Earnings Call Transcripts
Access detailed transcripts and key takeaways from company earnings calls
All Earnings Calls
AMH Q4 2025 Earnings Call - Flatter occupancy and modest rent growth; development funded by dispositions, $500M buyback approved amid regulatory uncertainty
AMH closed 2025 with steady Core FFO growth and a clear pivot: slow the pace of development modestly, fund near-term growth from home dispositions, and preserve optionality for buybacks while watching...
- AMH delivered Core FFO per share of $0.87 for 2025, up 5.4% year-over-year; quarterly Core FFO was $0.47, up 4.1% year-over-year.
- Company guidance for 2026 Core FFO per share is $1.89 to $1.95, midpoint implying ~2.7% growth year-over-year.
- Management expects a flatter seasonal leasing curve in 2026, with January showing new leases -1%, renewals +3.5%, and blended +2.4%; same-home occupied days were 95% in January.
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Balchem Corporation Q4 2025 Earnings Call - Passed $1B; record cash and 26th straight quarter of EBITDA growth
Balchem closed 2025 with a milestone year, reporting record full-year sales of $1.037 billion, record adjusted EBITDA of $275 million, and record free cash flow of $174 million. The company delivered ...
- Full-year 2025 revenue reached $1.037 billion, up 8.8% year over year, the first time Balchem passed the $1 billion mark.
- Record adjusted EBITDA for 2025 was $275 million, up 9.8%, and 2025 marked the 26th consecutive quarter of year-over-year adjusted EBITDA growth.
- Record free cash flow for 2025 was $174 million, while capital expenditures totaled $43 million to support capacity additions and new projects.
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Forum Energy Technologies 4Q 2025 Earnings Call - 11-Year High Backlog and $80M Free Cash Flow Support 2026 Upside
Forum Energy Technologies closed 2025 with momentum: Q4 revenue beat at $202 million, adjusted EBITDA hit the top of guidance at $23 million, and full-year free cash flow came in at $80 million. Manag...
- Q4 revenue $202 million, sequential growth of 3%, topping the guidance range.
- Adjusted EBITDA for Q4 was $23 million, at the high end of guidance.
- Full-year 2025 free cash flow was $80 million, the top end of the raised guidance range.
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Comfort Systems USA Q4 2025 Earnings Call - Record margins, backlog and cash fund aggressive modular buildout and shareholder returns
Comfort Systems delivered a blowout Q4 and full-year 2025: revenue topped $2.6 billion in Q4 and exceeded $9 billion for the year, gross margins hit record highs, EPS more than doubled year over year,...
- Record quarter and year: Q4 revenue $2.6 billion, full-year revenue >$9 billion, Q4 EPS $9.37 (up 129% YoY), full-year EPS $28.88 (up 98% YoY).
- Backlog at quarter end ~ $11.9 billion (management also referenced ~$12 billion), roughly doubled YoY with a $6 billion increase since last year; sequential same-store backlog rose materially.
- Gross margin breakout: Q4 gross profit margin 25.5%, first time above 25% in company history; mechanical 24.9%, electrical 26.9%. Full-year gross margin 24.1% vs 21.0% in 2024.
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FNF Q4 2025 Earnings Call - Industry-leading title margins, commercial momentum and tech investments position FNF for a potential 2026 rebound
FNF closed 2025 with a clean, profitable double act. The title business delivered standout results, producing $401 million of adjusted pre-tax title earnings in Q4 and $1.4 billion for the year, with ...
- Title generated adjusted pre-tax earnings of $401 million in Q4 2025, and $1.4 billion for full year 2025, producing adjusted pre-tax title margins of 17.5% in Q4 and 15.9% for the year.
- Direct commercial revenue totaled nearly $1.5 billion for 2025, with Q4 direct commercial revenue of $479 million, a 27% increase versus Q4 2024; national revenues rose 33% and local revenues rose 20%.
- Title orders opened averaged 5,300 per day in Q4 2025, with monthly breaks of October 5,700, November 5,600 and December 4,600; January 2026 picked up to 5,900 per day, a 29% increase versus December.
