Earnings Call Transcripts
Access detailed transcripts and key takeaways from company earnings calls
All Earnings Calls
Nabors Industries Q4 2025 Earnings Call - Debt Reduction De-risks While SANAD Buildout Consumes Cash Pre-Inflection
Nabors closed 2025 with concrete balance sheet progress and a clear tradeoff. The company cut net debt by $554 million, extended maturities and trimmed annual cash interest by about $45 million, helpi...
- Q4 2025 adjusted EBITDA was $222 million, and full-year adjusted EBITDA was $913 million, up $31 million year-over-year.
- Consolidated Q4 revenue totaled $798 million; full-year 2025 revenue was $3.2 billion, up 8.7% year-over-year driven by Parker and international expansion.
- Nabors reduced net debt by $554 million versus year-end 2024, bringing net debt to its lowest level since 2005 and cutting annualized cash interest expense by approximately $45 million.
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Granite Construction Q4 2025 Earnings Call - Record $7B Backlog Drives Margin Momentum
Granite closed 2025 with a record CAP of $7.0 billion and delivered meaningful margin expansion across construction and materials, powered by a tighter project selection strategy, vertical integration...
- Granite ended 2025 with record CAP of $7.0 billion, up $632 million sequentially, the largest backlog in company history.
- Construction gross profit margin improved to 15.7% in 2025 from 8.8% in 2020, driven by selective bidding and higher mix of Best Value work.
- Best Value projects reached 48% of CAP, supporting de-risking of the backlog and contributing to predictable margin expansion.
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Copa Holdings Q4 2025 Earnings Call - Strong margins and disciplined growth with flat RASM guidance
Copa closed 2025 with industry-leading margins and a conservative revenue steer. Q4 delivered $172.6 million net income, a 21.8% operating margin, and operational metrics that underscore the hub advan...
- Copa reported Q4 net income of $172.6 million, or $4.18 per share, and full-year 2025 net income of $671.6 million, $16.28 per share.
- Operating margin was 21.8% in Q4 and 22.6% for the full year, underscoring a low-cost hub model and disciplined execution.
- Management flagged a $7.2 million non-cash maintenance adjustment related to future leased aircraft return obligations, and a $6 million foreign currency loss tied to the Brazilian real in Q4; excluding these items Q4 net income would have been $184.1 million.
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Antero Resources Q4 2025 Earnings Call - HG Acquisition Accelerates Growth, Cuts Costs, and Positions Antero as West Virginia Dry Gas Leader
Antero closed the HG Energy acquisition ahead of schedule, adding 385,000 net acres, 400+ drilling locations, and boosting production and dry gas exposure, while selling its Ohio Utica assets and issu...
- Antero closed the HG Energy acquisition ahead of schedule, adding ~385,000 net acres and 400+ drilling locations, extending Marcellus core inventory by five years.
- The transaction increases Antero’s production base by over 30%, raises dry gas exposure, and is expected to lower cash costs by nearly 10% assuming flat commodity prices.
- Antero sold its Ohio Utica asset as part of portfolio rebalancing tied to the HG acquisition.
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PG&E Corporation Fourth Quarter 2025 Earnings Call - Amplified affordability: targeting 0%-3% bill growth via O&M cuts and data center load
PG&E reported full-year 2025 core EPS of $1.50 at the midpoint, up 10% from 2024, and raised 2026 core EPS guidance to $1.64 to $1.66, implying roughly 10% growth. Management reaffirmed a 9% plus annu...
- 2025 core EPS of $1.50 at the midpoint, up 10% versus 2024, marking fourth consecutive year of double-digit core EPS growth.
- 2026 core EPS guidance raised and narrowed to $1.64 to $1.66, implying ~10% year-over-year growth at the midpoint.
- Management reaffirmed longer-term growth of 9% plus annually from 2027 through 2030, basing future growth on actual earnings.
