Earnings Call Transcripts
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All Earnings Calls
STAG Industrial Q4 2025 Earnings Call - Leasing Momentum: 69% of 2026 Exposures Addressed, 18%-20% Cash Leasing Spreads Targeted
STAG closed 2025 with stronger-than-expected operating results and a clear playbook for 2026: aggressively lease a heavy slate of expirations, opportunistically deploy capital, and keep the balance sh...
- Core FFO per share was $0.66 in Q4 and $2.55 for full-year 2025, up 6.3% year over year.
- Same-store cash NOI grew 5.4% in Q4 and 4.3% for full-year 2025, reflecting durable operating performance.
- Management reports it has addressed 69% of the square footage it expects to lease in 2026, a meaningful front-end of the lease pipeline.
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Intercorp Financial Services Q4 2025 Earnings Call - Record earnings, bank recovery and Rutas de Lima largely provisioned
Intercorp Financial Services closed 2025 with record reported earnings and a tangible recovery in core banking metrics, but the quarter was marked by a one-off hit tied to the Rutas de Lima investment...
- IFS reported record net income of 1.9 billion (currency presented inconsistently in the call; CEO referenced PEN while the CFO later referenced $), with management stressing strong core performance across businesses.
- Full-year ROE was reported at 16.8% by the CFO, and would have been 18.5% excluding the Rutas de Lima impairment; the CEO briefly referenced an erroneous 'around 70%' figure which the CFO clarified.
- Rutas de Lima impairment: PEN 205 million charged during 2025, plus an additional PEN 129 million in Q4 recognized by Interseguro, leaving a residual carrying value of PEN 74 million (approximately $22 million). Management does not expect further material impairments based on current information.
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Crane NXT Q4 2025 Earnings Call - Micro-optics momentum and Antares stake set up an accelerated 2026
Crane NXT closed 2025 with a strong finish, reporting Q4 sales up about 20% and full-year sales up roughly 11%, while adjusted EBITDA margins held near mid-20s and free cash flow conversion stayed rob...
- Q4 sales were about $477 million, up approximately 20% year-over-year; full-year sales were roughly $1.7 billion, up about 11% versus 2024.
- Adjusted EBITDA-style profitability stayed strong, with adjusted segment operating/EBITDA margins around 25% in Q4 and 24% for the full year, and adjusted EPS of $1.27 in Q4 and $4.06 for 2025.
- Free cash flow conversion was exceptionally high, about 135% in Q4 and 94% for the full year, underpinning a 6% dividend increase and debt paydown plans.
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Rayonier Inc. Q4 2025 Earnings Call - Merger with PotlatchDeltic closes, 4M-acre platform and real estate drives EBITDA
Rayonier closed its merger of equals with PotlatchDeltic on January 30, creating a roughly 4 million acre land resources company that combines timberland, a real estate platform, and a wood products m...
- Merger closed early: Rayonier completed its merger of equals with PotlatchDeltic on January 30, creating a combined company with roughly 4 million acres of timberland and an integrated wood products and real estate platform.
- Record real estate performance: Real estate Adjusted EBITDA was a record $127 million in 2025, driven by a large conservation sale and strong rural and development demand.
- Q4 and full-year chiffres: Q4 Adjusted EBITDA totaled $62 million, full-year Adjusted EBITDA was $248 million (up 8% vs 2024), and full-year pro forma net income was $89 million, or $0.57 per share.
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Sylvamo Fourth Quarter 2025 Earnings Call - 2026 Transition Costs for Eastover Now, Promised >$300M Annual FCF and >15% ROIC Later
Sylvamo closed 2025 with resilient margins and a conservative balance sheet, but management is clear: 2026 is a transition year. The company posted $448 million of adjusted EBITDA for the year and mod...
- Full-year 2025 adjusted EBITDA was $448 million with a 13% margin; 2025 free cash flow was $44 million and adjusted operating earnings were $3.54 per share.
