Financial Data and Key Metrics Changes - In 2025, the company achieved revenue growth of 3.5% and adjusted EBITDA growth of nearly 7% [8] - Adjusted earnings per share reached $7.02, with adjusted free cash flow of $2.43 billion, reflecting a 200 basis points increase in adjusted free cash flow conversion to 45.8% [8][24] - The adjusted EBITDA margin expanded by 90 basis points to 32% for the full year [23] Business Line Data and Key Metrics Changes - Organic revenue in the Environmental Solutions business decreased total revenue by 2% in the fourth quarter, primarily due to a non-recurring emergency response project in 2024 [9][23] - Core price on total revenue was 5.8% in the fourth quarter, with core price on related revenue at 7.1% [19] - Volume declines were concentrated in construction and manufacturing end markets, leading to a 1% reduction in total revenue [9][20] Market Data and Key Metrics Changes - Commodity prices for recycling were $112 per ton in the fourth quarter, down from $153 per ton in the prior year [21] - The company expects average yield on related revenue in 2026 to be in the range of 4%-4.5% [19] - The overall macroeconomic environment is characterized as stable, with specific weaknesses in manufacturing and construction impacting volume [49][50] Company Strategy and Development Direction - The company is focused on digital investments and sustainability initiatives, including the deployment of AI-enabled tools to enhance pricing and operational efficiency [10][12] - The acquisition pipeline remains strong, with plans to invest approximately $1 billion in value-creating acquisitions in 2026 [17] - The company aims to maintain a disciplined approach to pricing, prioritizing price over volume to ensure returns on work [58] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding early signs of economic recovery, particularly in the western U.S., but noted ongoing challenges in the construction sector [110] - The company anticipates another year of profitable growth in 2026, with revenue guidance in the range of $17.05 billion to $17.15 billion [16] - Management highlighted the importance of maintaining customer loyalty and delivering exceptional value as key components of their strategy [6][7] Other Important Information - The company reported a strong employee engagement score of 87 and a record low turnover rate in 2025 [15] - Total debt at the end of the year was $13.7 billion, with total liquidity of $2 billion [24] - The company expects net interest expense in 2026 to be in the range of $575 million to $585 million [24] Q&A Session Summary Question: Can you discuss the $400 million in acquisitions year to date? - Management confirmed the acquisition of a company called Hamm, which provides strong disposal infrastructure, and noted that the remaining $600 million in potential acquisitions is still under consideration [30][31] Question: What are the expectations for margins in 2026? - Management indicated that underlying business expansion is expected to contribute 60-70 basis points to margin growth, with some headwinds from commodity prices and acquisitions [35] Question: Can you provide an update on the Polymer Center performance? - Management expects about a $30 million revenue uplift from the Polymer Centers in 2026, with approximately $10 million of incremental EBITDA [42] Question: What is the outlook for organic growth in Environmental Solutions? - Management anticipates relatively flat growth for the Environmental Solutions business in 2026, with some challenges in the first half due to tough comparisons [54] Question: How is the company addressing the emergency response growth gap? - Management acknowledged challenges in winning event-based work and emphasized the need to adjust pricing strategies to align with market conditions [103] Question: What are the inflation expectations for 2026? - Management expects an inflationary environment of approximately 3.5% for 2026 [111]

