Earnings Call Transcripts
Access detailed transcripts and key takeaways from company earnings calls
All Earnings Calls
FRMO Corporation Fiscal Q1 2026 Earnings Call - Pivot to Crypto Mining as Winland Nears 50-percent Consolidation
FRMO reported a paper loss in Q1 driven by a mark-to-market decline in Texas Pacific Land, even as cash rose to about $25 million. Management framed the quarter as a pivot, doubling down on cryptocurr...
- Reported Q1 loss was largely a mark-to-market hit driven by a decline in Texas Pacific Land, linked to year-to-date oil down about 12 percent and natural gas down about 20 percent.
- Cash on the balance sheet increased to approximately $25 million, and management emphasizes liquidity is largely available and can be increased quickly if needed.
- FRMO owns roughly 44 percent of Winland Holdings now, and management is actively accumulating toward a >50 percent stake that would require consolidation and change FRMO's financial presentation.
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Dynex Capital Third Quarter 2025 Earnings Call - Wide Agency RMBS Spreads Fuel Growth, Heavy Capital Raises, and a Liquidity Cushion
Dynex presented a growth-at-the-right-price story in Q3 2025, raising $254 million of common equity in the quarter and $776 million year to date, while capturing over $130 million of portfolio gains a...
- Raised $254 million of common equity in Q3 and $776 million YTD, issuing stock at premiums to book that management says is accretive to shareholders.
- Generated over $130 million of portfolio gains in Q3 as Agency RMBS spreads tightened, contributing to total economic return of 10.3% for the quarter and 11.5% YTD.
- Net interest income is rising as new, higher-yielding investments and swaps add carry; Q3 NII did not include the September Fed rate cut, which should boost Q4 margins.
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Cleveland-Cliffs Q3 2025 Earnings Call - Automotive rebound, multi-year OEM contracts and ready capacity for 2026
Cleveland-Cliffs used Q3 to make a simple claim with supporting numbers, automotive demand is resurging and the company is positioned to capture it. Management reported the best auto-steel shipment qu...
- Automotive recovery is the call to action: Q3 was Cliffs’ best auto steel shipment quarter since Q1 2024, with automotive share rising from 26% to 30% of shipments.
- Company signed two- to three-year agreements with all major North American OEMs, locking in higher volumes and favorable pricing through 2027 or 2028, providing demand visibility into 2026 and beyond.
- Adjusted EBITDA improved to $143 million in Q3, a 52% increase quarter over quarter, driven by higher realized prices and a richer automotive mix.
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Summit Therapeutics Q3 2025 Earnings Call - Ivonescimab's Harmony Six PFS Win vs PD-1+Chemo, BLA Filing Planned
Summit rode a headline ESMO win. Akeso-sponsored Harmony Six, a China-based phase 3 (n=532), showed a clear progression-free survival edge for ivonescimab plus chemotherapy versus a PD-1 inhibitor plu...
- Harmony Six (Akeso-sponsored, China) met its primary endpoint: PFS hazard ratio 0.60, p < 0.0001, median PFS 11.14 months for ivonescimab plus chemo versus 6.90 months for PD-1 plus chemo, n=532.
- Ivonescimab improved objective response rate by an absolute 9.4% and increased median duration of response to 11.2 months versus 8.4 months for the control arm.
- Benefit was consistent across preplanned PD-L1 subgroups: PD-L1 negative HR 0.55, low (1-49%) HR 0.63, high (>=50%) HR 0.71, indicating efficacy across the PD-L1 spectrum.
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State Street Corporation Third Quarter 2025 Earnings Call - Fee-Led Momentum and Upgraded Fee Revenue Outlook
State Street reported a strong third quarter, driven by fee-led growth and improved operating leverage. EPS rose to $2.78, up 23% year over year, as total revenue increased 9% to about $3.5 billion an...
- EPS of $2.78, up 23% year over year; total revenue +9% to about $3.5 billion.
- Fee revenue rose nearly 12% year over year excluding notable items, broad-based across servicing, management, FX trading, and securities finance.
