Core Insights - Aon plc reported strong financial results for Q4 and full year 2025, highlighting a successful execution of its strategic initiatives, particularly the Aon United strategy and the 3x3 Plan [2][5]. Financial Performance - Total revenue for Q4 2025 increased by 4% to $4.3 billion compared to Q4 2024, driven by 5% organic revenue growth and a 2% favorable impact from foreign currency translation [3][14]. - For the full year 2025, total revenue rose by 9% to $17.2 billion, reflecting 6% organic revenue growth, a 2% contribution from acquisitions, and a 1% favorable impact from foreign currency translation [29][30]. - The diluted EPS for Q4 2025 was $7.82, a 138% increase from $3.28 in Q4 2024, while the adjusted EPS rose by 10% to $4.85 [2][28]. Revenue Breakdown - Risk Capital revenue in Q4 2025 increased by 7% to $2.7 billion, while Human Capital revenue decreased by 1% to $1.6 billion [3][14]. - Organic revenue growth in Risk Capital was 6%, with strong performance in North America, EMEA, and Latin America [15][43]. - Human Capital's Health Solutions segment saw a 2% organic revenue growth, driven by core health and benefits solutions [17][18]. Operating Metrics - Operating income for Q4 2025 increased by 11% to $1.208 billion, with an operating margin of 28.1%, up from 26.3% in the prior year [25][42]. - Adjusted operating income also rose by 11% to $1.525 billion, with an adjusted operating margin of 35.5%, compared to 33.3% in Q4 2024 [25][24]. Cash Flow and Capital Management - Cash provided by operations for 2025 increased by 15% to $3.5 billion, while free cash flow rose by 14% to $3.2 billion [10][11]. - The company repaid $1.9 billion in debt during 2025 and expects to maintain a strong balance sheet for future capital allocation [5][31]. Future Guidance - Aon anticipates mid-single-digit or greater organic revenue growth for 2026, along with adjusted operating margin expansion and strong adjusted EPS growth [5][6].

Group 1: Kimly Limited - Kimly Limited is a leading coffee shop operator in Singapore with 86 food outlets and 176 stalls, achieving a revenue of S$322.1 million in FY2025, a 0.9% YoY increase, while net profit remained stable at S$33.3 million [2][4] - The company has a strong balance sheet with S$68.1 million in cash and only S$5.0 million in debt, resulting in a net cash position of over S$63 million, allowing for potential dividend growth [3][5] - Despite a decrease in free cash flow to S$55.3 million due to a S$30.0 million investment in property acquisitions, Kimly is set to distribute a total annual dividend of S$0.020 per share, yielding approximately 4.7% at a share price of S$0.43 [4][5] Group 2: Fraser & Neave - Fraser & Neave (F&N) reported a 7.4% YoY revenue increase to S$2.32 billion in FY2025, driven by strong sales in canned milk and beverage expansion, although attributable profit declined by 6.4% to S$141.3 million due to restructuring costs [6][7] - Free cash flow fell sharply to S$7.3 million from S$110.2 million as capital expenditure doubled to S$223.9 million, with funds directed towards long-term growth projects [7][8] - F&N maintained its total annual dividend at S$0.055 per share, offering a trailing yield of approximately 3.4% at a share price of S$1.60, but the sustainability of the dividend is under scrutiny due to cash flow pressures [8][9] Group 3: Thai Beverage - Thai Beverage, the largest beverage company in Southeast Asia, reported a 2% decline in revenue to THB 333.3 billion and a 7% drop in net profit to THB 25.4 billion for FY2025, largely due to a revenue slide in the Vietnamese beer market [10][11] - Despite falling profits, Thai Beverage raised its dividend, declaring a total of THB 0.62 per share, supported by a 13% increase in free cash flow to THB 32.4 billion [11][12] - The company holds THB 43.8 billion in cash against THB 227.5 billion in total debt, indicating the weakest balance sheet among the three companies, but the dividend sustainability is cautiously optimistic due to improved cash generation [12][13] Group 4: Investment Insights - The analysis highlights the importance of free cash flow over headline profits for sustainable dividend distributions, with Kimly being the most secure option due to its strong cash position [15][16] - Thai Beverage demonstrates operational strength with improved cash flow supporting a dividend increase, while F&N is in a transition phase requiring monitoring of its capital investments [16][17] - Investors should consider payout coverage, balance sheet resilience, and management's growth investments when evaluating these stocks, with Kimly offering the highest confidence level [17]

