Airbnb (NasdaqGS:ABNB) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsAndrew Slabin - VP of Investor RelationsBrian Chesky - Co-founder and CEOBrian Nowak - Managing DirectorDoug Anmuth - Managing DirectorEllie Mertz - CFOKen Gawrelski - Managing DirectorLee Horowitz - Co-Head of Internet Equity ResearchMark Mahaney - Senior Managing Director and Head of Internet ResearchRichard Clarke - Managing DirectorConference Call ParticipantsJed Kelly - Managing Director and Senior AnalystJoh ...

Financial Data and Key Metrics Changes - In Q4 2025, the company reported gross bookings of $27 billion and revenue of $3.5 billion, both reflecting an 11% year-over-year growth [15][16] - Adjusted EBITDA for Q4 was $848 million, with a margin of 24%, representing nearly four points of margin expansion [19] - Adjusted EPS grew 58% to $3.78, driven by share repurchases and a lower tax rate [19] Business Line Data and Key Metrics Changes - B2C gross bookings reached $18.3 billion, growing 5%, while B2C revenue was $2.2 billion, up 4% [16] - B2B gross bookings surged 24% to $8.7 billion, with revenue also increasing by 24% to $1.3 billion [17] - Booked room nights increased by 9%, with strong performance in the U.S. and EMEA regions [15][16] Market Data and Key Metrics Changes - The company experienced high single-digit growth in the U.S. and low double-digit growth in EMEA and the rest of the world [5] - Consumer spending remained robust, with longer booking windows and lengths of stay compared to 2024 [5] - The company noted a slowdown in growth in the rest of the world due to geopolitical issues in Asia [15] Company Strategy and Development Direction - The company aims to enhance traveler value through improved product offerings, faster site performance, and personalized experiences using AI [6][10] - Strategic priorities include investing in growth opportunities, particularly in B2B and advertising, while maintaining operational efficiencies [8][11] - The company is focused on expanding its inventory and enhancing customer service capabilities to drive satisfaction and loyalty [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and ability to execute, anticipating continued growth and margin expansion in 2026 [14][24] - The company is cautious about macroeconomic uncertainties but expects strong bookings momentum entering Q1 2026 [21][22] - Management highlighted the importance of AI in capturing traveler demand and enhancing product offerings [10][71] Other Important Information - The company ended Q4 with $5.7 billion in unrestricted cash and short-term investments, maintaining a commitment to return capital to shareholders [19][21] - A quarterly dividend increase of 20% to $0.48 per share was announced [21] Q&A Session Summary Question: Enhancements in Travel Planning Process - Management emphasized the importance of personalized marketing and product features to capture travelers earlier in the planning process [26][27] Question: B2C Marketing Leverage - Management discussed achieving about 50 basis points of leverage in B2C marketing through improved targeting and efficiency [30][31] Question: Competitive Positioning of Consumer Brands - Management expressed confidence in the positioning of their brands, highlighting recent improvements and growth potential [36][38] Question: Margin Trajectory Outlook - Management indicated confidence in future margin expansion driven by effective execution and growth in B2C and B2B segments [41][43] Question: Supply Growth and Market Dynamics - Management noted a 10% growth in lodging properties and emphasized ongoing efforts to enhance supply and partnerships [49][51] Question: Traffic Changes from Google AI Features - Management reported no material changes in traffic but is actively experimenting with AI to enhance visibility and conversion [55][57] Question: B2B Growth Drivers and Margin Outlook - Management highlighted strong double-digit growth in B2B and ongoing investments that may temporarily pressure margins [64][66]

All right, Amazon's down again. Eighth day in a row. Investors showing some concern after the company announced plans to spend $200 billion on the AI build during that last earnings report on Thursday.For more on those capex plans, we are joined by CNBC's John Port as well as the CEO of Amazon Web Services in a CNBC exclusive. John, over to you. >> Sarah, thanks.Matt Garmin, uh, good to see you. Um, first after earnings. Uh, I guess I saw you in San Francisco a few days ago, but first time on TV.$200 billio ...

