On profitability, Leombruno said adjusted EBITDA margin was 27.7%, up 90 basis points from the prior year, while net income was $980 million, representing return on sales of 18.9%. Adjusted EPS was $7.65, up 17% year over year, which he called a record.CFO Todd Leombruno added that the quarter produced new records for sales, adjusted segment operating margin, EBITDA, net income, and earnings per share. He said sales increased 9% year over year, with organic growth “nearly 7%,” currency a 2% tailwind, acquis ...

Core Insights - Dover executives expressed optimism during the fourth-quarter 2025 earnings call, highlighting broad-based organic growth, accelerating bookings, and margin expansion as the company approaches 2026 [2][3] Financial Performance - Fourth-quarter organic revenue increased by 5%, marking the highest quarterly growth of the year, with consolidated bookings rising over 10% in the quarter and 6% for the full year, resulting in a book-to-bill ratio of 1.02 [3][4] - Segment EBITDA margins improved by 60 basis points year-over-year to 24.8%, attributed to volume leverage and productivity initiatives [4] - Adjusted earnings per share reached $9.61, reflecting a 14% increase in the quarter and a 16% increase for the full year, surpassing previously raised guidance [4] Segment Performance - Pumps & Process Solutions achieved 11% organic growth, driven by strong demand in biopharma components and data-center cooling solutions, with the SIKORA acquisition exceeding expectations [5] - Climate & Sustainability Technologies reported 9% organic growth, supported by double-digit growth in CO2 refrigeration systems and record shipments of brazed plate heat exchangers, with segment margins increasing by 250 basis points [5] - Clean Energy & Fueling saw a 4% organic revenue increase, although margins dipped slightly in the quarter due to lower vehicle wash solutions, with a long-term margin goal of 25% [5] Cash Flow and Future Outlook - Fourth-quarter free cash flow was $487 million, representing 23% of revenue, with full-year free cash flow at approximately 14% of revenue [3] - Dover allocated $700 million for acquisitions and initiated a $500 million accelerated share repurchase program, with 2026 adjusted EPS guidance set at $10.45–$10.65, indicating potential double-digit growth [3]

Core Business Growth - The company achieved recruited assets of $14 billion in Q4, totaling $104 billion for the year, with pipelines near record levels [1] - Organic net new assets were $23 billion in Q4, reflecting a 4% annualized growth rate, contributing to record adjusted EPS of $5.23, a 23% increase year-over-year [2] - Total assets reached a record $2.4 trillion in Q4, driven by organic growth and higher equity markets [3][9] Strategic Initiatives - The acquisition of Commonwealth Financial Network was completed, marking the largest deal in the company's history, adding approximately 3,000 advisers [3] - The company is focused on three key priorities: maintaining client-centricity, empowering employees, and improving operating leverage [2] - The onboarding of retail wealth management businesses from WinTrust Financial and First Horizon added approximately $34 billion in client assets [4] Financial Performance - Adjusted pretax margin was approximately 36%, with gross profit of $1.542 billion, up $62 million sequentially [9] - Client cash revenue was $456 million in Q4, up $14 million from Q3, with overall client cash balances ending the quarter at $61 billion, an increase of $5 billion sequentially [10] - The payout rate increased to 88%, up 53 basis points from Q3, due to seasonal production bonuses [10] Operational Efficiency - Core G&A expenses were $536 million in Q4, with full-year expenses at $1.852 billion, reflecting progress in efficiency [13] - The company expects core G&A growth of 4.5% to 7% in 2026, with investments aimed at improving efficiency and client experience [14][78] - The integration of Commonwealth is progressing well, with a focus on enhancing service delivery and adviser experience [41][45] Market Position and Future Outlook - The company is well-positioned to serve advisers and institutions, aiming for sustained industry-leading organic growth and long-term shareholder value [7] - The recruiting environment remains competitive, with a focus on improving capture rates from wirehouse and regional employee advisers [25][49] - The company anticipates a gradual return to normalized recruiting outcomes, supported by increased awareness of its value proposition [25][32]

