Banco Santander (NYSE:SAN) 2026 Investor Day February 25, 2026 08:00 AM ET Company ParticipantsAlvaro Serrano - Managing DirectorAna Botín - Executive ChairAndrea Filtri - Managing DirectorAntonio Reale - Co-Head of European Banks Equity ResearchBen Toms - DirectorBorja Ramirez - DirectorChristiana Riley - President and CEO of Santander USFrancisco Riquel - Partner and Head of Equity ResearchHugo Cruz - DirectorHéctor Grisi - CEOJavier Garcia-Carranza - Global Head of Wealth Management & InsuranceJohn Ciull ...

Many bitcoiners ignore this fact, but it is an important data point in understanding capital allocation in the modern environment.I believe bitcoin will do very well in coming years. I own more bitcoin today than I did at the start of 2025.But let’s not ignore the data. ...

F&G Annuities & Life (NYSE:FG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsChris Blunt - CEOConor Murphy - President and CFOJohn Barnidge - Managing DirectorLisa Foxworthy-Parker - Senior VP of Investor RelationsConference Call ParticipantsAlex Scott - Equity Research AnalystMark Hughes - Stock AnalystWilma Burdis - Equity Research AnalystOperatorGood morning. Welcome to F&G's fourth quarter and full year 2025 earnings call. During today's presentation, all callers will be placed ...

F&G Annuities & Life (NYSE:FG) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Speaker6Good morning. Welcome to F&G's fourth quarter and full year 2025 earnings call. During today's presentation, all callers will be placed in listen-only mode. Following management's prepared remarks, the conference will be open for questions with instructions to follow at that time. I would now like to turn the call over to Lisa Foxworthy-Parker, Senior Vice President, Investor & External Relations. Please go ahead.Spea ...

Financial Data and Key Metrics Changes - Global system-wide sales declined 8.3% in Q4, driven primarily by the U.S. business, with U.S. same-restaurant sales down 11.3% [7][31] - Total adjusted revenue for Q4 was $439.6 million, a decrease of $19.7 million compared to the prior year [34] - Adjusted EBITDA was $113.3 million, down $24.2 million versus the prior year [34] Business Line Data and Key Metrics Changes - U.S. company-operated restaurant margin was 12.7%, declining due to lower traffic and inflation [34] - International business saw system-wide sales growth of 6.2% in Q4, marking its 21st consecutive quarter of growth [7][33] - U.S. digital sales grew 2% year-over-year, with the digital mix reaching an all-time high of 20.6% in Q4 [32] Market Data and Key Metrics Changes - International expansion remains a priority, with 59 new locations opened in Q4, contributing to strong sales in markets like Canada and Mexico [8][10] - The company anticipates continued robust net unit growth in international markets, expecting a similar number of new units in 2026 as in 2025 [29] Company Strategy and Development Direction - The company is focused on Project Fresh, which includes brand revitalization, operational excellence, system optimization, and disciplined capital allocation [12][13] - A new marketing and menu approach is being implemented, emphasizing everyday value and quality, with a structured calendar for new product launches [16][19] - The company plans to close approximately 5%-6% of U.S. restaurants to optimize performance and improve franchisee economics [25][75] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that 2025 was a challenging year but emphasizes the importance of laying a foundation for future growth [8][12] - The outlook for 2026 is a rebuilding year, with expectations for global system-wide sales to be approximately flat and U.S. same-restaurant sales to improve throughout the year [28][29] - Management is optimistic about the operational improvements and customer satisfaction scores, which are expected to drive better performance [9][20] Other Important Information - The company returned $330 million to shareholders through dividends and share repurchases, an increase of over $48 million from the prior year [11][36] - Free cash flow for the full year was $205 million, enabling strategic investments while returning capital to shareholders [11][36] Q&A Session Summary Question: Insights on marketing and menu initiatives for the turnaround - Management expressed confidence in the turnaround plan, emphasizing the importance of brand revitalization and operational excellence [50] Question: Details on customer segmentation study findings - The study revealed that many customers seek quality upgrades, particularly in hamburgers, and highlighted the importance of snacking occasions [61] Question: Sentiment among franchisees regarding the turnaround strategy - Franchisees appreciate the flexibility and communication from management, recognizing the need for improved franchisee economics [80]

Financial Performance - In Q4 2025, Sylvamo reported adjusted EBITDA of $125 million with a 14% margin and $38 million of free cash flow, while adjusted operating earnings were $1.08 per share [1] - For the full year 2025, the company achieved $448 million in adjusted EBITDA, representing a 13% margin, and $44 million in free cash flow, with adjusted operating earnings of $3.54 per share [2] - Sylvamo ended 2025 with a net debt to adjusted EBITDA ratio of 1.6 times, indicating a strong financial position [2] Market Conditions - The European market remains a significant near-term challenge, with cut-size paper prices finishing 2025 approximately €100 per ton below 2024 levels [4] - Management has communicated price increases to European customers, expected to be realized in Q2 2026, while also pursuing mix and cost improvements at Saillat and Nymölla [7] - The European industry supply-demand environment continues to be challenging, although there are signs of improvement as pulp prices began to rebound in Q4 2025 [6] Capital Expenditure and Investments - 2026 is characterized as a "transition year" due to upgrades at the Eastover mill, with planned capital expenditures of about $245 million, including approximately $145 million at Eastover [5][10] - The Eastover projects are expected to add 60,000 tons of uncoated freesheet, reduce costs, and improve mix and efficiency [11] - The company plans to source about 80,000 tons from Europe to bridge supply, which will negatively impact adjusted EBITDA in Europe by about $20 million [12] Strategic Focus - Management emphasized disciplined capital allocation and announced the discontinuation of quarterly adjusted EBITDA outlook to align external communications with business management [15] - The company paused share repurchases in Q4 2025 due to expected cash demands from capital intensity and inventory build, with dividends and share repurchases totaling $155 million in 2025 [16] - Looking ahead, Sylvamo anticipates low points in free cash flow generation for 2025 and 2026, with potential to generate over $300 million in annual free cash flow as industry conditions improve [17]

