Figma (NYSE:FIG) Q4 2025 Earnings call February 18, 2026 05:00 PM ET Company ParticipantsArjun Bhatia - Co-Group Head–Technology, Media, and CommunicationBrendan Mulligan - General Counsel and Corporate SecretaryDylan Field - Co-Founder and CEOGabriela Borges - Managing Director in Software Equity ResearchJack McShane - Equity Research AssociatePraveer Melwani - CFORishi Jaluria - Managing Director of Software Equity ResearchConference Call ParticipantsAlex Zukin - Senior Analyst for Enterprise SoftwareBill ...

Financial Data and Key Metrics Changes - The company reported Q4 2025 revenue of $304 million, representing a year-over-year growth rate of 40% [5][25] - For the full year 2025, total revenue reached $1.056 billion, up 41% year-over-year [25][29] - The non-GAAP operating margin for Q4 was 14%, with adjusted free cash flow margin at 13% [5][32] - The company ended the year with $1.7 billion in cash, cash equivalents, and marketable securities [5][32] Business Line Data and Key Metrics Changes - The net dollar retention rate for customers with more than $10,000 in ARR increased to 136%, up five percentage points quarter-over-quarter [5][26] - Weekly active users of Figma Make grew over 70% quarter-over-quarter, with over 50% of paid customers spending more than $100,000 in ARR using it weekly [12][25] - The company added 951 net customers spending more than $10,000 in ARR in Q4, and 143 net customers spending more than $100,000 in ARR, a 46% year-over-year growth [26][27] Market Data and Key Metrics Changes - International revenue grew 45% year-over-year, with international users representing approximately 85% of monthly active users and accounting for 54% of revenue in Q4 [28][29] - The company launched in India in November 2025, indicating ongoing international expansion efforts [29] Company Strategy and Development Direction - The company plans to continue investing in AI-native workflows and enhancing product capabilities to support customer adaptation to new working methods [33][34] - Figma aims to unify its product surfaces, particularly between Figma Make and Figma Design, to enhance user experience and drive adoption [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term cash-generating profile of the business despite a decline in adjusted free cash flow due to investments in infrastructure and AI [32][34] - The company anticipates revenue for Q1 2026 to be in the range of $315 million to $317 million, implying 38% growth at the midpoint [34] Other Important Information - The company acquired Weavy, enhancing its AI image, video, animation, and motion generation capabilities [20][24] - Stock-based compensation was elevated in 2025 due to various factors, but the company expects improvement as revenue scales [33] Q&A Session Summary Question: Insights on UI and UX with Emerging Agentic Layers - Management believes that while agents will take on more tasks, the need for human-readable visual interfaces will remain crucial, emphasizing the importance of design [39][40] Question: 2026 Guidance and Credit Consumption Monetization - Management indicated that guidance is based on observed seat adoption behavior and usage trends, with expectations for refinement as new features are introduced [42][43] Question: User Types and Figma Make Adoption - The company is seeing new user types, including product managers, engaging with Figma Make, which could lead to seat expansion [48][49] Question: Pricing and Revenue Impact - Management explained that the pricing changes implemented last year will continue to contribute to revenue growth, with a bell curve effect expected [54][57] Question: Competition in Prototyping Space - Management noted that over 80% of full seat users of Figma Make also use Figma Design, indicating a strong integration and potential for unifying product surfaces [61][62]

Remitly Global (NasdaqGS:RELY) Q4 2025 Earnings call February 18, 2026 05:00 PM ET Speaker5Good day, and thank you for standing by. Welcome to the Remitly fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raise ...

