversational experience orchestration with global messaging infrastructure and comprehensive customer engagement strengthened by our AI capabilities.”

Access the report here: https://www.infobip.com/analyst-reports/infobip-juniper-research-rcs-leaderboard.

About Infobip

Infobip is a global cloud communications platform that enables businesses to build connected experiences across all stages of the customer journey, with AI as the driving force of innovation. Through a single, natively built platform, Infobip delivers omnichannel engagement, identity, user authentication and contact centre solutions that help businesses and partners overcome the complexity of consumer communications while driving growth and increasing customer loyalty. Infobip is focused on enabling and accelerating AI adoption as it continues its transformation into an AI-first company.

RAHWAY, N.J.--(BUSINESS WIRE)---- $MRK #MRK--Merck Announces Positive New Data for ENFLONSIA™ (clesrovimab) for Infants and Children Under 2 at Increased Risk for Severe RSV Over Two RSV Seasons.

Three Vietnamese airlines announced deals Thursday to buy nearly 100 Boeing aircraft during a visit by the head of the country's communist party, To Lam, to Washington, D.C.

The deals include commitments from Vietnam Airlines, Sun PhuQuoc Airways and VietJet, marking one of the largest civil aviation contracts announced by Vietnamese carriers.

Vietnam Airlines finalized an agreement to purchase 50 Boeing 737 MAX jets for $8 billion, a deal first announced in 2023.

Sun PhuQuoc Airways, a newly formed airline by the conglomerate Sun Group, also signed an agreement to purchase 40 Boeing 787 Dreamliners. The airline, which began operations in November 2025, said the $22.5 billion deal represents Vietnam's largest wide-body aircraft order to date and its first direct purchase from Boeing.

Sun Group's Chairman Dang Minh Truong said in a statement that the aircraft would support long-haul expansion and help promote the resort island of Phu Quoc — where the company operates major tourism projects — as an international destination.

Budget carrier VietJet agreed to acquire six Boeing 737 jets through Griffin Global Asset Management in a financing agreement worth $965 million.

In a statement, the airline said the agreement "marks a significant step in VietJet's strategy of diversifying international funding sources, while strengthening its financial capacity and capital structure according to global standards."

The announcements were made ahead of Lam's attendance at the inaugural meeting of U.S. President Donald Trump's "Board of Peace" on Thursday, an initiative aimed at addressing global conflicts.

Trump said in a Truth Social post Sunday that at least 20 member states had pledged more than $5 billion to support humanitarian and reconstruction efforts in Gaza, along with thousands of personnel for an International Stabilization Force to help police the war-torn territory.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

HOBOKEN, N.J.--(BUSINESS WIRE)--NiCE (NASDAQ: NICE) today announced results for the fourth quarter and full year ended December 31, 2025, as compared to the corresponding periods of the previous year.