Financial Data and Key Metrics Changes - Kirby Corporation reported a record year in 2025, with over $400 million in free cash flow and a strong balance sheet, having paid down $130 million in debt [4][21] - The company generated cash flow from operations of $670 million for the year, driven by higher revenues and earnings [21] - Total revenues for the Marine Transportation segment were $482 million in Q4 2025, with an operating income of $100 million, reflecting a 3% increase in revenues year-over-year [10][11] Business Line Data and Key Metrics Changes - In the Inland Marine segment, revenues decreased by 1% compared to Q4 2024, primarily due to lower utilization, but increased by 3% compared to Q3 2025 due to improved market conditions [11][12] - Coastal Marine revenues increased by 22% year-over-year, supported by steady demand and higher contract prices, with operating margins around 20% [13][14] - The Distribution and Services segment saw revenues of $370 million in Q4 2025, a 10% increase year-over-year, driven by the power generation business, which represented 52% of total segment revenues [15][16] Market Data and Key Metrics Changes - Barge utilization in Inland Marine averaged in the mid- to high-80% range, improving towards the end of the quarter, while Coastal Marine utilization remained strong in the mid- to high-90% range [6][7] - Spot prices in the inland market showed early signs of recovery in January 2026, following a decline in Q4 2025 [6][32] - The power generation business experienced a 47% year-over-year revenue increase, driven by strong order flow and project wins [16][17] Company Strategy and Development Direction - Kirby Corporation aims for steady growth and solid performance in 2026, with a focus on capital allocation to return value to shareholders and pursue long-term investments [4][23] - The company is optimistic about the power generation segment, which is expected to continue driving growth despite mixed demand across other product lines [24][27] - Management highlighted the importance of maintaining operational excellence and cost control amid rising medical costs and inflationary pressures [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational and financial momentum exiting 2025, with expectations for improving market conditions in 2026 [4][24] - The company noted potential upside from macro factors such as Venezuelan oil flows and ongoing tariff developments, which could enhance demand [24][29] - Management acknowledged the challenges posed by supply constraints and inflation but remains optimistic about the overall financial performance for 2026 [21][29] Other Important Information - Kirby Corporation's total capital expenditures for 2025 were $264 million, with expectations for 2026 to fall in the $220 million-$260 million range [22] - The company maintained a balanced capital allocation approach, with a focus on returning capital to shareholders while exploring acquisition opportunities [23][29] Q&A Session Summary Question: Insights on Q4 term contract pricing and demand outlook for 2026 - Management indicated that the slight decline in term contract pricing was due to short-term demand pressures, but early signs of recovery in spot prices are encouraging for 2026 [31][32] Question: Impact of coastal shipyard activity on revenue and costs - Management confirmed that increased shipyard activity would impact margins due to associated costs, but pricing remains strong in the coastal market [39][40] Question: Clarification on EPS guidance range and factors influencing it - The broad EPS guidance range reflects uncertainties in power generation deliveries and pricing improvements in the inland market, with management remaining cautiously optimistic [47][48] Question: Update on CapEx guidance and new build pricing trends - Management noted that new build pricing remains consistent, with ongoing labor challenges at shipyards, and emphasized a pragmatic approach to potential acquisitions [84][87]

FISCAL FIRST QUARTER 2026 HIGHLIGHTS January 28, 2026 PLEXUS CONFIDENTIAL FISCAL FIRST QUARTER THEMES Program wins, share gains and improving market demand position Plexus in F26 to meet or exceed high end of 912% revenue growth goal. Forecast strong F26 operating leverage inclusive of investments in talent, technology, facilities and advanced capabilities. PLEXUS CONFIDENTIAL SAFE HARBOR AND FAIR DISCLOSURE STATEMENT Some of the statements made and information provided during our call as well as informatio ...