Financial Data and Key Metrics Changes - Figma reported Q4 2025 revenue of $304 million, representing a 40% year-over-year growth rate, and full-year revenue of $1.056 billion, up 41% year-over-year [4][22] - The net dollar retention rate for customers with more than $10,000 in ARR increased by five percentage points quarter-over-quarter to 136%, marking the highest rate in the last 10 quarters [4][23] - The company ended the year with $1.7 billion in cash, cash equivalents, and marketable securities [4][28] Business Line Data and Key Metrics Changes - Figma expanded from four to eight products in 2025 and launched over 200 features, including new AI-native functionality [4] - Weekly active users of Figma Make grew over 70% quarter-over-quarter, with over 50% of paid customers spending more than $100,000 in ARR using Figma Make weekly [11][22] Market Data and Key Metrics Changes - International revenue grew 45% year-over-year, with international users representing approximately 85% of monthly active users and accounting for 54% of revenue in Q4 [25][26] - The company added 951 net customers spending more than $10,000 in ARR and 143 net customers spending more than $100,000 in ARR, with the latter growing by 46% year-over-year [23] Company Strategy and Development Direction - Figma is focused on defining new AI-native workflows and supporting customers adapting to new ways of working, while maintaining a disciplined approach to scaling the business [30][31] - The company aims to enhance integration between Figma Make and Figma Design, emphasizing the importance of round-tripping between code and design [59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term cash-generating profile of the business, despite a decline in adjusted free cash flow in Q4 due to investments in infrastructure and AI [28][29] - For Q1 2026, Figma expects revenue in the range of $315 million to $317 million, implying 38% growth at the midpoint, and for the full year, revenue is anticipated to be between $1.366 billion and $1.374 billion, implying 30% growth at the midpoint [31] Other Important Information - The company is seeing a shift in user types, with product managers and other non-designers increasingly engaging with Figma Make, indicating potential for seat expansion [45][62] - Figma's AI image editing capabilities were significantly enhanced, with over 10 million uses in just a few weeks after updates [18] Q&A Session Summary Question: Insights on the impact of agentic layer offerings on UI/UX - Management believes that while agents will take on more work, humans will still need to understand and trust the processes, necessitating visual interfaces [36][38] Question: Guidance on 2026 revenue and credit consumption monetization - Management expects to refine guidance based on observed seat adoption behavior and usage trends, with 75% of paid customers consuming AI credits weekly [40][41] Question: Competition in the prototyping space and budget implications - Management noted that over 80% of Figma Make users also use Figma Design, indicating a strong integration opportunity and potential for budget consolidation [58][59] Question: Future partnerships with AI companies - Management is focused on ensuring that as AI models improve, Figma also enhances its offerings, while exploring deeper partnerships with AI providers [68][69]

Financial Data and Key Metrics Changes - Bausch Health reported a revenue increase of 9% in Q4 2025 compared to Q4 2024, reaching $2,796 million, with adjusted EBITDA rising by 13% to $1,052 million [10][11] - For the full year 2025, revenue grew by 7% and adjusted EBITDA by 10%, indicating strong operational performance [18][19] - Adjusted gross margin was 71.6%, down 80 basis points year-over-year, while adjusted operating expenses increased by $75 million to $1,033 million [10][11] Business Line Data and Key Metrics Changes - Salix revenue in Q4 was $693 million, a 9% increase year-over-year, driven by strong demand and promotional efforts [12] - Solta Medical segment revenues decreased by 1% to $137 million, impacted by distributor transition in China, but would have shown mid-single-digit growth without this effect [15][16] - The diversified segment saw a 12% revenue increase to $255 million, primarily due to improved net pricing [16] Market Data and Key Metrics Changes - International segment revenues were $306 million, up 10% on a reported basis, with EMEA and LatAm showing double-digit growth, while Canada contracted by 6% [13][14] - The Latin American market returned to growth with a 22% revenue increase, while Canada faced challenges due to increased generic competition [14][15] Company Strategy and Development Direction - The company aims to enhance operational assets through innovation and optimize brand growth globally, with a focus on business development opportunities [21][22] - The acquisition of Shibo's aesthetics distribution platform in China is expected to strengthen the company's market presence and enhance direct engagement with providers [7][26] - Strategic priorities for 2026 include maximizing shareholder value and optimizing the capital structure following significant refinancing [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future growth, citing strong cash generation and improved capital structure, allowing for proactive business development [5][7] - The company anticipates a stronger growth rate in the first half of 2026, with a revenue guidance range of $5.25 billion to $5.4 billion [20][21] - Management acknowledged the disappointment regarding the RED-C trial results but remains focused on advancing other development opportunities [9] Other Important Information - The company achieved over $1 billion in adjusted operating cash flow for the year and reduced net debt by approximately $320 million in Q4 [7][12] - The debt maturity profile was improved by approximately $1.7 billion through a debt exchange, providing additional flexibility for future opportunities [7][19] Q&A Session Summary Question: Post RED-C readout, what is the updated decision framework for separation and debt repayments? - Management stated there is no change in focus, continuing to prioritize debt repayment and reinvestment in the business [33] Question: Can you provide more details about business development plans? - Management is screening various assets for potential acquisitions, leveraging their strong commercial team [36][37] Question: What is the impact of the Shibo integration on revenue and EBITDA growth? - The integration is progressing well, with a minor EBITDA impact of $10-$15 million due to accounting adjustments [45][47] Question: What are the expectations for Xifaxan generics? - Management confirmed that a generic is expected by January 1, 2028, and is focused on maximizing current value [84] Question: What is the EBITDA trajectory for 2027? - Management indicated that 2027 EBITDA would likely be around $2.7 billion, reflecting a dip compared to 2025 [86]