Fourth Quarter 2025 Financial Highlights

GAAP

Non-GAAP

Total revenue was $786.5 million and increased 9%

Total revenue was $786.5 million and increased 9%

Cloud revenue was $608.3 million and increased 14%

Cloud revenue was $608.3 million and increased 14%

Operating income was $176.2 million and increased 14%

Operating income was $243.8 million and increased 7%

Operating margin was 22.4% compared to 21.4% last year

Operating margin was 31.0% compared to 31.5% last year

Diluted EPS was $2.41 and increased 57%

Diluted EPS was $3.24 and increased 7%

Net cash provided by operating activities was $179.7 million

Full Year 2025 Financial Highlights

GAAP

Non-GAAP

Total revenue was $2,945.4 million and increased 8%

Total revenue was $2,945.4 million and increased 8%

Cloud revenue was $2,238.4 million and increased 13%

Cloud revenue was $2,238.4 million and increased 13%

Operating income was $645.8 million and increased 18%

Operating income was $907.9 million and increased 7%

Operating margin was 21.9% compared to 20.0% last year

Operating margin was 30.8% compared to 31.1% last year

Diluted EPS was $9.67 and increased 43%

Diluted EPS was $12.30 and increased 11%

Net cash provided by operating activities was $716.5 million

“We’re pleased to report a strong fourth quarter and close to a transformative year for NiCE, reflecting disciplined execution and accelerating AI momentum,” said Scott Russell, CEO of NiCE. “For the full year, we delivered total revenue growth of 8% and cloud revenue growth of 13%, both at the high end of our guidance. Our strong cloud revenue growth was driven by continued momentum in our AI offerings, growing traction in the large enterprise segment, and robust performance across international markets. In the fourth quarter 2025, AI ARR increased 66% year over year to $328 million, and AI was included in 100% of our new seven-figure CXone deals for the full year 2025, underscoring strong enterprise demand for our AI-native platform.”

Mr. Russell continued, “As we enter 2026, we are building on this strength with strong bookings momentum, expanding backlog, and accelerating international growth. Together with Cognigy, NiCE is the only provider offering a fully AI-native CX platform that unifies voice, digital, and agentic AI at enterprise scale. AI is expanding our market opportunity beyond the contact center, and we are moving with speed and focus to capitalize on this generational shift — positioning NiCE to extend our market leadership in CX AI and accelerate cloud growth in 2026 and beyond.”

GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:

Revenues:
Fourth quarter 2025 total revenues increased 9% year over year to $786.5 million compared to $721.6 million for the fourth quarter of 2024.
Full year 2025 total revenues increased 8% to $2,945.4 million compared to $2,735.3 million for the full year 2024.

Gross Profit:
Fourth quarter 2025 gross profit was $513.9 million compared to $489.2 million for the fourth quarter of 2024. Fourth quarter 2025 gross margin was 65.3% compared to 67.8% for the fourth quarter of 2024.
Full year 2025 gross profit was $1,956.1 million compared to $1,825.7 million for the full year 2024. Full year 2025 gross margin was 66.4% compared to 66.7% for the full year 2024.

Operating Income:
Fourth quarter 2025 operating income increased 14% to $176.2 million compared to $154.3 million for the fourth quarter of 2024. Fourth quarter 2025 operating margin was 22.4% compared to 21.4% for the fourth quarter of 2024.
Full year 2025 operating income was $645.8 million compared to $546.0 million for the full year 2024. Full year 2025 operating margin was 21.9% compared to 20.0% for the full year 2024.

Net Income:
Fourth quarter 2025 net income increased 51% to $150.6 million compared to $99.5 million for the fourth quarter of 2024. Fourth quarter 2025 net income margin was 19.1% compared to 13.8% for the fourth quarter of 2024.
Full year 2025 net income was $612.1 million compared to $442.6 million for the full year 2024. Full year 2025 net income margin was 20.8% compared to 16.2% for the full year 2024.

Fully Diluted Earnings Per Share:
Fully diluted earnings per share for the fourth quarter of 2025 increased 57% to $2.41 compared to $1.54 in the fourth quarter of 2024.
Fully diluted earnings per share for the full year 2025 increased 43% to $9.67 compared to $6.76 for the full year 2024.

Cash Flow and Cash Balance:
Fourth quarter 2025 operating cash flow was $179.7 million and full year 2025 operating cash flow was $716.5 million.
In the fourth quarter 2025, $165.2 million was used for share repurchases and for the full year 2025, $488.9 million were used for share repurchases.
As of December 31, 2025, total cash and cash equivalents, and short-term investments were $417.4 million, with no outstanding debt.

Non-GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:

Revenues:
Fourth quarter 2025 non-GAAP total revenues increased 9% year over year to $786.5 million compared to $721.6 million for the fourth quarter of 2024.
Full year 2025 non-GAAP total revenues increased 8% to $2,945.4 million compared to $2,735.3 million for the full year 2024.

Gross Profit:
Fourth quarter 2025 non-GAAP gross profit was $544.9 million compared to $515.3 million for the fourth quarter of 2024. Fourth quarter 2025 non-GAAP gross margin was 69.3% compared to 71.4% for the fourth quarter of 2024.
Full year 2025 gross profit was $2,049.5 million compared to $1,942.7 million for the full year 2024. Full year 2025 non-GAAP gross margin was 69.6% compared to 71.0% for the full year 2024.

