Core Insights - Jones Soda Co. is expanding its Costco program with large-scale shipments to select locations across Canada, supporting revenue growth into 2026 [1][2] - The expansion reflects increased retailer commitment and aligns with the company's strategy to scale high-velocity SKUs while maintaining disciplined gross margin execution [2] Company Performance - The company reported its strongest quarter in history, entering 2026 with significant momentum [2] - The expanded Costco program is expected to contribute meaningfully to net sales in the first half of 2026, leveraging operational and margin improvements achieved in 2025 [2] Strategic Focus - Jones Soda is prioritizing scalable retail partnerships, disciplined cost management, and a focused product portfolio as part of its growth strategy [2] - The company aims to drive sustainable revenue growth and improve operating leverage while strengthening its financial profile [2]

Core Viewpoint - KeyCorp (KEY) has demonstrated strong financial performance and shareholder returns, outpacing major indices and peers in the regional banking sector [2][3][9]. Financial Performance - KeyCorp's stock delivered a 19.4% return over the past 52 weeks, surpassing the S&P 500 Index's 14.3% increase during the same period [2]. - Year-to-date, KeyCorp shares are up nearly 4.3%, compared to the S&P 500's 1.4% gain [2]. - In Q4 2025, KeyCorp reported a revenue increase of 131.8% year-over-year to $2.01 billion, exceeding expectations of $1.97 billion [6]. - Earnings per share (EPS) for Q4 came in at $0.41, beating analyst estimates of $0.39 [6]. Growth Projections - Management has guided for approximately 7% revenue growth in fiscal year 2026 [7]. - Analysts project diluted EPS of $1.79 for fiscal year 2026, indicating a growth of 19.3% [8]. - KeyCorp has consistently exceeded EPS estimates in the past four quarters, enhancing management's credibility [8]. Market Sentiment - Wall Street analysts maintain a positive outlook on KeyCorp, with a consensus rating of "Moderate Buy" among 23 analysts [9]. - The consensus includes 11 "Strong Buy" ratings, two "Moderate Buy" recommendations, nine "Hold" calls, and one "Strong Sell" [9].

Core Insights - Birkenstock's growth strategy emphasizes expanding beyond sandals, targeting opportunities in the Asia-Pacific (APAC) region, direct-to-consumer (DTC) channels, and closed-toe shoes [1][4][5] Financial Performance - The company reported a revenue growth of 41% and EBITDA growth of 38% in the first two years post-IPO, with a deleverage of 55% [2] - Preliminary Q1 FY26 revenue reached EUR 402 million, reflecting an 18% increase on a constant-currency basis and an 11% reported growth [6][7] - Adjusted gross margin fell to 57.4%, down 290 basis points year-over-year, primarily due to foreign exchange and U.S. tariffs [11] Growth Strategy - Management reaffirmed a three-year plan targeting 13-15% constant-currency revenue growth, over 30% EBITDA margins, and approximately 15-17% EPS growth in constant currency [5][12] - The company aims to double APAC revenue by FY28, with expectations of about EUR 1 billion incremental revenue by fiscal 2028 compared to fiscal 2025 [14][18] Regional Insights - In the Americas, the company has around 10,000 distribution points and plans to open 30 additional stores, expecting over 10% growth in the region [15][16] - EMEA is characterized by a strong margin profile and growth opportunities in under-penetrated markets [17] - APAC is positioned in the premium luxury segment, with plans to open 70 stores and add 100 partner stores, expecting revenue to double over three years [18] Supply Chain and Capacity - The vertically integrated supply chain model supports a target of 10% annual unit growth, with significant investments in production facilities [19][20] - Expansion efforts are underway at key sites to enhance production capabilities and efficiency [21]

Core Insights - American Express reported fourth-quarter earnings per share of $3.53, aligning closely with the consensus forecast of $3.54, while revenue increased by 9% to $18.98 billion, slightly surpassing analyst expectations of $18.92 billion [1][2] Financial Performance - The revenue growth was attributed to higher Card Member spending, increased net interest income from growing revolving loan balances, and strong card fee revenue [2] - Credit loss provisions for the fourth quarter totaled $1.4 billion, an increase from $1.3 billion a year earlier, with the net write-off rate rising to 2.1% from 1.9% [4] - Total expenses increased by 10% year over year to $14.5 billion, primarily due to higher customer engagement costs and the U.S. Platinum Card refresh [4] Future Outlook - For 2026, American Express forecasts earnings per share in the range of $17.30 to $17.90, with the midpoint exceeding consensus estimates of $17.40, and projects revenue growth of 9% to 10% [2] - The company announced plans to increase its regular quarterly dividend by approximately 16% to $0.95 per share from $0.82, starting with the first-quarter 2026 payout [3]

