Earnings Call Transcripts
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All Earnings Calls
Brunswick Corporation Q4 2025 Earnings Call - Retail Stabilizes, Cash Generation Funds a Product Offensive
Brunswick closed 2025 ahead of recent expectations, with Q4 strength driving the first full-year net sales gain in three years. Q4 revenue jumped 16% and full-year net sales finished at $5.4 billion, ...
- Q4 revenue surged 16% versus prior year, driven by broad-based strength across propulsion, P&A, Navico, and boats; full-year net sales rose 2% to $5.4 billion.
- Adjusted EPS for 2025 was $3.27, with Q4 earnings up 41% year-over-year thanks to higher sales, production absorption, and operational gains.
- Free cash flow hit $442 million for 2025, up 56% year-over-year and the third highest in Brunswick history; Q4 FCF was $88 million.
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Equity LifeStyle Properties Q4 2025 Earnings Call - Dividend Hike and Steady FFO Guidance, Weather and Timing Keep RV Recovery Uneven
Equity LifeStyle closed 2025 with steady operations: full-year normalized FFO of $3.06 per share, core NOI up 4.8%, and management penciling in mid-single-digit growth for 2026 while increasing the di...
- Equity LifeStyle reported full-year 2025 normalized FFO of $3.06 per share and Q4 normalized FFO of $0.79, up 5.0% and 4.2% year over year, respectively.
- Management issued full-year 2026 normalized FFO guidance with a midpoint of $3.17 per share, implying roughly 3.7% normalized FFO growth versus 2025, and first-quarter 2026 FFO guidance of $0.81–$0.87.
- The board approved a 2026 annual dividend of $2.17 per share, a 5.3% increase and the 22nd consecutive year of dividend growth, with management stating roughly $100 million of discretionary capital after dividends, recurring CapEx, and principal payments.
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Bankwell Fourth Quarter 2025 Earnings Call - Deposit Repricing and Floating-Rate Loan Mix Lift NIM, SBA Fees Drive Revenue Diversification
Bankwell closed 2025 with a tidy set of improvements: GAAP net income of $9.1 million ($1.15 EPS) and operating income of $10.7 million ($1.36), a wider NIM, and meaningful progress on asset quality a...
- Q4 GAAP net income was $9.1 million, or $1.15 per share; operating income (ex one-time tax true-up) was $10.7 million, or $1.36 per share. The quarter included a $1.5 million one-time income tax provision adjustment related to state filings and FIN 48 reserve changes.
- Pre-provision net revenue return on average assets was 180 basis points for the quarter, up 10 bps sequentially and 75 bps year-over-year, reflecting stronger NIM and non-interest income growth.
- Net interest margin expanded to 340 basis points, up 6 basis points sequentially. Deposit cost declined materially during the quarter, averaging 3.15% and exiting 2025 at 3.08%.
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L3Harris Technologies Q4 2025 Earnings Call - Department of War-backed IPO to Rapidly Scale Missile Production
L3Harris closed 2025 with its strongest year yet, driven by a record order book, double-digit wins in missile and space programs, and execution that management says validates its pivot to higher-growt...
- Missile Solutions IPO planned for H2 2026, creating a $4B+ revenue, majority-owned public company focused on solid rocket motors, air-launched effects, IR seekers and weapon release systems.
- The Department of War will invest a $1 billion preferred security into Missile Solutions, converting at a 20% discount to IPO price plus detachable warrants, and expected to hold a single-digit equity stake.
- MSL (Missile Solutions) will remain consolidated within L3Harris financials post-IPO, with 2026 modeled revenue of approximately $4.4 billion and margins in the mid-12% range, implying roughly $620 million EBITDA.
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WM Fourth Quarter 2025 Earnings Call - Record margin gains from operational discipline and sustainability investments
WM closed 2025 with clear evidence that cost discipline, fleet refreshes, and targeted sustainability investments can move the needle on a capital intensive business. Management reported record operat...
- WM delivered record cost performance in 2025, with operating expenses below 60% for the year at 59.5%, the first time in company history.
- Legacy business Operating EBITDA margin expanded about 150 basis points in 2025, and normalized legacy margin expansion was 180 basis points after known headwinds.