Financial Data and Key Metrics Changes - The acquisition of Interpublic closed on November 26, 2025, and its results were included for only December 2025 [16] - Adjusted operating income (EBIT) for Q4 was $876 million, and adjusted EBITDA was $929 million at a 16.8% margin, an increase of 10 basis points compared to last year [18] - Non-GAAP adjusted net income per diluted share was $2.59, based on weighted average shares outstanding of 233.8 million, up from last year due to shares issued for the IPG acquisition [19] Business Line Data and Key Metrics Changes - The media business performed well in Q4, while the PR business experienced negative growth due to challenging prior year comparisons [21] - Organic growth in Q4 2025 would have been approximately 4% if calculated consistently with prior practices, excluding planned dispositions [20] - Approximately 40% of revenue to be disposed of relates to execution and support disciplines, and 25% relates to the advertising group [22] Market Data and Key Metrics Changes - Strong growth was observed in the U.S. markets, particularly in media, as well as in European markets and the Middle East [22] - France, the Netherlands, and China struggled in Q4, while Latin America showed strong performance [22] Company Strategy and Development Direction - The company is focused on delivering integrated services that connect media, creative content, commerce, consulting, data, and technology [7] - A $5 billion share repurchase program was authorized, with a $2.5 billion accelerated share repurchase program launched [10] - The company plans to simplify and realign its portfolio, identifying non-strategic operations with approximately $2.5 billion in annual revenue for sale or exit [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration of Interpublic and the momentum gained in a short period [5] - The company expects to achieve $1.5 billion in annual run rate synergies over the next 30 months, doubling the initial estimate [9] - Management noted that brands are increasingly seeking enterprise-level partners to optimize marketing investments across platforms [12] Other Important Information - The company recorded severance and repositioning costs of $1.1 billion related to the acquisition and restructuring [17] - Free cash flow for the year improved significantly, driven by the addition of IPG and better management of working capital [23] - The company ended 2025 with cash equivalents and short-term investments of $6.9 billion, up $2.5 billion from last year [29] Q&A Session Summary Question: Expectations for organic growth in retained business - Management indicated that media could represent mid-50% of revenue going forward, with advertising slightly less than 20% [38] Question: Clarification on margins for disposed businesses - Margins for disposed businesses are based on the $2.5 billion, with the remaining assets expected to provide healthy dividends [70] Question: Reception of combined company offering - Enthusiasm was noted among clients and employees regarding the combined capabilities of the new organization [45] Question: Clarification on organic growth calculation - The 4% organic growth figure excludes businesses intended for disposal, reflecting stronger growth in retained businesses [49] Question: Feedback on the Omni platform - Clients have shown overwhelming excitement for the capabilities of the new Omni platform, which integrates various legacy systems [80] Question: Plans for cost synergies - A substantial portion of the $1.5 billion cost synergies is expected to flow through to the bottom line, with some reinvestment in growth initiatives [82]