Core Insights - Verizon Communications reported fourth-quarter earnings and revenue that exceeded analyst expectations, leading to a more than 9% increase in shares intraday [1] Financial Performance - The company posted adjusted earnings per share of $1.09, surpassing consensus estimates of $1.06 [2] - Revenue reached $36.4 billion, exceeding expectations of $36.1 billion [2] - Wireless service revenue rose 1.1% year over year to $21.0 billion [3] - Wireless equipment revenue climbed 9.1% to $8.2 billion [3] Subscriber Growth - Verizon recorded its highest quarterly total mobility and broadband volumes since 2019, including 616,000 postpaid phone net additions [2] - Broadband subscriber additions totaled 372,000, which included 319,000 fixed wireless access customers and 67,000 Fios internet additions [3] Future Outlook - For 2026, Verizon projected adjusted earnings per share of $4.90 to $4.95, well above analyst consensus of $4.76 [4] - The company forecasted total retail postpaid phone net additions of 750,000 to 1.0 million [4] - Total mobility and broadband service revenue growth is expected to be between 2.0% to 3.0% [4]

Core Insights - Visa Inc reported better-than-expected revenues and earnings for the fiscal first quarter but left the full-year guidance unchanged [1] Group 1: Financial Performance - Visa's gross revenues increased by 14% year-on-year to approximately $15.17 billion, exceeding consensus estimates by 1% [2] - The company posted earnings of $3.17 per share, surpassing the consensus of $3.14 per share [3] - Management guided for low-double-digit net revenue growth for fiscal 2026 and non-GAAP earnings in the mid-20s [3] Group 2: Analyst Ratings and Market Reaction - Analyst Will Nance maintained a Buy rating on Visa but reduced the price target from $417 to $408 [2] - Despite the positive earnings report, Visa's shares declined by 2.01% to $325.11 at the time of publication [4] - The results reflect a consistent growth algorithm driven by strong U.S. and global volume growth and increasing revenue diversification with value-added services [4]

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Financial Data and Key Metrics Changes - The company achieved full-year EBIT of $574 million, exceeding the prior guidance of $500 million [4] - Operating revenues for Q4 reached $7.4 billion and $28 billion for the full year, marking quarterly and annual records [4] - Fourth quarter RASM was down slightly by 0.2% year-over-year, impacted by FAA-mandated schedule cuts [12] Business Line Data and Key Metrics Changes - Capacity grew by 5.8% year-over-year in Q4, despite a flat fleet count [12] - Operating revenue increased by 1.7% year-over-year for the full year, supported by strong demand and initiatives [12] - The company outperformed its cost reduction target of $370 million for 2025 [6] Market Data and Key Metrics Changes - The company ranked number 1 in on-time performance and completion factor in December, earning recognition as The Wall Street Journal's Best US Airline of 2025 [5] - The company expects RASM to increase by at least 9.5% year-over-year in Q1, driven by yield, load factor, and loyalty programs [13] Company Strategy and Development Direction - The company is focused on transforming its business model through initiatives aimed at enhancing customer experience and operational efficiency [7] - For 2026, the company is guiding adjusted EPS of at least $4, significantly higher than the 2025 adjusted EPS of $0.93 [8] - The company plans to optimize its route network and increase its corporate customer base through product changes [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver meaningful margin expansion and strong earnings growth in 2026 [15] - The company does not anticipate a significant economic snapback or share shift in its 2026 guidance [84] - Management highlighted the importance of ongoing cost discipline and operational efficiency [17] Other Important Information - The company completed $2.6 billion in share buybacks in 2025, representing about 14% of shares outstanding [6] - The company ended the quarter with $3.2 billion in cash and a gross leverage ratio of 2.4 times [18] Q&A Session Summary Question: How does January booked RASM compare to February? - Management indicated that bookings for new products look good, but they are not ready to provide an upper range for upside potential yet [23][24] Question: What drove the Q4 CASM performance? - Management confirmed that there was no shift out of Q4 into Q1, and cost efficiencies were found across various areas of the business [25][26] Question: What is happening with the load factor decline? - Management explained that decisions were made to maximize earnings, even if it affected load factor negatively [30][31] Question: Is there a risk that ancillary revenues normalize over time? - Management confirmed that initial reactions to new products are strong, and they expect continued interest as customers adapt [100] Question: What is the assumed paid load factor and ancillary uplift in the EPS target? - Management clarified that the EPS target does not assume a significant economic snapback or share shift [84][85]

