On taxes, management said 2025 results included about $40 million of additional tax credit amortization, compared with “almost $30 million ” in 2024. Buckham said Idaho Power amortized $40.3 million under Idaho’s mechanism to reach a 9.12% lower level of Idaho return on year-end equity. He also cited a $20.4 million decrease in income tax expense (excluding additional ADITC amortization), driven primarily by state tax return adjustments and standard plant-related flow-through items.Non-operating expense ros ...

Norwalk, Connecticut-based FactSet Research Systems Inc. (FDS) operates as a financial data and analytics platform and enterprise solutions provider for the investment community. Valued at a market capitalization of $7.2 billion, the company offers data, products, and analytical applications, as well as workstations, portfolio analytics, and enterprise data solutions, along with managed services to support data, performance, and risk. FDS’ shares have underperformed the broader market over the past year ...

Core Viewpoint - Universal Health Services, Inc. (UHS) is expected to report its fourth-quarter 2025 results on February 25, 2026, with earnings estimated at $5.91 per share and revenues of $4.48 billion [1]. Earnings Estimates - The fourth-quarter earnings estimate has seen two upward revisions in the last 60 days, indicating a year-over-year increase of 20.1% [2]. - The Zacks Consensus Estimate for quarterly revenues suggests a year-over-year growth of 9% [2]. Full-Year Projections - For the full year 2025, the revenue estimate for UHS is $17.36 billion, reflecting a 9.7% year-over-year increase [5]. - The consensus estimate for full-year EPS is $21.80, indicating a growth of 31.3% year-over-year [5]. Recent Performance - UHS has consistently beaten consensus earnings estimates in the last four quarters, with an average surprise of 15.2% [5]. Earnings Prediction Model - The current Earnings ESP for UHS is 0.00%, and it holds a Zacks Rank of 2 (Buy), which does not strongly indicate an earnings beat this time [6]. Factors Influencing Q4 Results - UHS is projected to achieve 20.1% EPS growth and 9% revenue growth for Q4 2025, driven by strong performance in Acute Care and Behavioral segments [9]. - The Acute Care Hospital Services segment is expected to generate net revenues of $2.51 billion, representing an 8.3% year-over-year growth [10]. - The Behavioral Health Care Services segment is estimated to have net revenues of $1.97 billion, indicating a 10% increase from the prior year [11]. Operating Income Expectations - The operating income for Acute Care Hospital Services is projected to grow by 11.2% year-over-year, while the Behavioral Health Care Services segment is expected to see a 20.9% increase [11]. Cost Pressures - Rising total operating expenses are anticipated to increase by nearly 8%, primarily due to higher salaries, wages, and supply costs, which may impact margins and create uncertainty around earnings beats [12]. - Salaries, wages, and benefits are expected to rise by 8.4% year-over-year, while supply expenses are projected to increase by 6.7% [12]. Industry Performance Comparison - Other companies in the medical sector, such as HCA Healthcare, Ensign Group, and Encompass Health, have reported their fourth-quarter results, with varying degrees of success influenced by similar cost pressures [13][14][15].