Operating Income:
Fourth quarter 2025 non-GAAP operating income was $243.8 million compared to $227.3 million for the fourth quarter of 2024. Fourth quarter 2025 non-GAAP operating margin was 31.0% compared to 31.5% for the fourth quarter of 2024.
Full year 2025 non-GAAP operating income was $907.9 million compared to $849.6 million for the full year 2024. Full year 2025 non-GAAP operating margin was 30.8% compared to 31.1% for the full year 2024.

Net Income:
Fourth quarter 2025 non-GAAP net income was $202.7 million compared to $195.8 million for the fourth quarter of 2024. Fourth quarter 2025 non-GAAP net income margin totaled 25.8% compared to 27.1% for the fourth quarter of 2024.
Full year 2025 non-GAAP net income was $778.8 million compared to $728.4 million for the full year 2024. Full year 2025 non-GAAP net income margin was 26.4% compared to 26.6% for the full year 2024.

Fully Diluted Earnings Per Share:
Fourth quarter 2025 non-GAAP fully diluted earnings per share was $3.24 compared to $3.02 for the fourth quarter of 2024.
Full year 2025 non-GAAP fully diluted earnings per share was $12.30 compared to $11.12 for the full year 2024.

Balance Sheet and Capital Return Update:

On February 18, 2026, NiCE entered into a secured Credit Agreement with certain lenders and JPMorgan Chase Bank, N.A., as administrative agent. The Credit Agreement provides for a $300 million revolving credit facility, and is subject to customary closing conditions. Unless terminated earlier, the commitments under the revolving credit facility will expire on February 17, 2029. The facility provides additional liquidity and optionality while maintaining a strong balance sheet.

On February 18, 2026, NiCE’s Board of Directors authorized a new $600 million share repurchase program. The execution of this program is subject to the issuance of the Company’s audited annual financial report for the year 2025. This authorization reflects the company’s conviction in its long-term growth opportunity and durability of its cash flow generation. Following this authorization, NiCE currently has approximately $1 billion of total remaining share repurchase capacity (including previously authorized share repurchased programs which were not fully exhausted).

The new share repurchase program has an indefinite term. Share repurchases under the program will be made from time to time in open market purchases, private transactions, or other transactions as permitted by securities laws and other legal requirements. The timing and amounts of any purchases will be based on market conditions and other factors including but not limited to price, regulatory requirements, and capital availability. The program does not require the purchase of any minimum dollar amount or number of shares, and the program may be modified, suspended, or discontinued at any time without further notice.

First Quarter and Full Year 2026 Guidance:

First-Quarter 2026:
First-quarter 2026 non-GAAP total revenues are expected to be in a range of $755 million to $765 million, representing 8.5% year over year growth at the midpoint.

First-quarter 2026 non-GAAP fully diluted earnings per share are expected to be in a range of $2.45 to $2.55.

Full-Year 2026:
Full-year 2026 non-GAAP total revenues are expected to be in a range of $3,170 million to $3,190 million, representing 8.0% year over year growth at the midpoint.

Full-year 2026 non-GAAP fully diluted earnings per share are expected to be in a range of $10.85 to $11.05.

The above full year 2026 guidance includes the expectation of 14.5%-15.0% year over year growth in cloud revenue.

Quarterly Results Conference Call

NiCE management will host its earnings conference call today, February 19, 2026, at 8:30 AM ET, 13:30 GMT, 15:30 Israel, to discuss the results and the company's outlook. A live webcast and replay will be available on the Investor Relations page of the Company’s website. To access, please register by clicking here: https://www.nice.com/investor-relations/upcoming-event.

Explanation of Non-GAAP measures
Non-GAAP financial measures are included in this press release. Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude share-based compensation, amortization of acquired intangible assets, acquisition related expenses, amortization of discount on debt and the tax effect of the Non-GAAP adjustments.

