Earnings Call Transcripts
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All Earnings Calls
Kirby Corporation Q4 2025 Earnings Call - Power generation lifts growth as inland recovers and record free cash flow fuels buybacks
Kirby closed 2025 with a record earnings year and a solid Q4, powered by a sharp acceleration in power generation sales that offset lingering inland softness and a weak conventional oil and gas market...
- Kirby reported a record 2025, finishing Q4 with solid execution across segments and saying 2026 should see steady year-over-year earnings growth.
- Marine transportation Q4 revenues were $482 million, operating income about $100 million, with segment margin in the low 20% range.
- Inland marine: Q4 barge utilization averaged mid- to high-80% and improved into the high-80s/around 90% exiting the year; inland contributed ~79% of marine transportation revenue.
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Brookfield Infrastructure Partners Fourth Quarter 2025 Earnings Call - AI Data Centers and Record Capital Recycling Propel FFO, Distribution +6%
Brookfield Infrastructure closed 2025 with $2.6 billion of FFO, a normalized 10% increase year over year, and a record Q4 FFO of $0.87 per unit. Management is leaning into a clear playbook: monetize d...
- FFO and distributions: Brookfield Infrastructure generated $2.6 billion of FFO in 2025, a normalized 10% increase versus 2024, with record Q4 FFO of $0.87 per unit. The board approved a 6% distribution increase to $1.82 on an annualized basis, maintaining a conservative payout ratio of 66%.
- Capital recycling and liquidity: The firm exceeded its $3 billion capital recycling target, realizing about $3.1 billion in asset sale proceeds in 2025 and ending the year with $6 billion of liquidity, including nearly $3 billion at the corporate level. Management expects elevated recycling to continue into 2026.
- Equity deployment and financings: Approximately $2.2 billion of equity was invested into growth initiatives in 2025, while the company completed roughly $16 billion of financings to de-risk operating company balance sheets. Total new investments deployed were about $1.5 billion during the year.
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Altria Group Fourth Quarter and Full Year 2025 Earnings Call - $1.3B E-vapor Impairment, on! PLUS Rollout and Import/Export Plan Shape 2026
Altria closed 2025 with modest EPS growth, hefty shareholder returns, and a blunt acknowledgement that the illicit e-vapor market and slow regulatory authorizations are a strategic drag. Management to...
- Altria grew adjusted diluted EPS 4.4% in 2025 to $5.42 and returned about $8 billion to shareholders via $7 billion in dividends and roughly $1 billion in buybacks.
- 2026 adjusted diluted EPS guidance is $5.56 to $5.72, a 2.5% to 5.5% increase, with growth expected to be weighted to the second half as import/export activity ramps.
- Management recorded a $1.3 billion non-cash impairment charge against e-vapor definite-lived intangible assets and goodwill after concluding enforcement will progress more gradually than hoped.
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Origin Bancorp Q4 2025 Earnings Call - Optimize Origin lifts ROA, $10M war chest to hire producers and seize M&A disruption
Origin closed 2025 claiming momentum, not luck. Optimize Origin is no longer a pilot, it is the operating playbook: tighter banker mix, branch consolidation, mortgage restructuring, and data-driven po...
- Optimize Origin moved from program to playbook, driving a Q4 run-rate ROA of 1.19% and an annualized pre-tax, pre-provision ROA around 1.7%.
- Company reported EPS of $0.95 and net income of $29.5 million in Q4 2025.
- Management plans to invest roughly $10 million in 2026 to hire production bankers and teams to capture M&A-driven market disruption; about 10 hires were already added in Houston and Dallas-Fort Worth.
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Norfolk Southern Fourth Quarter 2025 Earnings Call - Safety Momentum and Productivity Offset Softer Volumes and Merger Headwinds
Norfolk Southern closed 2025 with a clear theme, not drama. Volumes softened in Q4, driving a 4% decline in carloads and a 2% drop in revenue, but the company leaned on safety wins and operational pro...
- Q4 volumes down 4% year-over-year, total revenue down 2% for the quarter.
- Adjusted Q4 operating ratio was 65.3; GAAP EPS for the quarter was $3.22.