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First American Financial Corporation Q4 2025 Earnings Call - Commercial Surge and AI Rollouts Point to Margin Upside
First American closed 2025 with a punchy quarter: adjusted EPS $1.99, up 47% year over year, driven by a booming commercial business even as residential remained weak. Commercial revenue led the show,...
- Adjusted EPS was $1.99 in Q4 2025, a 47% improvement year over year; GAAP EPS was $2.05.
- Title segment adjusted revenue was $1.9 billion, up 14% versus Q4 2024; commercial revenue was $339 million, up 35% year over year.
- Commercial closed orders rose 10% and average revenue per order (ARPO) set a record at $18,600, up 22%.
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CoreCivic Q4 2025 Earnings Call - Reactivations to Lift EBITDA Run Rate by Nearly $100M, Midwest Regional Still Pending
CoreCivic closed 2025 on a hard-ramping note, driven by reactivations of previously idle facilities and a surge in ICE populations. Management expects stabilized occupancy of new activations to push t...
- Company expects annual revenue run rate of approximately $2.5 billion and an annual EBITDA run rate of about $450 million once recently idle facilities reach stabilized occupancy, implying nearly $100 million of incremental EBITDA year over year.
- 2026 guidance (which excludes Midwest Regional) calls for diluted EPS of $1.49-$1.59, FFO per share of $2.54-$2.64, and EBITDA of $437-$445 million.
- Q4 2025 adjusted EBITDA was $92.5 million, up 25% versus Q4 2024; adjusted EPS (ex-special items) was $0.27 versus $0.16 a year ago, and normalized FFO per share was $0.52 versus $0.39.
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Entergy Corporation Fourth Quarter 2025 Earnings Call - Data center-driven growth and $43B customer-first capex underpin >8% EPS CAGR
Entergy reported 2025 adjusted EPS of $3.91, landing in the top half of guidance, and reiterated a target of greater than 8% adjusted EPS compound annual growth through 2029. Management framed 2025 as...
- 2025 adjusted EPS was $3.91, in the top half of guidance.
- Entergy reiterates greater than 8% adjusted EPS CAGR through 2029 with a transparent year-by-year outlook.
- Retail sales grew about 4% in 2025 (weather-adjusted), driven by roughly 7% industrial sales growth; company forecasts an 8% retail sales CAGR through 2029, driven by 15% industrial growth.
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Granite Point Mortgage Trust Q4 2025 Earnings Call - Shrinking Portfolio, Elevated CECL Reserves, Originations Pushed to H2 2026
Granite Point spent 2025 cleaning up legacy paper while the market swung from pause to liquidity. Management reported active repayments and resolutions, a meaningful CECL reserve build, and steps to c...
- Market backdrop: 2025 ended with improved CRE liquidity, stronger CMBS and CLO issuance, and banks returning to warehouse financing, but there remains a shortfall of actionable deals driving spread compression.
- Portfolio size and composition: $1.8 billion in total loan commitments, $1.7 billion outstanding principal, 43 investments, average UPB about $39 million, and weighted average stabilized LTV at origination about 65%.
- Risk profile and yield: Weighted average risk rating ticked up to 2.9 from 2.8 sequentially. Realized loan portfolio yield for Q4 was 6.7%, and excluding nonaccrual loans would have been 8.0%.
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Tyler Technologies Q4 2025 Earnings Call - SaaS and Transactions Drive Record Free Cash Flow, $1B Buyback Announced
Tyler closed 2025 on solid footing: recurring revenues accelerated, SaaS revenue topped $200 million in a quarter for the first time, and transaction volumes stayed strong. Management flagged a record...
- Total Q4 revenues $575.2 million, up 6.3% year-over-year; excluding a one-time non-cash reserve, Q4 growth would have been 8.1%.
- Recurring revenues grew 11% in Q4, driven by SaaS growth of 20.2% and transaction revenue growth of 12.1%.
- SaaS revenue eclipsed $200 million in a quarter for the first time, and total annualized recurring revenue reached ~$2.06 billion, up 10.9% year-over-year.
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