Financial Data and Key Metrics Changes - For Q4 2025, Core FFO was $15.8 million, an increase of $1.6 million compared to $14.2 million in Q4 2024, with a per-share increase from $0.46 to $0.49 [13] - For the full year 2025, Core FFO reached $60.5 million, up $12.6 million from $47.9 million in 2024, with per-share figures slightly decreasing from $1.88 to $1.87 due to reduced leverage [14] - Same-property NOI for shopping centers increased by 4.3% in Q4 2025, driven by leasing activity and reduced maintenance costs [16] Business Line Data and Key Metrics Changes - The company signed leases for 189,000 sq ft in Q4 2025, including 167,000 sq ft of comparable leases, with a cash rent increase of 31% [4] - For the full year, a record 671,000 sq ft was leased, with 592,000 sq ft being comparable leases and a cash rent increase of 24% [5] - The signed, not open pipeline stands at $6.1 million, representing approximately 5.8% of annual cash base rents, with expectations for significant earnings growth [7] Market Data and Key Metrics Changes - The company acquired Pompano Citi Centre for $65.2 million, which is currently 92% occupied and presents future leasing opportunities [8] - The acquisition of Ashley Park and structured investments during 2025 totaled $166 million at a weighted average initial cash yield of 9% [9] Company Strategy and Development Direction - The strategic focus is on shopping centers in high-growth Southeast and Southwest U.S. markets, with proactive asset management yielding strong results [4] - The company is under contract to acquire a 384,000 sq ft shopping center in Texas for approximately $83 million, indicating ongoing expansion efforts [10] - Six outparcels for development have been identified, with investments expected to average about $5 million each, targeting low double-digit yields [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings growth, particularly from leasing and capital recycling strategies [11] - Initial earnings guidance for 2026 is set at $1.98-$2.03 for Core FFO per diluted share, with same-property NOI growth for shopping centers projected at 3.5%-4.5% [19][20] Other Important Information - The company ended 2025 with $167 million in liquidity, providing ample capacity for future acquisitions [18] - The net debt to EBITDA ratio improved to 6.4 times, down from 6.7 times, indicating better leverage management [19] Q&A Session Summary Question: Timing for backfilling vacant anchor centers and rent commencement - Management indicated that they expect to resolve the remaining vacancies within six months, with rent contributions ramping up in 2026 and 2027 [22][24][26] Question: Value and opportunity for disposing of the New Mexico office property - Management noted that the property is now marketable due to new leases and is considering reinvesting proceeds into open-air centers [27][28] Question: Insights on Pompano Citi Centre's lease-up opportunities - Management highlighted significant lease-up potential, particularly with JCPenney, which currently pays minimal rent [32][33] Question: Acquisition pipeline and market conditions - Management is actively seeking larger shopping center acquisitions, noting limited availability in the market [46] Question: CapEx expectations moving forward - Management indicated that the elevated CapEx in Q4 was due to specific leases and that future run rates would likely be lower [52][54] Question: Timing and recognition of signed, not open leases - Management clarified that the recognition of these leases would be ratable, with a slight ramp-up expected in the latter half of 2026 [38][58] Question: Market allocation strategy for new properties - Management stated that they are not looking to add to Atlanta and will focus on other high-growth markets [60] Question: Relative merits of different property types - Management discussed the advantages of lifestyle and power centers over grocery anchors, emphasizing higher yields and growth potential [64][66]

Key Takeaways Caterpillar reported Q4 2025 EPS of $5.16, up 0.4%, ending five straight quarters of declines.CAT faced 29% higher costs in Q4 2025, with tariffs hitting margins and gross margin down to 30.3%.Caterpillar sees 2026 revenue near the top of 5-7% CAGR but expects $2.6B tariff impact.Caterpillar Inc. (CAT) delivered fourth-quarter 2025 adjusted earnings per share of $5.16, reflecting a 0.4% year-over-year increase. While the growth was modest, it marked a turnaround for the global construction and ...