Core Viewpoint - Oracle's stock has significantly declined, trading down 52% from its all-time high and 19.5% year to date, raising questions about its investment thesis and future prospects [2]. Group 1: Company Performance - Oracle experienced a historic surge in its market capitalization, nearing $1 trillion, and briefly made its co-founder Larry Ellison the wealthiest person in the world [1]. - The company is heavily investing in Oracle Cloud Infrastructure (OCI), with cloud revenue constituting 50% of its latest quarter's revenue [3]. - Oracle's database and data management software segment remains a high-margin cash cow for the company [3]. Group 2: Industry Context - The software industry is facing a downturn due to fears that AI will disrupt established workflows, affecting Oracle and other major players like Microsoft and ServiceNow [4]. - Oracle's stock performance is being influenced by broader industry trends, which may continue to drag it down [4]. Group 3: Future Outlook - Oracle announced a plan to grow OCI revenue from approximately $10 billion in fiscal 2025 to $144 billion by fiscal 2030, supported by a 359% increase in remaining performance obligations (RPO) [5]. - As of December, Oracle's RPO reached $523 billion, bolstered by high-profile deals with hyperscalers like Meta Platforms [5]. - However, Oracle's reliance on OpenAI, which constitutes around $300 billion of its RPO, raises concerns about the sustainability of its growth plans [6].

Group 1: Market Trends and Economic Indicators - The Dow Transportation Index is experiencing a resurgence, outperforming other indices with a year-to-date increase of almost 15% [83] - Corporate activity is driving improvements in manufacturing and transportation data, indicating a shift towards increased spending [85][88] - The overall economy is showing signs of growth, supported by positive labor data and GDP growth expectations [56][59] Group 2: Company Developments - Nuveen is acquiring Schroders in a $13.5 billion deal, creating one of the world's largest active asset managers with nearly $2.5 trillion in assets [2][9] - Cisco's shares are down 6.5% due to rising memory chip prices, which are squeezing profit margins despite an upbeat sales outlook [3][49] - McDonald's reported strong sales growth, attributed to a focus on value meals and strategic price cuts to attract lower-income consumers [14][19] Group 3: Sector Performance - Memory chip manufacturers like Sandisk, Micron, and Western Digital are seeing significant gains, benefiting from price hikes that boost margins [3][50] - The restaurant sector, particularly McDonald's, is adapting to consumer preferences by lowering prices and enhancing value offerings [15][19] - The industrial sector is beginning to recover, with increased capital spending plans and demand for equipment related to AI and data center buildouts [86][88] Group 4: Investment Strategies and Market Sentiment - Institutional investors are seeking exposure to semiconductor and tech hardware sectors while decreasing exposure to software, reflecting concerns about potential disruptions [45][46] - The AI trade continues to drive revenue growth across various sectors, encouraging dip-buyers to re-enter the market [51][53] - There is uncertainty regarding inflation and its impact on Federal Reserve policies, which may influence investment strategies moving forward [59][62]

Timothy Arcuri, an analyst at UBS, has called trading conditions for Nvidia (NVDA) stock “favorable” for investors as the company heads into its fiscal Q4 earnings report on Feb. 25. The analyst believes numerous factors are looking positive for the stock, including supply chain issues and a not-so-impressive stock performance. Arcuri expects $76 billion in revenue from the chipmaker in the recently concluded quarter. While analysts have questioned the company’s expected 75% gross margins, Arcuri suggest ...

Core Insights - Warren Buffett emphasizes the difficulty in identifying potential winners in emerging industries, suggesting that it is easier to recognize the losers [1] Group 1 - The statement reflects a broader investment philosophy that highlights the unpredictability of new markets and the challenges investors face in making informed decisions [1]

Federal Reserve Policy Insights - The Federal Reserve has been cutting rates, but the ten-year bond yields have remained relatively stable, indicating market expectations are not fully aligned with Fed actions [1][2] - Market pricing suggests expectations for two rate cuts this year, with a new chair likely to implement these cuts, although the overall economic data does not strongly support aggressive rate reductions [3][4] Economic Data and Labor Market - Recent labor market data shows stability, with unemployment rates decreasing to 4.3% and robust job creation primarily in the private sector, suggesting a wait-and-see approach from policymakers rather than aggressive cuts [5][12] - The labor market's recovery may lead to consumers being in a better financial position, which could delay disinflationary pressures that the Fed hopes to see [10][21] Inflation and Consumer Behavior - Inflation expectations have remained sticky, and the Fed's previous low-rate policies during the pandemic may have contributed to current inflation levels [6][7] - The wealth effect from rising equity markets and home values has benefited higher net worth individuals, while government stimulus during the pandemic has also played a role in consumer financial health [8][9] Future Rate Cut Expectations - There is skepticism regarding the potential for aggressive rate cuts under the new chair, with historical context suggesting that the Fed may refrain from significant cuts even in the face of productivity booms [11][14] - The market's expectation for a June rate cut has dropped below 50%, indicating a shift in sentiment following recent labor market data [17][18] Technological Impact on Labor Market - The discussion around AI and job losses raises questions about the Fed's ability to influence labor demand, as changes in the labor market equilibrium may not be effectively addressed through rate cuts [20][21] - The complexity of the relationship between productivity, inflation, and interest rates suggests that the Fed's policy decisions will need to be carefully considered in light of these dynamics [23]

