Market Overview - US stock indices collectively declined, with the Dow Jones down 0.54%, Nasdaq down 0.31%, and S&P 500 down 0.28%. Major tech stocks mostly fell, including Apple, Netflix, and Intel, which dropped over 1% [4] - International oil prices surged, with WTI crude oil rising 2.49% to $66.67 per barrel, and Brent crude oil increasing 2.25% to $71.93 per barrel [5] - International precious metals futures generally rose, with COMEX gold futures up 0.12% to $5015.50 per ounce, and COMEX silver futures up 1.09% to $78.44 per ounce [6] - European stock indices mostly closed lower, with Germany's DAX down 0.93%, France's CAC40 unchanged, and the UK's FTSE 100 down 0.55% [7] Company News - Nvidia's CEO Jensen Huang announced that the upcoming GTC conference will unveil "unprecedented" new chips, indicating a competitive push in AI infrastructure [16] - Amazon surpassed Walmart to become the highest-grossing company globally, reporting sales of $717 billion for the fiscal year ending December 2025, compared to Walmart's $713.2 billion [21] - Nestlé announced plans to sell its high-end beverage and ice cream businesses, as part of a strategy to focus on four core business areas amid declining sales and profits [23] Industry Developments - The National Development Bank of China issued over 360 billion yuan in loans for highway infrastructure in 2025, marking a 10% increase year-on-year, supporting the country's comprehensive transportation network [17] - Zhongke Shuguang upgraded its SothisAI platform to integrate with major AI models, enhancing its enterprise AI capabilities [18] - An Indian university faced backlash for presenting a Chinese-made robotic dog as a self-developed product, highlighting the competitive landscape in robotics technology [20]

Dropbox (NasdaqGS:DBX) Q4 2025 Earnings call February 19, 2026 05:00 PM ET Company ParticipantsDrew Houston - CEO and Co-FounderMatt Bullock - Equity Research AssociatePeter Stabler - Head of Investor RelationsRishi Jaluria - Managing Director of Software Equity ResearchRoss Tennenbaum - CFOConference Call ParticipantsGeorge Kurosawa - Equity Research AnalystJaiden Patel - Equity Research AnalystOperatorThank you for standing by, and welcome to the Dropbox fourth quarter 2025 earnings conference call. At th ...

Financial Data and Key Metrics Changes - In Q4 2025, total revenue reached $239 million, a 20% year-over-year increase, exceeding guidance by $3 million [28] - Subscription revenue for Q4 was $219 million, up 21% year-over-year [28] - For the full year 2025, total revenue was $885 million, also a 20% increase compared to the previous year [31] - Non-GAAP operating margin for Q4 was 19.1%, beating guidance by 160 basis points [28] - Full-year non-GAAP operating margin was 9.9%, exceeding guidance by 50 basis points [32] Business Line Data and Key Metrics Changes - Subscription revenue growth for the full year 2025 was 22%, driven by both new customers and account expansions [31] - Professional services revenue for Q4 was $20 million, showing slight growth year-over-year [29] - The number of contracts valued over $100K per year increased by 22% year-over-year, indicating strong demand [30] Market Data and Key Metrics Changes - International revenue accounted for 27% of total revenue, up 300 basis points from the previous year [32] - The gross retention rate was 97%, exceeding the target of 96%, while the net retention rate was 113% for Q4 [30] Company Strategy and Development Direction - The company aims to leverage AI capabilities to enhance its platform, focusing on trust and data integrity in an AI-driven environment [8][9] - Workiva is positioning itself as a trusted platform for CFOs, emphasizing the importance of data accuracy and traceability [9] - The company is expanding its leadership team to strengthen its go-to-market strategy and operational efficiency [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the IPO market in 2026, despite a moderation in Q4 activity [64] - The company anticipates total revenue for Q1 2026 to range from $244 million to $246 million, with a full-year expectation of $1.036 billion to $1.04 billion [35][36] - Management highlighted the importance of operational rigor and efficiency in achieving long-term financial targets [67] Other Important Information - The company has made significant progress towards its 2027 operating margin targets, with a focus on operational efficiency [33] - A new share repurchase program was authorized, reflecting confidence in the company's intrinsic value [34] Q&A Session Summary Question: Role of AI in New Wins - Management noted that AI is a strong topic of conversation in customer discussions, contributing to multi-solution account expansions [40][41] Question: Operational Rigor and Margin Opportunities - Management indicated that there are opportunities for continued progress in operational efficiency across the business, particularly in sales and marketing [44] Question: Insights from New CRO - The new CRO is focusing on building a strong global team, refining sales strategies, and enhancing the partner ecosystem [48][49] Question: NRR and New Customer Contribution - For 2026, the company is modeling a net retention rate of 110%, with a typical split of 40% new customers and 60% from expansions [52] Question: AI Usage and Roadmap - Approximately 30% of customers have enabled AI on the platform, with increasing adoption and positive feedback on new features [56][57] Question: Capital Markets Guidance - Management is optimistic about IPO activity in 2026, incorporating growth expectations into their guidance while acknowledging macroeconomic factors [64][65]

The Trump Administration could face an energy dilemma ahead of the midterm elections. The U.S. energy dominance agenda and booming LNG exports – pillars of the Administration’s policy – are boosting domestic natural gas demand and raising American energy bills. U.S. LNG exports are hitting record highs, and are set to continue setting records in the coming months and years as new plants are being commissioned, built, and approved, with the strong backing of the Trump Administration. However, soaring de ...