Financial Data and Key Metrics Changes - Arthur J. Gallagher reported over 30% revenue growth in Q4 2025, with organic growth of 5% and adjusted EBITDA growth of 30%, marking the 23rd consecutive quarter of double-digit growth [3][12] - For the full year 2025, the company achieved 21% revenue growth, 6% organic growth, and 26% adjusted EBITDA growth [12][28] Business Segment Data and Key Metrics Changes - The brokerage segment saw reported revenue growth of 38% and organic growth of 5%, with an adjusted EBITDA margin of 32.2% [3][4] - The risk management segment, Gallagher Bassett, experienced 13% revenue growth, including 7% organic growth, with an adjusted EBITDA margin of 21.6% [9][10] Market Data and Key Metrics Changes - The global property and casualty insurance pricing environment showed a low single-digit increase in renewal premiums, with property lines down 5% and casualty lines up 5% [4][5] - The reinsurance market saw property reinsurance premiums down mid to high single digits, while casualty lines remained stable [6][7] Company Strategy and Development Direction - The company is focused on a two-pronged revenue growth strategy through organic growth and mergers & acquisitions (M&A), with a strong pipeline of over 40 term sheets signed, representing around $350 million of annualized revenue [11][12] - The integration of AssuredPartners is progressing well, with successful rebranding and operational integration planned for 2026 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to grow despite economic conditions, with expectations of 5.5% organic growth in the brokerage segment for 2026 [9][10] - The company anticipates strong demand for employee benefits services due to rising health insurance costs and talent retention strategies [8][9] Other Important Information - The company has $713 million of tax credit carryforwards and an additional $1 billion of future tax benefits related to the AssuredPartners acquisition, which will support future M&A funding [26][27] - The company expects to have close to $10 billion available for M&A funding over the next two years [27][28] Q&A Session Summary Question: Digital Infrastructure and Construction Practices - The company emphasized its strong vertical capabilities in construction, particularly in data center projects, and its ability to provide comprehensive coverage for clients [29][30] Question: Casualty Pricing Outlook - Management noted that casualty rates are expected to remain stable, with increases in the 7%-8% range, despite softening in property rates [32][33] Question: Talent Retention - The company reported stable producer retention rates and highlighted its successful recruitment through acquisitions and internships [34][36] Question: AI and Small Business Production - Management discussed the role of AI in enhancing service efficiency but emphasized the continued importance of human advisors in the insurance process [40][42]

Financial Data and Key Metrics Changes - The company reported record adjusted earnings per share (EPS) of $5.23 for Q4 2025, an increase of 23% year-over-year [4][11] - Total assets reached a record $2.4 trillion, driven by organic growth and higher equity markets [4][11] - Organic net new assets for Q4 were $23 billion, representing a 4% annualized growth rate, while total organic net new assets for the year were $147 billion, or approximately 8% growth [4][11] Business Line Data and Key Metrics Changes - Recruited assets in Q4 amounted to $14 billion, bringing the total for the year to $104 billion [5] - The company maintained a 97% asset retention rate for Q4 and the last 12 months, reflecting strong advisor experience enhancements [6][7] - Commission advisory fees net of payout were $453 million, up $27 million from Q3 [11] Market Data and Key Metrics Changes - The company added approximately $13 billion in assets during Q4 in traditional markets, maintaining industry-leading capture rates of advisors in motion [6] - The mix of fixed-rate balances in the ICA portfolio ended the quarter at roughly 55%, within the target range of 50%-75% [12] Company Strategy and Development Direction - The company aims to be the best firm in wealth management, focusing on client centricity, empowering employees, and improving operating leverage [5] - The integration of Commonwealth Financial Network is a key strategic priority, with expectations of onboarding approximately 90% of client assets [8] - The company is investing in technology and operational efficiencies to enhance advisor experience and drive growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 90% asset retention target for Commonwealth, citing the quality of advisors committed to stay [27] - The recruiting environment remains competitive, with expectations for organic growth to improve as recruiting activity normalizes [41] - The company anticipates a gradual return to more normalized recruiting outcomes, driven by increased win rates in traditional markets [29] Other Important Information - The company ended Q4 with corporate cash of $470 million, down $99 million from Q3, and a leverage ratio of 1.95x [18] - Core G&A for Q4 was $536 million, with expectations for 2026 Core G&A growth of 4.5%-7% [15][16] Q&A Session All Questions and Answers Question: Concerns about Commonwealth retention rates - Management reassured that retention rates are based on committed assets, with over 80% of advisors signed to stay, indicating a strong group of larger, faster-growing advisors [25][28] Question: Clarification on EBITDA contribution post-acquisition - Management explained that while assets have increased, recent interest rate cuts and cash sweeps have offset some expected EBITDA growth, maintaining the estimate at $425 million [34] Question: Outlook on recruiting and organic growth - Management noted that recruiting activity is expected to normalize over the year, with pipelines building towards record levels, but the timing of conversions will depend on advisor decision-making processes [39][41] Question: Progress on Prudential integration - Management highlighted that Prudential's advisor headcount growth has accelerated, and the partnership is yielding positive results, positioning the company well for future collaborations [80][81]

