Core Viewpoint - Schindler anticipates low- to mid-single digit revenue growth in local currencies for 2026, driven by recovering new installations in key markets despite challenges in China and tariff impacts [1]. Group 1: Financial Performance - Fourth-quarter sales reached 2.79 billion Swiss francs ($3.64 billion), aligning with analyst forecasts [1]. - The company plans to propose a stable dividend of 6 francs per share and an extraordinary dividend of 0.80 francs per share [5]. Group 2: Market Conditions - The Americas and Asia Pacific markets showed strong performance, particularly in new installations, while China experienced a decline of over 10% in this segment for 2025 [2]. - The Chinese economy is facing a prolonged property crisis, with new construction starts dropping by 20.4% in 2025, following a 23% decline the previous year [2]. Group 3: Future Outlook - Schindler expects headwinds in 2026 from volatile commodity prices, restructuring costs, and market uncertainties, particularly in the Chinese new installations business [3]. - Positive factors for 2026 include potential bolt-on mergers and acquisitions, pricing discipline, operational improvements, and a recovery in the new installations business in key markets [4].

Financial Data and Key Metrics Changes - In Q4 2025, total revenues reached $1.51 billion, a 28% increase year-over-year, while full-year revenues totaled $5.14 billion, up 21% from the previous year [5][31] - Net sales for Q4 were $1.22 billion, representing a 20% increase year-over-year, and full-year net sales were $4.35 billion, also up 20% year-over-year [6][31] - R&D expenses for Q4 were $611 million, a 31% increase from the prior year, with full-year R&D expenses at $2.05 billion [31] - SG&A expenses for Q4 were $390 million, increasing 19% year-over-year, with full-year SG&A expenses at $1.38 billion, up 11% year-over-year [31] Business Line Data and Key Metrics Changes - Core business sales excluding Jakafi totaled $1.26 billion in 2025, a 53% increase compared to 2024, with significant contributions from OPZELURA, Niktimvo, and MONJUVI [6][10] - Jakafi sales in Q4 were $828 million, a 7% increase year-over-year, with full-year sales at $3.093 billion, an 11% increase [7] - OPZELURA's Q4 net sales were $207 million, up 28%, with full-year sales at $678 million, a 33% increase [9] - Hematology and oncology product sales in Q4 were $187 million, up 121% year-over-year, with full-year sales at $583 million, an 83% increase [10] Market Data and Key Metrics Changes - The U.S. market for OPZELURA in atopic dermatitis and vitiligo is expanding, with pediatric launches contributing to a strong start, annualizing around $30 million [9][46] - The international sales for OPZELURA in vitiligo doubled to $130 million in 2025, with expectations for continued growth [9] - The hematology and oncology business is projected to generate $800 million-$880 million in 2026, representing a 40%-50% increase compared to 2025 [13] Company Strategy and Development Direction - The company aims to transition its core business and pipeline, with multiple assets moving from early to late-stage development, targeting MPNs, pancreatic cancer, colorectal cancer, and hidradenitis suppurativa [4][5] - The long-term goal is to nearly double the size of the core business excluding Jakafi by 2030, with significant growth expected from upcoming product launches [10][13] - The company is focused on expanding its pipeline with 14 pivotal trials across seven assets by the end of 2026, indicating a robust growth strategy [14][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting a strong foundation for an inflection point in 2026 and beyond [5][6] - The company anticipates continued revenue growth driven by strong commercial performance and an increase in milestone and contract revenue [5][6] - Management emphasized the importance of execution in orchestrating product launches and managing multiple Phase III trials [35] Other Important Information - Regulatory applications for Jakafi XR, OPZELURA, and povorcitinib were submitted on time, enhancing visibility into the company's growth profile [5][6] - The company is exploring business development opportunities to extend and strengthen its core, with a focus on strategic fit and potential for durable revenue [15] Q&A Session Summary Question: Thoughts on CALR pivotal programs and dosing strategies - Management is discussing dosing strategies with the FDA and is confident in their approach to address differential potency across mutations [39][40] Question: OPZELURA uptake and modeling sales - The AD business is growing at nearly 20% year-over-year, with significant contributions from pediatric launches and international markets [45][46] Question: MONJUVI's opportunity in front-line DLBCL - MONJUVI is positioned as an addition to R-CHOP, with a focus on addressing a broader patient population and competitive PFS benefits [52][54] Question: OPZELURA in prurigo nodularis and FDA recommendations - The FDA recommended an additional trial for OPZELURA in PN due to mixed results from previous studies, with no implications for HS [64][66] Question: mCALR bispecific and V617F program conviction - The mCALR bispecific program is accelerating, with a focus on differentiating it from current programs, while the V617F program is expected to generate promising data [73][75]