The Company believes that these Non-GAAP financial measures, used in conjunction with the corresponding GAAP measures, provide investors with useful supplemental information about the ongoing financial performance of our business. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate our business and to make financial, strategic and operating decisions. These Non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Our Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income. The Company provides guidance only on a Non-GAAP basis. A reconciliation of guidance from a GAAP to Non-GAAP basis is not available due to the unpredictability and uncertainty associated with future events that would be reported in GAAP results and would require adjustments between GAAP and Non-GAAP financial measures, including the impact of future possible business acquisitions. Accordingly, a reconciliation of the guidance based on Non-GAAP financial measures to corresponding GAAP financial measures for future periods is not available without unreasonable effort.

About NiCE
NiCE (NASDAQ: NICE) is transforming the world with AI that puts people first. Our purpose-built AI-powered platforms automate engagements into proactive, safe, intelligent actions, empowering individuals and organizations to innovate and act, from interaction to resolution. Trusted by organizations throughout 150+ countries worldwide, NiCE’s platforms are widely adopted across industries connecting people, systems, and workflows to work smarter at scale, elevating performance across the organization, delivering proven measurable outcomes.

Trademark Note: NiCE and the NiCE logo are trademarks or registered trademarks of NICE. All other marks are trademarks of their respective owners. For a full list of NiCE trademarks, please see: http://www.nice.com/nice-trademarks.

Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “believe”, “expect”, “seek”, “may”, “will”, “intend”, “should”, “project”, “anticipate”, “plan”, and similar expressions. Forward-looking statements are based on the current beliefs, expectations and assumptions of the Company’s management regarding the future of the Company’s business, performance, future plans and strategies, projections, anticipated events and trends, the economic environment, and other future conditions. Examples of forward-looking statements include guidance regarding the Company’s revenue and earnings and the growth of our cloud, analytics and artificial intelligence business.

Forward looking statements are inherently subject to significant uncertainties, contingencies, and risks, including, economic, competitive and other factors, which are difficult to predict and many of which are beyond the control of management. The Company cautions that these statements are not guarantees of future performance, and investors should not place undue reliance on them. There are or will be important known and unknown factors and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors, include, but are not limited to, risks associated with changes in economic and business conditions, competition, successful execution of the Company’s growth strategy, success and growth of the Company’s cloud Software-as-a-Service business, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners, rapid changes in technology and market requirements, the implementation of AI capabilities in certain products and services; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications, loss of market share, cyber security attacks or other security incidents, privacy concerns and legislation impacting the Company’s business, changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, including those arising from political instability or armed conflict that may disrupt our business and the global economy, our ability to recruit and retain qualified personnel, the effect of newly enacted or modified laws, regulation or standards on the Company and our products, and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”).

You are encouraged to carefully review the section entitled “Risk Factors” in our latest Annual Report on Form 20-F and our other filings with the SEC for additional information regarding these and other factors and uncertainties that could affect our future performance. The forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update or revise them, whether as a result of new information, future developments or otherwise, except as required by law.

###

NICE LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

  December 31,

December 31,

2025

2024

Unaudited

Audited

  ASSETS

  CURRENT ASSETS:

Cash and cash equivalents

$

379,388

$

481,712

Short-term investments

38,010

1,139,996

Trade receivables

737,954

643,985

Prepaid expenses and other current assets

223,780

239,080

Total current assets

1,379,132

2,504,773

  LONG-TERM ASSETS:

Property and equipment, net

189,395

185,292

Deferred tax assets

198,213

219,232

Other intangible assets, net

587,599

231,346

Operating lease right-of-use assets

78,064

93,083

Goodwill

2,440,532

1,849,668

Prepaid expenses and other long-term assets

233,095

212,512

Total long-term assets

3,726,898

2,791,133

  TOTAL ASSETS

$

5,106,030

$

5,295,906

  LIABILITIES AND SHAREHOLDERS' EQUITY

  CURRENT LIABILITIES:

Trade payables

$

100,782

$

110,603

Deferred revenues and advances from customers

303,911

299,367

Current maturities of operating leases

13,742

12,554

Debt

-

458,791

Accrued expenses and other liabilities

469,192

593,109

  Total current liabilities

887,627

1,474,424

  LONG-TERM LIABILITIES:

