United Parks & Resorts (NYSE:PRKS) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsArpine Kocharian - Managing DirectorJim Forrester - Interim CFO and TreasurerMarc Swanson - CEOMatthew Stroud - Head of Investor RelationsSteven M. Wieczynski - Managing DirectorThomas Yeh - Executive Director, Equity ResearchConference Call ParticipantsJames Hardiman - Director, Leisure and Travel AnalystLizzie Dove - VP and Equity Research AnalystOperatorLadies and gentlemen, thank you for standing b ...

Starwood Property Trust (NYSE:STWD) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsBarry Sternlicht - Co-Founder, Chairman, and CEOJeffrey DiModica - President and Managing DirectorRina Paniry - CFOSean Murdock - President of Starwood Infrastructure FinanceZachary Tanenbaum - COO and Head of Investor RelationsConference Call ParticipantsDon Fandetti - Managing Director and Senior Equity Research AnalystGabe Poggi - Senior Equity Research AnalystJade Rahmani - Managing Director and S ...

Core Viewpoint - Emera Inc. has demonstrated strong financial performance in 2025, leading to a positive outlook from TD Securities, which maintains a "Buy" rating and raises the price target for the stock. Group 1: Financial Performance - Emera reported its strongest year ever in 2025, driven by record capital deployment and robust performance at Tampa Electric [2][5] - The company safely deployed a record CAD 3.6 billion in capital in 2025, resulting in approximately 8% growth in the rate base compared to 2024 [3] - Emera achieved over CAD 1 billion in annual adjusted net income for the first time, with an adjusted EPS of CAD 3.49, marking a 19% year-over-year increase [3] Group 2: Market Position and Stock Performance - Emera competes with other energy firms like Fortis Inc. and Hydro One, and has a market capitalization of approximately CAD 15.26 billion [1][4] - Despite a slight decrease in stock price to $50.57, the company has seen a high of $52.15 and a low of $39.19 over the past year [4] - TD Securities has raised the price target for Emera from C$74 to C$75, reflecting confidence in the company's growth momentum entering 2026 [5]

In a bid to justify JPMorgan Chase & Co. (NYSE:JPM)‘s $2 billion weekly expenditure, CEO Jamie Dimon is set to address investors at the annual investor day on Monday. Dimon is expected to make a case for the bank’s substantial spending as a key driver for future growth. This follows his previous call to shareholders to have faith in the potential returns of the investment, reported the Financial Times on Monday. The largest U.S. bank by assets is planning a condensed version of its traditional annual in ...

In a bid to justify JPMorgan Chase & Co. (NYSE:JPM) ‘s $2 billion weekly expenditure, CEO Jamie Dimon is set to address investors at the annual investor day on Monday.Dimon is expected to make a case for the bank’s substantial spending as a key driver for future growth. This follows his previous call to shareholders to have faith in the potential returns of the investment, reported the Financial Times on Monday. The largest U.S. bank by assets is planning a condensed version of its traditional annual invest ...

While retail debates the dip, institutions are deploying capital.BlackRock. Harvard. Nomura. Strategy.Here’s what they did this week 👇 https://t.co/RaYgZByJ2w ...

Steady lads, deploying more capital https://t.co/o9PCP1ojmK ...