Omnicom Group (NYSE:OMC) Q4 2025 Earnings call February 18, 2026 04:30 PM ET Company ParticipantsGreg Lundberg - SVP of Investor RelationsJason Bazinet - DirectorJohn Wren - Chairman and CEOPaolo Yuvienco - CTOPhil Angelastro - CFOThomas Yeh - Executive Director of Equity ResearchConference Call ParticipantsCraig Huber - Equity Research AnalystDavid Karnovsky - Senior Research AnalystMichael Nathanson - Senior Research AnalystNicolas Langlet - Equity AnalystSteven Cahall - Managing Director and Senior Analy ...

Financial Data and Key Metrics Changes - Adjusted operating income (EBIT) for Q4 was $876 million, with adjusted EBITDA at $929 million, reflecting a 16.8% margin, an increase of 10 basis points year-over-year [16] - Non-GAAP adjusted net income per diluted share was $2.59, based on weighted average shares outstanding of 233.8 million, up from last year due to shares issued for the IPG acquisition [17] - Free cash flow improved significantly, with a positive change in operating capital of approximately $700 million, a $900 million improvement from 2024 [22][23] Business Line Data and Key Metrics Changes - The media business performed well in Q4, contributing significantly to year-on-year growth, while the PR business experienced negative growth due to challenging prior year comparisons [18][19] - Approximately 40% of revenue to be disposed of relates to execution and support disciplines, with 25% from the advertising group [20] - The retained portfolio generated revenue of $23.1 billion for the 12 months ended September 30, 2025 [7] Market Data and Key Metrics Changes - Strong growth was observed in the U.S. market, particularly in media, as well as in European markets and the Middle East [20] - The Latin America market showed strength, while businesses in France, the Netherlands, and China struggled in Q4 [20] Company Strategy and Development Direction - The company is focused on delivering integrated services that connect media, creative content, commerce, consulting, data, and technology [5] - A $5 billion share repurchase program was authorized, with a $2.5 billion accelerated share repurchase program launched [8] - The company plans to simplify and realign its portfolio, identifying non-strategic operations with approximately $2.5 billion in annual revenue for sale or exit [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration of the IPG acquisition and the momentum it has created for sustained growth [4] - The company expects to achieve $1.5 billion in annual run rate synergies over the next 30 months, doubling initial estimates [7] - Management noted that brands are increasingly seeking enterprise-level partners to optimize marketing investments across platforms [10] Other Important Information - The company recorded severance and repositioning costs of $1.1 billion related to the IPG acquisition [14] - The tax rate on non-GAAP adjusted Q4 pre-tax income was 25.8%, flat with the prior year [17] - The company plans to provide additional details on expectations for revenue growth and EBITDA growth for 2026 at the Investor Day on March 12 [31] Q&A Session Summary Question: Expectations for organic growth in retained business - Management indicated that media could represent mid-50% of revenue going forward, with advertising slightly less than 20% [36] Question: Clarification on organic growth calculation - The 4% organic growth figure excludes planned dispositions and reflects growth from businesses intended for investment [48] Question: Reception of combined company offering - Enthusiasm was noted among clients and employees regarding the combined capabilities of the new organization [44] Question: Feedback on the Omni platform - Clients have expressed excitement about the capabilities of the new Omni platform, which integrates various legacy systems [81] Question: Margin trajectory and cost synergies - A substantial portion of the $1.5 billion in cost synergies is expected to flow through to the bottom line, with some reinvestment into growth initiatives [82]

