Financial Data and Key Metrics Changes - SkyWest reported a net income of $91 million, or $2.21 per diluted share for Q4 2025, and a full year net income of $428 million, or $10.35 per diluted share, reflecting a 31% increase in pre-tax income for 2025 compared to the previous year [4][11] - Total Q4 revenue was $1 billion, down from $1.1 billion in Q3 2025, but up 8% from $944 million in Q4 2024 [9] - Pre-tax income for 2025 was $566 million, up 31% from 2024, with EBITDA reaching $982 million, an increase of over $100 million from 2024 [11][12] Business Line Data and Key Metrics Changes - Contract revenue for Q4 was $803 million, down from $844 million in Q3 2025, but up from $786 million in Q4 2024 [9] - Prorate and charter revenue was $167 million in Q4, flat with Q3 2025, and up from $126 million in Q4 2024 [10] - Leasing and other revenue increased to $54 million in Q4, up from $39 million in Q3 and $32 million in Q4 2024, driven by maintenance services provided to third parties [10] Market Data and Key Metrics Changes - SkyWest Airlines achieved over 250 days of 100% controllable completion in 2025, with over 2,500 daily scheduled departures [6] - The fourth quarter faced challenges due to a government shutdown and mandatory flight reductions, leading to more canceled flights than major partners [6][22] Company Strategy and Development Direction - SkyWest announced extensions on key flying agreements, including 40 E175s with United and 13 E175s with Delta, solidifying partnerships and ensuring ongoing revenue stability [5][18] - The company plans to acquire and finance 29 additional E175s by the end of 2028, with a total of nearly 300 E175s expected in service by that time [14][20] - SkyWest aims to enhance service to underserved communities and capitalize on strong demand for its prorate product [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth possibilities in 2026, expecting mid-single-digit percentage growth in block hours compared to 2025 [16][18] - The effective tax rate for 2026 is anticipated to be approximately 24%, similar to 2025 [17] - Management acknowledged challenges in the third-party MRO network but remains committed to enhancing fleet flexibility and operational execution [23][24] Other Important Information - The company reduced its debt by $1 billion over the past three years, ending Q4 with $2.4 billion in debt, down from $2.7 billion at the end of 2024 [12][14] - Cash balance at the end of Q4 was $707 million, down from $753 million in Q3 2025 and $802 million in Q4 2024 [13] Q&A Session Summary Question: Impact of FAA cuts and government shutdown - Management acknowledged the significant impact of the government shutdown and flight cancellations, noting that they worked collaboratively with partners to mitigate effects [26][27] Question: Update on encumbered assets - Management reported approximately $1.5 billion in unencumbered assets, with expectations for this to increase as more E175s are paid off [29][31] Question: Aircraft order book and placement discussions - Management confirmed ongoing discussions with major partners regarding the placement of new aircraft, with most deliveries in 2027 and 2028 already spoken for [34] Question: Trends in aircraft utilization - Management noted positive trends in aircraft utilization, with expectations for increased utilization in the upcoming spring and summer [35][36] Question: E175 renewals and contract terms - Management indicated that the terms of the E175 renewals are economically similar to previous contracts, with some evolution due to changing market conditions [40][44] Question: Maintenance expenses and aircraft readiness - Management confirmed that maintenance expenses are consistent with previous levels, with 20 aircraft currently in heavy maintenance and expected to return to service soon [47][48] Question: Revenue model and growth opportunities - Management expressed optimism about the revenue model for parked aircraft and ongoing demand for services, with plans to capitalize on opportunities as they arise [75][76]

Core Insights - Comcast is undergoing a significant transformation in its broadband strategy, moving towards simplified nationwide pricing and away from short-term promotions, which includes a five-year price guarantee [1][5][6] Financial Performance - In 2025, Comcast achieved a record free cash flow of $19.2 billion, aided by one-time tax benefits, while returning nearly $12 billion to shareholders and maintaining its dividend [3][22] - Total company revenue grew by 1% in Q4, but adjusted EBITDA and EPS declined by 10% and 12% respectively, attributed to ongoing investments and costs associated with the NBA contract [8][19] Broadband Strategy - The company reported a loss of 181,000 broadband subscribers in Q4, with ARPU growth of 1.1% expected to face headwinds due to simplified pricing and free wireless line promotions [5][7][9] - Comcast's new pricing strategy aims to stabilize its broadband base and restore revenue growth, although it is currently pressuring results [6][9] Wireless Growth - 2025 marked a record year for Comcast's wireless segment, adding approximately 1.5 million net lines, with a strategy focused on free-line promotions expected to convert many to paid relationships by H2 2026 [4][11][12] - The company modernized its MVNO partnership with Verizon and plans to add T-Mobile for business customers, enhancing its mobile platform [13] Content and Media - Peacock revenue reached a record $1.6 billion with 44 million subscribers, despite incurring significant quarterly losses of $552 million due to NBA rights costs [3][16] - Theme parks and Peacock, along with domestic wireless, each saw revenue growth around 20% in the quarter, with theme parks achieving a notable EBITDA of over $1 billion [14][16] Future Outlook - Comcast anticipates continued ARPU and EBITDA pressure in the coming quarters due to the absence of rate increases and the impact of free wireless lines [9][10] - The company expects to see improvements in Peacock's profitability in 2026, driven by advertising growth and subscriber acquisition [17][18]

