Earnings Call Transcripts
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All Earnings Calls
Oil States International Fourth Quarter 2025 Earnings Call - Backlog Hits Decade High as Company Pivots to Offshore and International, Driving Cash and Margin Recovery
Oil States closed 2025 with a clear strategic pivot and cleaner balance sheet. Q4 revenue rose to $178 million, adjusted consolidated EBITDA reached $23 million, and operating cash flow was a standout...
- Q4 revenue $178 million, up 8% sequentially and year-over-year, with adjusted consolidated EBITDA of $23 million at the top of prior guidance.
- GAAP net loss was $117 million, driven mainly by $112 million of noncash impairments in Downhole Technologies related to 2018 acquisition intangibles.
- Adjusted net income was $8 million, or $0.13 per share, showing underlying operational profitability after stripping one-time charges.
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Howard Hughes Holdings Q4 2025 Earnings Call - Real estate engine funds pivot into an insurance-led diversified holding company
Howard Hughes closed a strong 2025 driven entirely by its real estate platform, and management is using that cash engine to execute a strategic pivot: acquire Vantage Holdings and re-shape HHH into a ...
- Howard Hughes expects to close the Vantage Holdings acquisition by the upcoming quarter, converting HHH into a diversified holding company with a material insurance platform.
- Vantage is a multi-line specialty insurer founded in 2020, with limited legacy reserve risk and a strong book value, management that Pershing Square cites as experienced, and current profitability.
- Pershing Square is providing capital and will manage a portion of Vantage’s investment portfolio, shifting allocation toward common stocks to boost returns on equity over time.
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Ryerson Holding Corporation Q4 2025 Earnings Call - Merger Closed, $120M Synergy Target as Early 2026 Demand Finally Turns
Ryerson closed its merger with Olympic Steel a week before this call and is sprinting to realize $120 million of annual run rate synergies over the next two years. Q4 results were hit by faster-than-e...
- Merger closed: Ryerson completed the acquisition of Olympic Steel one week before the call and has an integration team targeting $120 million of annual run rate synergies to be realized over the next two years.
- Q4 headline results: net loss attributable to Ryerson of $37.9 million, or $1.18 per diluted share.
- LIFO shock: Q4 LIFO expense was $22.5 million, well above the prior expectation of $10 million to $14 million, driven by rapid commodity cost increases late in the quarter.
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AdvanSix Q4 2025 Earnings Call - Plant nutrients carry the quarter while nylon stays in a trough and input costs bite
AdvanSix closed 2025 with a mixed but resilient set of results, driven by a strong plant nutrients business that offset trough conditions in nylon and softer chemical intermediates pricing. Full-year ...
- Q4 2025 sales were $360 million, up about 9% year-over-year, driven by an approximately 11% increase in sales volume versus prior year.
- Q4 adjusted EBITDA was $25 million, up $15 million versus last year; full-year 2025 adjusted EBITDA was $157 million, with margin expanding 90 basis points to 10.3%.
- AdvanSix generated $6 million of free cash flow in 2025, despite a challenging cyclic environment for nylon.
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Barings BDC, Inc. Q4 2025 Earnings Call - New CEO Pushes Portfolio Rotation and ROE After NAV Holds at $11.09
A leadership reset is underway. Tom McDonnell, who took over as CEO on January 1, laid out a pragmatic plan: accelerate exits of legacy, non-interest earning assets, wind down select credit support ag...
- Tom McDonnell became CEO effective January 1 and plans to accelerate portfolio rotation and initiatives aimed at improving return on equity.
- Net asset value was $11.09 per share at quarter end, essentially unchanged from Q3 2025 ($11.10).
- Net investment income was $0.27 per share in Q4 2025, down from $0.32 in Q3; full-year NII was $1.12 versus $1.24 in 2024.
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DNOW Q4 2025 Earnings Call - Merger expands scale, U.S. ERP disruption forces guidance delay
DNOW closed its merger with MRC Global on November 6, 2025, creating a larger, more diversified distributor across upstream, midstream, gas utilities, downstream, and industrial markets. Legacy DNOW d...
- Merger closed Nov 6, 2025, combining DNOW and MRC Global, materially increasing scale and sector diversification across upstream, midstream, gas utilities, downstream, and industrial markets.
- Legacy DNOW posted a record standalone full-year EBITDA of $199 million; consolidated DNOW reported full-year EBITDA of $209 million, and Q4 adjusted EBITDA was $61 million, or 6.4% of revenue.
- Q4 revenue was $959 million, up 51% sequentially, driven by $388 million of MRC Global stub-period contribution from the Nov 6 close through year-end.
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Hamilton Insurance Group Q4 2025 Earnings Call - Record 2025 Profit, Capital Returns, and Disciplined Growth in a Transitioning Market
Hamilton closed 2025 with headline numbers that justify the chest thumping. The group reported record net income of $577 million and a 22% return on average equity, while gross premiums written rose t...
- Hamilton reported record 2025 net income of $577 million, delivering a 22% return on average equity for the year.
- Q4 2025 net income was $172 million, or $1.69 per diluted share, producing an annualized return on average equity of 25%.
- Gross premiums written for 2025 rose 21% to $2.9 billion, and Q4 GWP grew 23% year over year.
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CTO Realty Growth Q4 2025 Earnings Call - Leasing Momentum Drives 2026 Outlook
CTO closed 2025 on the back foot-to-foot leasing recovery, reporting record leased occupancy of 95.9% and meaningful mark-to-market rent gains. Shopping-center same-property NOI accelerated, leasing v...
- Record leased occupancy of 95.9% in Q4, signaling a broad leasing recovery across the portfolio.
- Shopping center same-property NOI rose 4.3% in Q4, driving total same-property NOI up 1.1% after non-core office and beachfront restaurant noise.
- Robust leasing volume: Q4 signed 189,000 sq ft (167,000 sq ft comparable) with a 31% cash rent increase; full-year signings were 671,000 sq ft with a 24% cash rent increase on comparables.
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Western Union Fourth Quarter 2025 Earnings Call - Digital and Consumer Services Cushion Remittance Weakness, Intermex Expected in Q2
Western Union closed Q4 2025 with $1.0 billion in revenue, adjusted revenue down 5% year over year, but delivered better-than-expected profitability thanks to tight cost discipline. The quarter told a...
- Q4 2025 GAAP revenue was $1.0 billion, adjusted revenue declined 5% year over year.
- Full-year GAAP revenue was $4.1 billion, full-year adjusted EPS was $1.75, Q4 adjusted EPS was $0.45 versus $0.40 a year ago.
- Adjusted operating margin was 20% for the year and the quarter, up from 17% in Q4 last year, driven by cost discipline and share count reduction.
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Lamar Advertising Company Q4 2025 Earnings Call - Guides $8.50-$8.70 AFFO as Digital, Programmatic and M&A Drive Momentum
Lamar closed 2025 with stronger-than-expected execution, beating the high end of its revised AFFO outlook and rolling that momentum into a confident 2026 guide. Management is pitching AFFO of $8.50 to...
- Company exceeded the high end of its revised 2025 AFFO guidance and finished the year with strong December outperformance, with acquisition-adjusted revenue up almost 6% in December.
- Management provided 2026 AFFO guidance of $8.50 to $8.70 per share, implying about 4.1% AFFO per share growth at the midpoint and acquisition-adjusted revenue growth of roughly 3.5% at the midpoint.
- Midpoint of 2026 guidance implies consolidated operating margins above 47%, the highest in company history.
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