Core Insights - Riot Platforms, Inc. (RIOT) is expected to report its fourth-quarter 2025 results on March 3, with a strong earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the last four quarters, averaging a 160% earnings surprise [2] Revenue Expectations - The Zacks Consensus Estimate for RIOT's revenue in Q4 2025 is $157.4 million, reflecting a 10.1% increase from the previous year, driven by growth in Bitcoin Mining and Engineering revenues [3] - Bitcoin Mining revenues are projected at $136 million, indicating a 7.6% year-over-year growth, while Engineering revenues are expected to reach $21.3 million, representing an 85% increase from the prior year [3] Strategic Developments - The company has been actively developing its data center business for bitcoin mining, including the acquisition of 67 acres adjacent to its Corsicana site to create a 1 GW utility-load data center campus, which is anticipated to enhance technical engagement with major customers [4] - Recent growth in the engineering business, particularly through ESS Metron and E4A Solutions, is expected to create synergies and expand the data center development program, contributing positively to revenue [5] Earnings Outlook - The consensus estimate for loss per share is 22 cents, a decline from a profit of 44 cents reported in the same quarter last year, reflecting the impact of the company's transformation efforts and acquisitions [6] - The company has announced the development of two new buildings at its Corsicana campus, adding 112 megawatts of critical IT data center capacity, which is expected to enhance future capabilities [7] Earnings Prediction Model - The current model does not predict an earnings beat for RIOT, with an Earnings ESP of 0.00% and a Zacks Rank of 1 (Strong Buy), indicating that while the potential for an earnings beat exists, it is not strongly supported by the current data [8]

Key Takeaways CLH beat Q4 estimates with $1.62 EPS and $1.49B revenues, up 4.5% and 4.8% year over year, respectively.ES revenues rose 6.3%, while SKSS sales fell 3.6% due to base oil pricing headwinds.CLH guides 2026 adjusted EBITDA of $1.20B-$1.26B and GAAP net income of $410M-$461M.Clean Harbors, Inc. (CLH) reported better-than-expected fourth-quarter 2025 results, with both earnings and revenues beating the Zacks Consensus Estimate. However, the positive results did not affect investor sentiment as the ...

Key Takeaways OMC posted Q4 EPS of $2.59 and revenues of $5.5B, both missing the respective consensus estimate.OMC's Media & Advertising and the U.S. market contributed 60.1% and 51.9% of revenues, respectively.OMC reported a $977.2M operating loss against $685.3M profit in the year-ago quarter.Omnicom (OMC) reported unimpressive fourth-quarter 2025 results, with both earnings and revenues missing the Zacks Consensus Estimate.OMC’s earnings were $2.59 per share, missing the Zacks Consensus Estimate by 11.9% ...

Key Takeaways VRSK Q4 EPS rose 13% to $1.82, beating estimates as revenues climbed 5.9% to $778.8M.VRSK's underwriting revenues jumped 8.7% to $556M, lifting adjusted EBITDA margin to 56.1%.VRSK guides fiscal 2026 revenues of $3.19B-$3.24B and EPS of $7.45-$7.75, both below the consensus estimate.Verisk (VRSK) reported impressive fourth-quarter fiscal 2025 results, with both earnings and revenues beating the Zacks Consensus Estimate.VRSK’s adjusted earnings were $1.82 per share, surpassing the Zacks Consens ...

Core Insights - Waste Connections has received multiple upgrades to a "strong-buy" rating from various research firms, indicating strong market confidence in the company's stock performance [1][6]. Financial Performance - Waste Connections reported earnings per share (EPS) of C$1.77 for the last quarter, with a net margin of 10.81% and a return on equity of 11.86% [3]. - The company generated revenue of C$3.26 billion during the same quarter, and analysts expect an average EPS of approximately 9.98 for the current year [3]. Stock Performance - Waste Connections' stock opened at C$218.26, with a 12-month low of C$211.93 and a high of C$284.73. The market capitalization stands at C$55.79 billion [2]. - The stock has a P/E ratio of 52.34 and a P/E/G ratio of 2.22, with a beta of 0.33, indicating lower volatility compared to the market [2]. Company Overview - Waste Connections is the third-largest integrated provider of solid waste and recycling services in North America, operating 91 active landfills, 132 transfer stations, and 68 recycling operations [4]. - The company serves various markets, including residential, commercial, industrial, and energy sectors, and has a significant presence in Canada, contributing 13% of consolidated revenue in 2020 [4].

