Earnings Call Transcripts
Access detailed transcripts and key takeaways from company earnings calls
All Earnings Calls
UnitedHealth Group Fourth Quarter and Full Year 2025 Earnings Call - Execution reset, Optum restructuring, and membership pruning set stage for 2026 EPS recovery
UnitedHealth closed 2025 delivering adjusted EPS of $16.35, but the quarter carried a $1.6 billion net of tax, largely noncash charge tied to Optum actions. Management is pushing a sharp operational r...
- Adjusted EPS for full-year 2025 came in at $16.35, slightly ahead of expectations, but results exclude a $1.6 billion net of tax, largely noncash charge (about $1.78 per share).
- UnitedHealth guided 2026 adjusted EPS of greater than $17.75, implying at least 8.6% growth versus 2025, with net earnings at least $17.10 per share and revenues of approximately $440 billion.
- Management expects operational cadence in 2026 to be front loaded, with slightly under two thirds of full-year earnings in H1, influenced by Part D timing and business mix.
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W. R. Berkley Corporation Fourth Quarter and Full Year 2025 Earnings Call - Record 2025 results, underwriting and investment strength, but auto liability and property reinsurance competitiveness are clear headwinds
Berkley closed 2025 with record earnings, driven by strong underwriting, higher net investment income, and disciplined expense control. The company reported $450 million in quarterly operating earning...
- Record quarterly operating earnings of $450 million, $1.13 per share, and a 21.4% return on beginning of year equity for Q4 2025.
- Record quarterly pre-tax underwriting income of $338 million, up 14.9% year-over-year, driven by rate improvement, lower catastrophe losses, and expense discipline.
- Full-year results included gross premiums written of $15.1 billion and net premiums written of $12.7 billion, underwriting income of $1.2 billion, and net income of $1.8 billion.
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Sanmina Q1 Fiscal 2026 Earnings Call - Strong start led by ZT Systems, AI/cloud demand and clean cash position
Sanmina opened fiscal 2026 with a clean, execution-driven quarter: $3.19 billion revenue, non-GAAP operating margin at 6.0%, and non-GAAP EPS of $2.38. The ZT Systems acquisition is already accretive,...
- Revenue of $3.19 billion in Q1 fiscal 2026, up 59% year-over-year, coming in near the high end of guidance.
- Non-GAAP operating margin was 6.0% and non-GAAP diluted EPS was $2.38, both beating outlook and marking the second straight quarter at roughly a 6% operating margin.
- ZT Systems acquisition materially contributed to growth, is immediately EPS accretive, and management says integration is on track.
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South Plains Financial Fourth Quarter 2025 Earnings Call - BOH Acquisition to Scale Houston, Accelerate Loan Growth and Add ~11% EPS by 2027
South Plains closed 2025 with solid core performance and a clear growth playbook. Q4 results showed steady NIM at 4.00%, loans of $3.14 billion, deposits of $3.87 billion and tangible book value of $2...
- Announced definitive agreement to acquire BOH Holdings Bank of Houston, with BOH holding ~772 million in assets, ~633 million in loans and ~629 million in deposits as of 9/30/25.
- Management projects the BOH acquisition to be approximately 11% accretive to South Plains earnings in 2027, with tangible book value earned back in under three years.
- Loan growth accelerated late in Q4, loans held for investment rose $91 million to $3.14 billion, and management expects mid to high single-digit loan growth for 2026 driven by hires and the BOH deal.
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Agilysys Q3 Fiscal 2026 Earnings Call - Record revenue, strong subscription growth, Marriott rollout moves to implementation waves
Agilysys reported another quarter of momentum, delivering record Q3 revenue of $80.4 million, its 16th straight record quarter, and lifting full-year revenue guidance to $318 million while keeping adj...
- Total revenue was a Q3 record $80.4 million, up 15.6% year over year, marking the 16th consecutive record revenue quarter.
- Agilysys raised full-year fiscal 2026 top-line guidance to $318 million, while maintaining an adjusted EBITDA target of 20% of revenue.
