Earnings Call Transcripts
Access detailed transcripts and key takeaways from company earnings calls
All Earnings Calls
Adamas Trust Fourth Quarter 2025 Earnings Call - Agency RMBS Ramp and Constructive Acquisition Recast Earnings Power
Adamas closed 2025 having materially reshaped its balance sheet, tilting heavily into Agency RMBS while folding in Constructive, a BPL originator. The company reported meaningful book value gains, a f...
- Adamas expanded its investment portfolio by $3.1 billion in 2025, with GAAP book value up 4.3% and adjusted book value up 2.4% in Q4.
- Earnings available for distribution rose 44% year-over-year in 2025, delivering over $100 million of net income and enabling a 15% increase to the common dividend.
- Q4 EAAD was $0.23 per share, fully covering the dividend, but down $0.01 sequentially due to expected J-curve integration costs from the Constructive acquisition.
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Borr Drilling Limited Q4 2025 Earnings Call - Noble 5-Rig Buy and Tender Surge Set Stage for H2 2026 Recovery
Borr closed 2025 with solid execution and liquidity in hand, even as Q4 revenue slipped to $259.4m and the quarter produced a small net loss of about $1m. Full year adjusted EBITDA finished at $470.1m...
- Borr reported Q4 2025 operational revenues of $259.4m, with technical utilization at 98.8% and economic utilization at 97.8%.
- Adjusted EBITDA for full year 2025 was $470.1m, at the top end of guidance, while Q4 adjusted EBITDA was roughly $104–105m and the quarter produced a net loss of about $1m.
- The company completed an accretive acquisition of 5 premium jackups from Noble, integration ahead of expectations; purchase paid $174m cash in January with $150m seller credit remaining.
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Mastech Digital Q4 2025 Earnings Call - Transformation complete, entering 2026 to invest for AI-driven growth amid revenue pressure
Mastech Digital closed 2025 with revenue pressure but intact margins, a deliberate shift toward higher-value work, and a clean balance sheet to fund its pivot to AI. Q4 revenue fell 10.4% to $45.5 mil...
- Consolidated Q4 2025 revenue was $45.5 million, down 10.4% year-over-year.
- Full year 2025 revenue totaled $191.4 million, down 3.8% versus 2024.
- IT Staffing Services Q4 revenue was $37.7 million, down 7% year-over-year; full-year staffing revenue was $158.1 million, down 2.6%.
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Cushman & Wakefield Q4 2025 Earnings Call - Record Leasing, Strong Cash Flow and an AI-Forward Playbook Keep Management Bullish
Cushman & Wakefield closed 2025 with clear momentum: record leasing, an improving capital markets recovery, and cash generation that pushed net leverage to 2.9 times, nearly a year ahead of plan. Full...
- Record leasing and solid capital markets drove tangible results, with full-year revenue of $7.1 billion, up 7%, and Q4 fee revenue of $2.0 billion, up 7% year over year.
- Adjusted EBITDA improved 11% to $656 million for 2025, and adjusted EPS rose 34% to $1.22, hitting the high end of guidance.
- Free cash flow was $293 million for the year, a 103% conversion, helping the company end 2025 with about $800 million in cash and $1.8 billion in total liquidity.
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Etsy Q4 2025 Earnings Call - Depop sale clears the runway as early signs of marketplace recovery show, but growth is fragile
Etsy used this quarter to tidy the runway, agreeing to sell Depop to eBay for $1.2 billion and refocus the company on its core marketplace. Management says structural fixes are underway: a customer-ou...
- Etsy signed a definitive agreement to sell Depop to eBay for $1.2 billion in cash, expected to close in Q2 2026, subject to regulatory approval.
- With Depop classified as discontinued operations from Jan 1 2026, Etsy will focus capital and operating attention solely on its core marketplace.
- Consolidated Q4 2025 GMS was $3.6 billion, up 2.4% year-over-year excluding Reverb; consolidated revenue hit a quarterly record of $882 million, up 6.6% excluding Reverb.