- Free cash flow for 2025 was $2.2 billion, the highest conversion since 2021, and full-year bottom line grew 5% YoY after a favorable state tax resolution.
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Sanofi Q4 and Full Year 2025 Earnings Call - Dupixent-fueled growth, cash redeployed into vaccines and phase 1/2 M&A
Sanofi closed 2025 with a clean, profitable beat, driven by Dupixent scale and multiple new launches. Full year sales reached EUR 43.6 billion, up 9.9% at constant exchange rates, and Q4 sales acceler...
- Sanofi reported full year 2025 sales of EUR 43.6 billion, up 9.9% at constant exchange rates, with Q4 sales EUR 11.3 billion, up 13.3%.
- Dupixent remains the growth engine, delivering EUR 4.2 billion in Q4 and EUR 15.7 billion for the year, with expansion into new indications including COPD and CSU driving strong volume uptake.
- New launches and vaccines accelerated, with newly launched medicines and vaccines growing 34% in 2025 and ALTUVIIIO reaching blockbuster status at EUR 1.2 billion full-year sales.
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Lockheed Martin Q4 2025 Earnings Call - Record Backlog and Massive Missile Production Ramp
Lockheed closed 2025 with a $194 billion backlog, 6% sales growth, and $6.9 billion of free cash flow, and management is trading immediate margin headwinds for scale. The company is committing to a st...
- Record backlog at $194 billion, about 2.5 times annual sales, the largest in company history and fourth consecutive year of backlog growth.
- Full-year 2025 sales were $75.0 billion, up 6% year-over-year, driven by Missiles and Fire Control, Aeronautics, and Space.
- Lockheed generated $6.9 billion of free cash flow in 2025, after pre-funding the pension with roughly $860 million and reinvesting $3.6 billion back into the business.
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Comcast Q4 2025 Earnings Call - Broadband and Free-Wireless Pivot Creates Near-Term Drag, Sets Stage for Convergence Growth
Comcast used the Q4 2025 call to sell a clear narrative: management retooled product and pricing across broadband and mobile, accepting near-term EBITDA pain in exchange for a simpler, more converged ...
- Total company revenue grew 1% in Q4 2025, with Comcast’s six growth businesses representing ~60% of revenue and growing mid-single digits.
- Adjusted EBITDA declined 10% in the quarter and adjusted EPS fell 12%, reflecting strategic reinvestment and new sports rights costs.
- Full-year 2025 free cash flow was a record $19.2 billion, helped by lumpy tax timing and working capital benefits; Q4 free cash flow was $4.4 billion and included about $2 billion of a cash tax benefit from an internal reorganization.
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Valley National Bancorp Fourth Quarter 2025 Earnings Call - Core Deposit Surge Fuels 15-20bp NIM Expansion
Valley closed 2025 with record fourth quarter earnings, driven by a material improvement in funding mix and accelerating loan pipelines. Q4 net income was about $195 million ($180 million adjusted), a...
- Q4 2025 net income of ~$195 million, adjusted net income ~$180 million, EPS $0.33 reported and $0.31 adjusted.
- Adjusted return on average assets 1.14% in Q4, highest since Q4 2022; full-year 2025 net income ~$598 million (~$585 million adjusted).
- Core deposit growth of nearly $4 billion year over year, about 9% growth, with ~ $1.5 billion of core deposit inflows in Q4; noninterest deposits grew over 15% (late-quarter spike likely to moderate).
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Caterpillar Q4 2025 Earnings Call - Record Sales and Backlog Led by Power and Energy, But Tariffs and Capacity Buildout Cloud Margins
Caterpillar closed its centennial year with an all-time high $67.6 billion in sales and revenues and a blistering fourth quarter of $19.1 billion driven by power and energy. Backlog exploded to $51 bi...
- Record full-year sales and revenues of $67.6 billion in 2025, the highest in company history.
- Fourth quarter sales and revenues hit an all-time quarterly record of $19.1 billion, +18% year-over-year, driven by stronger-than-expected volume in power and energy.
- Backlog surged to a record $51 billion, up $21 billion or 71% year-over-year, with roughly 62% of backlog expected to deliver in the next 12 months.
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