Q4 2025 Update January 29, 2026 Q4 2025 Highlights "The fourth quarter represented our 24th consecutive quarter of free cash flow generation, highlighting our Sustainable Business Model and consistent execution that are the cornerstones of growing our long-term per share value," commented Alan Shepard, President & CEO. "We continue to believe that our share repurchase program represents a compelling capital allocation opportunity, and as such, we are announcing an additional $2 billion share repurchase auth ...

Core Insights - Agnico Eagle Mines Limited (AEM) reported a significant increase in third-quarter free cash flow, reaching approximately $1.2 billion, nearly double the previous year's figure of $620 million, driven by strong gold prices and operational efficiency [1][8] Financial Performance - Free cash flow before working capital adjustments was $1,035 million, reflecting an 84% increase year-over-year [1] - Operating cash flow rose around 67% to approximately $1.8 billion in the third quarter [1] Growth Initiatives - The strong free cash flow supports investments in growth projects such as the Odyssey project in the Canadian Malartic Complex, Detour Lake, and Hope Bay, alongside debt repayments and shareholder returns [2] - AEM's robust liquidity and cash flows enable a strong exploration budget and a solid pipeline of growth projects [2] Debt Management - The company focused on reducing debt, with total long-term debt decreasing by approximately $400 million to $196 million at the end of the third quarter [3] - AEM ended the quarter with a net cash position of nearly $2.2 billion, attributed to increased cash and reduced debt [3] Shareholder Returns - AEM returned around $350 million to shareholders in the third quarter, leveraging its strong free cash flow generation to enhance returns and accelerate debt reduction [4][8] Industry Comparison - Among peers, Newmont Corporation (NEM) reported a record free cash flow of $1.6 billion, more than doubling year-over-year, while Barrick Mining Corporation (B) reported a free cash flow of $1.5 billion, up from $444 million in the prior year [5][6] Stock Performance - AEM's shares increased by 77.5% over the past six months, compared to a 95.6% rise in the Zacks Mining – Gold industry, largely driven by the rally in gold prices [7] Earnings Estimates - The Zacks Consensus Estimate for AEM's earnings in 2025 and 2026 indicates a year-over-year increase of 90.5% and 30.1%, respectively, with EPS estimates trending higher over the past 60 days [9] Valuation - AEM is currently trading at a forward 12-month earnings multiple of 21.52, representing a 29.2% premium to the industry average of 16.65 [10]

Financial Data and Key Metrics Changes - Total revenue grew by 2.8% year-over-year to $4.2 billion, with rental revenue increasing by 4.6% to $3.6 billion, both setting fourth quarter records [4][5] - Adjusted EBITDA reached $1.9 billion, resulting in a margin of 45.2%, with adjusted EPS at $11.09 [5][12] - Free cash flow generation was $2.2 billion, translating to a free cash flow margin of 14% [7][18] Business Line Data and Key Metrics Changes - Growth was observed across both Gen Rent and Specialty businesses, with Specialty showing broad-based growth [6] - Rental revenue increased by $159 million year-over-year, supported by growth from large projects and key verticals [13] - Ancillary and re-rent revenue grew by over 9%, contributing an additional $62 million [14] Market Data and Key Metrics Changes - The construction end market saw growth in both infrastructure and non-residential construction, while the industrial end market showed strength within power [6] - Demand for used equipment remained healthy, with $769 million of OEC sold in the fourth quarter at a 50% recovery rate [7][14] Company Strategy and Development Direction - The company aims to be the partner of choice for customers, focusing on providing an unmatched experience through a one-stop shop of products and services [3] - Plans for 2026 include repurchasing $1.5 billion of shares and increasing the quarterly dividend by 10%, reflecting a commitment to returning capital to shareholders [8][22] - The strategy emphasizes capital efficiency and organic growth, with a focus on expanding the Specialty footprint and leveraging geographic opportunities [6][9] Management's Comments on Operating Environment and Future Outlook - Management expects 2026 to be another year of profitable growth, with total revenue growth ex used of over 6% [9][19] - The demand construct in 2026 is anticipated to be similar to 2025, driven by large projects and dispersed geographic demand [9][56] - Management remains cautious about local market growth, expecting it to be flattish, but is prepared to react if conditions improve [97] Other Important Information - The company returned nearly $2.4 billion of excess cash flow to shareholders in 2025, including $464 million via dividends and $1.9 billion through share repurchases [8][18] - The company plans to maintain a strong balance sheet with net leverage of 1.9 times and total liquidity of over $3.3 billion [18] Q&A Session Summary Question: On ancillary services, what inning are you in regarding evolution? - Management indicated that it is difficult to characterize the stage of ancillary services evolution, emphasizing the goal of providing as many solutions for customers as possible [24][25] Question: Can you discuss the recent M&A activity and pipeline? - Management confirmed a robust pipeline with some chunky deals, while recent smaller acquisitions were made to fill out product offerings [27][28][30] Question: What is the growth trajectory for the matting business? - The matting business saw broad-based strength, although a specific project was pushed out, affecting fourth quarter results [35][36] Question: What is the outlook for fleet productivity? - Fleet productivity was impacted by mix, particularly due to matting, but management expects positive productivity in 2026 [45][46][101] Question: How do you view the competitive dynamics post-IPO of a competitor? - Management believes that the supply-demand dynamics remain favorable and that the industry needs to maintain discipline regarding pricing [48][49] Question: What is the plan for cold starts in 2026? - Management indicated that the number of cold starts is not a strict target but depends on finding the right real estate and talent [52][54]