Deferred revenues and advances from customers

61,392

66,289

Operating leases

75,059

92,258

Deferred tax liabilities

109,993

1,965

Other long-term liabilities

95,431

57,807

  Total long-term liabilities

341,875

218,319

  SHAREHOLDERS' EQUITY

Nice Ltd's equity

3,876,528

3,589,742

Non-controlling interests

-

13,421

  Total shareholders' equity

3,876,528

3,603,163

  TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

5,106,030

$

5,295,906

NICE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

U.S. dollars in thousands (except per share amounts)

  Quarter ended

Year to date

December 31,

December 31,

2025

2024

2025

2024

Unaudited

Audited

Unaudited

Audited

  Revenue:

Cloud

$

608,334

$

533,947

$

2,238,421

$

1,984,160

Services

140,600

149,650

559,989

596,031

Product

37,562

38,003

146,989

155,081

Total revenue

786,496

721,600

2,945,399

2,735,272

  Cost of revenue:

Cloud

215,370

180,110

770,476

699,713

Services

52,219

47,009

193,934

184,410

Product

5,054

5,267

24,844

25,401

Total cost of revenue

272,643

232,386

989,254

909,524

  Gross profit

513,853

489,214

1,956,145

1,825,748

  Operating expenses:

Research and development, net

91,123

94,753

360,450

360,607

Selling and marketing

168,035

176,813

661,132

642,251

General and administrative

78,472

63,336

288,805

276,936

Total operating expenses

337,630

334,902

1,310,387

1,279,794

  Operating income

176,223

154,312

645,758

545,954

  Financial and other income, net

(6,453

)

(16,938

)

(58,259

)

(58,872

)

  Income before tax

182,676

171,250

704,017

604,826

Taxes on income

32,122

71,741

91,916

162,238

Net income

$

150,554

$

99,509

$

612,101

$

442,588

    Earnings per share:

Basic

$

2.44

$

1.56

$

9.82

$

6.97

Diluted

$

2.41

$

1.54

$

9.67

$

6.76

  Weighted average shares outstanding:

Basic

61,802

63,720

62,333

63,483

Diluted

62,576

64,802

63,323

65,506

NICE LTD. AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENTS

U.S. dollars in thousands

  Quarter ended

Year to date

December 31,

December 31,

2025

2024

2025

2024

Unaudited

Audited

Unaudited

Audited

  Operating Activities

  Net income

$

150,554

$

99,509

$

612,101

$

442,588

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

62,073

48,776

199,044

205,020

Share-based compensation

29,565

48,185

146,046

182,067

Amortization of premium and discount and accrued interest on marketable securities

(66

)

(3,135

)

1,468

(9,861

)

Deferred taxes, net

19,792

(1,312

)

10,495

(40,261

)

Changes in operating assets and liabilities:

Trade Receivables, net

(23,107

)

(20,993

)

(75,792

)

(61,025

)

Prepaid expenses and other current assets

7,354

(2,625

)

40,744

25,040

Operating lease right-of-use assets

3,226

3,025

14,361

12,951

Trade payables

4,687

39,319

(15,124

)

43,965

Accrued expenses and other current liabilities

(30,393

)

63,507

(175,149

)

41,952

Deferred revenue

(41,882

)

(19,138

)

(22,833

)

3,049

Realized gain on marketable securities, net

-

-

(4,463

)

-

Operating lease liabilities

(2,731

)

(2,767

)

(16,309

)

(13,291

)

Amortization of discount on debt

-

430

1,210

1,834

Change in fair value of contingent consideration

-

(3,054

)

-

(3,054

)

Other

584

(205

)

750

1,667

Net cash provided by operating activities

179,656

249,522

716,549

832,641

  Investing Activities

  Purchase of property and equipment

(3,416

)

(7,567

)

(18,920

)

(34,962

)

Purchase of Investments

(4,228

)

(362,822

)

(93,272

)

(938,154

)

Proceeds from sales of marketable investments

792

-

1,002,100

512,556

Proceeds from maturities of marketable investments

3,374

77,086

200,972

192,776

Capitalization of internal use software costs

(20,262

)

(16,819

)

(74,828

)

(64,805

)