Financial Data and Key Metrics Changes - The company reported a core return on assets (ROA) of 1.62% for the quarter and an adjusted ROA of 1.35% with an adjusted efficiency ratio of 64.45% [3][4] - Net interest income increased by 4.7% over the prior quarter, while adjusted non-interest income rose by 8.3% [17] - The tangible common equity (TCE) ratio improved to 8.72%, up from 8.24% in the prior quarter [25] Business Line Data and Key Metrics Changes - The retirement division generated total revenue of $17.3 million, a 4.6% increase over the prior quarter, driven by growth in asset and transaction-based fees [22] - The wealth management business saw revenues increase by 13.4% to $7.4 million, with end-of-quarter assets under management rising by 0.8% [24] - Core revenues from fee income grew by 7% year-over-year, maintaining over 40% of total revenues [9] Market Data and Key Metrics Changes - The company experienced a decline in loans by 1.3% over the previous quarter due to strategic downsizing of the loan portfolio [19] - Deposits declined by 5%, primarily due to the calling in of broker deposits and other wholesale funding [20] - The loan-to-deposit ratio was reported at 96.6%, with a deposit retention rate close to 95% since the acquisition of Home Federal [21] Company Strategy and Development Direction - The company aims for sustainable organic growth and a return to top-tier profitability, focusing on enhancing its commercial bank and improving returns [5][6] - A strategic entry into the mid-market commercial and industrial (C&I) space is expected to drive growth, with strong pipelines entering 2026 [7] - The company plans to double the number of wealth management advisors and invest in technology and AI to enhance scalability and improve margins [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic position and momentum as it enters 2026, highlighting strong core financial performance and successful execution of strategic initiatives [3][4] - The company anticipates loan growth in the mid-single digits and deposit growth in the low single digits for 2026, with a net interest margin projected around 3.5%-3.6% [26][27] - Management noted that the competitive environment for deposits remains strong, with expectations of continued pressure on margins [80] Other Important Information - The company successfully converted its entire wealth business onto a new system, achieving 100% client retention [11] - The allowance for loan losses remained robust at 1.53% of total loans, with net recoveries reported [9] - The company has close to $2.8 billion in liquidity to support loan growth and other liquidity events [25] Q&A Session Summary Question: Balancing dynamics for 2026 regarding loan and deposit growth - The company aims to manage a loan-to-deposit ratio around 95%-96%, acknowledging potential seasonal fluctuations [34] Question: Insights on expenses and technology investments - The guidance incorporates team additions and variable costs related to technology investments [36][37] Question: Loan growth expectations and credit trimming - A significant portion of loan runoff was intentional, focusing on reducing marginal credits and enhancing C&I relationships [42] Question: Non-performing loans and resolution expectations - The increase in non-performing loans was related to a multifamily loan, with expectations for resolution in the first half of the year [45] Question: Tax rate expectations for 2026 - The anticipated tax rate for 2026 is 24% [73]

