Earnings Call Transcripts
Access detailed transcripts and key takeaways from company earnings calls
All Earnings Calls
Cenovus Energy Q4 2025 Earnings Call - MEG deal consolidates Christina Lake, powering record oil sands output and operational momentum
Cenovus closed 2025 with a flurry of operational wins and a material acquisition that reorders its oil sands franchise. The MEG Energy buy completed in November immediately lifted December production ...
- MEG Energy acquisition closed on November 13, adding over 100,000 barrels a day to the Christina Lake area and materially expanding Cenovus's heavy oil resource base.
- Management forecasts CAD 150 million of annual synergies in 2026 and 2027, and more than CAD 400 million of annual synergies by the end of 2028, with CAD 120 million of corporate synergies largely already captured.
- Cenovus set upstream production records, averaging 834,000 BOE per day for 2025 (up 3% from 2024, ex-MEG) and reporting 918,000 BOE per day in Q4; December production exceeded 970,000 BOE per day including full MEG benefit.
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Targa Resources Q4 2025 Earnings Call - Record volumes drive $4.96B Adjusted EBITDA, company doubles down on Permian plant buildout
Targa closed 2025 with record operational and financial results and a clear, even ambitious, road map for more growth. Permian throughput and downstream volumes hit new highs, marketing optimization a...
- Record 2025 Adjusted EBITDA of $4.96 billion, up ~20% year-over-year, driven by record volumes and stronger marketing optimization.
- Permian volumes for full year grew ~11% (more than 600 MMcf/d); Q4 Permian average hit a record 6.65 Bcf/d, up 10% year-over-year.
- NGL transport volumes increased by ~170,000 barrels per day year-over-year; frac volumes rose by ~120,000 barrels per day; Q4 LPG export averaged 13.5 million barrels per month.
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Expro Q4 2025 Earnings Call - Margin and Free Cash Flow Acceleration Despite Flat 2026 Revenue Guidance
Expro closed 2025 with steady top-line, visibly expanded margins, and a material jump in free cash flow. Full-year revenue was about $1.6 billion with Adjusted EBITDA of $353 million, a 22% margin, wh...
- Full-year 2025 revenue roughly $1.6 billion, Adjusted EBITDA $353 million, representing a 22% margin.
- Adjusted free cash flow jumped to $127 million in 2025, more than double 2024 and above guidance.
- Q4 2025 revenue $382 million, Adjusted EBITDA $88 million, quarter margin 23.1%, and Q4 adjusted free cash flow $28 million.
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Coeur Mining Q4 2025 Earnings Call - Record Cash Flow and New Gold Deal to Create a $3B EBITDA North American Precious-Metal Champion
Coeur closed 2025 with a sweep of record metrics: production up sharply, EBITDA and free cash flow surged, net cash positive, and a materially stronger balance sheet. The company is guiding higher sil...
- Record year: 2025 saw silver production +57% and gold +23% year-over-year, driven by Rochester expansion and the SilverCrest acquisition.
- Profit surge: Full year EBITDA rose ~200% to over $1 billion; full year free cash flow turned to $666 million from -$9 million in 2024.
- Balance sheet strength: Year-end cash climbed to $554 million, total liquidity near $1 billion, and total debt down $250 million (42% YoY). Coeur reached net cash positive status.
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Travelzoo Q4 2025 Earnings Call - Aggressive member acquisition fuels growth but dents short-term EPS
Travelzoo reported a modest revenue beat, driven by a sharp push into paid membership. Management is spending heavily to convert legacy users and win new club members because the economics look attrac...
- Consolidated Q4 2025 revenue was $22.5 million, up 9% year over year, or $22.1 million in constant currency, up 7% YoY.
- Q4 GAAP operating income fell to $0.6 million, or 3% of revenue, down from $4.9 million a year ago, as marketing to acquire club members ramped.
- Management increased member acquisition spend substantially, which reduced reported EPS by roughly $0.08 in Q4 due to immediate expensing of acquisition costs while membership revenue is recognized ratably.