Financial Data and Key Metrics Changes - In Q4 2025, American Coastal Insurance reported a net income of $26.6 million, with core income at $25.8 million, reflecting a year-over-year increase of $19.8 million due to a decrease in incurred losses from Hurricane Milton [8][9] - For the full year, net income reached $106.8 million, exceeding initial guidance of $70 million to $90 million, while core income was $103.7 million, an increase of $26.8 million [4][8] - The combined ratio was 58.6% for the quarter and 60.1% for the full year, with the underlying combined ratio at 58.9% for the quarter, a decrease of 7 points from the prior year [9][10] Business Line Data and Key Metrics Changes - Premiums written increased approximately 59% compared to Q3 2025 but declined 19% year-over-year due to rate decreases influenced by Florida's legislative reforms [5][6] - Net premiums earned for the full year were $306.8 million, above the midpoint of the 2025 guidance of $290 million to $320 million [5][10] Market Data and Key Metrics Changes - The company noted that softer market conditions in commercial property insurance are expected to persist, impacting premium production [6] - The company is focusing on underwriting new, profitable commercial residential property insurance business in Florida and other states, leveraging its technical expertise [6] Company Strategy and Development Direction - The company is undergoing a strategic transformation aimed at improving its business profile by introducing new revenue and earnings growth pathways in the Excess and Surplus (E&S) market [6] - There are plans for expansion into South Carolina, Texas, and broader nationwide E&S markets through partnerships, with a focus on maintaining underwriting discipline [6][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to produce strong returns on capital despite a challenging market environment, emphasizing the importance of maintaining underwriting discipline [4][6] - The company is monitoring its stock price closely and considers share repurchases as an option if the stock remains undervalued [33][49] Other Important Information - Cash and investments grew 19.8% in 2025 to $647.7 million, reflecting a strong liquidity position, while stockholders' equity increased 34.8% to $317.6 million [10][11] - A special dividend of $0.75 per share was declared in Q4, totaling $36.6 million [11] Q&A Session Summary Question: Comments on gross premium results and rate environment - Management noted a 19% drop in gross premiums year-over-year but highlighted a 60% rebound quarter-over-quarter, indicating a disciplined approach to managing exposures [14][17] Question: Expectations for revenue numbers and earned premiums - Management expressed confidence in achieving solid revenue guidance for 2026 despite potential volatility in written premiums [20][21] Question: Underwriting margins and catastrophe profiles in new markets - Management indicated that underwriting margins in South Carolina and Texas are expected to be slightly higher than in Florida, with a focus on similar classes of commercial residential property [28][30] Question: Prioritization of deleveraging and capital return - Management stated that while reducing financial leverage is a goal, the immediate focus is on earning underwriting profits and increasing shareholder equity [32][33] Question: Update on the new entity ACES and market share expectations - Management confirmed that ACES is pending regulatory approval and expects it to contribute modestly to revenue in 2026, with a long-term goal of achieving market leadership [38][42] Question: Share repurchase considerations - Management acknowledged the stock's undervaluation and indicated that share repurchases may be considered, but special dividends remain a priority [47][49]

Core Insights - The 2025 Q4 earnings cycle has shown resilience with strong overall growth among S&P 500 companies, particularly highlighted by Cardinal Health (CAH) and Palantir (PLTR) delivering notably strong results [1][9]. Palantir Performance - Palantir reported sales of $1.4 billion, reflecting a 70% year-over-year growth, with U.S. sales reaching $1.1 billion, up 93% year-over-year and 28% sequentially [2][3]. - The company secured over $4.2 billion in total contract value (TCV), marking an increase of more than 130% from the previous year [3]. - Palantir's customer base expanded by 34% compared to the year-ago period [3]. Cardinal Health Performance - Cardinal Health achieved a double-beat relative to consensus expectations, with sales increasing by 18.8% year-over-year and adjusted EPS growing by 36.3% year-over-year [10]. - The growth was broad-based, particularly in Pharmaceuticals and Specialty Solutions, which saw a 19% year-over-year increase and accounts for approximately 90% of total sales [11]. - Following the strong quarterly performance, Cardinal Health raised its FY26 outlook, projecting adjusted EPS in the range of $10.15 - $10.35, indicating a 24.5% year-over-year growth [12].