Core Insights - Endeavour Mining achieved a record H2-2025 dividend of $200 million, bringing total FY-2025 dividends to $350 million, which is 93% above the minimum commitment [19][10][11] - The company reported FY-2025 gold production of 1,209koz, a 10% increase from FY-2024, with an all-in sustaining cost (AISC) of approximately $1,435/oz [5][22][26] - Endeavour has returned over $1.6 billion to shareholders since 2021, significantly exceeding its minimum commitment [10][19] Operational Highlights - Q4-2025 gold production was 298koz, a 13% increase from Q3-2025, while AISC rose to approximately $1,650/oz due to higher royalty costs [5][22][33] - The company expects FY-2026 production guidance to be between 1,090-1,265koz, with AISC projected at $1,600-1,800/oz [38][20] - The Assafou project is on track for first gold production in H2-2028, with environmental permits approved and definitive feasibility study completion expected in Q1-2026 [12][11] Financial Performance - Endeavour generated record free cash flow exceeding $1 billion in FY-2025, reducing net debt by $574 million to $157 million [9][10] - The realized gold price for FY-2025 was $3,244/oz, a 38% increase from FY-2024 [6][22] - The company plans to maintain a minimum dividend commitment of approximately $1 billion over the 2026-2028 period, contingent on gold prices exceeding $3,000/oz [20][11] Shareholder Returns - Total shareholder returns for FY-2025 reached $435.3 million, equivalent to $360 per ounce produced [19][10] - The company has committed to increasing minimum shareholder returns over the next three years, with expectations for supplemental returns to potentially double the minimum commitment [20][11] - Share buybacks totaled $85 million in FY-2025, contributing to the overall shareholder returns program [19][10] Exploration Strategy - Endeavour's exploration strategy aims to discover 12-15 million ounces of resources at a cost of less than $40/oz over the 2026-2030 period [44][13] - The exploration budget for FY-2026 is set at $100 million, focusing on resource additions at core assets and new greenfield projects [44][45] - The company is targeting resource definition in three new gold provinces, enhancing its growth potential [44][13]

Core Viewpoint - VF Corp is facing a challenging market environment with its stock trading at $19.11, slightly above Goldman Sachs' price target of $18, indicating potential downside [1][2][5] Financial Performance - Goldman Sachs' price target suggests a potential downside of approximately -5.81% from the current trading price, aligning closely with the estimated fair value of VFC stock at around $18.3 [2] - The stock has experienced a decrease of 5.77%, or $1.17, reflecting market volatility [2] - VF Corp maintains a market capitalization of approximately $7.47 billion, with a 52-week high of $29.02 and a low of $9.41, indicating fluctuations in its financial position [4] Strategic Moves - The company has returned to organic growth in the third quarter following the divestment of its Dickies brand, aiming to streamline operations and focus on core brands [3][5] - Despite the return to growth, the earnings turnaround is marked by volatility, with significant variation in performance across different brands and markets [3] Brand Performance - The Vans brand continues to show weakness, impacting VF Corp's overall performance amidst market volatility [4][5]

Financial Data and Key Metrics Changes - The firm reported record net revenues of $3.7 billion for the fiscal first quarter, with net income available to common shareholders at $562 million and earnings per diluted share of $2.79 [11] - Adjusted net income available to common shareholders was $577 million, resulting in adjusted earnings per diluted share of $2.86, with a pre-tax margin of 19.5% and an adjusted pre-tax margin of 20% [11][12] - The annualized return on common equity was 18%, and the annualized adjusted return on tangible common equity was 21.4% [11] Business Line Data and Key Metrics Changes - The Private Client Group generated pre-tax income of $439 million on record quarterly net revenues of $2.77 billion, driven by higher assets under administration [12] - The Capital Markets segment generated quarterly net revenues of $380 million and a pre-tax income of $9 million, with revenues declining year-over-year and sequentially [12] - The asset management segment achieved record pre-tax income of $143 million on record net revenues of $326 million, attributed to higher financial assets under management and strong net inflows [13] - The bank segment generated net revenues of $487 million and record pre-tax income of $173 million, with net interest income growing 6% sequentially [13] Market Data and Key Metrics Changes - The firm ended the quarter with total assets of $88.8 billion, a 1% sequential increase, primarily due to loan growth [21] - Record bank loans reached $53.4 billion, reflecting a 13% year-over-year growth and a 4% sequential increase [21] - Clients' domestic cash sweep and enhanced savings program balances ended the quarter at $58.1 billion, up 3% over the preceding quarter [16] Company Strategy and Development Direction - The company is focused on long-term capital deployment, with investments in technology, acquisitions, and share repurchases [4][10] - Recent acquisitions include Clark Capital Management and GreensLedge, aimed at enhancing the firm's capabilities and maintaining cultural fit [10][23] - The firm emphasizes a client-first culture and aims to attract and retain financial advisors through a strong value proposition and technology investments [5][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing a robust advisor recruiting pipeline and strong commitments from prospective advisors [5] - The firm acknowledges headwinds from lower interest rates and seasonal impacts but remains focused on generating long-term sustainable growth [26] - Management believes that their established approach and focus on personal relationships differentiate them in a competitive environment [26][41] Other Important Information - The firm repurchased $400 million of common stock at an average share price of $162 during the quarter [10] - The effective tax rate for the quarter was 22.7%, with an estimated effective tax rate for fiscal 2026 expected to be around 24%-25% [23] Q&A Session Summary Question: What areas saw particular strength in net new assets this quarter? - Management noted that $31 billion of net new assets was the second-best quarter ever, with robust recruiting activity across various affiliation options, particularly in the independent contractor side [30] Question: How should we think about the sustainability of the 8% net new asset growth? - Management indicated that while the 8% growth benefited from year-end dynamics, they are confident in sustaining growth based on current pipelines and advisor retention [52] Question: What is the outlook for capital markets revenue growth? - Management expressed optimism about the capital markets pipeline, noting pent-up demand from buyers and sellers, but acknowledged that timing of revenue recognition can be unpredictable [45] Question: Can you elaborate on the Clark Capital acquisition? - Management highlighted that Clark Capital represents a good cultural and strategic fit, focusing on long-term client relationships, and is expected to enhance the firm's offerings [67] Question: How do you see the interplay of liquidity and net new assets? - Management explained that they are seeing a shift in client behavior towards reinvestment rather than holding cash, which is expected to support future growth in securities-based loans [72]