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Farmland Partners Fourth Quarter and Fiscal Year 2025 Earnings Call - Strong AFFO, balance sheet repair, 50% dividend hike after Series A payoff
Farmland Partners closed 2025 with improved cash generation and a materially simpler balance sheet. AFFO rose to $17.9 million for the year with Q4 strength driven by seasonal cash receipts and the co...
- AFFO for 2025 was $17.9 million, and AFFO for Q4 2025 was $11.4 million, equal to $0.39 and $0.26 per weighted average share respectively.
- Net income was $32.2 million for 2025 and $21.8 million for Q4, or $0.65 and $0.49 per share available to common stockholders; these figures are lower than 2024 comparables.
- Farmland Partners redeemed the remaining 68,000 outstanding Series A Preferred Units in February 2026, removing a major potential common equity overhang.
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CVR Partners LP Fourth Quarter 2025 Earnings Call - Turnaround and ASU Startup Issues Trim Q4 Output, Spring Demand and Prices Support Outlook
CVR Partners reported a messy Q4 technically, but a resilient commercial backdrop. The company posted net sales of $131 million, a Q4 net loss of $10 million, and EBITDA of $20 million, as a planned C...
- Q4 2025 results: net sales $131 million, net loss $10 million, and EBITDA $20 million.
- Full year 2025: EBITDA $211 million, net income $99 million, or $9.33 per unit, and distributions totaled $10.54 per common unit.
- Coffeyville turnaround completed in early November, but three weeks of startup problems at a third-party air separation unit cut ammonia utilization to 64% in Q4, versus 88% for the full year.
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Oceaneering Q4 2025 Earnings Call - AdTech surge and cash build offset softer energy projects
Oceaneering closed 2025 with a clearer two-speed story. AdTech accelerated, winning multi‑year work and producing double-digit revenue and margin gains, while energy businesses softened in Q4 because ...
- AdTech became the primary growth driver in 2025, with Q4 revenue up 29% year-over-year and operating income up 43%, and management calling its AdTech backlog a multi-year foundation for growth.
- Oceaneering ended 2025 with $689 million of cash, up $191 million from year-end 2024, strengthening financial flexibility and enabling a $40 million share repurchase (approximately 1.8 million shares).
- Order intake for 2025 totaled $3.7 billion, yielding a book-to-bill of 1.33, up from 1.10 in 2024, signaling improved demand capture versus last year.
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Teekay Tankers Q4 2025 Earnings Call - Spot rally, no debt and $853M cash fuels selective fleet renewal
Teekay Tankers closed 2025 with strong earnings and an almost atypical problem, lots of cash and nowhere cheap enough to spend it. GAAP net income was $120 million in Q4 ($3.47 per share) and $351 mil...
- Q4 GAAP net income $120 million, $3.47 per share; adjusted net income $97 million, $2.80 per share.
- Full year GAAP net income $351 million ($10.15/sh) and adjusted net income $241 million ($6.96/sh); realized gains on vessel sales for the year totaled $100 million.
- Teekay Tankers generated approximately $112 million of free cash flow from operations in Q4 and about $309 million for 2025, with a year-end cash balance of $853 million and no debt, excluding $99 million held in escrow.
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Teekay Tankers Q4 2025 Earnings Call - Spot-Driven Cash Pile and No-Debt Enable Selective Fleet Renewal
Teekay Tankers closed 2025 with a clean balance sheet and a market that finally rewarded its spot-heavy strategy. Q4 GAAP net income came in at $120 million ($3.47/share) and adjusted net income was $...
- Q4 GAAP net income was $120 million, or $3.47 per share; adjusted net income was $97 million, or $2.80 per share.
- Full-year GAAP net income was $351 million ($10.15/share) and adjusted net income $241 million ($6.96/share).
- Teekay Tankers generated approximately $112 million of free cash flow from operations in Q4 and $309 million for full-year 2025.
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