- Servicing fees +7% YoY; AUCA reached a record $51.7 trillion, up 10% YoY; servicing fee backlog roughly $400 million at 9/30, up ~40% YoY.
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Liberty Energy Third Quarter 2025 Earnings Call - Rapid power pivot: targeting >1 GW generation capacity by end-2027
Liberty Energy reported Q3 2025 revenue of $947 million and adjusted EBITDA of $128 million, a clear sequential pullback from Q2 as industry completions activity softened and pricing pressure intensif...
- Q3 2025 revenue $947 million, adjusted EBITDA $128 million, down sequentially from Q2 ($1.0B revenue, $181M adj. EBITDA).
- Reported net income of $43 million; adjusted net loss of $10 million excluding a $53 million tax-affected gain on investments. EPS diluted $0.26, adjusted loss per share $0.06.
- Operational highlights: company achieved its highest combined average daily pumping efficiency and safety performance in Liberty history.
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Glacier Bancorp Q3 2025 Earnings Call - Margin widens to 3.39% as Guaranty deal expands Texas footprint
Glacier Bancorp posted a clean quarter, driven by margin expansion and M&A that materially boosts scale. Net income rose to $67.9 million, $0.57 per diluted share, up 29% sequentially and 33% year ove...
- Net income $67.9 million, $0.57 diluted EPS, up 29% sequentially and 33% year over year.
- Tax-adjusted net interest margin expanded to 3.39%, up 18 basis points quarter over quarter and 56 basis points year over year, seventh consecutive quarter of expansion.
- Net interest income $225 million, up $18 million (9%) sequentially and $45 million (25%) year over year, underpinned by loan repricing and new loan yields.
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Cohen & Steers Q3 2025 Earnings Call - AUM Up, Multi-Year High Pipeline, and Real Assets Momentum
Cohen & Steers reported solid Q3 results driven by higher AUM, margin expansion, and a rebuilt institutional pipeline. As-adjusted EPS rose to $0.81 from $0.73 sequentially, revenue grew to $141 milli...
- As-adjusted EPS $0.81 in Q3 versus $0.73 in Q2, an 11.6% sequential increase.
- Revenue rose 4.2% quarter over quarter to $141 million, driven by higher average AUM and one extra day in the period.
- Ending AUM climbed to $90.9 billion, helped by market appreciation and net inflows; open-end funds have seen five consecutive quarters of positive net flows.
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WaFd Inc. Q4 FY2025 Earnings Call - Pivot to commercial banking with Build 2030 to cut funding costs and grow low-cost core deposits
WaFd reported a quiet but purposeful quarter as management accelerated the bank’s shift from a thrift toward a commercial lender. Q4 EPS was $0.72 and full-year EPS was $2.63. Management highlighted r...
- Q4 net income available to common shareholders was $56.9 million, or $0.72 diluted EPS; full-year EPS was $2.63, up from $2.50 a year ago.
- Net loans fell $188 million in the quarter, driven by a $216 million drop in inactive loan types: single-family, mortgage, and custom construction.
- WaFd has exited the single-family mortgage origination business and classifies those loans as an inactive portfolio; single-family residential loans remain large at $8.1 billion, roughly 40% of total loans, yielding about 4.2%.
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Regions Financial Corporation Q3 2025 Earnings Call - Deposit outperformance and portfolio reshaping set up 2026 loan growth
Regions reported a tidy quarter: $548 million GAAP earnings ($0.61), $561 million adjusted ($0.63), with adjusted pre-tax, pre-provision income of $830 million and a 19% return on tangible common equi...
- Q3 results: GAAP earnings $548M ($0.61 EPS); adjusted earnings $561M ($0.63 EPS); adjusted pre-tax, pre-provision income $830M, up 4% YoY.
- Return on tangible common equity was strong at 19%, driven by fee income and tight expense control.
- Deposit momentum: FDIC data shows top-quartile deposit growth and above-peer median market share change, while maintaining the lowest deposit cost among peers.
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