Financial Data and Key Metrics Changes - Underlying net income reached CAD 1.1 billion, contributing to underlying earnings per share growth of 17% year-over-year and underlying return on equity of 19.1% [5][15] - Total company reported net income was CAD 722 million, 34% lower than underlying net income, primarily due to market-related impacts [17] - Full-year underlying earnings growth was 9%, with a 17% increase in new business contractual service margin [12][29] Business Line Data and Key Metrics Changes - SLC Management achieved CAD 242 million in underlying net income, exceeding its investor day target of CAD 235 million [6] - Group Health and Protection underlying earnings increased by 16% year-over-year, driven by stabilization in claims experience [16] - Individual protection underlying net income rose by 17%, supported by favorable mortality experience in Asia and the U.S. [16] Market Data and Key Metrics Changes - In Asia, protection sales grew by 50% year-over-year, with standout markets being Hong Kong and Indonesia [8][29] - In Canada, gross sales in wealth businesses were up 46% year-over-year, driven by strong results in Group Retirement Services and individual mutual funds [7][24] - U.S. Medical Stop-Loss business saw robust sales growth of 58% [9][25] Company Strategy and Development Direction - The company is focused on a balanced and diversified growth strategy, with a commitment to digital transformation and enhancing client experiences [10][11] - The introduction of a management equity plan for SLC aims to motivate and retain talent in the alternative asset management space [6] - The company plans to complete the buyouts of BGO and Crescent Capital in the first half of 2026, strengthening its alternative asset management platform [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the business mix and disciplined execution of long-term strategies, despite a complex operating environment [14] - The company anticipates continued strong earnings growth aligned with medium-term objectives, with a focus on organic capital generation and prudent risk management [11][30] - Management highlighted the importance of maintaining a strong capital position, with a LICAT ratio of 157% [5][18] Other Important Information - The company achieved Great Place to Work recertification in nine countries, emphasizing its commitment to culture and employee satisfaction [11] - The asset management platform ended the year with CAD 1.2 trillion of third-party assets under management and administration [13] Q&A Session Summary Question: Regarding stop-loss experience and future improvements - Management noted a modest improvement in the loss ratio and expressed confidence heading into 2026 [33][36] Question: On pricing increases in stop-loss and dental - Management confirmed a 17% average price increase on renewal business, which aligns with target margins [40][42] Question: Capital deployment strategy and buybacks - Management emphasized a disciplined approach to capital deployment, prioritizing organic growth and completing private asset affiliate purchases before resuming share buybacks [45][50] Question: Strategy for growth in the dental market - Management highlighted a strong distribution footprint and growth in the commercial dental segment, expecting continued expansion [61] Question: Insights on stop-loss market dynamics - Management acknowledged a hardening market and competitive dynamics, emphasizing their strong capabilities and historical low loss ratios [92]

Financial Data and Key Metrics Changes - Q4 2025 revenue was $2.17 billion, up 15% year-over-year, while full-year revenue increased by 11% [4] - EBITDA for Q4 was $653 million, a 29% increase, and full-year EBITDA reached $2.42 billion, up 26% [4][10] - Operating income for Q4 was $580 million, a 34% increase, with earnings per share (EPS) of $1.05, up 42% for the quarter and 40% for the year [4][5] - Free cash flow was a record $1.43 billion, representing a 93% conversion of net income [4][11] Business Line Data and Key Metrics Changes - Commercial aerospace revenue grew 13% in Q4 and 12% for the full year, driven by demand for engine spares and a record backlog for new aircraft [6][7] - Defense aerospace revenue increased by 20% in Q4 and 21% for the full year, with engine spares up 32% [6][7] - Commercial transportation revenue was up 4% in Q4 but down 5% for the full year due to higher aluminum costs and tariffs [7] - Gas turbine revenue surged 32% in Q4 and 25% for the full year, driven by demand for electricity generation [9] Market Data and Key Metrics Changes - The commercial aerospace market is experiencing robust growth, particularly in Asia Pacific and North America, with a record OEM backlog [22] - The defense market remains strong, particularly for the F-35 program, with increasing demand for spares [24] - The gas turbine market is entering a significant growth phase, with expectations for revenue to double over the next 3-5 years [26] Company Strategy and Development Direction - The company is focused on investing for growth, with a capital expenditure of $453 million in 2025, primarily in the engines business [12][13] - Recent acquisitions, including CAM and Bruner, are aimed at enhancing product offerings and entering new markets [30][90] - The strategy emphasizes capital allocation to businesses with strong returns and growth potential [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth across commercial aerospace, defense, and gas turbines, with expectations for increased aircraft builds [22][23] - The company anticipates that the commercial truck wheel segment will stabilize and begin to grow in the latter half of 2026 [27] - For Q1 2026, the company projects revenue of $2.235 billion, EBITDA of $685 million, and EPS of $1.10, reflecting a 15% year-on-year increase [28] Other Important Information - The company redeemed all outstanding shares of preferred stock for $55 million, simplifying its capital structure [11][21] - The company has a strong liquidity position with a cash balance of $743 million and a $1 billion revolver [12] - The dividend was increased by 69% year-over-year, reflecting a commitment to returning value to shareholders [14] Q&A Session Summary Question: Future growth expectations for engine products - Management sees robust growth in commercial aerospace, with a significant backlog and increased demand for defense and gas turbine markets [36][38][40] Question: Margin sustainability - Management is cautious about predicting future margins but acknowledges the current high margin of 34% for engine products [47][48] Question: Guidance for 2026 - The guidance implies minimal improvement in revenue and margins due to significant ongoing capital projects and acquisitions [55][56] Question: M&A versus buybacks - The company is able to pursue both M&A and share buybacks simultaneously, with a disciplined approach to capital deployment [73][76] Question: Gas turbine revenue potential - Management does not foresee gas turbine revenue exceeding commercial jet engine revenue but acknowledges significant growth potential in the gas turbine market [81][82]