Financial Data and Key Metrics Changes - IDACORP's diluted earnings per share (EPS) increased to $5.90 in 2025 from $5.50 in 2024, marking the 18th consecutive year of EPS growth [4][6] - The company ended up $0.15 per share above the midpoint of its original EPS guidance for 2025 [4] - Full-year 2026 earnings guidance is estimated to be in the range of $6.25-$6.45 diluted EPS, reflecting an expected growth rate of 8% over 2025 [34][35] Business Line Data and Key Metrics Changes - Idaho Power's customer base grew by 2.3% in 2025, with residential customers increasing by 2.5%, totaling over 660,000 metered customers [8] - The company recorded a significant increase in operating income due to a January rate increase and customer growth, contributing approximately $75 million [20] - Operating expenses increased less than $10 million, primarily due to labor-related costs [20] Market Data and Key Metrics Changes - The company is experiencing robust growth across its service area, outperforming national trends, with significant industrial projects such as Micron's semiconductor facility and Meta's data center contributing to this growth [8][9] - Idaho Power is seeing increased inquiries from energy-intensive customers, indicating strong demand for energy in the region [9][10] Company Strategy and Development Direction - IDACORP is focused on maintaining affordability for customers while managing significant capital expenditures, with a forecast of $1.4 billion in average annual CapEx from 2026 to 2030 [25][26] - The company is actively working on major infrastructure projects, including the B2H transmission project and the SWIP-North Transmission Project, expected to be completed by 2028 [13][14] - A definitive asset purchase agreement has been made to sell its distribution system in Oregon for $154 million, allowing the company to concentrate on growth in Idaho [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth trajectory, citing strong cash flows and the potential for large load revenues to support future earnings [32][35] - The company anticipates that the completion of large load projects will help mitigate the need for future rate cases and reduce reliance on investment tax credit amortization [35][75] - Management noted that hydropower generation is expected to be within the range of 5.5 million-7.5 million MWh for the year, with current hydrological conditions being favorable [36][78] Other Important Information - The company has a strong balance sheet with a target 50/50 debt-equity capital ratio and no significant upcoming maturities [29][57] - Cash flows from operations exceeded $600 million for the first time in company history, contributing to a strong cash position [32] Q&A Session Summary Question: Update on customer and load pipeline - Management noted strong inquiries from diverse industries, including data centers and manufacturing, with several customers moving into construction studies [40][41][42] Question: Equity needs and funding split for incremental CapEx - Management indicated that any incremental CapEx would likely be financed on a 50/50 debt-equity basis, with large load customers potentially impacting cash flow needs [44][46][47] Question: Size of investment opportunity for Micron fab 2 - Management is currently working with Micron to determine the size of the investment opportunity but has no specifics to share at this time [52][53] Question: FFO to debt ratio and credit rating outlook - Management indicated that the FFO to debt ratio was approximately 14.3% at the end of 2025, with expectations for improvement due to large load revenues [55][57] Question: Standardized large load tariff vs. special contracts - Management stated that there are currently no plans for a standardized large load tariff, as each customer has unique needs [66][67] Question: Hydropower forecast and drought conditions - Management expressed optimism about hydropower generation, noting that current conditions are normal and that they are prepared for summer operations [78][79]

Financial Data and Key Metrics Changes - IDACORP's diluted earnings per share (EPS) increased to $5.90 in 2025 from $5.50 in 2024, marking the 18th consecutive year of EPS growth [4] - The company ended 15 cents per share above the midpoint of its original EPS guidance for 2025, which included approximately $40 million in additional tax credit amortization [4] - The full-year 2026 earnings guidance is estimated to be in the range of $6.25-$6.45, reflecting an expected EPS growth rate of 8% over 2025 [34][35] Business Line Data and Key Metrics Changes - Idaho Power's customer base grew by 2.3% in 2025, with residential customers increasing by 2.5%, totaling over 660,000 metered customers [8] - The company achieved record energy sales to retail customers and maintained high reliability scores [6][8] - Operating income was positively impacted by a January rate increase and customer growth, contributing approximately $75 million [20] Market Data and Key Metrics Changes - The company is experiencing robust growth across its service area, outperforming national trends, driven by significant industrial projects such as Micron's semiconductor facility and Meta's data center [8][9] - The inquiries from prospective large customers are diverse, including data centers and manufacturing, indicating strong demand in the region [41] Company Strategy and Development Direction - IDACORP is focused on maintaining affordability for customers while managing significant capital expenditures, with a forecast of $1.4 billion in average annual CapEx from 2026 to 2030 [24][26] - The company is actively working on major infrastructure projects, including the B2H transmission project and the Swift North Transmission Project, to support future growth [13][15] - A definitive agreement has been made to sell its Oregon distribution assets, allowing the company to concentrate on rapidly growing Idaho communities [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong cash flows and the potential for large load revenues to support growth without necessitating immediate rate cases [32][35] - The company is monitoring hydropower conditions closely, with current forecasts indicating normal levels, which is crucial for operational planning [78] Other Important Information - The company plans to file requests for Certificates of Public Convenience and Necessity (CPCNs) for new resources in the near term, including a natural gas plant [17] - The anticipated completion of the Oregon asset sale is subject to regulatory approvals, which could take up to 10 months [19] Q&A Session Summary Question: Update on customer and load pipeline - Management noted strong inquiries from diverse industries, including data centers and manufacturing, with many customers moving beyond initial inquiries to construction studies [40][41][42] Question: Equity needs and funding split for incremental CapEx - The company indicated that incremental CapEx would likely be financed on a 50/50 debt-equity basis, with large load customers potentially impacting cash flow needs [44][46][47] Question: Size of investment opportunity for Micron Fab 2 - Management is currently working with Micron to determine the size of the investment opportunity and will provide updates as more information becomes available [52][53] Question: FFO to debt ratio and credit rating outlook - The company reported an FFO to debt ratio of approximately 14.3% at the end of 2025, with expectations for improvement due to large load revenues and a strong balance sheet [55][57] Question: Standardized large load tariff - Management stated that there are no current plans for a standardized large load tariff, as each customer has unique needs that are addressed through tailored contracts [66][67] Question: Hydropower conditions and drought impact - Management expressed optimism about hydropower generation, noting that while there have been fluctuations, current conditions are normal and supportive of operational needs [78][79]