Group 1 - TD Cowen lowered the price target on Waste Connections (WCN) to $200 from $210 while maintaining a Buy rating on the shares [1] - The firm noted that a fairly solid operational Q4 was offset by underwhelming 2026 guidance [1] - An 8% selloff in the stock price was deemed excessive by the firm [1]

Core Insights - The company's performance in 2025 was driven by price-led organic growth, solid waste improvements, and operational efficiencies, resulting in a 7.7% increase in adjusted EBITDA to $3.125 billion [3][7][11] - The 2026 outlook anticipates revenue between $9.9 billion and $9.95 billion, with adjusted EBITDA projected at $3.30 billion to $3.325 billion, assuming no macroeconomic improvements [5][17] - The company reported a decline in recycled commodity values and renewable energy credits, impacting reported results despite margin expansion [1][4] Financial Performance - Q4 revenue reached $2.373 billion, with adjusted EBITDA rising to $796 million, reflecting a margin increase of 110 basis points [6][10] - For the full year, adjusted EBITDA margin was 33%, up 50 basis points from the previous year [11] - Adjusted free cash flow for 2025 was reported at $1.26 billion, with capital expenditures totaling $1.194 billion [15] Operational Improvements - The company achieved a 6.5% increase in solid waste core pricing, contributing to a 100 basis point margin expansion in solid waste [1] - Employee turnover and safety incident rates declined for three consecutive years, indicating improved workforce stability and safety [3][7] - Management noted reductions in operating costs, particularly in labor and risk management, which supported pricing retention [2] 2026 Guidance and Capital Plans - The guidance for 2026 includes an adjusted free cash flow target of $1.4 billion to $1.45 billion, with capital expenditures around $1.25 billion [5][17] - The company plans to continue its acquisition strategy, having closed 19 acquisitions in 2025 totaling approximately $330 million in annualized revenue [19] - Management emphasized that the 2026 outlook does not account for potential improvements in commodity values or cyclical volume recovery [18] Sustainability and Technology Initiatives - The company has five renewable natural gas (RNG) facilities operational, with expectations for improved contributions in 2027 as projects ramp up [21] - Initiatives aimed at digitizing operations and enhancing customer experience are underway, including real-time routing and improved mobile connectivity [22] - Progress on the Chiquita Canyon landfill management continues, with regulatory challenges impacting costs and timelines [12][13]

Core Insights - The company achieved record-low employee turnover and safety incident rates, which management identifies as the primary driver for cost savings in labor, repairs, and risk management [1] - The company delivered 100 basis points of underlying solid waste margin expansion by maintaining a disciplined price-cost spread of 150 to 200 basis points despite volume sluggishness [1] - Outperformance is attributed to internal operational improvements that successfully offset headwinds from multiyear lows in recycled commodity values and renewable energy credits [1] Strategic Focus - The company has a strategic focus on 'winning from within' through the deployment of AI-driven dynamic routing and mobile connectivity to enhance asset utilization and customer retention [1] - The company maintained a selective M&A strategy, closing $330 million in annualized revenue across 19 acquisitions while preserving a strong balance sheet with 2.75x leverage [1] Operational Challenges - The company is progressing on the technical mitigation of the Chiquita Canyon landfill event, though management noted that political and regulatory complexities have inflated costs and extended timelines [1]