- Fourth quarter 2025 adjusted EBITDA was $125 million with a 14% margin; Q4 free cash flow was $38 million and adjusted operating earnings were $1.08 per share.
- Net debt to adjusted EBITDA ended 2025 at about 1.6 times, which management cites as a strong financial position to fund planned investments.
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Sphere Entertainment Co. Fourth Quarter 2025 Earnings Call - Sphere Experience Momentum and National Harbor Expansion Push Global Rollout
Sphere reported a quarter driven by the Sphere Experience, with The Wizard of Oz carrying the P&L and the pipeline for new venues expanding quickly. Q4 results showed strong revenue and adjusted opera...
- Total company revenues for the December quarter were $394.3 million, with consolidated adjusted operating income of $128.0 million.
- Sphere segment revenues were $274.2 million, up more than 60% year over year, driven largely by the Sphere Experience and increased performances.
- Fourth quarter adjusted operating income for the Sphere segment was $89.4 million, versus an adjusted operating loss of about $0.8 million in the prior year quarter.
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MSA Safety Q4 and Full Year 2025 Earnings Call - Detection momentum and pricing set up mid-single-digit organic growth in 2026 as fire-service delays normalize
MSA closed 2025 with solid cash generation and clear strategic traction, led by detection and fall protection while firefighting equipment suffered timing-related setbacks. Q4 sales were $511 million,...
- Q4 net sales $511 million, up 2% reported, down 3% organic; full-year sales $1.9 billion, up 4% reported and 1% organic.
- Q4 adjusted diluted EPS $2.38, up 6% year-over-year; full-year adjusted diluted EPS $7.93, up 3%.
- Free cash flow strong: $106 million in Q4 (122% of earnings) and $295 million for 2025, 106% conversion rate, above target.
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Genesis Energy 4Q 2025 Earnings Call - Deepwater production ramp lifts outlook, guidance conservatively tempered by downtime and dry-docks
Genesis closed out 2025 on a stronger note, driven by a clear deepwater story. Offshore pipeline volumes and margins climbed through the year as Shenandoah hit near its 100,000 bpd target and Salamanc...
- Q4 2025 results modestly beat internal expectations, led by offshore pipeline transportation and a stabilizing marine transportation business.
- Offshore pipeline momentum: CHOPS and Poseidon segment margins rose roughly 19% and 16% versus Q3, marking the third straight quarter of sequential improvement.
- From Q1 to Q4 2025, offshore segment margin increased about 57% and total volumes across both systems grew roughly 28%.
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CSPi Q1 FY2026 Earnings Call - Services Drive Margin Gains, MSP Adds Nearly $100k MRR as AZT Protect Gains Traction
CSPi reported a mixed quarter: revenue fell to $12.0 million from $15.7 million a year ago, driven by the absence of roughly $4.5 million in one-time product transactions that boosted last year. That ...
- Total revenue fell to $12.0 million in Q1 FY2026 versus $15.7 million a year ago, largely because prior-year quarter included approximately $4.5 million of one-time product deals that did not repeat.
- Product revenue declined to $6.7 million from $11.0 million year over year, reflecting the absence of large one-off orders.
- Service revenue grew 14.6% to $5.3 million, the operational bright spot and the driver of an improved margin mix.
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West Fraser Q4 2025 Earnings Call - Deep Lumber Downcycle, Big Impairments, Liquidity Intact
West Fraser closed 2025 in the teeth of a severe lumber downcycle, reporting adjusted EBITDA of negative $79 million in Q4 and $56 million for the full year, down sharply from $673 million in 2024. Ma...
- Q4 2025 adjusted EBITDA was negative $79 million, improved from negative $144 million in Q3 after excluding an out-of-period $67 million export duty previously recorded.
- Full-year 2025 adjusted EBITDA fell to $56 million, down sharply from $673 million in 2024, underscoring the severity of the lumber downcycle.
- The company recorded $473 million of non-cash restructuring and impairment charges in the lumber segment in Q4, including a goodwill impairment and two sawmill closures.
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