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Charles Schwab Corp reported proposed sales of common stock via a Form 144 notice. The filing lists multiple dispositions by Stephen G. Oswald on 12/10/2025, 12/11/2025, 12/12/2025, and 12/17/2025, with reported share counts and proceeds for each trade.
The securities are registered as common stock on the NYSE; the filing records the issuer details and identifies the transactions as employee compensation-related equity sales.
Ducommun Incorporated reports a business focused on high-reliability products for aerospace, defense and industrial markets, with aerospace and defense representing 96% of 2025 net revenues. Commercial aerospace contributed 38% of total net revenues, while military and space end-use markets accounted for 58%.
The company operates through two segments, Electronic Systems and Structural Systems, and continues to pursue growth via acquisitions, including the 2023 purchase of BLR Aerospace for $117.0 million in cash, at an initial purchase price of $115.0 million net of cash acquired.
Backlog rose to $1,202.9 million at December 31, 2025 from $1,060.8 million a year earlier, and remaining performance obligations were $1,106.0 million, with an estimated 70% expected to be recognized in 2026. Boeing and RTX were the largest customers, generating 13% and 18% of 2025 net revenues, and the top ten customers represented 61%.
Ducommun refinanced its debt in November 2025 with a new $200.0 million term loan and a $450.0 million revolving credit facility maturing in 2030, and had $305.0 million of long-term debt outstanding at a 6.10% average interest rate as of year-end. The company recorded a $150.0 million cash settlement related to the Guaymas, Mexico fire litigation, of which $56.0 million was funded by insurers, and accrued $1.5 million for environmental remediation at California sites. As of December 31, 2025, Ducommun employed 2,130 people, including 282 under a collective bargaining agreement.
Ducommun Incorporated reported strong fourth quarter and full-year 2025 operating results, highlighted by record revenue and margins but a GAAP loss driven by a large litigation charge.
Q4 2025 net revenue rose 9.4% year-over-year to $215.8 million, led by military and space demand, with gross margin improving to 27.7%. GAAP net income was $7.4 million, or $0.48 per diluted share, while non-GAAP adjusted net income was $16.2 million, or $1.05 per diluted share. Adjusted EBITDA increased to $37.9 million, or 17.5% of revenue.
For 2025, net revenue reached a record $824.7 million, the third consecutive annual record, and adjusted EBITDA was $135.6 million, or 16.4% of revenue. A $107.3 million litigation settlement and related costs drove a GAAP net loss of $33.9 million, or $2.27 per share, though non-GAAP adjusted diluted EPS was $3.75. Remaining performance obligations hit a record $1.106 billion, with a Q4 book-to-bill ratio of 1.3x, and backlog totaled $1.203 billion.
Ducommun Incorporated entered into a binding settlement agreement to resolve a previously disclosed subrogation claim tied to a June 2020 fire at its performance center in Guaymas, Mexico. The claim, brought by the insurer of the provider of labor and facilities for the center and pending in arbitration in Arizona, will be dismissed with prejudice in exchange for Ducommun paying $4.0 million to the insurer.
The settlement includes mutual releases of all past, present and future claims arising from the fire, and expressly states that Ducommun is not admitting liability or fault. The company expects to record the $4.0 million as an expense for the quarter ending December 31, 2025 and pay the amount from cash on hand within twenty days of the settlement date. Ducommun believes there are no remaining subrogation or other claims relating to the fire at this time, apart from a potential claim by a Mexico-based insurer of Williams International Co., LLC that it believes to be time-barred.
Ducommun Inc. insider activity: Chairman, President & CEO and director Stephen G. Oswald reported a change in his holdings of Ducommun Inc. common stock. On 12/11/2025, he disposed of 1,234 shares in a transaction coded "G" at a reported price of $0 per share. Following this transaction, he directly beneficially owned 375,657 shares of Ducommun common stock.
Ducommun Inc. executive reports stock sale
A senior vice president of Ducommun Inc. sold 2,000 shares of the company’s common stock on 12/10/2025 at a price of $92.86 per share. After this transaction, the executive beneficially owns 65,269 shares, all held directly. The filing states that all shares in the transaction were sold at the exact price indicated, so no average price calculation was used.
A shareholder of DCO has filed a Form 144 notice to potentially sell 2,000 shares of common stock. The planned sale is to be executed through Morgan Stanley Smith Barney LLC in New York on the NYSE, with an indicated aggregate market value of $185,728.80. The filing notes that there were 14,946,052 shares of this class of stock outstanding at the time.
The 2,000 shares were originally acquired as restricted stock from the issuer on 01/05/2019, with that same date listed as the payment date. The notice also reports that the same seller, Jerry Lon Redondo, sold 1,594 common shares on 11/10/2025 for $149,557.05 during the prior three months, as required disclosure of recent sales.
Ducommun Incorporated amended its main credit agreements and put in place two new secured loan facilities to support its operations and future needs. The company now has a five-year $200 million senior secured term loan, all drawn on November 24, 2025, and a five-year $450 million senior secured revolving credit facility, of which $120 million was drawn at closing. Part of the new revolving borrowings were used to repay a portion of the prior term loan and related interest and fees, with remaining capacity available for working capital and general corporate purposes.
The facilities carry an initial variable interest rate of Term SOFR plus 1.50%, with pricing tied to Ducommun’s consolidated total net adjusted leverage ratio. The term loan amortizes in increasing quarterly installments through final maturity on November 24, 2030, the same maturity date as the revolver. The loans are guaranteed by material domestic restricted subsidiaries and secured by substantially all of their assets, and they include leverage and interest coverage covenants and customary events of default.
Ducommun Inc. (DCO) reported an insider stock transfer by its Chairman, President & CEO, Stephen G. Oswald. On 11/14/2025, he disposed of 3,366 shares of Ducommun common stock in a transaction coded "G," indicating a gift, at a reported price of $0 per share. Following this transfer, he beneficially owns 376,891 shares of Ducommun common stock held directly.