Earnings Call Transcripts
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All Earnings Calls
Novartis Q4 2025 Earnings Call - Hit 40% Core Margin Early, Navigating Largest Ever 2026 Patent Cliff
Novartis closed 2025 with steady top-line momentum and a financial reset that will define 2026. The company delivered 8% sales growth and 14% core operating income growth for the year, reaching a 40.1...
- Full-year 2025: sales +8% and core operating income +14%, achieving a 40.1% core margin two years ahead of plan (CHF 21.9 billion core operating income).
- Record free cash flow of CHF 17.6 billion in 2025, enabling continued R&D investment, buybacks and dividend growth.
- Q4 2025 was down 1% in sales and core operating income up 1%, but underlying Q4 sales would have been +3% excluding out-of-period US R&D/gross-to-net adjustments tied to generics and Entresto LOE.
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Fox Corporation Q2 FY2026 Earnings Call - Advertising strength and streaming scale mask rising costs
Fox reported steady top-line momentum driven by an advertising rebound across news, sports, and streaming, and accelerating streaming scale at Tubi and the newly launched FOX One. Total revenue was up...
- Total company revenue of $5.18 billion, up 2% year over year for Q2 FY2026.
- Adjusted EBITDA declined to $692 million from $781 million a year ago, driven by higher expenses tied to sports rights and digital growth initiatives.
- Net income attributable to shareholders was $229 million, or $0.52 per share, versus $373 million, or $0.81, in the prior year; adjusted EPS was $0.82.
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Gladstone Investment Q3 FY2026 Earnings Call - NAV Jump from Equity-Led Gains, NII Softens
Gladstone Investment reported a quarter where the headline moved to NAV, not cash income. NAV climbed to $14.95 from $13.53, driven by $70.2 million of net unrealized appreciation largely tied to EBIT...
- Adjusted net investment income (adjusted NII) was $0.21 per share for Q3 FY2026, down from $0.24 the prior quarter, totaling $8.2 million on an adjusted basis.
- On a GAAP basis the company reported a net investment loss of $6.5 million versus net investment income of $4.3 million in the prior quarter, driven primarily by a $9.9 million accrual of capital gains-based incentive fees.
- Net asset value rose to $14.95 per share from $13.53, driven by $70.2 million of net unrealized appreciation and $0.09 per share of net realized gains.
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Silicon Motion Technology Corporation Q4 2025 Earnings Call - Betting on Record 2026 Despite NAND/DRAM Shortages via NAND Ties and Product Ramps
Silicon Motion closed Q4 2025 with stronger than expected sales and margins, and management is forecasting a record 2026 driven by product ramps and deep ties with NAND makers. Q4 sales were $278.5 mi...
- Q4 2025 revenue $278.5 million, up 15% sequentially and over 45% year-on-year, beating guidance and surpassing the $1 billion run rate target set earlier.
- Q4 non-GAAP gross margin 49.2% and non-GAAP operating margin 19.3%; EPS per ADS was $1.26.
- Management expects 2026 to be a record revenue year and projects sequential quarter-on-quarter growth throughout 2026; Q1 is expected to be the lowest quarter of 2026 per the CEO, but CFO guides Q1 revenue up 5%–10% to $292M–$306M versus Q4 2025.
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Reynolds Consumer Products Q4 2025 Earnings Call - Share Gains and Margin Resilience, 2026 EBITDA Guided Roughly Flat
Reynolds closed 2025 with retail share gains across most core categories while navigating meaningful commodity and tariff pressure. Q4 showed sequential improvement, broad-based share performance in H...
- Q4 2025 net revenues were $1.03 billion, up 1% versus Q4 2024; full-year 2025 net revenues were $3.7 billion, also up 1% year over year.
- Q4 Adjusted EBITDA was $220 million, a 3% increase versus the year-ago quarter, and it was the only quarter of EBITDA growth in 2025; full-year Adjusted EBITDA was $667 million versus $678 million in 2024.
