Adjusted operating margin -- 51.1%, up 300 basis points year over year. Debt rated -- $6.6 trillion in 2025, an all-time high, supporting sectors such as infrastructure and AI-driven data centers.

Management announced a $1 billion annual pretax run-rate synergy target from the Cotera Energy merger, to be achieved by year-end 2027, described as “incremental to our business optimization program.” ...

Q4 2025 Earnings Call February 18, 2026 11:00 AM ESTCompany ParticipantsChristopher Carr - Director of Investor ...

Hyperliquid’s long-term price outlook depends primarily on sustained derivatives trading volume and the protocol’s ability to ...