- Subscription revenue reached a record $34.9 million in Q3, up 23.1% year over year, and management reiterated FY26 subscription growth guidance of 29% YoY.
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Bank of Hawaii Corporation Fourth Quarter 2025 Earnings Call - NIM surges, management sees NIM near 2.90% by end-2026 and credit remains pristine
Bank of Hawaii closed Q4 2025 with a clean, predictable quarter: diluted EPS $1.39, net income $60.9 million, and return on common equity about 15%. The headline is margin momentum. NIM expanded for t...
- Q4 diluted EPS $1.39, net income $60.9 million, ROE improved to roughly 15%.
- Net interest margin expanded for the seventh consecutive quarter, up 15 bps to 2.61% in Q4, December NIM finished at 2.67%.
- Management expects NIM could approach about 2.90% by end of 2026, driven by fixed-asset repricing, deposit remix, and anticipated rate cuts.
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Main Street Bank Shares Inc. Q4 2025 Earnings Call - Margin Resilience, Disciplined Loan Growth, and Accretive Buybacks
Main Street Bank closed 2025 with steady core performance after a 2024 technology transition. Management reported EPS of $1.76, a return on average assets of 0.73%, return on average tangible common e...
- Reported full year 2025 EPS of $1.76, ROAA 0.73%, ROTCE 7.24%, and NIM 3.46%.
- Net interest income grew 11% year over year despite a handful of problem credits tied to two relationships moved to nonaccrual.
- Recorded $600,000 of nonrecurring interest reversals specific to two relationships moved to nonaccrual in the quarter.
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Steel Dynamics Q4 2025 Earnings Call - Aluminum startup hits EBITDA positive in December, targeting 90% run-rate by end-2026
Steel Dynamics closed 2025 with record steel shipments, strong cash generation, and a clear pivot story: its new Aluminum Dynamics mill moved from construction into commercial shipments, turning EBITD...
- Record 2025 steel shipments of 13.7 million tons, highlighting volume strength despite compressed flat-rolled margins.
- Adjusted EBITDA for 2025 was approximately $2.2 billion, with cash from operations of $1.4 billion and net income of $1.2 billion, or $7.99 per diluted share.
- Q4 2025 net income was $266 million, or $1.82 per diluted share, with Q4 revenue of $4.4 billion and operating income of $310 million.
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Bank of Marin Bancorp Q4 2025 Earnings Call - Repositioning Cost Drives Q4 Loss but Accelerates Margin and NII
Bank of Marin executed a deliberate balance sheet repositioning in Q4 that produced a $69 million realized securities loss and a GAAP net loss of $39.5 million, or $2.49 per share. Management says the...
- Bank of Marin recorded a GAAP net loss of $39.5 million in Q4 2025, or $2.49 per share, driven by a $69 million realized loss on securities following a balance sheet repositioning.
- On a non-GAAP basis, excluding the securities loss, Q4 net income was $9.4 million, or $0.59 per share, and pre-tax, pre-provision income rose 31% quarter over quarter and 51% year over year.
- Management expects the repositioning to deliver roughly $0.40 of EPS accretion and about 25 basis points of NIM lift on a 12-month basis from the execution date.
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Dynex Capital Q4 2025 Earnings Call - GSE Retained Portfolios Reboot Tightens MBS Spreads and Reprices Risk
Dynex closed 2025 with a sharp performance beat and a strategic pivot from a one-off generational opportunity to a more “normalized” mortgage market backed by explicit policy support. The company repo...
- Dynex reported total economic return of 10.2% in Q4 2025, and 21.7% for the full year 2025, its highest TER this decade.
- Q4 results included $0.51 of common dividends and a $0.78 increase in book value per share; full-year book value rose $0.75 and common dividends declared were $2.00 for 2025.
- Management highlights a structural shift: the Trump administration’s announcement to grow GSE retained portfolios by $200 billion is a material technical tailwind that tightens MBS spreads and reduces the probability of large spread widening.
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