Financial Data and Key Metrics Changes - Kirby Corporation reported a record year in 2025, with over $400 million in free cash flow and a strong balance sheet, having paid down $130 million in debt [4][21] - The company generated cash flow from operations of $670 million for the year, driven by higher revenues and earnings [21] - Total revenues for the Marine Transportation segment were $482 million in Q4 2025, with an operating income of $100 million, reflecting a 3% increase in revenues year-over-year [10][11] Business Line Data and Key Metrics Changes - In the Inland Marine segment, revenues decreased by 1% compared to Q4 2024, primarily due to lower utilization, but increased by 3% compared to Q3 2025 due to improved market conditions [11][12] - Coastal Marine revenues increased by 22% year-over-year, supported by steady demand and higher contract prices, with operating margins around 20% [13][14] - The Distribution and Services segment saw revenues of $370 million in Q4 2025, a 10% increase year-over-year, driven by the power generation business, which represented 52% of total segment revenues [15][16] Market Data and Key Metrics Changes - Barge utilization in Inland Marine averaged in the mid- to high-80% range, improving towards the end of the quarter, while Coastal Marine utilization remained strong in the mid- to high-90% range [6][7] - Spot prices in the inland market showed early signs of recovery in January 2026, following a decline in Q4 2025 [6][32] - The power generation business experienced a 47% year-over-year revenue increase, driven by strong order flow and project wins [16][17] Company Strategy and Development Direction - Kirby Corporation aims for steady growth and solid performance in 2026, with a focus on capital allocation to return value to shareholders and pursue long-term investments [4][23] - The company is optimistic about the power generation segment, which is expected to continue driving growth despite mixed demand across other product lines [24][27] - Management highlighted the importance of maintaining operational excellence and cost control amid rising medical costs and inflationary pressures [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational and financial momentum exiting 2025, with expectations for improving market conditions in 2026 [4][24] - The company noted potential upside from macro factors such as Venezuelan oil flows and ongoing tariff developments, which could enhance demand [24][29] - Management acknowledged the challenges posed by supply constraints and inflation but remains optimistic about the overall financial performance for 2026 [21][29] Other Important Information - Kirby Corporation's total capital expenditures for 2025 were $264 million, with expectations for 2026 to fall in the $220 million-$260 million range [22] - The company maintained a balanced capital allocation approach, with a focus on returning capital to shareholders while exploring acquisition opportunities [23][29] Q&A Session Summary Question: Insights on Q4 term contract pricing and demand outlook for 2026 - Management indicated that the slight decline in term contract pricing was due to short-term demand pressures, but early signs of recovery in spot prices are encouraging for 2026 [31][32] Question: Impact of coastal shipyard activity on revenue and costs - Management confirmed that increased shipyard activity would impact margins due to associated costs, but pricing remains strong in the coastal market [39][40] Question: Clarification on EPS guidance range and factors influencing it - The broad EPS guidance range reflects uncertainties in power generation deliveries and pricing improvements in the inland market, with management remaining cautiously optimistic [47][48] Question: Update on CapEx guidance and new build pricing trends - Management noted that new build pricing remains consistent, with ongoing labor challenges at shipyards, and emphasized a pragmatic approach to potential acquisitions [84][87]

FISCAL FIRST QUARTER 2026 HIGHLIGHTS January 28, 2026 PLEXUS CONFIDENTIAL FISCAL FIRST QUARTER THEMES Program wins, share gains and improving market demand position Plexus in F26 to meet or exceed high end of 912% revenue growth goal. Forecast strong F26 operating leverage inclusive of investments in talent, technology, facilities and advanced capabilities. PLEXUS CONFIDENTIAL SAFE HARBOR AND FAIR DISCLOSURE STATEMENT Some of the statements made and information provided during our call as well as informatio ...