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $636 million, a decline of 110 basis points year-over-year, but increased 40 basis points when excluding FormSwift, which was a 150 basis point headwind [23] - Total ARR was $2.526 billion, down 190 basis points year-over-year, and down 30 basis points when excluding FormSwift [24] - Average revenue per paying user (ARPU) increased to $139.68 from $139.07 in the prior quarter, primarily due to FX tailwinds and a shift from annual to monthly plans [24] - Gross margin was 80.8%, down 230 basis points year-over-year, while operating margin was 38.2%, up 130 basis points from the year-ago period [25][26] - Unlevered free cash flow was $251 million, or $0.99 per share, up 44% year-over-year [27] Business Line Data and Key Metrics Changes - The core FSS business showed steady growth across 2025, with improvements in funnel quality, pricing, and retention drivers [6] - The individuals business demonstrated growth, indicating that focused innovation can lead to better retention and growth [6] - The introduction of Dash capabilities within Teams plans has shown promising early engagement, with over half of active users returning multiple days per week [9] Market Data and Key Metrics Changes - The company exited Q4 with 18.08 million paying users, a sequential increase of approximately 10,000 users, driven by momentum in the simple plan [24] - The company expects modestly negative net new paying users in Q1 2026, largely due to seasonality and FormSwift headwinds, with flat growth anticipated for the remainder of the year [32] Company Strategy and Development Direction - The company aims to restore revenue growth while focusing on efficiency and improving the core business [4][15] - The strategy includes scaling Dash as a standalone product and integrating AI capabilities into the core FSS offering [10][19] - M&A is viewed as a potential growth lever, with a focus on strategic acquisitions that can expand the product portfolio and contribute to incremental ARR [19][82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the direction of the company, emphasizing the importance of execution and scaling successful initiatives [13][22] - The leadership changes made in late 2024 and early 2025 are expected to drive sustained improvements in retention and growth [17][70] - The company acknowledges the competitive nature of the FSS market but believes there are opportunities for growth through innovation and improved customer experiences [15][17] Other Important Information - The company repurchased approximately 14 million shares in Q4, spending about $415 million, with $1.17 billion remaining under the share repurchase authorization [29] - The company executed subleases in its real estate portfolio, expecting to generate approximately $97 million in total future cash payments [28] Q&A Session Questions and Answers Question: Can you provide quantitative metrics around Dash? - The company is focused on product quality and engagement before scaling up adoption and monetization, with specific metrics to be shared in the future as progress is made [39][41] Question: What metrics can you provide around engagement with Dash? - Early results show good adoption and engagement from core users, with plans to accelerate the rollout of Dash to more users this year [51][52] Question: What drove improvements in retention? - Improvements in retention are attributed to new leadership and enhancements across the customer journey, including better communication of value and product experience [70][71] Question: What are the assumptions for paying user growth in the guidance? - The company expects some seasonality in Q1, with a flat year-over-year growth in net new paying users for the full year, reflecting improvements in retention and customer journey [79]

Core Viewpoint - The trucking and logistics sector is experiencing significant disruption fears due to the emergence of AI platforms that promise to enhance efficiency and reduce the need for additional staffing, leading to a notable decline in stock prices for companies like RXO, JB Hunt, CH Robinson, and Expediters [1] Industry Impact - The introduction of AI agents is perceived as a potential threat to traditional business models, prompting discussions on whether the market's reaction is an overreaction or a legitimate concern [2] - The industry is witnessing a structural change with a significant reduction in capacity, attributed to factors such as non-domicile drivers and language proficiency issues, marking the largest structural change observed in two decades [12] Company Insights - RXO emphasizes that its business model relies heavily on relationships and service quality, with top customers maintaining partnerships for over 16 years on average [3][4] - The company serves over half of the Fortune 100 and Fortune 500 companies, highlighting its capability to manage large volumes of freight efficiently [6] - RXO's technology is designed to optimize freight solutions, enabling customers to shift between different shipping methods effectively [7] Customer Relationships - The value of long-term relationships is underscored as a competitive advantage, with clients returning due to the consistent service and results provided by RXO [4][5] - The company is focused on ensuring that clients receive tangible value from their services, especially in light of market pressures to reassess costs [8] Regulatory and Safety Considerations - The industry is facing regulatory challenges, particularly concerning driver vetting processes, which are critical for maintaining safety and reliability in freight transportation [9][10] - RXO's approach to vetting carriers is distinct, aimed at ensuring high standards for safety and service quality [10] Market Outlook - The demand side of the market remains soft, but there are indicators of optimism, such as a strong ISM report and positive trends in home building, which could lead to increased freight demand [12][13] - The labor market is being closely monitored as it will significantly impact retail and e-commerce sectors, which are crucial for freight volume [13]

Welcome back to Market on Close. I'm Marley Caden in Chicago alongside Sambatis at the New York Stock Exchange. Some final thoughts on today's session.For me, the US trade deficit came out totaling $91.5% billion for 2025. That was only slightly narrower than the 93.5% billion the year before. Despite our ongoing tariffs, exports rose 6.2% to 3.43% trillion, but imports climbed to 4.33% trillion, pushing the goods deficit.That's the piece that's most impacted by tariff policy to a record $1.24% trillion. De ...

