Earnings Call Transcripts
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All Earnings Calls
Vertiv Q4 2025 Earnings Call - Orders Surge to $15B Backlog and Management Drops Quarterly Order Disclosure
Vertiv closed 2025 with a jolt. Q4 orders and backlog exploded, driving a book-to-bill near 3x, strong margin expansion, and near-term cash generation that left the company with net leverage of just 0...
- Q4/FY headline strength: Q4 organic orders up 152% year over year, trailing 12-month organic orders up 81%, book-to-bill ~2.9 and backlog at $15 billion, more than double last year.
- Revenue and profitability: Q4 organic net sales up 19% year over year; Q4 adjusted operating margin 23.2%, up 170 basis points; Q4 adjusted diluted EPS $1.36, up 37% year over year.
- Full-year cash and leverage: 2025 adjusted free cash flow around $1.9 billion, conversion ~115%, Q4 adjusted FCF $910 million (up 151% YoY), and net leverage exited at ~0.5x.
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NiSource Q4 2025 Earnings Call - $1B Amazon Agreement to Return Value to NIPSCO Customers, GenCo Pipeline Is the Growth Engine
NiSource closed 2025 with solid execution and a clear pivot to data center-driven growth. The headline is the Amazon special contract, which management says will return roughly $1 billion to NIPSCO cu...
- Amazon special contract is the call’s headline: management expects about $1 billion to flow back to NIPSCO customers, translating to an estimated $7 to $9 per customer per month at full ramp; IURC approval expected in H1 2026 and zoning for five Jasper County parcels was approved Feb 2.
- GenCo is now a defined growth engine: $6 billion to $7 billion of capital tied to the Amazon project through 2032, with management targeting a GenCo contribution of $0.01 to $0.02 to EPS in 2026.
- 2025 financials beat guidance: full-year adjusted EPS of $1.90 and Q4 adjusted EPS of $0.51. Management reaffirmed 2026 consolidated adjusted EPS guidance of $2.02 to $2.07 per share.
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Frontier Group Holdings Q4 2025 Earnings Call - CEO Lays Out Fleet Rightsize, $200M Cost-Save Push and 10% Growth Target
Newly appointed CEO Jimmy Dempsey used his first public earnings call to set a clear, operationally focused agenda. He announced two non-binding deals that reset Frontier’s fleet and growth runway: an...
- Jimmy Dempsey is the new CEO and laid out four strategic priorities: rightsizing the fleet, strengthening cost discipline, improving operational reliability, and driving customer loyalty.
- Frontier reached a non-binding agreement with AerCap to enable early termination of 24 aircraft leases in Q2, with no liquidity penalty in 2026, and expects improved maintenance costs over the next 3-5 years from removing these aircraft.
- Management signed a non-binding framework with Airbus to revise the delivery profile, moderating long-term growth to about 10% annually versus prior, higher growth trajectories.
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Highwoods Properties Q4 2025 Earnings Call - Sun Belt BBD Demand Drives Rent Growth; 2026 FFO Raised but Short-Term Dilution from Acquisitions
Highwoods used the Q4 call to make a simple claim with heavy evidence, Sun Belt BBD fundamentals are tightening and driving meaningful rent and NOI upside. Management reported record net effective ren...
- Strong rent momentum: Full year 2025 net effective rents were up ~20% versus 2024 and 19% versus 2022, management calls 2025 a new high water mark.
- FFO results and outlook: Q4 FFO was $0.90 per share (includes $0.06 per share of land sale gains); full year 2025 FFO was $3.48 per share. 2026 initial FFO guidance is $3.40 to $3.68, midpoint $3.54.
- 2026 midpoint vs prior: Management says the 2026 midpoint is 5.7% higher than their initial 2025 outlook, but recent transactions produce a temporary $0.09 per share headwind to 2026 FFO at the midpoint.
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Acadia Realty Trust Fourth Quarter 2025 Earnings Call - Street retail momentum drives 2026 FFO guidance and multi-year NOI growth
Acadia closed 2025 with another strong quarter led by street and urban retail, reporting same-property NOI up 6.3% in Q4 and 5.7% for the year. Management is leaning into pri-loose lease resets, conce...
- Q4 2025 same-property NOI rose 6.3%, with full-year 2025 same-property NOI up 5.7%; this marks four consecutive years above 5% same-store NOI growth.
- Reported Q4 GAAP EPS was $0.34, which includes $0.03 of Albertsons gains and a $0.01 tax item; adjusted run-rate earnings for the quarter are roughly $0.30 per share.