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][20] - The company generated cash flow from operations of $670 million for the year, driven by higher revenues and earnings [21] - Total available liquidity at the end of the fourth quarter was approximately $542 million [21] Business Line Data and Key Metrics Changes - Marine transportation segment revenues were $482 million in Q4 2025, with an operating income of $100 million and an operating margin in the low 20% range [10] - Inland marine revenues decreased 1% compared to Q4 2024, primarily due to lower utilization, while coastal revenues increased 22% year-over-year [11][13] - Distribution and services segment revenues were $370 million, with operating income of $30 million and an operating margin of 8.1% [15] Market Data and Key Metrics Changes - Inland barge utilization averaged in the mid- to high-80% range, improving towards the end of the quarter, while coastal barge utilization remained strong in the mid- to high-90% range [6][14] - Power generation revenues grew 47% year-over-year, driven by strong order flow and project wins [7][16] - The oil and gas market continued to face softness, with revenues down 45% year-over-year [18] Company Strategy and Development Direction - Kirby Corporation aims for steady growth and solid performance in 2026, with expectations of improving market conditions and operational momentum [4][9] - The company is focused on a balanced capital allocation approach, returning capital to shareholders while pursuing long-term investment opportunities [22][23] - Power generation is identified as a core growth area, with an expanding backlog and strong customer demand [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the refining industry and potential demand from Venezuelan crude, which could positively impact operations [24][37] - The company anticipates stable refinery activity and improving inland utilization, with spot rates showing early signs of an upward trend [8][25] - Despite expected seasonal challenges in Q1, management expects operating performance to strengthen throughout the year [26][28] Other Important Information - The company experienced an increase in medical costs, which is expected to continue in 2026, impacting operating margins [18][19] - Capital expenditures for 2025 totaled $264 million, with expectations for 2026 to fall within the $220 million-$260 million range [22] Q&A Session Summary Question: Inquiry on Q4 term contract pricing and demand outlook - Management noted that the slight decline in term pricing was due to weak demand in Q4, but they have seen spot prices rebound in January, indicating a more positive outlook for 2026 [31][32][36] Question: Clarification on coastal revenue expectations and shipyard impacts - Management confirmed that increased shipyard activity would impact margins, but revenue growth would primarily come from price increases rather than volume [39][40] Question: Discussion on EPS guidance range and underlying factors - Management explained that the broad EPS guidance range is influenced by power generation delivery timing and the potential for improved inland pricing throughout the year [48][49] Question: Update on CapEx guidance and new build pricing - Management indicated that new build pricing remains consistent, with labor costs still high, and they do not anticipate significant acquisitions impacting CapEx guidance [84][87]