Financial Data and Key Metrics Changes - In 2025, Ryder achieved comparable earnings per share of $1,292, more than double the $595 reported in 2018, with a return on equity (ROE) of 17%, up from 13% in 2018 [12][25] - Operating cash flow increased to $2.6 billion in 2025, up more than 50% from $1.7 billion in 2018 [12][21] - For the fourth quarter, operating revenue was $2.6 billion, consistent with the prior year, while comparable earnings per share from continuing operations were $3.59, up 4% from the previous year [15][25] Business Line Data and Key Metrics Changes - Fleet Management Solutions (FMS) operating revenue decreased by 1%, with pre-tax earnings down to $136 million due to weaker market conditions [16][19] - Supply Chain Solutions (SCS) operating revenue increased by 3%, but earnings decreased by 8% due to lost business and production shutdowns in automotive [18][19] - Dedicated Transportation Solutions (DTS) operating revenue decreased by 4%, but EBT was above the prior year due to lower bad debt and acquisition synergies [19][25] Market Data and Key Metrics Changes - The U.S. economic growth is expected to be modest in 2026, with no significant change in freight market conditions anticipated [24][25] - U.S. Class 8 production is forecasted to decline by 4% in 2026, impacting the overall market dynamics [24] Company Strategy and Development Direction - Ryder's balanced growth strategy has been transformative, reducing reliance on used vehicle proceeds and focusing on asset-light supply chain and dedicated businesses [8][10] - The company is investing in customer-centric technology and AI to enhance operational efficiency and customer service [9][10] - Ryder aims to achieve higher returns by focusing on profitable growth opportunities and strategic investments [22][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver earnings growth and increased returns in 2026, driven by strategic initiatives and a strong contractual portfolio [24][25] - The company anticipates that the earnings power of its contractual businesses will offset near-term headwinds in transactional parts of the business [31][34] Other Important Information - Ryder has generated $3 billion in free cash flow since 2021 and has repurchased 24% of shares outstanding while increasing the quarterly dividend by 57% [14][23] - The company expects to generate approximately $10.5 billion from operating cash flow and used vehicle sales proceeds over the next three years, creating $3.5 billion of incremental debt capacity [21][22] Q&A Session Summary Question: Variability in Earnings Guidance for 2026 - The largest variability in earnings guidance is tied to the transactional business, particularly maintenance and omnichannel optimization initiatives [38][40] Question: Used Vehicle Sales Expectations - Used vehicle sales are expected to improve gradually throughout the year, with Q1 consistent with Q4 levels [45][46] Question: Impact of Market Conditions on Rental Business - The company has not seen meaningful improvement in rental and used vehicle sales, with guidance not reflecting significant market recovery [64][66] Question: Benefits of Baton Technology - Baton is expected to optimize fleet operations and enhance customer solutions through AI technology [67][68] Question: Flex Operating Structure in Dedicated Business - The flex operating structure is anticipated to optimize back-office resources and improve driver allocation, potentially offsetting margin headwinds [86][87]