Summary of McCormick & Company 2026 Conference Call Company Overview - **Company**: McCormick & Company (NYSE: MKC) - **Industry**: Packaged Food - **Date of Conference**: February 17, 2026 Key Points Industry Position and Growth - McCormick is recognized as a global leader in flavor, delivering consistent volume growth in a challenging packaged food environment [2][4] - The company emphasizes that it competes with flavor rather than calories, differentiating itself from peers [3][7] - The global demand for flavor is projected to grow by 5%-7%, with a market growth of 35% within McCormick's current geographic footprint [10] Financial Performance - From 2015 to 2025, McCormick achieved a 12% organic sales growth, with a compounded annual growth rate of 6% [36][37] - The company expects to maintain organic sales growth of 3%-4% in 2026, driven by new products and increased brand marketing [49][50] - Operating income margins are anticipated to improve through operating leverage and cost savings initiatives [50] Strategic Initiatives - McCormick is focused on digital transformation, leveraging data and AI to enhance innovation, operations, and consumer engagement [12][41] - The company is committed to sustainability and health trends, aiming to meet consumer demands for healthier options [32][33] - McCormick's Flavor Solutions segment is central to its growth strategy, emphasizing partnerships with customers to reformulate products [31] Brand and Product Innovation - McCormick holds the number one brand position in spices, seasonings, hot sauce, and mustard, with strong household penetration [16] - The company is innovating with new flavors and packaging, including the McCormick Gourmet collection and modernized seasoning blends [20][23] - Marketing campaigns, particularly for Frank's RedHot, have successfully engaged younger consumers, driving brand loyalty [22][29] Acquisitions and Market Expansion - Recent acquisitions, including a majority stake in McCormick de Mexico, are expected to contribute to both top and bottom-line growth [46][49] - The company maintains a disciplined approach to acquisitions, with a focus on enhancing its portfolio and market presence [47] Challenges and Outlook - McCormick faces cost pressures from inflation and increased tax rates, but is implementing strategies to offset these challenges [39][48] - The company remains confident in its ability to deliver on its long-term objectives, reaffirming targets of 4%-6% net sales growth and 8%-11% earnings per share growth [51] Conclusion - McCormick is well-positioned to capitalize on the growing demand for flavor, supported by a strong brand portfolio, innovative product offerings, and strategic initiatives aimed at enhancing profitability and market reach [52]

Republic Services (NYSE:RSG) Q4 2025 Earnings call February 17, 2026 05:00 PM ET Speaker7Good afternoon, and welcome to the Republic Services fourth quarter and full year 2025 investor conference call. Republic Services is traded on the New York Stock Exchange under the symbol RSG. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. ...

McCormick & Company, Inc. CAGNY I February 17, 2026 Forward-looking Information Certain information contained in this presentation, including statements concerning expected performance such as those relating to net sales, gross margin, earnings, cost savings, special charges including transaction and integration expenses, acquisitions, brand marketing support, volume and product mix, income tax expense, and the impact of foreign currency rates are "forward-looking statements" within the meaning of Section 2 ...

Commodity supply is being curtailed, but not at a pace that we believe will meaningfully lift prices in the near term. Finally, inflationary pressures continue to impact costs, particularly in the insurance and rent categories. Despite these macro pressures, we remain committed to advancing our strategy with a sustained focus on growth, continuous improvement, smart investments, innovation and developing our people. We cannot control the macro, but advancing our initiatives will enable us to realize share g ...

Builders FirstSource (NYSE:BLDR) Q4 2025 Earnings call February 17, 2026 08:00 AM ET Company ParticipantsHeather Kos - SVP, Investor RelationsPete Beckmann - CFOPeter Jackson - CEOConference Call ParticipantsAlex Rygiel - AnalystCharles Perron-Piché - AnalystCollin Verron - AnalystDavid Manthey - AnalystElizabeth Langan - AnalystIvy Zelman - AnalystJohn Lovallo - AnalystKetan Mamtora - AnalystMike Dahl - AnalystSam Reid - AnalystSean McAleer - AnalystTrey Grooms - AnalystOperatorI would now like to turn the ...

