Earnings Call Transcripts
Access detailed transcripts and key takeaways from company earnings calls
All Earnings Calls
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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A. O. Smith Corporation Fourth Quarter 2025 Earnings Call - Leonard Valve deal pivots company into water management amid China and wholesale headwinds
A. O. Smith closed 2025 with record EPS of $3.85, a modest sales uptick to $3.8 billion, strong free cash flow, and a clear strategic pivot. Management completed the acquisition of Leonard Valve to ex...
- Record EPS of $3.85 for 2025, up 6% versus adjusted 2024, driven by margin improvements across segments.
- 2025 total sales were $3.8 billion, essentially flat year over year, with North America offsetting weaker China results.
- Free cash flow was strong at $546 million, up 15% year over year, with 100% free cash flow conversion.
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Meritage Homes Fourth Quarter 2025 Earnings Call - Prioritizing Margin Over Volume, $400M Buyback and 3,400 Lot Walkaways
Meritage used Q4 to recalibrate. Facing soft demand, elevated incentives and weaker buyer urgency, management deliberately traded some near-term volume for margin discipline, walked away from roughly ...
- Q4 2025 sales orders were 3,224, with an average absorption pace of 3.2 net sales per month, below the prior-year 3.9.
- Q4 deliveries were 3,755 homes, producing home closing revenue of $1.4 billion.
- Adjusted home closing gross margin for Q4 was 19.3% (excluding $27.9M walkaway charges, $7.8M impairments, $3.2M severance).
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Coda Octopus Group FY2025 Earnings Call - 30.7% Revenue Gain as NanoGen and DAVD Pivot to Defense
Coda Octopus reported a 30.7% jump in consolidated revenue to $26.6 million in fiscal 2025, driven by a mix of organic sales and the October 2024 acquisition of Precision Acoustics. Management is pivo...
- Total consolidated revenue rose 30.7% year-over-year to $26.6 million in FY2025, compared with $20.3 million in FY2024.
- Core Marine Technology revenue was $13.2 million, a modest 3.2% increase year-over-year; Echoscope remains the revenue driver within this unit.
- Precision Acoustics Limited, acquired in October 2024, contributed $5.4 million and accounted for 20.4% of consolidated revenue and roughly 18.0% of consolidated gross profit in FY2025.
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Coda Octopus Group Fiscal Year 2025 Earnings Call - Revenue +30.7%; NanoGen Launch and DAVD Hardening Fuel Defense Pivot
Coda Octopus reported a 30.7% rise in consolidated net revenue to $26.6 million for fiscal 2025, driven by the October 2024 acquisition of Precision Acoustics and growth across its marine technology a...
- Consolidated revenue rose 30.7% year-over-year to $26.6 million in FY2025, compared with $20.3 million in FY2024.
- The October 2024 acquisition of Precision Acoustics Limited added $5.4 million in revenue and accounted for 20.4% of consolidated net revenue in FY2025.
- Marine Technology remains the core business, generating $13.2 million (up 3.2% year-over-year) and representing 49.8% of consolidated revenue.
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International Paper Fourth Quarter 2025 Earnings Call - Plans to Spin EMEA Packaging Into a Separate Public Company to Unlock Regional Value
International Paper used its fourth quarter 2025 call to announce a decisive strategic pivot: the company will separate its combined Packaging Solutions business into two publicly traded, regionally f...
- Company will separate Packaging Solutions into two standalone public companies, creating a North America-focused IP and an EMEA-focused packaging company, to accelerate value creation and region-specific strategies.
- Separation expected to be structured as a spin-off of the EMEA Packaging business within roughly 12 to 15 months, subject to regulatory approvals and customary conditions.
- International Paper will retain a meaningful ownership stake in the spun EMEA company; listing is planned on both the London and New York Stock Exchanges.
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Tractor Supply Company Q4 2025 Earnings Call - Storm Laps and Holiday Promotions Trim Q4, 2026 Guidance Sees Normalization
Tractor Supply flagged a softer-than-expected Q4 driven by two unusual forces and a promotional holiday environment. Net sales rose 3.3% to $3.9 billion with comps up just 0.3%, EPS of $0.43, and nota...
- Q4 headline: net sales +3.3% to $3.9 billion, comparable store sales +0.3%, diluted EPS $0.43.
- Full-year 2025: net sales $15.5 billion (+4.3%), comparable store sales +1.2%, diluted EPS $2.06.
- Management attributes Q4 shortfall mainly to three factors: lapping 2024 hurricane recovery (estimated ~100 bps comp headwind), a step-down in big-ticket discretionary purchases, and a heavier-than-expected promotional holiday environment.
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