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Employers Q4 2025 Earnings Call - California CT claims force underwriting tightening, launching excess workers' comp
Employers spent Q4 explaining damage control in California and planting seeds for future growth. Management says the spike in cumulative trauma claims is a California-specific problem that has forced ...
- The core problem is California cumulative trauma, concentrated in that state, not company wide; frequency has flattened but remains elevated versus historical norms.
- Management implemented California rate increases and tightened underwriting on select classes to address CT exposure, actions expected to reduce written premium in 2026.
- Gross premiums written were $156.8 million in Q4, down 11% versus $176.3 million a year ago, driven by lower new business and fewer final audit premiums, partially offset by higher renewals.
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Gaming and Leisure Properties Fourth Quarter 2025 Earnings Call - $2.6B Pipeline and Clear Multi-Year AFFO Growth, but Valuation Lags
GLPI delivered a results and outlook call that reads like a roadmap rather than a wish list. Management guided 2026 AFFO to $1.207 billion to $1.222 billion, backed by a deep $2.6 billion pipeline of ...
- 2026 AFFO guidance of $1.207 billion to $1.222 billion, or $4.06 to $4.11 per diluted OP unit, excludes future transactions but includes expected 2026 development fundings.
- GLPI reports a $2.6 billion pipeline of future capital commitments over the next 24 months, of which $700 million (Bally's Lincoln) has closed, leaving roughly $1.9 billion remaining on the list.
- Acquired Bally’s Lincoln real estate for $700 million at an 8% cap rate, with the purchase price lowered via a rent adjustment to improve four-wall coverage, not a cap rate change.
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Casella Waste Systems Fourth Quarter 2025 Earnings Call - Mid-Atlantic integration and disciplined M&A set the stage for multi-year margin upside
Casella closed 2025 with a clean set of numbers: full-year revenue +18%, adjusted EBITDA +17% and adjusted free cash flow +14%, marking five straight years of double-digit growth. Management leans hea...
- Full-year 2025: revenue +18%, adjusted EBITDA +17%, adjusted free cash flow +14%; fifth consecutive year of double-digit growth in all three metrics.
- Q4 2025 revenue was $469.1m, up 9.7% YoY; same-store growth contributed ~4.3% (≈$18.5m) and acquisitions added ≈$23.1m.
- Adjusted EBITDA in Q4 was $107m, up 12.7% YoY; margin of 22.8% was +60 bps YoY. Base business (ex recent acquisitions) expanded margins by ~100 bps.
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TDS Fourth Quarter 2025 Earnings Call - Spectrum sales unlocked capital, pushing fiber goal to 2.1M and 2026 build to 200k-250k
TDS used proceeds from Array spectrum monetizations to materially reshape its balance sheet and accelerate its fiber strategy. A $1.018 billion spectrum sale to AT&T closed in January 2026, triggering...
- Array closed a $1.018 billion spectrum sale to AT&T in January 2026; Array declared a $10.25 per share special dividend paid Feb 2, and TDS received about $726 million pro rata from that dividend.
- TDS repaid the final $150 million of term loan debt in January 2026, improving its leverage and liquidity profile ahead of expanded fiber investment.
- TDS raised its long-term fiber service address target from 1.8 million to 2.1 million; the 300,000 increase comes from edge-out communities adjacent to existing expansion footprints, not additional EA-CAM addresses.
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TDS and Array Fourth Quarter 2025 Earnings Call - AT&T spectrum sale funds $726M dividend, supercharges TDS fiber expansion to 2.1M addresses
2025 was a corporate reset for TDS and its spun-out tower arm Array. Array closed a roughly $1.018 billion spectrum sale to AT&T in January 2026 and paid a $10.25 per-share special dividend on Februar...
- Array closed the AT&T spectrum sale for about $1.018 billion in January 2026 and declared a $10.25 per-share special dividend paid Feb 2; TDS received $726 million pro rata.
- TDS used transaction proceeds to repay remaining term loan debt of $150 million, improving its balance sheet and capital flexibility.
- TDS raised its long-term marketable fiber address target from 1.8 million to 2.1 million by identifying roughly 300,000 additional edge-out addresses in ~50 new communities.
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