Group 1 - The Technology Innovators Fund experienced mixed performance in Q4 2025, with top ten holdings making up approximately 59% of assets, while facing challenges from high-valuation innovation names due to slowing momentum and investor risk aversion [1] - The fund's portfolio declined by 6.3% quarter-to-date, but achieved a 14.7% return over the year, indicating stock-specific challenges rather than broad macroeconomic issues [1] - Management highlighted a long-term investment strategy with an average annual portfolio turnover of 21%, noting that many companies in the portfolio continued to show solid earnings growth in 2025, driven by revenue models linked to AI, cloud computing, and digital transformation [1] Group 2 - Cloudflare, Inc. (NYSE:NET) was highlighted as a key stock in the fund's Q4 2025 investor letter, with a one-month return of 6.34% and a market capitalization of approximately $68.92 billion [2] - The stock traded between $89.42 and $260.00 over the last 52 weeks, closing at around $195.85 per share on February 13, 2026 [2] - The increasing frequency and sophistication of cyberattacks have made security a core operational requirement for enterprises, governments, and individuals, emphasizing the importance of cybersecurity in the current landscape [3]

Rockwell Automation, Inc. (ROK), headquartered in Milwaukee, Wisconsin, provides industrial automation and digital transformation solutions. Valued at $44.3 billion by market cap, the company offers products such as control systems, motor control devices, sensors, and industrial control panels. Shares of this largest pure-play automation company have outperformed the broader market over the past year. ROK has gained 32.1% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 11. ...

Core Insights - The Technology Innovators Fund experienced mixed performance in Q4 2025, with a portfolio decline of 6.3% quarter-to-date and a 14.7% return over the year, driven by a narrow group of large-cap growth stocks [1] - The fund's top ten holdings represented approximately 59% of assets, indicating a concentration in a few key stocks [1] - Stock-specific challenges were noted, particularly in emerging technology holdings, while select platform and infrastructure businesses showed strength [1] Fund Performance - The fund's results were attributed to stock-specific challenges rather than broad macroeconomic shocks, with certain high-valuation innovation names facing pressure from slowing momentum and investor risk aversion [1] - The average annual portfolio turnover was reported at 21%, reflecting a long-term investment strategy [1] - Many portfolio companies continued to show solid full-year earnings growth in 2025, supported by durable revenue models related to artificial intelligence, cloud computing, and digital transformation [1] Klaviyo, Inc. Insights - Klaviyo, Inc. (NYSE:KVYO) was highlighted as a key stock, with a one-month return of -21.91% and a market capitalization of approximately $5.669 billion as of February 13, 2026 [2] - The company reported a 32% sequential revenue growth in Q3 2025, with net revenue expansion improving for the first time since Q3 2021 [3] - Management emphasized strong performance metrics, including international acceleration and record mid-market customer wins, while the stock price has not yet reflected the company's underlying momentum [3]

Core Insights - The Sands Capital Technology Innovators Fund experienced mixed performance in Q4 2025, with a portfolio decline of 6.3% quarter-to-date and a 14.7% return over the year, driven by a narrow group of large-cap growth stocks [1] - The fund's top ten holdings represented approximately 59% of its assets, indicating a concentration in a few key stocks [1] - The performance challenges were attributed to stock-specific issues rather than broad macroeconomic factors, with certain emerging technology holdings underperforming while platform and infrastructure businesses showed strength [1] Fund Performance - The fund's average annual portfolio turnover was noted to be 21%, reflecting a long-term investment strategy [1] - Despite the mixed performance, many portfolio companies continued to show solid full-year earnings growth in 2025, supported by revenue models linked to artificial intelligence, cloud computing, and digital transformation [1] Company Highlight: Palo Alto Networks, Inc. - Palo Alto Networks, Inc. is recognized as a leader in cybersecurity, providing advanced network, cloud, and AI-driven security solutions globally [2][3] - The stock of Palo Alto Networks, Inc. had a one-month return of -11.04%, with shares trading between $144.15 and $223.61 over the past 52 weeks [2] - As of February 13, 2026, Palo Alto Networks, Inc. closed at approximately $166.95 per share, with a market capitalization of about $134.91 billion [2] - The company is transitioning from a focus on network security to a broader, cloud-delivered platform aimed at securing complex hybrid environments [3]