- Adjusted EPS was $0.59 in Q4 2025 versus $0.58 a year ago; full-year adjusted EPS was $1.64 versus $1.67 in 2024, noting a 2024 one-time tax benefit being lapped.
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Evercore Fourth Quarter and Full Year 2025 Earnings Call - Record Revenues and Diversified Momentum Heading into 2026
Evercore closed 2025 with its strongest financial performance ever, posting adjusted net revenue of about $3.9 billion for the year, up 29% versus 2024, and a record fourth quarter near $1.3 billion. ...
- Record revenue year: Adjusted net revenue of approximately $3.9 billion for 2025, up 29% versus prior year and 17% above the prior record in 2021.
- Best quarter ever: Q4 2025 adjusted net revenue nearly $1.3 billion, the strongest revenue quarter in firm history.
- Big margin and profit improvement: Full-year adjusted operating income of $839 million, up 50%, and adjusted EPS of $14.56, up 55% year over year.
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Boston Scientific Q4 2025 Earnings Call - Confident 2026 guide: 10%-11% organic growth powered by EP PFA and Watchman
Boston Scientific closed 2025 with broad-based momentum, beating guidance and pushing a 2026 plan that leans heavily on EP pulsed field ablation and Watchman adoption. Q4 revenue of $5.286 billion (re...
- Q4 2025 revenue was $5.286 billion, reported growth +15.9% versus Q4 2024; operational growth excluding a $74 million FX tailwind was 14.3% for the quarter.
- Full-year 2025 revenue was $20.074 billion, reported growth +19.9%; organic revenue growth for the year was 15.8%, above prior guidance.
- Q4 adjusted EPS was $0.80 (up 15% year over year); full-year adjusted EPS was $3.06 (up 22%), marking the third straight year of 20%+ adjusted EPS growth.
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Uber Q4 and Full Year 2025 Earnings Call - AVs as growth lever, huge free cash flow, and aggressive buybacks
Uber closed 2025 with accelerating demand and hefty cash generation. Trips reached a 15 billion annual run rate, monthly actives topped 200 million, and gross bookings grew 22% year over year. Managem...
- Trips accelerated to a 15 billion annual run rate, signaling sustained demand growth across the platform.
- Monthly active users topped 200 million, and annual active base exceeds 450 million, with MAPC growth stepping up from ~14% to ~18% year over year in 2025.
- Gross bookings rose 22% year over year for Q4/2025, and Uber delivered its fifth consecutive year of annual gross bookings over 20%.
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Aurora Cannabis Q3 2026 Earnings Call - Pivot to Global Medical Cannabis; Exiting Select Canadian Consumer Markets and Divesting Bevo
Aurora reported a solid fiscal Q3 2026 led by its global medical cannabis business, which drove revenue growth, high margins, and positive free cash flow. Management doubled down on that strategy, ann...
- Aurora is pivoting decisively to global medical cannabis, reallocating products and resources away from select lower-margin Canadian consumer cannabis markets.
- Net revenue for fiscal Q3 2026 was CAD 94.2 million, up 7% year over year; global medical cannabis revenue was CAD 76.2 million, up 12% and 81% of total revenue.
- Adjusted gross margin improved 100 basis points to 62% overall, with global medical cannabis delivering a 69% adjusted gross margin and accounting for roughly 95% of adjusted gross profit.
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T. Rowe Price Q4 2025 Earnings Call - Market Gains Mask $56.9B Net Outflows and a Lower-Fee Mix
T. Rowe Price closed 2025 with $1.78 trillion in AUM, helped more by a third straight year of strong market returns than by net new money. The company reported $56.9 billion of net outflows for the ye...
- AUM rose to $1.78 trillion at year-end 2025, up more than 10% from the start of the year, driven largely by market appreciation rather than net inflows.
- T. Rowe Price reported $56.9 billion of net outflows for full-year 2025, with $25.5 billion of those outflows occurring in Q4.
- Outflows were concentrated in equity strategies, with $75 billion of equity net outflows in 2025, and almost $64 billion leaving mutual funds on a vehicle basis.
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