Earnings Call Transcripts
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All Earnings Calls
Ryan Specialty Holdings Q4 2025 Earnings Call - Empower Restructuring and $300M Buyback as Property Pricing Turns From Tailwind to Headwind
Ryan Specialty closed 2025 above $3 billion in revenue, sustaining double-digit organic growth for the 15th year, but the quarter exposed a sharp pivot in the market. Management flagged significant De...
- Full-year 2025 revenue topped $3.0 billion, up 21% year over year, driven by 10.1% organic growth and heavy M&A contribution.
- Ryan Specialty reported Q4 revenue of $751 million, with 6.6% organic growth, and adjusted EBITDA of $222 million; full-year adjusted EBITDA was $967 million, up 19.2%.
- Property pricing softened materially in Q4, with some large accounts seeing rate declines of 25% to 35% in December, and management expects continued pressure into 2026.
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PacBio Q4 2025 Earnings Call - SparkNex launch targets sub-$300 genome and a clear margin inflection
PacBio closed 2025 with a tangible pivot: record consumables, improving margins, and a product roadmap centered on SparkNex multi-use smart cells that management says will drive lower per-genome costs...
- Q4 2025 revenue was $44.6 million, up 14% year over year and 16% sequentially; full-year 2025 revenue was $160 million, up 4% versus 2024.
- Consumables were the growth engine, with Q4 consumables at a record $21.6 million and full-year consumables up 16% to $82 million; clinical and hospital consumables grew 55% in 2025.
- Management highlighted improved economics, with non-GAAP gross margin at 40% in Q4 and full-year 2025, up from 27% in 2023 and 33% in 2024.
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Roku Q4 2025 Earnings Call - Platform momentum, Ads Manager and subscriptions set a path to >$1B FCF
Roku closed 2025 with record profitability and a clear pivot: grow platform revenue and squeeze more monetization from advertising and subscriptions while remaining CapEx light. Q4 delivered platform ...
- Q4 2025 results: platform revenue grew ~18% and surpassed $1.2 billion; adjusted EBITDA was $169 million; GAAP net income $80 million; free cash flow was a record $484 million for the year.
- 2026 guidance: Q1 platform revenue growth guided to over 21%; full-year platform revenue growth guided to ~18%; adjusted EBITDA guide of $635 million, implying ~11.6% margin and >50% year-over-year EBITDA growth.
- Free cash flow outlook: management expects free cash flow to exceed adjusted EBITDA in 2026 and sees a path to over $1 billion in FCF by end of 2028, potentially sooner, assuming current execution.
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Dutch Bros Inc. Fourth Quarter 2025 Earnings Call - Transaction-Led Surge, Record AUVs and a Clear Runway to 2,029 Shops by 2029
Dutch Bros closed 2025 with a sprint, not a saunter. Revenue accelerated to $1.64 billion, up 28% year over year, and Adjusted EBITDA jumped 31% to $303 million as transaction growth and elevated new-...
- 2025 total revenues $1.64 billion, up 28% year over year.
- Adjusted EBITDA rose 31% to $303 million in 2025, outpacing revenue growth and reflecting margin improvement.
- System-wide AUVs hit a record $2.1 million.
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Corsair Gaming Q4 and Full Year 2025 Earnings Call - Margin Surge and EBITDA Beat, but 2026 Revenue Guided Lower on Chip Tightness
Corsair closed 2025 with clear operational payoff, delivering 12% revenue growth to about $1.47 billion, a 30% jump in gross profit to roughly $426 million, and adjusted EBITDA north of $100 million, ...
- 2025 results beat on profitability, not just revenue: full year revenue rose 12% to about $1.47 billion, gross profit climbed ~30% to ~$426 million, and adjusted EBITDA exceeded $100 million, up over 80% YoY.
- Q4 specifics: revenue ~ $437 million, up 6% YoY, with gross profit up more than 30% and adjusted EBITDA up over 60% YoY, showing strong operating leverage late in the year.
- Memory drove a large portion of the margin improvement: memory revenue grew 24% YoY to $156 million, with a 35% gross margin in the quarter, aided by price increases from October to December.