Navient (NasdaqGS:JSM) Q4 2025 Earnings call January 28, 2026 08:00 AM ET Company ParticipantsDave Yowan - President and CEOJeff Adelson - Executive DirectorJen Earyes - Head of Investor RelationsRick Shane - Managing Director and Senior Equity ResearchSanjay Sakhrani - Managing DirectorSteve Hauber - CFOConference Call ParticipantsCaroline Latta - Equity Research AnalystMark DeVries - Senior Research AnalystTerry Ma - Senior Equity Research AnalystWill Ryan - Managing Director and Senior Equity Research An ...

Buffett is the greatest capital allocator and the greatest investor of all time. He's not known as the best manager of all time. Warren Buffett is known to be a hands-off manager.He has a decentralized structure. Since Buffett is going to be gone, he's the greatest stock picker of all time. I'd like them to deemphasize the actual stock picking. I'd like them to start paying a dividend. I would like them also to buy back shares.It'd be great if they could make acquisitions if they could find them. Unfortunat ...

Financial Data and Key Metrics Changes - The company reported Q3 2025 revenue of $932 million, a decrease of $51 million or 5.2% compared to Q3 2024, primarily due to divestitures and product lifecycle management actions [23] - Adjusted operating income for Q3 was $180 million, with adjusted operating margins at 19.3%, up 30 basis points sequentially from Q2 2025 and up 10 basis points year over year [23][24] - Free cash flow generation was $136 million in Q3, an increase of approximately 49% year over year, representing a conversion rate of 105% of adjusted net income [25] Business Line Data and Key Metrics Changes - Performance Sensing revenue was $657 million, approximately flat year over year, with organic revenue increasing 3.6% [27] - Sensing Solutions revenue was $275 million, also approximately flat year over year, with organic revenue growth of 2.5% driven by new content in industrials and growth in aerospace [28] - Adjusted operating income for Performance Sensing was $156 million, or 23.7% of revenue, representing year-over-year margin expansion of 160 basis points [28] Market Data and Key Metrics Changes - The automotive business outgrew global vehicle production by approximately 1% in Q3, with double-digit growth in China [22] - The HVRR market has been soft, particularly in North America, but the company has managed to expand margins despite this [30] - The aerospace business has shown reliable market growth in the low to mid-single-digit range, with strong order books expected to continue [31] Company Strategy and Development Direction - The company is focused on operational excellence, capital allocation, and returning to growth as part of its transformation journey [6][7] - A three-part framework for growth includes sticking to core product technologies, prioritizing platform-driven applications, and focusing on key markets with secular tailwinds [10] - The DynaPower business is being refocused towards applications in grid stabilization and redundant power supply, particularly in defense and data center power delivery [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to improve core business and overcome challenges such as tariffs and end-market volatility [7] - The company expects to continue outgrowing the market in China and is optimistic about future growth opportunities in aerospace and HVRR sectors [22][31] - Management acknowledged the need for caution in the fourth quarter due to potential supply disruptions and idiosyncratic events [34] Other Important Information - The company commenced cash tender offers to purchase $350 million of long-term debt as part of its capital allocation strategy [9][25] - A non-cash goodwill impairment charge of approximately $226 million was recorded in Q3 related to the DynaPower business due to changes in clean energy policy [29] Q&A Session Summary Question: Revenue impact from tire burst detection in China - Management indicated that design cycles in China are shorter, and while specific revenue values cannot be disclosed, they expect to return to outgrowth in the low single-digit range above market [41][42] Question: Ability to outgrow the auto market in 2026 - Management confirmed expectations for continued outgrowth in the automotive sector, particularly in China, with modest outgrowth anticipated in Q3 and beyond [45][46] Question: HVAC revenue growth - Management confirmed that HVAC growth is real, driven by new business wins in gas leak detection products, contributing to market share gains [52][54] Question: Debt securities in the tender offer - Management stated that while they cannot disclose specific preferences for retiring notes, they do not expect a material impact on net interest in Q4 [57][58] Question: Capital structure and innovation - Management emphasized a focus on core business and cash generation, with plans to prioritize capital deployment for reducing leverage in the near term [62][64] Question: Aerospace portfolio growth - Management highlighted steady growth in aerospace, with strong customer backlogs and increased production rates expected to drive future growth [68][70] Question: Strategic positioning of DynaPower - Management noted a focus on high-energy requirements for grid stabilization as the main use case for DynaPower in data centers [72][73] Question: Organic growth expectations - Management indicated a cautious outlook for organic growth, with expectations of low single-digit growth moving forward, particularly in light of recent market conditions [75][77] Question: Long-term margin outlook - Management reaffirmed a margin floor of 19%, with confidence in defending this level despite market volatility [80][82] Question: Free cash flow sustainability - Management attributed strong free cash flow conversion to lower capital expenditures and expressed confidence in maintaining a healthy conversion rate moving forward [89][90]

Market Performance - Stocks have significantly outperformed altcoins since late 2024 [1] - Since August lows, $SOL increased by 30%, while $HOOD increased by 555% [1] Investment Strategy - A key aspect of capital allocation is identifying the fastest-growing asset [1] - The author sold Robinhood trade too early, primarily focusing on crypto [1] - The author derisked a good chunk of portfolio earlier this year, core position is hype [1] Concerns & Outlook - The author lacks strong arguments for a near-term reversal of the stock outperformance trend [1] - The author is seeking constructive feedback on potential catalysts for a shift in this trend [1]