Earnings Call Transcripts
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All Earnings Calls
Philip Morris International Q4 2025 Earnings Call - Smoke-free surge powers double-digit EPS and margin expansion
Philip Morris closed 2025 with an unapologetic pivot to smoke-free products driving results. Smoke-free volumes and profitability accelerated, lifting adjusted diluted EPS by 15% in dollar terms and p...
- PMI reported a fifth consecutive year of positive total shipment volumes in 2025, driven by smoke-free growth.
- Smoke-free shipments grew 12.8% in 2025, adding roughly 20 billion units and reaching 179 billion units as reported.
- Smoke-free gross profit rose 18.7%, and smoke-free contribution to gross profit has roughly doubled in five years to about 43% of total PMI gross profit.
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Bradesco Q4 2025 Earnings Call - ROAE tops cost of capital as transformation accelerates revenue and digital scale
Bradesco closed 2025 with a snap: recurring net income of BRL 6.5 billion in Q4 and BRL 24.7 billion for the year, up 26.1% year-on-year, and a quarterly ROAE of 15.2% that for the first time exceeds ...
- Recurring net income: Q4 recurring net income BRL 6.5 billion; full-year 2025 recurring net income BRL 24.7 billion, +26.1% YoY.
- ROAE exceeded cost of capital: quarterly ROAE reached 15.2%, the first time management says it surpassed the bank’s cost of capital.
- Transformation program delivering: two years into a five-year plan (about 200 initiatives across 10 pillars), management attributes revenue and ROE improvement to disciplined execution rather than luck.
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Centene Corporation Q4 2025 Earnings Call - Forecasts Over $3 Adjusted EPS in 2026 on Marketplace Recovery and Medicaid Stabilization
Centene closed a bruising 2025 with a Q4 adjusted loss per share of $1.19 and full-year adjusted EPS of $2.08, but management is betting the heavy lifting is behind it. The company guides to adjusted ...
- Reported Q4 adjusted diluted loss per share of $1.19, full-year 2025 adjusted diluted EPS of $2.08, and total premium and service revenue of $174.6 billion.
- 2026 guidance targets adjusted EPS greater than $3.00, implying more than 40% year-over-year growth versus 2025.
- Medicaid momentum: Q4 health benefits ratio (HBR) improved to 93.0%, a 40 bps sequential improvement and 190 bps better than Q2; management expects a flat Medicaid HBR in 2026 vs 2025.
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AutoNation Q4 2025 Earnings Call - After‑sales and CFS Fueled $1B+ Free Cash Flow, Letting Management Buy Back 10% of Stock Despite New‑car Volume Shock
AutoNation closed 2025 with a defensive hat trick. After‑sales and Customer Financial Services carried the quarter, producing record after‑sales gross profit and driving adjusted free cash flow to abo...
- Adjusted free cash flow was approximately $1.05 billion for 2025, up about 39% year over year, driving aggressive capital deployment.
- AutoNation repurchased $785 million of stock in 2025, reducing shares outstanding by roughly 10% year over year; three‑year buybacks total about $2.1 billion and 36% share count reduction.
- Full‑year adjusted EPS rose 16% to $20.22, while adjusted net income increased 8% to $757 million for 2025.
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nVent Electric Q4 2025 Earnings Call - Infrastructure and AI Data Center Ramp Made 2025 a Record Year, But Tariffs and Rapid Capacity Ramps Cloud Near-Term Margins
nVent closed 2025 with a clean, loud headline: record sales, EPS, and free cash flow driven by a big strategic tilt into infrastructure and a fast-growing data center business. The company reported $1...
- Q4 2025 sales were $1.067 billion, up 42% year-over-year, with organic growth of 24% (exceeded guidance).
- Full-year 2025 sales were $3.9 billion, up 30% reported and 13% organically; adjusted operating income grew 21% for the year with a 20.2% return on sales.
- Q4 adjusted operating income was $210 million, up 33% year-over-year; Q4 adjusted EPS was $0.90, up 53% and above the high end of guidance.