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Fortune Brands Innovations Q4 2025 Earnings Call - CEO Exit, Tariff Hit and Profitability Reset
Fortune Brands closed 2025 with momentum in share gains but a clear profitability problem. Full-year sales were $4.5 billion, operating income $699 million (down 10%) and EPS $3.61 (down 12%), while Q...
- CEO transition announced: Nick Fink is leaving to pursue an external opportunity; board appointed Amit Banati as CEO effective in May, with Chair Susan Kilsby covering the interim period.
- Full-year 2025 results: revenue $4.5 billion (down 3%), operating income $699 million (down 10%), operating margin 15.7% (down 120 bps), and adjusted EPS $3.61 (down 12%).
- Q4 2025 on a before-charges basis: sales $1.1 billion (down 2%), operating income $158 million (down 13%), operating margin 14.7% (down 170 bps), adjusted EPS $0.86 (down 12%).
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Research Solutions Q2 FY2026 Earnings Call - B2B API and AI infrastructure lift ARR amid B2C and transaction softness
Research Solutions delivered a mixed quarter: revenue roughly flat at $11.8 million, platform subscription revenue surged 14% and ARR rose 14% to $21.8 million, but transaction and B2C businesses soft...
- Total revenue was $11.8 million in Q2 FY2026, essentially flat versus $11.9 million a year ago, masking diverging trends across segments.
- Platform subscription revenue grew approximately 14% to $5.2 million, driven by 47 net new platform deployments and upsells.
- ARR finished at $21.8 million, up 14% year-over-year, composed of roughly $15.3 million in B2B ARR and $6.4 million in normalized Scite B2C ARR.
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Toast Q4 2025 Earnings Call - AI Adoption Fuels Rapid Platform Expansion and Margin Gains, Hardware Costs Create Near-Term Headwind
Toast closed 2025 with clear momentum: record net location adds, faster recurring gross profit growth, and materially higher margins. The company reported over $2 billion in ARR, 164,000 locations, 30...
- Recurring gross profit streams grew 33% in 2025, with ARR topping $2 billion and year-end locations of 164,000 after 30,000 net adds in 2025.
- Adjusted EBITDA was $633 million for 2025 and free cash flow was $608 million, with management saying adjusted EBITDA margins expanded to roughly 34% as scale kicked in.
- SaaS ARR and subscription revenue each grew 28% YoY; subscription gross profit rose 33%, and SaaS gross margin expanded 300 basis points to 80% in Q4.
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Procore Technologies FY25 Q4 Earnings Call - AI Momentum and Upmarket Push Fuel Revenue, Margin, and FCF Gains
Procore closed FY25 with a strong Q4 that beat the high end of guidance, driven by upmarket deal momentum, product expansion, and early traction in agentic AI. The company delivered 15% revenue growth...
- Ajei Gopal’s first earnings call as CEO emphasized Procore’s position as the construction system of record and a strategic pivot into agentic AI.
- Q4 revenue was $349 million, up 15.6% year-over-year, exceeding the high end of guidance.
- Full year FY25 revenue grew 15%, with non-GAAP operating margin at 14%, a 400 basis point year-over-year expansion.
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Bright Horizons Family Solutions Fourth Quarter 2025 Earnings Call - Backup Care Drives Margin Expansion as Company Rationalizes Centers and Guides Modest 2026 Growth
Bright Horizons closed 2025 with a clean beat, driven by an accelerating backup care business and steady full-service results. Q4 revenue rose 9% to $734 million and adjusted EPS climbed 17% to $1.15,...
- Q4 2025 results beat expectations, revenue $734 million (+9% YoY) and adjusted EPS $1.15 (+17% YoY).
- Full-year 2025 revenue $2.93 billion (+9%) and adjusted EPS $4.55 (+31%), exceeding the company’s start-of-year plan.
- Backup care was the standout, Q4 revenue +17% to $183 million, full-year revenue +19% to $728 million, with utilization driven by both planned needs and unplanned disruptions.
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