Financial Data and Key Metrics Changes - Adjusted earnings per share (EPS) for 2025 were $5.64, an increase of 8.9% from $5.18 in 2024 [4][10] - Revenues increased by $1.70 per share, driven by authorized rate increases and acquisitions [10] - Operating costs increased, with O&M expenses up by $0.42 per share, primarily due to employee-related costs and higher production costs [11] Business Line Data and Key Metrics Changes - The company invested over $3 billion in infrastructure in 2025 to enhance service reliability and quality [5] - The company completed six rate cases in 2025, with significant revenue increases authorized [11][12] Market Data and Key Metrics Changes - The company serves approximately 14 million people, maintaining residential water bills under 1% of median household income [5][20] - The company has 104,000 customer connections under agreement heading into 2026, indicating growth in customer base [6][21] Company Strategy and Development Direction - The company is focused on addressing aging infrastructure and water quality challenges while ensuring affordability for customers [8] - A definitive merger agreement with Essential Utilities was announced, expected to close by the end of Q1 2027, which aims to enhance service offerings [6][9] Management's Comments on Operating Environment and Future Outlook - Management affirmed 2026 EPS guidance of $6.02-$6.12, representing an expected 8% growth compared to 2025 [7][14] - The company is committed to responsible investments and operational efficiencies to support customer affordability and regulatory compliance [15][20] Other Important Information - The company plans to issue approximately $2.5 billion in external equity from 2026 to 2030 to fund growth [15][17] - The company maintains a strong financial position with an A-rated credit rating and stable outlook from S&P and Moody's [17] Q&A Session Summary Question: What are the plans for the People's Gas business post-merger? - The company will review strategic alternatives for People's after the merger closes, with proceeds potentially used for debt repayment and business reinvestment [24] Question: What is the 2025 realized FFO to debt? - The company typically does not disclose FFO to debt but suggests it can be calculated from financial statements [25] Question: Expectations for settlements in Pennsylvania, New Jersey, and Illinois rate cases? - The company is progressing as expected in rate cases and is open to constructive settlements [26] Question: Key approvals remaining for Nexus? - The company has received approvals in several states for Nexus but still requires approvals in about five states [29] Question: How does affordability scrutiny affect rate cases in Pennsylvania? - Rate cases are driven by necessary investments, and the company does not foresee changes in the current pace of filings [34] Question: How does the New Jersey rate case timing interact with the BPU study? - The New Jersey case is also driven by system investments, and the company maintains that its bills remain below 1% of median household income [36]