Earnings Call Transcripts
Access detailed transcripts and key takeaways from company earnings calls
All Earnings Calls
Cousins Properties Fourth Quarter 2025 Earnings Call - Leasing Momentum and 300 South Tryon Acquisition Position Cousins for Sunbelt Rebound
Cousins closed 2025 on a visible climb. Q4 FFO of $0.71 matched consensus, full-year FFO came in at $2.84, up 5.6% year over year, and the company reported one of its busiest leasing quarters in years...
- Q4 FFO was $0.71 per share, full-year 2025 FFO was $2.84 per share, a 5.6% increase versus 2024.
- Management issued 2026 FFO guidance of $2.87 to $2.97 per share, midpoint $2.92, implying about 2.8% growth year over year.
- Leasing was robust, with 700,000 square feet completed in Q4, the second-highest quarterly volume in the last four years, and 2.1 million square feet signed for the full year, the most since 2019.
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Johnson Outdoors First Quarter Fiscal 2026 Earnings Call - New Products, Strong Sell-In and Cost Cuts Drove Gross Margin to 36.6%
Johnson Outdoors opened fiscal 2026 with double-digit revenue growth and a marked margin recovery, driven by stronger unit volumes, targeted price increases, product-cost savings and overhead absorpti...
- Revenue grew double digits in Q1 FY2026, with management calling the quarter a solid start to the year despite it being seasonally lighter.
- Pretax loss improved to $1.3 million, versus a $18.9 million pretax loss in the year-ago quarter, signaling operating progress.
- Gross margin expanded to 36.6%, up 670 basis points year-over-year, driven largely by overhead absorption from higher volumes, price increases, and cost-savings work.
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Plains All American Q4 2025 Earnings Call - NGL divestiture and Cactus 3 acquisition pivot company to crude-focused cash generator
Plains All American closed a transformational 2025 by selling non-core NGL assets, buying the EPIC pipeline now called Cactus 3, and resetting the company toward a purer crude midstream play. Manageme...
- Plains reported Q4 adjusted EBITDA attributable to Plains of $738 million and full-year 2025 adjusted EBITDA of $2.833 billion.
- 2026 adjusted EBITDA guidance is $2.75 billion net to Plains at the midpoint, plus or minus $75 million; crude segment midpoint is $2.64 billion, implying about 13% year-over-year growth in crude segment EBITDA.
- NGL divestiture expected to close near the end of Q1 2026, pending Canadian Competition Bureau approval; if closed at that timing, Plains assumes $100 million of NGL segment EBITDA in 2026.
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Equity Residential Q4 2025 Earnings Call - High Occupancy and $300M Buybacks, But Job Growth Uncertainty Caps Upside
Equity Residential closed 2025 with grip-tight occupancy above 96% and markets concentrated in well-performing coastal hubs, while management is using dispositions to fund stock repurchases rather tha...
- Portfolio occupancy finished Q4 2025 above 96%, with turnover at the lowest levels in company history, supporting near-term stability.
- Same Store blended rent change in Q4 was 0.5%, driven by a 4.5% achieved renewal rate offset by negative new-lease pricing in most markets except San Francisco.
- 2026 Same Store revenue guidance carries a wide range; midpoint assumes demand like H2 2025 plus a pronounced sequential improvement in competitive deliveries, especially in H2 2026.
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GrafTech International Q4 2025 Earnings Call - Deep Cost Cuts, But Pricing and Global Oversupply Threaten Industry Viability
GrafTech closed 2025 having executed a clear playbook: push volumes into higher‑priced U.S. markets, squeeze costs hard, and refuse low‑margin business. The results read cleanly on paper — volumes up ...
- GrafTech says the graphite electrode industry is facing its toughest environment in nearly a decade, citing global overcapacity, aggressive competitive pricing, and geopolitical trade frictions.
- Full-year 2025 sales volume rose 6%, but GrafTech intentionally walked away from low‑margin opportunities, leaving volume below its most recent guidance.