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ARMOUR Residential REIT Q4 2025 Earnings Call - MBS Spread Tightening Fuels 6.5% Book Value Gain
ARMOUR reported a strong Q4 2025, driven largely by MBS spread tightening, lower volatility, and a friendlier funding backdrop. GAAP net income available to common stockholders was $208.7 million, dis...
- Q4 total economic return was 10.63%, driven by MBS spread tightening, lower MBS volatility, and a lower interest rate environment.
- GAAP net income available to common stockholders was $208.7 million, or $1.86 per share; distributable earnings were $79.8 million, or $0.71 per common share.
- Quarter-end book value was $18.63 per share, up 6.5% from Sept 30; current available estimate as of Feb 17 is $18.37 after dividend accruals.
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TechnipFMC Fourth Quarter 2025 Earnings Call - iEPCI/Subsea 2.0 Push Backlog, Margins and $10B Subsea Inbound
TechnipFMC closed 2025 on a clear beat and a crisp narrative, Subsea-led. Full-year revenue rose 9% to $9.9 billion, Adjusted EBITDA climbed 33% to $1.8 billion, free cash flow roughly $1.4 billion, a...
- Full-year 2025 results: revenue $9.9 billion, Adjusted EBITDA $1.8 billion (up 33%), and free cash flow approximately $1.4–1.45 billion; shareholder distributions doubled to $1 billion.
- Inbound and backlog: total company inbound $11.2 billion for 2025, backlog $16.6 billion at year-end; Subsea inbound $10.1 billion for the year, Subsea backlog $15.9 billion.
- Commercial shift: iEPCI, Subsea 2.0 configure-to-order, direct awards and Subsea services accounted for more than 80% of Subsea inbound in 2025, signaling customers prefer integrated portfolio approaches over single-project tenders.
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Klarna Q4 2025 Earnings Call - Banking push fuels rapid growth, but upfront provisioning weighs on near-term margins
Klarna reported a blowout top-line quarter driven by rapid adoption of its banking stack, but the accounting mechanics of fast loan growth carved a visible dent in near-term transaction margins. Activ...
- Active consumers reached 180 million, up 28% year-over-year; merchant base grew to 966,000, up 42% YoY.
- Q4 GMV was $38.7 billion, beating the top end of guidance; revenue grew 38% to over $1 billion.
- Transaction margin dollars (TMD) before provisions rose 31% to $622 million; after provisions TMD was $372 million, up 17% YoY but below company guidance.
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Medallion Financial Corp Fourth Quarter 2025 Earnings Call - Record year led by consumer lending, but reserve build and REC credit metrics warrant close watching
Medallion closed 2025 with a record year: total loans of $2.567 billion, strong originations, rising net interest income, and improving book value metrics. Consumer lending remains the engine, with re...
- Total loans reached $2.567 billion at December 31, 2025, up about 3% year-over-year.
- Net interest income was $56.4 million in Q4 2025 and $216.9 million for the full year, with quarterly net interest margin of 8.04% (8.06% for the year).
- Originations: Q4 total originations were $421 million; full-year originations totaled about $1.5 billion. Segment Q4 originations included $97.2 million recreation and $61.7 million home improvement.
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Nordson Corporation First Quarter Fiscal Year 2026 Earnings Call - ATS-led revenue surge lifts guidance, but mix and Asia concentration keep margins in check
Nordson posted a strong start to fiscal 2026, delivering record first quarter sales of $669 million, up 9% year over year and 7% organically, led by a blistering 23% ATS segment gain driven by semicon...
- Record Q1 sales of $669 million, up 9% year over year, driven by 7% organic growth and roughly 4% favorable currency translation.
- Advanced Technology Solutions (ATS) led the quarter with $149 million in sales, a 23% increase year over year, and 21% organic growth tied to semiconductor dispense and recovering X-ray demand.
- Adjusted earnings per share were a first quarter record of $2.37, up 15% from prior year adjusted EPS of $2.06; GAAP net income was $133 million, or $2.38 per share.
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