Earnings Call Transcripts
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All Earnings Calls
Parsons Fourth Quarter and Fiscal Year 2025 Earnings Call - Record margins and cash conversion, but a ~$345M 2026 revenue headwind from winding confidential federal program
Parsons closed 2025 with a clean set of performance metrics, not a puffed-up spreadsheet. The company posted record adjusted EBITDA margin of 9.6% and $609 million of adjusted EBITDA for the year, whi...
- Record adjusted EBITDA margin of 9.6% for FY2025, a 60 basis point expansion year over year, and adjusted EBITDA of $609 million.
- Free cash flow conversion of 100% for fiscal 2025, with operating cash flow of $168 million in Q4 and full-year CapEx of $68 million (about 1% of revenue).
- Total revenue grew 12% in FY2025 and 11% in Q4 2025; organic revenue growth (ex confidential contract) was 8% for the year and 8% in Q4.
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Criteo Q4 2025 and FY2025 Earnings Call - Betting on Agentic Commerce as Retail Scope Changes Pressure 2026 Growth
Criteo closed FY2025 with record margins, strong cash flow, and a clear strategic pivot toward what it calls Agentic Commerce, while warning investors that 2026 will be muted by near-term retail media...
- Strategy pivot: Criteo is positioning itself as a commerce intelligence and AI decisioning platform focused on 'Agentic Commerce', targeting LLMs, retail agents, and new conversational discovery surfaces.
- Agentic proof points: Offline tests of Criteo's recommendation service outperformed baseline platform recommendations, delivering an average 60% uplift in prioritizing products most likely to be purchased, though monetization is still undefined.
- Guidance conservatism: 2026 contribution ex-TAC forecast is flat to +2% at constant currency, explicitly excluding any revenue from agentic initiatives.
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Royalty Pharma Fourth Quarter and Full Year 2025 Earnings Call - Internalization, record synthetic royalties, and a deep pipeline set up mid-teens TSR
Royalty Pharma closed 2025 with headline growth, heavy deal activity, and a strategic internalization that is already reshaping the cost base and deployment playbook. The company posted double digit p...
- Internalization completed in May 2025, producing meaningfully lower costs and expected run-rate savings of approximately $100 million in 2026; management sees operating and professional costs falling to 5.5%-6.5% of portfolio receipts in 2026 versus 8.9% in 2025.
- 2025 financial performance: portfolio receipts grew about 16% for the year, royalty receipts grew 13% for the year; Q4 portfolio receipts grew 18% and royalty receipts grew 17%.
- Capital deployment and announced transactions: $2.6 billion of deployed capital in 2025, $4.7 billion of announced transaction value across eight transactions for nine therapies.
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Pegasystems Q4 2025 Earnings Call - Blueprint-fueled cloud acceleration makes $2B revenue and stronger free cash flow credible
Pegasystems closed 2025 with accelerating cloud momentum driven by Blueprint, its AI design agent, and a predictable, workflow-first pitch that is converting into faster pipeline progression, higher A...
- Total ACV grew 17% year-over-year as reported, and 14% in constant currency, beating guidance.
- Pega Cloud ACV accelerated to +33% year-over-year as reported, and +28% in constant currency, with sequential acceleration each quarter in 2025.
- Net new ACV rose 37% year-over-year in constant currency, driven by Blueprint and stronger sales execution.
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Radware Q4 2025 Earnings Call - Cloud ARR Nears $100M as AI and API Security Fuel Growth
Radware closed 2025 with record revenue, EPS, and ARR as cloud security became the growth engine. Q4 revenue rose 10% year-over-year to $80 million, non-GAAP EPS was $0.32, and cloud ARR accelerated t...
- Q4 2025 revenue $80.0 million, up 10% year-over-year; full-year revenue $302 million, up 10% y/y.
- Non-GAAP diluted EPS in Q4 was $0.32, up 19% year-over-year; full-year diluted EPS was a record $1.15, up 32% y/y.
- Cloud ARR finished 2025 at $95 million, up 23% year-over-year and 7% sequentially, closing in on the nearly $100 million milestone.