Financial Data and Key Metrics Changes - Textron reported a revenue growth of 16% in Q4 2025, totaling $4.2 billion, and a full-year revenue increase of 8% to $14.8 billion [4][20] - Segment profit for Q4 2025 was $380 million, up 34% year-over-year, and for the full year, it reached $1.4 billion, a 14% increase [19][20] - Adjusted EPS for Q4 was $1.73, compared to $1.34 in the previous year, and for the full year, it was $6.10, up from $5.48 [20] Business Line Data and Key Metrics Changes - Textron Aviation saw a revenue increase of 36% in Q4, totaling $1.7 billion, and a full-year revenue growth of 13% to $6 billion [21][22] - Bell's revenue grew by 11% in Q4 to $1.3 billion, with a full-year increase of 20% to $4.3 billion, although segment profit decreased by $9 million year-over-year [23][24] - Textron Systems reported a 4% revenue increase in Q4 to $323 million, with a full-year revenue of $1.2 billion, slightly up from the previous year [24] Market Data and Key Metrics Changes - Textron Aviation ended the year with a backlog of $7.7 billion, while Bell's backlog increased to $7.8 billion [22][24] - The general aviation industry remains healthy, with Textron Aviation experiencing strong order flow and a nearly $8 billion backlog [11][12] Company Strategy and Development Direction - The company is focused on executing its growth strategy through ongoing investments in new products and programs to drive organic growth and margin expansion [8] - Lisa Atherton emphasized the importance of operational rigor, capital allocation, and building resilience across all business lines [36][37] - Textron plans to eliminate the eAviation segment as a separate reporting entity to better leverage existing capabilities across its businesses [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance of Textron Aviation and the MV-75 program, which is expected to accelerate production and revenue growth [11][12][45] - The company anticipates 2026 revenues of approximately $15.5 billion, reflecting a 4.5% increase from 2025, with adjusted EPS projected between $6.40 and $6.60 [17][33] Other Important Information - Manufacturing cash flow before pension contributions for 2025 was $969 million, up $277 million from 2024 [20] - The company repurchased approximately 10.7 million shares in 2025, returning $822 million to shareholders [27] Q&A Session Summary Question: What are the top priorities for the company now that Lisa is CEO? - Lisa Atherton outlined three priorities: execution, portfolio focus, and building resilience across the business [36][37] Question: How should we think about the MV-75 program in the near and medium term? - Lisa Atherton stated that the Army's push for acceleration has allowed for significant progress, with production timelines moved forward by 2.5 to 3 years [45] Question: Will Textron focus on growing or pruning its portfolio? - Lisa Atherton indicated that the company will evaluate each business for returns and strategic fit, aiming to accelerate growth in high-quality aerospace and defense areas [50][52] Question: How is Textron managing supply chain challenges? - Lisa Atherton mentioned ongoing recovery efforts in the supply chain, particularly with key components like engines, and emphasized workforce training initiatives [59][60] Question: What is the outlook for aviation margins? - David Rosenberg confirmed that the company expects to maintain a margin range of 20%-25% as efficiency and productivity improve [88]