Summary of Cummins (NYSE:CMI) 2026 Conference Call Company Overview - **Company**: Cummins Inc. (NYSE:CMI) - **Date of Conference**: February 18, 2026 - **Key Participants**: Kyle Menges (Citi), Jeff Wiltrout (Corporate Strategy), Nick Arens (Investor Relations) Key Points Industry and Market Position - Cummins is focusing on a **fuel-agnostic engine platform** to align with the **Destination Zero strategy** and prepare for **EPA 2027 regulations** [1][2] - The company has invested heavily in **next-generation engine technology**, launching three new engine platforms simultaneously, which is unprecedented for Cummins [2][3] Electric Vehicle (EV) Strategy - Cummins acknowledges the **growing trend towards zero-emissions technologies**, including battery electric and E-axles, and has made investments in these areas over the last decade [5][6] - The company views **Tesla** as a significant competitor in the heavy-duty truck market but believes that the economic viability of battery electric trucks will depend on regulatory drivers [6][7] - In **China**, there has been a significant push for battery electric trucks, with over **20% adoption** in the heavy-duty truck market, although Cummins is less exposed to this segment [9][10] EPA 2027 Regulations - The **35 milligram NOx standard** is expected to be implemented, with a potential removal of extended warranty requirements to reduce upfront costs for fleets [15][16] - Cummins is confident in its architecture and technology to meet these regulations, although the timeline for launching three platforms is challenging due to supplier and regulatory coordination [16][19] Financial Outlook and Pricing - The average selling price of trucks is expected to increase by about **$10,000**, primarily driven by the powertrain segment [24][25] - The company anticipates that the new engine platforms will provide margin opportunities over the next few years as production stabilizes [26] Research and Development (R&D) - R&D spending has increased by approximately **$150 million annually** for platform investments, with expectations for a tapering off post-launch in 2027 [27][29] Power Generation and Data Centers - Cummins has seen significant growth in the **power generation** and **data center** markets, driven by increased demand for redundant power solutions [31][32] - The company has doubled its capacity to serve this market and is evaluating further investments for growth [34][36] - The order backlog extends through **2027**, with discussions about orders into **2028** [41][42] Competitive Landscape - Cummins maintains a strong competitive position in the data center backup power market due to its established relationships, reputation, and distribution capabilities [62][63] - The company is aware of increasing competition but believes its unique offerings are difficult to replicate [64] Tariff Impacts - Tariffs are impacting margins, particularly in the engine and distribution segments, with an estimated **50 basis points of dilution** in guidance due to tariff surcharges [73][74] - The company is exploring potential rebates related to tariffs, which could improve margins if successful [76][78] Future Guidance and Investor Day - Cummins plans to update its **2030 financial targets** at the upcoming Investor Day, focusing on engine components, power generation, margin profiles, and capital allocation strategies [99][100][101] Additional Insights - The company is actively engaging with customers to secure favorable payment terms and long-term contracts to support investments in capacity [96][98] - There is a strong demand for backup power solutions, with no visible signs of a slowdown in demand expected through the decade [48][50]

Group 1 - Nouriel Roubini predicts U.S. GDP could approach 4% by the end of the decade, driven by a technology revolution rather than fiscal stimulus or deregulation [1] - Roubini estimates that productivity gains from technology could increase U.S. potential growth by 200 basis points, while tariffs and immigration policy could drag it down by 50 basis points, emphasizing that "Tech trumps tariffs" [2] - Prediction markets show skepticism about Roubini's optimistic GDP growth forecast, with a 24% chance of recession by the end of 2026 and only a 6% probability of growth exceeding 4% in 2026 [3] Group 2 - Roubini warns that the benefits of AI and automation may lead to a decrease in labor's share of income, resulting in a collapse of aggregate demand as workers lose purchasing power [4] - He suggests that Universal Basic Income may become necessary as a solution to manage permanent structural unemployment, indicating a need to redistribute wealth from winners to losers to avoid potential social unrest [5] - If Roubini's predictions hold true, a 2% productivity boom could justify capital expenditures and present current market selloffs as buying opportunities [6]