Core Insights - AT&T's shareholders are set to receive over $45 billion in dividends and stock buybacks in the coming years, reflecting strong financial performance and shareholder returns [1][5] - The company's stock price increased by more than 4% following the announcement of robust subscriber growth metrics [1] Subscriber Growth - In the fourth quarter, AT&T added 421,000 postpaid phone subscribers, 283,000 fiber subscribers, and 221,000 5G fixed wireless home internet customers, indicating strong demand for its services [2] - CEO John Stankey highlighted that investments in spectrum and fiber will enable AT&T to attract more customers across various categories and regions in the U.S. [2] Financial Performance - AT&T's revenue rose by 3.6% year over year to $33.5 billion, while adjusted free cash flow increased by 5% to $4.2 billion [4] - The company has a market capitalization of $163 billion, with a gross margin of 42.7% and a dividend yield of 4.83% [3][4] Future Cash Flow Projections - Management projects free cash flow to exceed $18 billion in 2026, $19 billion in 2027, and $21 billion in 2028, indicating a strong financial outlook [5] - The anticipated cash flow will be utilized for substantial shareholder returns through dividends and stock buybacks [5]

Core Insights - AT&T reported strong financial performance for Q4 and full-year 2025, meeting or exceeding all consolidated financial guidance, driven by growth in converged fiber and 5G customers [1][2][3] - The company returned over $12 billion to shareholders in 2025 and expects to return an additional $45 billion+ from 2026-2028 [1][2] - AT&T's customer-centric, investment-led strategy has resulted in increased profitability and high customer satisfaction, with 42% of AT&T Fiber households also choosing AT&T for wireless services [1][3] Fourth-Quarter Results - Free cash flow was $4.2 billion, up from $4.0 billion in the previous year [2][3] - Revenues reached $33.5 billion, a 3.6% increase year-over-year, driven by higher mobility and consumer wireline revenues [3][4] - Net income was $4.2 billion, with adjusted EBITDA of $11.2 billion, compared to $10.8 billion in the year-ago quarter [2][3] Full-Year Results - Free cash flow for the full year was $16.6 billion, compared to $15.3 billion in 2024 [2][3] - Total revenues for 2025 were $125.6 billion, up 2.7% from $122.3 billion in 2024 [3][4] - Net income attributable to common stock was $21.9 billion, significantly up from $10.7 billion in the previous year [3][4] Segment Performance - Consumer Wireline fiber revenues increased by 13.6% year-over-year, contributing to strong broadband growth [3][4] - Mobility service revenues grew by 2.4% year-over-year, with 421,000 postpaid phone net adds [2][3] - Business Wireline revenues declined by 7.5% due to pressures on legacy services, partially offset by growth in fiber and advanced connectivity services [4][5] Long-Term Outlook - AT&T anticipates improved growth in adjusted EBITDA and adjusted EPS through 2028, with adjusted EPS expected to be between $2.25 and $2.35 in 2026 [2][3] - The company expects free cash flow to exceed $18 billion in 2026, $19 billion in 2027, and $21 billion in 2028 [2][3] - AT&T plans to maintain its annualized common stock dividend of $1.11 per share while executing share repurchases totaling approximately $8 billion during 2026 [2][3] Capital Allocation - The company expects to return over $45 billion to shareholders through dividends and share repurchases from 2026 to 2028 [1][2] - AT&T's net debt-to-adjusted EBITDA ratio is projected to increase to approximately 3.2x following acquisitions and decline to around 3x by the end of 2026 [2][3] - The company aims to reduce net leverage to its target range of 2.5x within three years following the closing of its acquisitions [2][3]

Lockheed Martin Corp. (NYSE:LMT) heads into its fourth-quarter earnings report on Jan. 29 with a massive $179 billion backlog shielding it from recent operational turbulence. While Wall Street remains cautious following mid-year execution stumbles, management's own full-year outlook suggests the defense giant could be poised to beat consensus estimates.The Numbers Game: Implied Guidance Vs. The StreetA significant discrepancy has emerged between analyst expectations and the company's stated financial target ...