Financial Data and Key Metrics Changes - Adjusted revenue for full year 2025 was $3.04 billion, down 4.2% from $3.18 billion in 2024 [15] - Adjusted EBITDA for the year was $164 million, compared to $124 million in 2024, with an adjusted EBITDA margin of 5.4%, up 150 basis points year-over-year [15][16] - Adjusted free cash flow was -$130 million for the year, with Q4 adjusted free cash flow being positive at $28 million [19][20] Business Line Data and Key Metrics Changes - Government Segment adjusted revenue was down 6.3% at $922 million, but grew 1.8% in Q4 year-over-year [17] - Transportation Segment adjusted revenue was $609 million for the year, an increase of 3.9%, with adjusted EBITDA margin up 300 basis points versus 2024 [18] - Commercial Segment adjusted revenue was $1.5 billion, down 5.9% compared to 2024, with adjusted EBITDA margin of 10.2%, down 30 basis points year-over-year [16][17] Market Data and Key Metrics Changes - New business Annual Contract Value (ACV) signed in Q4 was $152 million, up 11% versus Q4 2024, with full year 2025 new business ACV at $517 million, up 6% versus 2024 [12] - Government Segment new business ACV was up 50%, and Transportation Segment was up 14% versus 2024 [12] - Commercial Segment new capability ACV increased by 60% this year [13] Company Strategy and Development Direction - The company aims for consistent year-over-year revenue and EBITDA growth, supported by strong free cash flow generation [5][6] - Key priorities include faster decision-making, financial discipline, lowering cost structure, rationalizing the portfolio, and improving conversion rates of the ACV pipeline [9][10][11] - The company is focused on organic revenue growth and will categorize businesses as fix, sell, or grow [10] Management's Comments on Operating Environment and Future Outlook - The CEO emphasized the need for transparency and accountability in executing the turnaround strategy [7][22] - Management is optimistic about the government and transportation segments, while acknowledging challenges in the commercial segment [43] - The CEO highlighted the importance of adapting to technological changes, particularly in AI, to maintain competitive advantage [64] Other Important Information - The company plans to host an Analyst Day in New York City to discuss strategy and execution plans [7] - The qualified ACV pipeline stands at $3.2 billion, up 4% year-over-year, driven by the government segment [14] Q&A Session Summary Question: Metrics for evaluating business units for fix, sell, or grow - The CEO mentioned factors such as growth metrics, predictable EBITDA margins, capital allocation needs, and competitive moats as key considerations [25][26] Question: Philosophy on keeping related business units - The CEO stated the importance of focusing on core competencies and avoiding being everything to everyone, emphasizing the need for discipline in service offerings [31][35] Question: Evidence of revamped go-to-market strategy in commercial segment - Management acknowledged the need for improvement in the commercial segment but noted positive momentum in government and transportation segments [42][43] Question: Exposure to AI disruptors - The CEO estimated that 15%-20% of the business may be exposed to AI disruptors, emphasizing the need for partnerships with technology providers [64] Question: Free cash flow expectations for 2026 - The CEO expressed optimism about turning around free cash flow but did not provide specific guidance [75]

Ridgepost Capital (NYSE:PX) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Speaker6Hello, and welcome to Ridgepost Capital's fourth quarter and full year 2025 conference call. My name is Kevin, and I'll be coordinating your call today. Currently, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. As a reminder, today's conference call is being recorded. I will now pass the call over to your host, Mark Hood, EVP and Chief Administrati ...