Earnings Call Transcripts
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All Earnings Calls
Nebius Group Q4 2025 Earnings Call - Capacity Sprint: Contracted Power Tops 2GW, Targeting >3GW and $7B-$9B ARR
Nebius closed 2025 with rapid scale and striking commercial momentum. Q4 revenue was $228 million, ARR exceeded guidance at $1.2 billion, and the core AI cloud business grew at hyperscale speed, with ...
- Q4 revenue $228 million, up 547% year over year and 56% quarter over quarter, with the company in mid-range of guidance.
- Annualized run rate revenue (ARR) for the core AI cloud hit $1.2 billion at year-end, above the high end of prior guidance.
- Core AI cloud revenue grew 830% year over year and 63% quarter over quarter, driving improved operating leverage.
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Karyopharm Therapeutics Q4 2025 Earnings Call - Myelofibrosis Phase 3 SENTRI Readout in March Could Reframe Franchise
Karyopharm enters 2026 hinged on two late stage readouts, with the SENTRI phase 3 myelofibrosis top line expected in March and EXPORT-EC042 endometrial cancer data due mid-2026. Management argues seli...
- SENTRI phase 3 myelofibrosis top-line data expected in March 2026, company views this as the primary near-term value driver.
- EXPORT-EC042 phase 3 in P53 wild-type endometrial cancer remains on track for mid-2026 top-line data, with mandated dual antiemetics and a lower 60 mg selinexor dose versus prior trials.
- Selinexor 60 mg once weekly was selected for SENTRI based on phase 1 PK, efficacy and safety data, with company arguing 60 mg maximizes efficacy while remaining manageable.
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West Pharmaceutical Services Q4 2025 Earnings Call - HVP components drive momentum, 2026 guided to 5%-7% organic growth
West closed 2025 with a clean set of beats and a clear thesis: higher-value product components are doing the heavy lifting. Q4 results outpaced expectations, driven by a 15% organic surge in HVP compo...
- Q4 revenue $805 million, reported growth 7.5%, organic growth 3.3%, beating management expectations.
- Full year 2025 net sales surpassed $3.0 billion with year-over-year organic growth of over 4%.
- HVP components were the standout: $390 million revenue in Q4, organic growth of 15.1%, and the primary driver of margin expansion.
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Manulife Financial Corporation Q4 2025 Earnings Call - Record core earnings driven by double-digit new business CSM growth despite $9.5B GWAM outflows
Manulife closed 2025 with record core earnings, powered by double-digit new business CSM growth across insurance segments and strong performance in Asia and Global WAM, even as the wealth arm recorded...
- Manulife reported record core earnings for 2025, with core EPS up 8% for the year and Q4 core EPS up 9% year over year.
- New business CSM growth exceeded 20% in each insurance segment in 2025, and Manulife recorded its sixth consecutive quarter of >20% new business CSM growth.
- Global WAM posted elevated net outflows of $9.5 billion in Q4, driven by large U.S. retirement plan redemptions and higher participant withdrawals; gross flows rose 15% to $50 billion.
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Lincoln Financial Q4 2025 Earnings Call - Capital rebuilt, annuities shift to spread-based mix to boost free cash flow
Lincoln closed 2025 with clear progress on the three priorities it laid out in 2023: a stronger capital foundation, an optimized operating model, and a shift toward more predictable, capital-efficient...
- Q4 adjusted operating income available to common stockholders was $434 million, or $2.21 per diluted share; full-year adjusted operating income exceeded $1.5 billion, up 23% vs 2024.
- Q4 adjusted operating income rose 31% year-over-year; this was the sixth consecutive quarter of year-over-year adjusted operating earnings growth.
- Free cash flow conversion improved to 45% in 2025, up from 35% in 2023, showing better ability to turn earnings into distributable cash.
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Birkenstock First Quarter Fiscal 2026 Earnings Call - Strong Demand, FX and Tariffs Cut Reported Growth and Margins
Birkenstock posted a robust quarter, with revenue of EUR 402 million, up 18% in constant currency but only 11% reported as a result of a heavy FX headwind. Demand and brand momentum remain strong acro...
- Revenue EUR 402 million in Q1 fiscal 2026, up 18% in constant currency, 11% on a reported basis due to FX effects.
- FX created a 670 basis point headwind to revenue growth in Q1, with Q2 expected to face roughly 700 basis points of FX drag at current rates.
- B2B grew 24% in constant currency in Q1, DTC grew 12% in constant currency; B2B outperformance continued during holiday season.
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Agios Pharmaceuticals Q4 2025 Earnings Call - ACTIVASE U.S. launch underway with 44 scripts in first five weeks and a 10-12 week conversion lag
Agios closed 2025 with a launch under its belt, $1.2 billion of cash, and a pipeline full of near-term catalysts. ACTIVASE received FDA approval in December and the U.S. launch is live, with 44 prescr...
- ACTIVASE approved by the FDA for alpha and beta thalassemia in December 2025; U.S. launch is underway.
- Management reported 44 prescriptions written by REMS-certified physicians in the first five weeks of the U.S. ACTIVASE launch, a strong early signal of demand.
- Average conversion from prescription to treatment initiation is expected to be 10-12 weeks, driven mainly by insurance prior authorization and a required baseline liver test.
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Avient Corporation Q4 2025 Earnings Call - Margin Expansion and Cash Discipline Offset Flat Organic Sales; Defense and Healthcare Lead Growth
Avient closed 2025 with record adjusted EBITDA margins and tighter balance sheet, while organic sales were essentially flat. Management leaned on favorable mix, productivity and disciplined cash manag...
- Q4 2025: Adjusted EBITDA margins expanded 80 basis points versus prior year, and adjusted EPS grew 14% in the quarter per management.
- Full-year 2025: Record adjusted EBITDA margin of 16.7% and adjusted EBITDA of $545 million, a 3.5% increase year-over-year as reported.
- Organic sales in Q4 were down 0.8% and full-year 2025 organic sales were roughly flat; reported full-year sales were up 1.9% due to favorable FX.
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Bitdeer Technologies Fourth Quarter 2025 Earnings Call - Pivoting to AI colocation while scaling self-mining and proprietary SealMiner production
Bitdeer closed Q4 2025 with headline growth, but not without friction. Revenue surged to $224.8 million, driven by rapid self-mining rollouts and SealMiner sales, and adjusted EBITDA was positive at $...
- Revenue jumped to $224.8 million in Q4 2025, up 226% year over year and 32.5% sequentially, driven primarily by higher self-mining hash rate and SealMiner sales.
- Adjusted EBITDA was positive $31.2 million for the quarter, a reversal from Q4 2024 negative figures, but down from $39.6 million in Q3 2025 due to higher energy and operating costs.
- Gross profit was $10.6 million and gross margin compressed to 4.7%, versus 24.1% in Q3 2025 and 7.4% in Q4 2024, largely because Bitcoin prices fell 13% quarter on quarter, electricity costs rose about 5% and depreciation surged.
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Yatra Fiscal Q3 2026 Earnings Call - Corporate and international momentum offsets December IndiGo disruption, bookings and margins expand
Yatra reported broad-based gross booking growth and margin compression improvement despite a meaningful operational hit from airline schedule disruptions in early December. Management says gross booki...
- Gross bookings rose 22% year on year for air ticketing, reaching INR 16,931 million (about $188 million), management said.
- Revenue from operations grew 10% year on year to INR 2,577 million (about $29 million) for the quarter.
- Air passenger volumes increased roughly 13% to 1,491 thousand passengers, management alternatively referenced ~14% growth, indicating mid-teens passenger growth.
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