- Company-level Operating EBITDA margin was 30.1% for 2025, a 40 basis point increase despite a 140 basis point headwind from the Healthcare Solutions acquisition and expiration of alternative fuel tax credits.
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Landmark Bancorp Q4 2025 Earnings Call - NIM and deposit-cost discipline fuel 43% y/y EPS surge
Landmark closed 2025 with a clear margin story. Net income for Q4 was $4.7 million, or $0.77 per diluted share, and full-year EPS rose to $3.07, a 43% increase versus 2024. The bank credited sustained...
- Q4 net income $4.7 million, diluted EPS $0.77; full-year 2025 net income $18.8 million, EPS $3.07, a 43% increase versus 2024.
- Tangible book value $20.79 per share, up $0.83 quarter-over-quarter and up $4.09, or 24%, year-over-year.
- Revenue grew 17% for 2025, delivering positive operating leverage as revenue expansion outpaced overhead growth.
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Trane Technologies Q4 2025 Earnings Call - Record Applied Orders Fuel $7.8B Backlog and 2026 Revenue Visibility
Trane closed 2025 with a punch. Q4 delivered enterprise organic bookings up 22% and a record backlog of $7.8 billion, led by a blistering Applied Solutions surge that more than doubled quarter over qu...
- Q4 enterprise organic bookings rose 22%, producing a record total backlog of $7.8 billion.
- Applied Solutions surged, bookings up >120% in Q4, with a record book-to-bill of 200% and the second consecutive quarter of >100% applied growth.
- Americas Commercial HVAC was a standout, with Q4 organic bookings up >35% and revenue up low double digits; Americas backlog up ~25% year-over-year.
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Valero Energy Corporation Fourth Quarter 2025 Earnings Call - Record throughput and $1.2B Q4 adjusted profit as sour crude discounts widen
Valero closed 2025 with a statement quarter, driven by record refining throughput and a sharp swing in refining profitability as sour crude discounts widened. Management leaned into heavy crude opport...
- Q4 2025 adjusted net income attributable to Valero stockholders was $1.2 billion, or $3.82 per share, versus $0.64 per share in Q4 2024; GAAP net income was $1.1 billion, $3.73 per share.
- Full-year 2025 adjusted net income was $3.3 billion, or $10.61 per share, up from $2.7 billion in 2024, despite GAAP 2025 net income of $2.3 billion being below 2024's $2.8 billion.
- Refining operating income surged to $1.7 billion in Q4 2025 from $437 million in Q4 2024, driven by strong product cracks and widening sour crude discounts.
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Sherwin-Williams Q4 2025 Earnings Call - Cost Cuts, Suvinil Drag, and a Modest 2026 Guide Built on Share Gains
Sherwin-Williams closed 2025 with record full-year sales and adjusted EPS, a mid-single-digit Q4 top-line boost that included the first full quarter of the Suvinil acquisition, and stronger margins on...
- Consolidated Q4 sales rose mid-single-digit, with Suvinil contributing a low-single-digit lift as the first full quarter post-acquisition.
- Q4 adjusted diluted net income per share increased 6.7%, adjusted EBITDA grew 13.4% and expanded 100 basis points to 17.7% of sales; Q4 free cash flow conversion was 90.1%.
- Full-year 2025 delivered record consolidated sales and record adjusted diluted EPS; net operating cash increased 9.4% to $3.5 billion and free cash flow was $2.7 billion (59% conversion). Net debt to adjusted EBITDA finished at 2.3x.
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Southwest Airlines Fourth Quarter 2025 Earnings Call - New Product Rollout Drives Guidance of at Least $4 Adjusted EPS for 2026
Southwest closed 2025 having executed a sweeping, company-wide transformation and says 2026 will be the payoff year. Management delivered record revenues, stronger-than-guided full-year EBIT of $574 m...
- Southwest guided 2026 adjusted EPS of at least $4, versus $0.93 adjusted EPS in 2025; management called this the lower end of internal expectations and left upside unquantified until more booking data arrives.
- Q1 2026 adjusted EPS guidance is at least $0.45, versus a loss of $0.13 in Q1 2025; Q1 RASM is expected to rise at least 9.5% year-over-year.
- Management reported full-year 2025 EBIT of $574 million, above prior guide of $500 million, and Q4 EBIT of $386 million; operating revenues were a record $7.4 billion in Q4 and $28 billion for the full year.
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