- Economic occupancy has improved materially, from about 81% at year-end 2021 to over 90% today; REIT economic occupancy reported at 93.9%, with street and urban occupancy near 90%.
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NETSTREIT Corp Fourth Quarter 2025 Earnings Call - Record deal activity at a 7.5% yield, Fitch BBB- narrows cost of capital and funds a dividend bump
NETSTREIT closed 2025 with a sprint, recording its largest quarter of acquisitions at $245.4 million and a full-year $657.1 million of gross investments, both at a blended cash yield of 7.5%. Manageme...
- Record 4Q investment activity of $245.4 million, full-year gross investments of $657.1 million, both at a blended cash yield of 7.5% with long lease terms (15 years WALT in 4Q, 13.9 years for full year).
- Fitch awarded NETSTREIT a BBB- rating in December, lowering term loan spreads about 20-25 basis points and producing roughly $2 million of annual interest savings to date. Management sees further modest spread upside with potential upgrades.
- AFFO per share finished 2025 at $1.31, up 4% year over year; Q4 AFFO was $0.33 per diluted share. 2026 AFFO guidance reaffirmed at $1.35 to $1.39, assuming modest dilution from forward equity.
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TotalEnergies FY2025 Earnings Call - Accretive growth and cash resilience delivered, pivoting to a cost-saving 2026
TotalEnergies closed 2025 by delivering accretive production growth, material emissions progress, and robust cash generation while laying out a defensive, cash-saving blueprint for 2026. Management tr...
- 2025 financials: operating cash flow generated about $28 billion, net adjusted income $15.6 billion, IFRS net income $13.1 billion, gearing 14.7%, and shareholder returns (dividend plus buybacks) contributed materially to TSR.
- 2025 delivery was balanced: upstream production grew ~4%, electricity net production rose ~20% to ~50 TWh, and LNG sales increased about 10% year on year.
- CapEx and guidance: reported 2025 capital spending ran around $17.1 billion, 2026 net CapEx guidance set at $15 billion, with flexibility down to $14 billion if needed; organic CapEx roughly $16.8 billion with acquisitions and divestments largely balanced.
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Generac Holdings Inc. Q4 2025 Earnings Call - Data Center Push: $400M Backlog, Hyperscaler Pilots and $1B Domestic Capacity Ramp
Generac closed 2025 with a split personality. Commercial and industrial momentum, driven by data center demand, produced 10% CNI growth and a roughly $400 million backlog, while residential sales slum...
- Overall Q4 net sales fell 12% year over year to $1.1 billion, driven by a 23% decline in residential product sales amid an unusually calm outage environment.
- Global CNI product sales rose 10% in Q4, led by initial large megawatt generator sales to data center customers and stronger controls product shipments.
- Generac reports a roughly $400 million backlog for data center products, and says the majority is expected to ship in 2026.
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NNN REIT, Inc. Q4 2025 Earnings Call - Record Acquisitions and a Self-Funding 2026 With 3.2% AFFO Growth Target
NNN closed 2025 with industry-leading liquidity and an unusually active deal cadence, completing over $900 million of acquisitions while restoring portfolio occupancy and trimming problem assets. Mana...
- Record acquisition year: NNN completed over $900 million of acquisitions in 2025, the highest annual volume in company history.
- Quarter and full-year earnings: Q4 core FFO and AFFO were $0.87 per share, up 6.1% year-over-year. Full-year core FFO was $3.41 and AFFO $3.44, up 2.7% versus 2024.
- 2026 guidance: AFFO guidance of $3.52 to $3.58 per share, midpoint implying ~3.2% year-over-year AFFO growth; core FFO guidance $3.47 to $3.53.
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Inter 4Q 2025 Earnings Call - 36% Loan Growth and NIM Expansion Lift ROE to 15%
Inter closed 2025 with a jump in scale and profitability. Client engagement exploded, with 21.5 million daily logins in December and nearly 1 billion transactions that month, while TPV run rate hit BR...
- Inter reported exceptional client engagement, 21.5 million daily logins in December versus 17 million a year earlier, and about 1 billion transactions in December, underscoring the super app traction.
- New client acquisition hit an all time high of 7 million in 2025, lifting total registered clients to roughly 43 million and active clients to 25 million, activation rate 58%.
- Total payment volume run rate reached BRL 1.8 trillion, Pix volumes about BRL 1.5 trillion for the year, giving Inter an 8.5% Pix market share, and cards TPV now outpacing debit.
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