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Oatly Q4 2025 Earnings Call - Turnaround Complete, First Full Year of Profitable Growth as Refreshed Playbook Scales
Oatly closed 2025 by declaring a pivot complete: the company achieved its first full year of profitable growth since the IPO, with positive adjusted EBITDA and accelerating top-line momentum driven by...
- Milestone reached: Oatly reported its first full year of profitable growth in 2025, with full-year adjusted EBITDA positive at $6.8 million.
- 2026 guidance is conservative but directional: constant-currency revenue growth of 3%-5% and adjusted EBITDA of $25M-$35M.
- Quarterly results: Q4 revenue grew 9.1% (4.3% constant currency); Q4 adjusted EBITDA was +$11M, up $17.1M year-over-year.
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Avantor Q4 2025 Earnings Call - Revival Reset: Reorg and a Transition Year with Modest Top-line Decline and Margin Pressure
Avantor used the quarter to reframe the company. Management launched Project Revival, split the business into two customer-focused units, and relaunched the VWR brand, all while warning 2026 will be a...
- Company launched Project Revival with five pillars: go-to-market, operations, portfolio optimization, simplification, and talent/accountability, and is executing with urgency.
- Management reorganized into two operating units effective Q1 2026: VWR Distribution and Services (product-agnostic channel) and Bioscience and Medtech Products (channel-agnostic product business).
- VWR brand was reinstated for the distribution channel to capitalize on customer recognition and goodwill; VWR segment will represent roughly 72% of 2025 enterprise revenue and had an 11.5% adjusted operating margin in 2025.
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Assurant Fourth Quarter 2025 Earnings Call - Lifestyle to Lead 2026 Growth as Assurant Begins Push into Home Warranty
Assurant closed 2025 with another year of profitable growth and a clear playbook: scale Connected Living and Global Automotive, squeeze more margin from Housing, and plant a strategic flag in home war...
- Assurant reported its ninth consecutive year of profitable growth in 2025, with adjusted EBITDA and adjusted EPS up 11% and 12%, excluding catastrophes, and 16% and 19% including catastrophes.
- Management highlighted multi-year momentum, noting adjusted EBITDA excluding catastrophes has risen by over $700 million since 2020, and adjusted EPS excluding catastrophes reached $22.81 per share in 2025.
- Global Lifestyle delivered mid-single-digit adjusted EBITDA growth in 2025, driven by Connected Living and Global Automotive, and is forecast to lead Assurant's underlying growth in 2026 with high single-digit earnings expansion.
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Veru Inc. Q1 FY2026 Earnings Call - Regulatory clarity for enobosarm, Phase 2b PLATEAU to test fat-selective weight loss and muscle/bone preservation
Veru used the quarter to sell a clear regulatory roadmap for enobosarm as a combo with GLP-1 therapy and to tee up a 200-patient Phase 2b PLATEAU study aimed at older patients with severe obesity. The...
- FDA meeting provided regulatory clarity for enobosarm as adjunct to GLP-1 therapy, with two acceptable approval pathways: a >=5% placebo-corrected incremental weight loss at 52 weeks of maintenance, or clinically meaningful preservation/improvement in physical function or other endpoints if incremental weight loss is <5%.
- FDA confirmed enobosarm 3 mg is an acceptable dose for future clinical development.
- Veru completed a positive Phase 2b QUALITY study in 168 older patients showing enobosarm combined with semaglutide preserved lean mass, improved fat loss selectivity, and reduced regain after semaglutide discontinuation, providing proof of concept.
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NetEase Q4 2025 Earnings Call - AI Integration Becomes Core Productivity and Gameplay Multiplier
NetEase closed 2025 with steady top-line growth and a clear strategic pivot: AI is now embedded across development, QA, art, and gameplay, and management argues that vertical, game-specific models and...
- Total 2025 net revenue CNY 112.6 billion, up 10% year-over-year; Q4 revenue CNY 27.5 billion.
- Games and value-added services generated CNY 92.1 billion in 2025, up 10% YoY; online games revenue was CNY 89.6 billion, up 11% YoY.
- Q4 online games revenue rose 4% YoY to CNY 21.3 billion, with QoQ seasonality noted versus a stronger summer quarter.
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