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][18] - The company generated cash flow from operations of $670 million for the year, driven by higher revenues and earnings [18] - Total revenues for the marine transportation segment increased by 3% year-over-year, while operating income rose by 17% [9] Business Line Data and Key Metrics Changes - In the inland marine segment, barge utilization improved to the mid- to high-80% range, with operating margins in the low-20% range [5][11] - Coastal marine revenues increased by 22% year-over-year, with operating margins around 20% [11] - The distribution and services segment saw revenues of $370 million, a 10% increase year-over-year, primarily driven by the power generation business [13][14] Market Data and Key Metrics Changes - The inland marine market experienced early quarter softness but improved towards the end, with spot prices rebounding in the low- to mid-single digits [5] - Coastal marine market fundamentals remained solid, with barge utilization levels in the mid- to high-90% range [6] - Power generation revenues grew 47% year-over-year, supported by strong order flow and project wins [14] Company Strategy and Development Direction - Kirby Corporation aims for steady growth in 2026, with expectations of consistent year-over-year earnings growth supported by stable operations and improving market fundamentals [22][23] - The company plans to continue returning capital to shareholders while pursuing long-term value-creating investments and acquisitions [20][27] - The focus remains on enhancing shareholder value through disciplined capital allocation and exploring bolt-on acquisitions [83] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand outlook for 2026, despite potential near-term noise from macro factors like Venezuelan oil flows [21][22] - The company anticipates stable refinery activity and improving inland utilization, with expectations for barge utilization to average in the low 90% range [23] - Management acknowledged inflationary pressures and rising medical costs but remains focused on cost control and operational excellence [16][51] Other Important Information - The company expects capital expenditures for 2026 to be in the range of $220 million to $260 million, with a focus on maintenance and growth capital [19] - The balance sheet remains strong, with total available liquidity of approximately $542 million as of December 31, 2025 [18] Q&A Session Summary Question: Insights on 4Q term contract pricing and demand outlook for 2026 - Management indicated that the slight decline in term contract pricing was due to short-term demand softness, but they are optimistic about the renewal cycle as spot prices have improved [30][31] Question: Impact of coastal shipyard activity on revenue and costs - Management confirmed that increased shipyard activity would impact margins due to costs without generating revenue, but they remain optimistic about pricing in the coastal market [37][39] Question: Clarification on EPS guidance range and factors influencing it - Management explained that the broad EPS guidance range is influenced by power generation delivery timing and the inland market's pricing improvements [44][46] Question: Update on CapEx guidance and new build pricing trends - Management stated that growth CapEx is focused on expanding internal capabilities, with new build pricing remaining consistent with previous quarters [82][86]

RT AJ (@alojoh)Tesla's cumulative free cash flow reaches $21.7 billion.(Note: all other companies shown have not yet reported Q4 2025 numbers) ...

Boeing's priority should be investment, not driving up free cash flow, which is what got it into so much trouble in the first place, @tomwblack says (via @opinion) https://t.co/J2PzYwBbI3 ...

Core Insights - Kirby Corporation reported record net earnings for 2025, with fourth-quarter net earnings of $91.8 million or $1.68 per share, a significant increase from $42.8 million or $0.74 per share in the same quarter of 2024 [1][2][3] - The company achieved consolidated revenues of $851.8 million in the fourth quarter of 2025, up from $802.3 million in the fourth quarter of 2024 [1][2] Financial Performance - For the full year 2025, Kirby's net earnings were $354.6 million or $6.33 per share, compared to $286.7 million or $4.91 per share in 2024 [2] - Excluding one-time items, net earnings for 2024 were $318.8 million or $5.46 per share [2] - Adjusted EBITDA for the fourth quarter of 2025 was $203.1 million, an increase from $172.3 million in the fourth quarter of 2024 [13] Segment Performance - Marine Transportation revenues for the fourth quarter of 2025 were $481.7 million, up from $466.8 million in the fourth quarter of 2024, with an operating income of $100.3 million compared to $86.0 million [5][9] - Distribution and Services revenues for the fourth quarter of 2025 were $370.1 million, compared to $335.5 million in the fourth quarter of 2024, with an operating income of $30.1 million [9][10] - Power generation segment saw a revenue increase of 10% sequentially and 47% year-over-year, driven by strong order flow and project wins [4][10] Market Conditions - Inland marine market experienced improved barge utilization, averaging in the mid to high-80% range during the fourth quarter, with operating margins in the low-20% range [3][5] - Coastal marine business maintained solid fundamentals with barge utilization averaging in the mid to high-90% range and operating margins around 20% [3][8] - Demand in the distribution and services segment varied, with power generation showing robust growth while other areas faced softness [4][11] Cash Flow and Capital Management - Kirby generated net cash from operating activities of $312.2 million in the fourth quarter of 2025, with capital expenditures of $47.0 million [13][35] - The company repurchased 1,030,729 shares at an average price of $98.53, totaling $101.6 million, and reduced debt by $130 million in the fourth quarter [6][13] 2026 Outlook - Kirby expects continued growth in 2026, with earnings per share projected to be flat to up 12% year-over-year [6][14] - The company anticipates stable operations and improving market fundamentals, particularly in the power generation segment [14][17] - Inland revenues are expected to increase in the low to mid-single digits year-over-year, with barge utilization rates projected to be in the low 90% range [14][15]