- U.S. volumes were the bright spot: full‑year U.S. sales volume +48% year‑over‑year, and Q4 U.S. volume +83% year‑over‑year; U.S. shipments represented 31% of full‑year sales versus 22% in 2024.
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Flowserve Q4 2025 Earnings Call - Hit 2027 Margin Targets Two Years Early, Aftermarket and Nuclear Driving Resilience
Flowserve closed 2025 with a clean, muscular quarter: margins popped, cash flowed, and aftermarket momentum insulated the business from softer engineered equipment demand. Management says the Flowserv...
- Q4 bookings were $1.2 billion, up roughly 3% year-over-year; aftermarket bookings were $682 million, up 10%, marking the seventh consecutive quarter above $600 million.
- Total Q4 revenue was $1.2 billion, up 4% year-over-year, with organic sales growth of about 1% and a 240 basis point tailwind from foreign currency translation.
- Adjusted gross margin in Q4 reached 36%, a 320 basis point improvement versus prior year, and adjusted operating margin expanded to 16.8%, a 420 basis point increase, surpassing the company’s 2027 margin target two years early.
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MarketAxess Q4 and Full Year 2025 Earnings Call - Record 2025 Revenue, Blocks and Portfolio Trading Momentum Fuel Three-Year Plan Execution
MarketAxess closed 2025 with record revenue of $846 million and record free cash flow of $347 million, driven by a broad product push into block trading, portfolio trading, dealer-initiated protocols ...
- Record full-year 2025 revenue of $846 million and record annual free cash flow of $347 million.
- Total credit ADV and multiple product ADVs hit records in January, led by a 50% increase in emerging markets ADV month-over-year.
- Block trading ADV for 2025 was a record $5 billion, up 24% year-over-year, and block activity comprised roughly one-third of credit ADV by January.
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Reinsurance Group of America Q4 2025 Earnings Call - Record EPS, heavy Inforce deployment and Equitable block drive 2025 outperformance
RGA closed 2025 with a strong quarter and record operating EPS of $7.75 in Q4, producing a trailing 12-month adjusted operating ROE of 15.7%, above its 13%–15% target. Management credited broad geogra...
- Q4 operating EPS of $7.75, second consecutive record quarter, and trailing 12-month adjusted operating ROE of 15.7%, above the intermediate-term target band of 13%–15%.
- Full year 2025: value of Inforce business margins up $6.6 billion, an 18% increase; two-year increase of about $11 billion, roughly 16% annualized.
- Capital deployment in 2025 totaled $2.5 billion into Inforce transactions, including the Equitable transaction; Q4 Inforce deployment was $98 million.
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Canopy Growth Q3 FY2026 Earnings Call - Recapitalization and MTL deal set stage for FY2027 Adjusted EBITDA positivity
Canopy Growth reported tangible progress in Q3 fiscal 2026, posting its narrowest Adjusted EBITDA loss to date and a stronger balance sheet after a $150 million recapitalization. Cash stood at CAD 371...
- Canopy ended Q3 FY2026 with CAD 371 million in cash and cash equivalents, and a net cash position of CAD 146 million.
- Post-quarter recapitalization raised near-term liquidity by CAD 150 million and extended debt maturities to 2031, giving the company more discretion on ATM use.
- Q3 Adjusted EBITDA loss narrowed to CAD 3 million, the smallest adjusted loss in the company’s history.
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Virtus Investment Partners Q4 2025 Earnings Call - Quality Equity Headwinds Drive $8.1B Net Outflows, ETFs and Private Deals Offer Offsets
Virtus reported a difficult Q4 as quality-oriented equity strategies, which make up roughly half of AUM, fell out of favor and triggered $8.1 billion of net outflows, dragging AUM to $159.5 billion fr...
- AUM fell to $159.5 billion at 12/31 from $169 billion, driven by net outflows and market performance.
- Total net outflows were $8.1 billion in Q4, almost entirely driven by equity products suffering style headwinds.
- Quality-oriented equity strategies, which represent about half of Virtus' AUM, were out of favor and the primary cause of redemptions.
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