Earnings Call Transcripts
Access detailed transcripts and key takeaways from company earnings calls
All Earnings Calls
Trinity Industries Q4 2025 Earnings Call - Napier Park Restructuring Reveals $194M Gain, Wide Asset Upside
Trinity closed 2025 with a clean, if cautious, set of results. A strategic restructuring with Napier Park generated a $194 million non-cash gain and exposed a large market value premium on the company...
- Q4 EPS was $2.31, full-year 2025 EPS was $3.14, a 73% year-over-year increase and in line with prior guidance.
- Trinity recorded a $194 million non-cash gain from the December railcar partnership restructuring with Napier Park, after taking full ownership of the TRP 2021 fleet of ~6,235 cars.
- The company estimates its 101,000 wholly owned railcars (carrying value $6.3 billion) have a market value roughly 35% to 45% above carrying value, consistent with a long run 3% to 4% annual appreciation rate.
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Gogoro Inc. Q4 2025 Earnings Call - Restructuring Drives Record Adjusted EBITDA, Gogoro Network Targets Profitability in 2026
Gogoro spent 2025 pruning complexity and cutting costs, and the numbers show the refocus worked. The company delivered a record adjusted EBITDA near $59.5-$59.9 million, operating cash flow of $31.1 m...
- Record adjusted EBITDA of roughly $59.5-$59.9 million for full year 2025, a clear result of the 2025 restructuring and cost cuts.
- Operating cash flow improved more than threefold to $31.1 million, signaling meaningful cash generation after the refocus.
- Full year revenue declined 9.4% to $281.5 million, driven by a 23.3% drop in hardware revenue to $132.5 million and softer Taiwan scooter volumes.
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Utz Q4 2025 Earnings Call - Productivity-Fueled Margin Expansion Sets Up Free Cash Flow, Deleveraging and $50M Buyback
Utz closed 2025 with top-line resilience and a margin story that dominates the headlines. Branded salty snacks continued to grow for the eighth consecutive quarter, while aggressive productivity and a...
- Full-year 2025 organic net sales rose 2.4%, with branded salty organic sales up 4.7%, outpacing a retail category that was down 0.5%.
- Q4 2025 net sales were only up 0.4% as shipments lagged consumption late in the quarter due to retailer destocking; management says shipments normalized exiting the year and trends continued into 2026.
- Productivity delivered 7% of adjusted COGS in 2025, above the 6% target, funding marketing increases and contributing to substantial margin expansion.
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British American Tobacco Full Year 2025 Earnings Call - Modern Oral Surge and U.S. Combustibles Drive Return to Growth, Setting Up Midterm Algorithm in 2026
BAT closed 2025 at the top end of guidance, led by a blistering Modern Oral performance and a reset U.S. combustibles franchise. Group revenue rose 2.1% on a constant currency basis, adjusted profit i...
- BAT delivered 2025 results at the top end of guidance, with group revenue up 2.1% and adjusted diluted EPS up 3.4% on a constant currency basis.
- The company added 4.7 million smokeless consumers in 2025, taking its total to 34.1 million, driven mainly by Modern Oral (VELO).
- Modern Oral revenue surged 48% globally, with VELO+ in the U.S. delivering over 300% growth and reaching positive category contribution within its first year.
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RELX Full Year 2025 Earnings Call - AI-enabled, content-led products drive 7% revenue and 9% profit growth
RELX reported a solid 2025: underlying revenue up 7%, underlying adjusted operating profit up 9%, and adjusted EPS up 10% at constant currency, driven by the company-wide shift to AI-enabled analytics...
- Group underlying revenue +7% and underlying adjusted operating profit +9% in 2025, at constant currency.
- Adjusted EPS up 10% at constant currency, reflecting profit growth and buyback-driven lower share count.
- Group adjusted operating margin improved to 34.8%, up ~90 basis points year on year.