Payments for business acquisitions, net of cash acquired

(29,509

)

(20,309

)

(856,092

)

(64,816

)

Net cash provided by (used in) investing activities

(53,249

)

(330,431

)

159,960

(397,405

)

  Financing Activities

  Proceeds from issuance of shares upon exercise of options

86

723

1,109

3,063

Purchase of treasury shares

(165,192

)

(95,156

)

(488,911

)

(369,196

)

Dividends paid to noncontrolling interest

-

(355

)

-

(3,036

)

Purchase of subsidiaries shares from non-controlling interest

-

-

(36,466

)

-

Repayment of debt

-

-

(460,000

)

(87,435

)

Net cash used in financing activities

(165,106

)

(94,788

)

(984,268

)

(456,604

)

  Effect of exchange rates on cash and cash equivalents

535

(8,174

)

4,734

(6,914

)

  Net change in cash, cash equivalents and restricted cash

(38,164

)

(183,871

)

(103,025

)

(28,282

)

Cash, cash equivalents and restricted cash, beginning of period

$

420,171

$

668,903

$

485,032

$

513,314

  Cash, cash equivalents and restricted cash, end of period

$

382,007

$

485,032

$

382,007

$

485,032

  Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:

Cash and cash equivalents

$

379,388

$

481,712

$

379,388

$

481,712

Restricted cash included in other current assets

$

2,619

$

3,320

$

2,619

$

3,320

Total cash, cash equivalents and restricted cash shown in the statement of cash flows

$

382,007

$

485,032

$

382,007

$

485,032

NICE LTD. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

U.S. dollars in thousands (except per share amounts)

  Quarter ended

Year to date

December 31,

December 31,

2025

2024

2025

2024

GAAP revenues

$

786,496

$

721,600

$

2,945,399

$

2,735,272

Non-GAAP revenues

$

786,496

$

721,600

$

2,945,399

$

2,735,272

    GAAP cost of revenue

$

272,643

$

232,386

$

989,254

$

909,524

Amortization of acquired intangible assets on cost of cloud

(27,151

)

(19,592

)

(72,933

)

(93,370

)

Amortization of acquired intangible assets on cost of product

-

-

-

(410

)

Cost of cloud revenue adjustment (1,2)

(2,211

)

(3,520

)

(11,592

)

(12,549

)

Cost of services revenue adjustment (1)

(1,725

)

(2,966

)

(8,852

)

(10,472

)

Cost of product revenue adjustment (1)

58

(18

)

(7

)

(108

)

Non-GAAP cost of revenue

$

241,614

$

206,290

$

895,870

$

792,615

    GAAP gross profit

$

513,853

$

489,214

$

1,956,145

$

1,825,748

Gross profit adjustments

31,029

26,096

93,384

116,909

Non-GAAP gross profit

$

544,882

$

515,310

$

2,049,529

$

1,942,657

    GAAP operating expenses

$

337,630

$

334,902

$

1,310,387

$

1,279,794

Research and development (1,2)

(3,879

)

(6,461

)

(16,512

)

(28,822

)

Sales and marketing (1,2)

(8,610

)

(15,565

)

(50,739

)

(57,891

)

General and administrative (1,2)

(14,771

)

(21,628

)

(73,722

)

(81,042

)

Amortization of acquired intangible assets

(9,293

)

(6,263

)

(27,801

)

(22,087

)

Valuation adjustment on acquired deferred commission

-

-

-

24

Change in fair value of contingent consideration

3,054

-

3,054

Non-GAAP operating expenses

$

301,077

$

288,039

$

1,141,613

$

1,093,030

    GAAP financial and other income, net

$

(6,453

)

$

(16,938

)

$

(58,259

)

$

(58,872

)

Amortization of discount on debt

-

(430

)

(1,210

)

(1,834

)

Realized gain on marketable securities, net

-

-

4,463

(115

)

Non-GAAP financial and other income, net

$

(6,453

)

$

(17,368

)

$

(55,006

)

$

(60,821

)

    GAAP taxes on income

$

32,122

$

71,741

$

91,916

$

162,238

Tax adjustments re non-GAAP adjustments

15,429

(22,878

)