Financial Data and Key Metrics Changes - In Q4 2025, revenues grew by 7.3% driven by better-than-expected contributions from pricing, volume, and M&A despite headwinds from foreign exchange [13] - Adjusted EBITDA for the full year reached $1.985 billion, with a margin of 30% for the first time in company history, reflecting a 130 basis point increase over 2024 [7][9] - Adjusted Free Cash Flow for Q4 was $425 million, totaling $756 million for 2025, ahead of plan due to EBITDA outperformance [16] Business Line Data and Key Metrics Changes - Q4 pricing increased by 6.4% for the quarter and 6.1% for the year, exceeding original plans [13] - Adjusted EBITDA margins in the Canadian segment increased by 175 basis points, while U.S. margins were up materially when excluding prior year hurricane volumes [15] - C&D-related volume remained soft, but the company is positioned for recovery when the economy improves [14] Market Data and Key Metrics Changes - Q4 volumes were 70 basis points ahead of plan, attributed to unanticipated special waste activity [14] - The pricing environment remains constructive, with expectations for continued pricing above internal cost of inflation [8] - Commodity prices decreased by 33% year-over-year, impacting margins, but underlying consolidated margins improved by over 150 basis points from the prior year [15][18] Company Strategy and Development Direction - The company aims to achieve low- to mid-30s margins by 2028, supported by operational efficiencies and capital allocation strategies [9][11] - The relocation of the executive headquarters to the U.S. is expected to enhance visibility with investors and broaden eligibility for U.S. equity indices [12] - The company plans to continue focusing on M&A opportunities within existing markets to leverage infrastructure and achieve higher returns [65] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to meet and potentially exceed 2026 guidance, citing multiple avenues for upside [12] - The macro environment remains challenging, but there are signs of improvement in customer sentiment and capital plans for 2026 [98] - The company is committed to maintaining leverage in the low to mid-3s range while pursuing growth opportunities [24] Other Important Information - The company completed $1 billion in M&A and repurchased over $3 billion of its own shares in 2025 [10][16] - The adjusted Free Cash Flow conversion improved to 38%, despite headwinds from M&A and FX [16] - The company expects 2026 revenue to be approximately $7 billion, an 8% increase over 2025 [18] Q&A Session Summary Question: Does the leverage guidance assume no incremental M&A and buyback? - Management confirmed that the leverage guidance is committed to low to mid threes, and any M&A or buybacks would increase that number [24] Question: Can you break down the EBITDA bridge for 2026? - Management acknowledged the complexity of the EBITDA bridge, noting that organic EBITDA growth is expected to be in the mid- to high single digits [25][27] Question: What is the expected ramp for EPR and R&G investments? - Management indicated that EPR contributions will be front-end loaded, with expectations for a significant portion in Q1 [33] Question: How do you balance M&A and share buybacks? - Management stated that while the stock is undervalued, they will continue to evaluate both M&A opportunities and share buybacks based on market conditions [40][41] Question: How did GIP and ES perform in 2025? - Management reported that both businesses performed in line with expectations, with GIP primarily driven by government contracts [48] Question: Is there any guidance for Q1? - Management provided Q1 revenue guidance of CAD 1.6 billion to CAD 1.625 billion, with a margin of approximately 28.8% [55]

Core Insights - Pentair plc (PNR) reported quarterly earnings of $1.18 per share, exceeding the Zacks Consensus Estimate of $1.17 per share, and up from $1.08 per share a year ago, representing an earnings surprise of +1.14% [1] - The company achieved revenues of $1.02 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.60%, compared to $972.9 million in the same quarter last year [2] Earnings Performance - Over the last four quarters, Pentair has consistently surpassed consensus EPS estimates [2] - The company had a previous quarter earnings surprise of +5.08%, with actual earnings of $1.24 per share against an expectation of $1.18 per share [1] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.22 on revenues of $1.05 billion, and for the current fiscal year, it is $5.38 on revenues of $4.34 billion [7] - The estimate revisions trend for Pentair was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - Pentair operates within the Zacks Waste Removal Services industry, which is currently ranked in the bottom 30% of over 250 Zacks industries, suggesting potential challenges ahead [8] - The performance of Pentair's stock may be influenced by the overall outlook of the waste removal industry [8]