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Unilever FY2025 Earnings Call - Portfolio reset and Power Brands drive margin expansion despite heavy currency drag
Unilever closed 2025 as a noticeably leaner, more premium company, leaning hard into Power Brands, bolt-on acquisitions, and a productivity program that is running ahead of plan. The headline numbers ...
- Underlying sales growth 2025: 3.5% (volumes +1.5%, price +2.0%); two-year trends show stronger momentum in beauty and wellbeing, home care, and personal care.
- Q4 sequential pickup: underlying sales growth 4.2%, volumes 2.1%, price 2.0%, signifying execution improvement through the year.
- Power Brands now represent >78% of turnover (30 brands); they grew 4.3% in 2025 with volumes +2.2% and delivered a two-year CAGR of 5% including 3.4% volume growth.
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Equinix Q4 2025 Earnings Call - AI-Driven Bookings Surge Pushes 2026 Revenue and AFFO Outlook Higher
Equinix closed 2025 with a sprint, driven by a sharp acceleration in bookings and AI-related demand that lifted recurring revenue and prompted management to raise its 2026 financial targets. Q4 showed...
- Q4 revenues $2.4 billion, up 7% year-over-year, propelled by a Q4 MRR increase of 10% (8% for full year on a normalized, constant currency basis).
- Annualized gross bookings for 2025 reached $1.6 billion, up 27% year-over-year; Q4 bookings were $474 million, up 42% year-over-year and 20% sequentially from Q3.
- AI is a clear demand accelerator, with approximately 60% of the largest deals in Q4 driven by AI workloads, up from ~50% earlier in 2025; these deals showed about 33% higher power density, ~10 kVA per cabinet on average.
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McGraw Hill Fiscal Third Quarter 2026 Earnings Call - Higher Ed Surge and AI Momentum Lift FY26 Guidance
McGraw Hill beat a modest quarter into a meaningful narrative shift, driven by a blistering higher education performance and accelerating AI-enabled products. Q3 revenue rose 4.2% to $434 million, rec...
- Total Q3 revenue $434 million, up 4.2% year-over-year, fiscal YTD revenue +0.7%.
- Recurring revenue grew 14.8% YoY to $357 million, representing 82% of total revenue; digital revenue rose 11% to $364 million, 84% of revenue.
- Adjusted EBITDA was $136 million, up 7.7% YoY, with a margin of 31.3% and gross margin expanded to 85.3%, roughly +100 basis points year-over-year.
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Motorola Solutions 4Q 2025 Earnings Call - Record margins, $15.7B backlog and AI plus Silvus lift 2026 outlook
Motorola Solutions closed 2025 on a high note: record revenue and record non-GAAP operating margins, a $15.7 billion backlog, and strong cash generation that funded nearly $5 billion of acquisitions i...
- Record finish: Q4 revenue grew 12% and full-year revenue reached $11.7 billion, up 8% year over year.
- Margins at new highs: FY 2025 non-GAAP operating margin was a record 30.3%, with Q4 non-GAAP operating margin at 32.1%; management expects another 100 basis points of operating margin expansion in 2026.
- Backlog and orders: Ending backlog hit an all-time high of $15.7 billion, orders grew 26% year over year, and product orders in Q4 were a record $2.4 billion.
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GFL Fourth Quarter 2025 Earnings Call - Hit 30% Adjusted EBITDA, Guiding to Further Margin Expansion and Low-to-Mid 3x Leverage
GFL closed 2025 with a milestone 30% adjusted EBITDA margin and a clean balance sheet after aggressive buybacks and M&A. Management says pricing outperformed expectations, operational levers are takin...
- GFL achieved a historical milestone, reaching 30% adjusted EBITDA margin for full-year 2025, and Q4 margin was 30.2%, the highest Q4 margin in company history.
- Full-year adjusted EBITDA was CAD 1.985 billion; on a constant FX basis it would have been roughly CAD 2.0 billion, exceeding the high end of original guidance by about CAD 50 million.
- Adjusted free cash flow was CAD 425 million in Q4 and CAD 756 million for 2025, with conversion improving to 38% despite M&A and FX headwinds.
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