92,192

19,787

Non-GAAP taxes on income

$

47,551

$

48,863

$

184,108

$

182,025

    GAAP net income

$

150,554

$

99,509

$

612,101

$

442,588

Amortization of acquired intangible assets

36,444

25,855

100,734

115,867

Valuation adjustment on acquired deferred commission

-

-

-

(24

)

Share-based compensation (1)

31,138

49,720

152,358

187,717

Acquisition related expenses (2)

-

438

9,066

3,167

Amortization of discount on debt

-

430

1,210

1,834

Realized gain on marketable securities, net

-

-

(4,463

)

-

Change in fair value of contingent consideration

-

(3,054

)

-

(2,939

)

Tax adjustments re non-GAAP adjustments

(15,429

)

22,878

(92,192

)

(19,787

)

Non-GAAP net income

$

202,707

$

195,776

$

778,814

$

728,423

    GAAP diluted earnings per share

$

2.41

$

1.54

$

9.67

$

6.76

  Non-GAAP diluted earnings per share

$

3.24

$

3.02

$

12.30

$

11.12

  Shares used in computing GAAP diluted earnings per share

62,576

64,802

63,323

65,506

  Shares used in computing non-GAAP diluted earnings per share

62,576

64,802

63,323

65,506

NICE LTD. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP RESULTS (continued)

U.S. dollars in thousands

  (1

)

Share-based compensation

Quarter ended

Year to date

December 31,

December 31,

2025

2024

2025

2024

  Cost of cloud revenue

$

2,211

$

3,520

$

11,592

$

12,487

Cost of services revenue

1,725

2,966

8,852

10,472

Cost of product revenue

(58

)

18

7

108

Research and development

3,879

6,461

16,512

28,492

Sales and marketing

8,610

15,554

50,729

57,230

General and administrative

14,771

21,201

64,666

78,928

$

31,138

$

49,720

$

152,358

$

187,717

  (2

)

Acquisition related expenses

Quarter ended

Year to date

December 31,

December 31,

2025

2024

2025

2024

  Cost of cloud revenue

$

-

$

-

$

-

$

62

Research and development

-

-

-

330

Sales and marketing

-

11

10

661

General and administrative

-

427

9,056

2,114

$

-

$

438

$

9,066

$

3,167

NICE LTD. AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP EBITDA

U.S. dollars in thousands

  Quarter ended

Year to date

December 31,

December 31,

2025

2024

2025

2024

Unaudited

Audited

Unaudited

Audited

  GAAP net income

$

150,554

$

99,509

$

612,101

$

442,588

Non-GAAP adjustments:

Depreciation and amortization

62,073

48,776

199,044

205,020

Share-based compensation

29,565

48,185

146,046

182,067

Financial and other income, net

(6,453

)

(16,938

)

(58,259

)

(58,872

)

Acquisition related expenses

-

438

9,066

3,167

Change in fair value of contingent consideration

-

(3,054

)

-

(3,054

)

Valuation adjustment on acquired deferred commission

-

-

-

(24

)

Taxes on income

32,122

71,741

91,916

162,238

Non-GAAP EBITDA

$

267,861

$

248,657

$

999,914

$

933,130

NICE LTD. AND SUBSIDIARIES

NON-GAAP RECONCILIATION - FREE CASH FLOW FROM CONTINUING OPERATIONS

U.S. dollars in thousands

  Quarter ended

Year to date

December 31,

December 31,

2025

2024

2025

2024

Unaudited

Audited

Unaudited

Audited

  Net cash provided by operating activities

$

179,656

$

249,522

$

716,549

$

832,641

  Purchase of property and equipment (3,416

)

(7,567

)

(18,920

)

(34,962

)

Capitalization of internal use software costs (20,262

)

(16,819

)

(74,828

)

(64,805

)

  Free Cash Flow (a)

$

155,978

$

225,136

$

622,801

$

732,874

  (a) Free cash flow from continuing operations is defined as operating cash flows from continuing operations less capital expenditures of the continuing operations and less capitalization of internal use software costs.