Financial Data and Key Metrics Changes - The company reported record revenue of $267 million for Q4 2025, representing a 22% increase from Q3 [12] - Gross margin improved by about 50 basis points to 54.6% from Q3, while operating margins increased to 25.2%, up 410 basis points from the previous quarter [12] - For the full year, revenue reached $1,005 million, also a record for the company [12] Business Line Data and Key Metrics Changes - Advanced packaging and specialty devices generated approximately $145 million in Q4, accounting for slightly more than half of total revenue, with sales from the 2.5D packaging business doubling compared to Q3 [13] - Advanced nodes revenue more than doubled in 2025 to $308 million, driven by growth in both DRAM and logic, which together represent about 75% of the total [14] - Advanced packaging revenue is expected to grow over 30% in 2026, while advanced nodes are projected to grow in the range of 10%-20% [8][10] Market Data and Key Metrics Changes - The semiconductor capital equipment spending is projected to experience a powerful upcycle driven by AI investments, with NVIDIA forecasting a 40% CAGR for global AI infrastructure over the next five years [3] - Analysts project strong wafer fab equipment (WFE) growth in the range of 10%-20% in 2026, contingent on the availability of new clean room space [4] - The company has a backlog that has nearly doubled over the last three months, supporting strong growth expectations [10] Company Strategy and Development Direction - The company is focused on expanding its technology portfolio to meet the insatiable demand for AI, with a volume purchase agreement valued at over $240 million covering metrology demand through 2027 [4][5] - The company is ramping up extended factories to support a $2 billion run rate, indicating confidence in capacity to meet demand [24] - The integration of Semilab is expected to enhance operational discipline and improve scalability and profitability [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong momentum in advanced packaging and advanced nodes, with expectations for revenue in Q1 2026 to be in the range of $275 million-285 million [10][15] - The company anticipates continued margin expansion each quarter in 2026, with gross margin expected to improve by approximately 50 basis points from Q4 levels [16] - Management noted that customer discussions are increasingly constructive, with several extending forecasts into 2027 [4] Other Important Information - The company completed the acquisition of Semilab for $445 million in cash and stock, which is expected to contribute to revenue growth in 2026 [15] - The adoption of the One Big Beautiful Bill Tax Act resulted in cash tax savings of $19 million in 2025 and an estimated $14 million in 2026 [14] Q&A Session Summary Question: Market outlook for the year - Management expects advanced packaging to grow over 30% this year, with broad-based demand across various manufacturers [21] Question: Backlog and capacity for growth - The company is set up to serve a $2 billion run rate, with no significant capacity issues anticipated, though supply chain constraints are being managed [24][25] Question: Expectations for advanced packaging growth - Advanced packaging revenue is expected to be stable throughout the year, with potential upside from the adoption of G5 technology [30] Question: Visibility in advanced nodes growth - Advanced nodes are expected to grow in the range of 10%-20%, with ongoing discussions around volume purchase agreements providing better insight [33] Question: Contribution of Semilab to revenue - Semilab is expected to contribute low hundreds to $110 million in revenue for 2026, with challenges anticipated in the power semiconductor segment [59] Question: Growth rates for CoWoS and HBM inspection businesses - Growth rates for both segments are expected to be relatively similar, with demand for memory expanding [50]

Five9 (NasdaqGM:FIVN) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Company ParticipantsAmit Mathradas - CEOAndy Dignan - PresidentArjun Bhatia - Co-Group Head of Technology, Media, and CommunicationsBryan Lee - CFOClark Wright - Senior Research AssociateMike Burkland - ChairmanPeter Levine - Managing DirectorSamad Samana - Managing DirectorYanni Samoilis - Equity Research AssociateNone - Company RepresentativeConference Call ParticipantsCatharine Trebnick - Senior Research Analyst for Cloud Communica ...

Akamai Technologies (NasdaqGS:AKAM) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Company ParticipantsAidan Daniels - Equity Research AssociateArti Vula - Equity Research AssociateEd McGowan - CFOFatima Boolani - Co-Head of US Software Equity Research and Managing DirectorMark Stoutenberg - Head of Investor RelationsRishi Jaluria - Managing Director of Software Equity ResearchRoger Boyd - Executive DirectorSanjit Singh - Executive DirectorTom Leighton - CEOVijay Homan - Equity Research AssociateConfer ...