Core Insights - Texas Instruments Incorporated (TI) reported fourth quarter revenue of $4.42 billion, net income of $1.16 billion, and earnings per share of $1.27, which included a 6-cent reduction not in the original guidance [1][3][7] Financial Performance - Revenue increased by 10% year-over-year from $4.00 billion in Q4 2024 to $4.42 billion in Q4 2025, but decreased by 7% sequentially [3][7] - Operating profit rose by 7% from $1.38 billion in Q4 2024 to $1.47 billion in Q4 2025 [3] - Net income decreased by 3% from $1.21 billion in Q4 2024 to $1.16 billion in Q4 2025 [3][7] - Earnings per share fell by 2% from $1.30 in Q4 2024 to $1.27 in Q4 2025 [3][7] Cash Flow and Returns - Cash flow from operations for the trailing 12 months was $7.15 billion, a 13% increase from $6.32 billion in the previous year [4][12] - Free cash flow for the same period was $2.94 billion, a significant increase of 96% from $1.50 billion [4][12] - Free cash flow as a percentage of revenue improved from 9.6% in the previous year to 16.6% [4][12] Shareholder Returns - Dividends paid in the trailing 12 months totaled $4.99 billion, a 4% increase from $4.80 billion [5] - Stock repurchases amounted to $1.48 billion, a 59% increase from $929 million [5] - Total cash returned to shareholders was $6.48 billion, a 13% increase from $5.72 billion [5] Segment Performance - Analog segment revenue increased by 14% year-over-year to $3.62 billion, with operating profit rising by 13% to $1.40 billion [10] - Embedded Processing segment revenue grew by 8% to $662 million, while operating profit increased by 22% to $71 million [10] - Other segment revenue decreased by 34% to $146 million, with operating profit dropping by 91% to $7 million [10] Outlook - TI's first quarter outlook projects revenue between $4.32 billion and $4.68 billion and earnings per share between $1.22 and $1.48 [7]

Core Insights - Polaris faced significant tariff-related cost pressures, amounting to $37 million in Q4, which impacted adjusted gross margin and led to modest adjusted EPS of approximately $0.08 [1][6] - The company reported a 9% increase in adjusted sales and North American retail sales, excluding youth products, indicating a focus on more profitable segments [2][6] - Polaris anticipates a challenging 2026, with total sales growth projected at 1-3%, and adjusted EPS expected to be between $1.50 and $1.60, while facing a tariff headwind of approximately $90 million [5][22] Financial Performance - In FY2025, Polaris generated roughly $605 million in free cash flow and paid down about $530 million of debt, but expects lower free cash flow of around $120 million in 2026 [4][16] - The company achieved adjusted EBITDA margin expansion of 80-120 basis points year-over-year, despite the impact of tariffs [19] - Polaris expects operating cash flow of about $160 million in 2026, with the first half of the year anticipated to be challenging for covenant compliance due to tariff pressures [16][17] Operational Highlights - Polaris gained market share across all segments in 2025, including off-road vehicles and motorcycles, with strong retail trends in utility vehicles [3][7] - The company reported a healthy dealer inventory level, with "just under 100 days" across the network, and a 9% decrease in off-road vehicle dealer inventory [12] - Significant operational improvements led to over $60 million in savings in 2025, with a $25 million reduction in warranty expenses due to quality enhancements [13][15] Strategic Outlook - Polaris is in the final stages of shifting youth manufacturing from China to Mexico, which is expected to improve dealer inventory levels by 2026 [2] - The company plans to reduce its reliance on China-based materials from approximately 14% at the end of 2025 to below 5% by the end of 2027 [23] - Transition service agreements related to the Indian Motorcycle separation are expected to generate $30 million to $35 million in other income in 2026 [20]

Our 72 hours to decide this rally as mega cap earnings, the Fed decision and potential government shutdown hang over this market. We'll discuss and debate with the investment committee and joining me for the hour today, Joe Terteranova, Stephanie Link, Shannet Sosha, and Jason Snipe. We will go to the markets.The Dow is red as you see. Everything else though is green led by the NASDAQ as we get ever closer to those mega cap earnings that will begin tomorrow. The S&P hitting a fresh all-time high today.Gold ...