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Aptar Q4 2025 Earnings Call - Strong pharma momentum masks a near-term $65M emergency medicine destocking hit that dents margins
Aptar closed 2025 with healthy top-line momentum, but the shine is tempered by mix and one-off production issues that pushed margins lower. Reported sales rose 14% in Q4 to $963 million, while core sa...
- Q4 reported sales grew 14% to $963 million; core sales rose 5%, showing solid underlying demand across segments.
- Adjusted EBITDA for Q4 was $191 million, with adjusted EBITDA margin at 19.8%, down from 23% a year ago, driven by mix and higher production costs in beauty enclosures.
- Management quantifies a roughly $65 million revenue headwind in 2026 from emergency medicine destocking, with about 70% of the impact expected in H1 and 30% in H2.
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Alpine REIT Q4 Year End 2025 Earnings Call - Commercial Loans and Record Investment Volume Drive AFFO Lift
Alpine closed 2025 with its most active year ever, deploying $277.7 million of investments and reporting a Q4 AFFO per share jump of 22.7%. The company leaned into a barbell strategy: core net-lease a...
- Q4 AFFO per diluted share was $0.54, up 22.7% year-over-year; full-year AFFO was $1.89, an 8.6% increase versus 2024.
- Alpine completed a record $277.7 million of investments in 2025, with $142.1 million of acquisitions and loan originations in Q4 alone.
- The company materially scaled its commercial loan program, taking the net loan portfolio from $48 million at the start of 2025 to about $129.8 million at year-end.
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Post Holdings Q1 2026 Earnings Call - Strong Q1 EBITDA Spurs Higher Guidance, Buybacks Continue
Post kicked off fiscal 2026 with a beat, delivering Q1 adjusted EBITDA well above expectations and using that momentum to lift full-year guidance. Management pointed to a stronger, stickier foodservic...
- Q1 adjusted EBITDA came in materially above expectations, prompting management to raise full-year guidance.
- Management raised the normalized foodservice run rate, calling it stickier due to the business value proposition and conversion from shell eggs to value-added eggs.
- Some of foodservice strength in Q1 reflected inventory rebuild after Avian Influenza, creating transitory timing benefits that may fade sequentially.
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Unum Group Fourth Quarter 2025 Earnings Call - Repositioning to Core Growth while Putting Long-Term Care Legacy Behind It
Unum closed 2025 with a mixed scorecard: solid top-line momentum and capital generation, but softer-than-expected quarterly earnings driven by volatile benefits experience, particularly in Group Disab...
- Management called out weaker-than-expected benefits experience in 2025 as the primary driver of the earnings shortfall, with notable volatility in Group Disability and some International lines.
- There are multiple EPS measures in the release: CEO cited adjusted EPS of $8.13; CFO reported GAAP adjusted operating EPS of $8.83 for 2025; management will present a redefined 2025 adjusted operating EPS base of $7.93 excluding Closed Block for 2026 comparisons.
- Group Disability normalized from an unusually low benefit ratio in 2024, landing at a 64.2% benefit ratio in Q4 and 62.4% for the full year; management expects 62%–64% in 2026 with an implied long-term ceiling near 65%.
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Biogen Q4 2025 Earnings Call - Pipeline Momentum with Leqembi iClick PDUFA May 24 as Near-term Catalyst
Biogen closed 2025 slightly above guidance, producing $9.9 billion in revenue and $15.28 of non-GAAP EPS for the year, with $2.1 billion free cash flow and $4.2 billion in cash and marketable securiti...
- Biogen reported full-year 2025 revenue of $9.9 billion, up about 2% year-over-year, and non-GAAP diluted EPS of $15.28; Q4 non-GAAP EPS was $1.99.
- Free cash flow for 2025 was $2.1 billion, ending the year with $4.2 billion in cash and marketable securities and roughly $2 billion net debt, giving management flexibility for BD or reinvestment.
- Management now groups Vumerity into the "growth products" bucket; growth products produced $3.3 billion in 2025 and now exceed the legacy MS business on a quarterly basis.
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