Financial Data and Key Metrics Changes - In Q4 2025, Axalta reported net sales of approximately $1.3 billion, with adjusted EBITDA of $272 million and a margin of 21.5%, an improvement of 50 basis points year-over-year [4][12] - For the full year 2025, adjusted EBITDA reached $1.13 billion, a growth of $317 million from 2022, with margins expanding over 500 basis points to 22% [5][16] - Adjusted diluted EPS increased approximately 55% over the same period, reaching an all-time high [5][16] - Free cash flow for 2025 was $466 million, an increase of over $300 million compared to 2022 [5][16] Business Line Data and Key Metrics Changes - Mobility Coatings achieved record fourth-quarter performance with net sales of $471 million, a 1% increase year-over-year, and adjusted EBITDA increased 20% to $92 million [14] - Performance Coatings saw a 6% decline in Q4 net sales to $791 million, primarily due to lower volumes and unfavorable price mix [13] - Refinish net sales decreased 7% to $509 million in Q4, reflecting low claim activity and adjusted order patterns [13] - Industrial net sales declined 5% year-over-year to $282 million, driven by volume declines in North America and Europe [13] Market Data and Key Metrics Changes - North America faced significant macro headwinds, impacting all business lines, with light vehicle production running about 1% below expectations and Class 8 builds down roughly 30% [9][11] - Despite challenges, the Asia-Pacific region delivered 5% net sales growth in Industrial, indicating resilience in that market [8][46] Company Strategy and Development Direction - The company is focused on operational excellence, cost management, and strategic investments, including a record $196 million in CapEx to support productivity [8][17] - Axalta announced a merger of equals with AkzoNobel, expected to create a global leader in performance coatings with significant synergy potential of $600 million [24][25] - The merger aims to enhance market position and drive growth through complementary strengths in various segments [59][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macro challenges but expressed confidence in the company's ability to navigate these issues and prepare for future growth [10][19] - For 2026, management anticipates a slower start but expects recovery in the second half driven by various catalysts, including interest rate reductions and improved consumer affordability [19][22] - The company plans for revenue to decline mid-single digits in Q1 but expects low single-digit growth for the full year, driven by positive price mix and higher volumes in the second half [22][23] Other Important Information - Axalta achieved a record for cash generation in Q4, with cash from operations of $344 million and free cash flow of $290 million [12] - The company reduced interest expense by 11% and SG&A expenses by 8% year-over-year, contributing to improved financial performance [11][12] Q&A Session Summary Question: Status of global refinish markets - Management noted destocking trends impacting performance, with expectations for recovery in Q2 2026 as destocking ends [27][30] Question: Margin assumptions for the year - Management indicated expectations for EBITDA margins to remain above 22%, supported by cost actions and productivity improvements [51][53] Question: Refinish strategy evolution through the merger - The merger is expected to enhance capabilities in the refinish segment, leveraging complementary strengths in premium and economy markets [58][59] Question: Raw material pricing outlook - Management anticipates flat raw material costs year-over-year, with potential increases in the second half offset by productivity gains [62]

Core Insights - Coca-Cola reported higher fourth-quarter revenue, driven by increased prices and sales volume [1] Group 1: Financial Performance - The company experienced a boost in revenue due to higher pricing strategies [1] - Sales volume also contributed positively to the overall revenue growth [1]

Core Viewpoint - Payments firm Fiserv reported fourth-quarter profit that exceeded Wall Street expectations, driven by expense discipline despite muted revenue growth [1] Financial Performance - Fiserv's fourth-quarter profit surpassed analyst expectations, indicating strong cost management [1] - Revenue growth remained subdued, suggesting challenges in top-line expansion [1]

Some analysts expect Zillow will have strong revenue growth as the housing market improves. ...

Core Viewpoint - German software developer TeamViewer forecasts annual revenue growth of between 0% and 3% in 2026, with an adjusted core profit (EBITDA) margin of about 43% due to high market volatility [1] Revenue Forecast - TeamViewer anticipates revenue growth of 0% to 3% for the year 2026 [1] Profit Margin - The company expects an adjusted core profit (EBITDA) margin of approximately 43% [1]

Let me just start with what I think the big takeaways are from this piece because this is the first time we've ever done this style piece. We produce so much work and so much analysis. It's like exhaust uh in, you know, inside of our team and we thought, you know, we have so many different thoughts and and points of view.Why don't we put them on paper and share them out with the world. So that was the genesis of this. My big takeaways from doing this one, you know, AI demand side is crazy.The actual uptake ...

Financial Performance - In Q4, revenue increased by 9.9% to $1.5 billion, and adjusted EBITDA rose by 15.9% to $335.6 million, driven by 5.3% discharge growth and a 4.1% increase in net revenue per discharge [1][5] - For the full year 2025, revenue grew by 10.5%, with EBITDA increasing by 14.9%, supported by operating leverage and disciplined expense management [3][5] - Adjusted free cash flow for the full year was $818 million, reflecting an 18.5% increase [9] Labor and Operational Efficiency - Premium labor costs decreased significantly, down more than $21 million year-over-year in 2025, with Q4 premium labor at $23.8 million, the lowest since Q1 2021 [2][5][7] - The company added approximately 300 same-store registered nurses (RNs) during 2025, contributing to improved operational efficiency [7] Capacity Expansion and Growth Strategy - Management plans to add 517 beds in 2025 through new hospitals and expansions, with ongoing investments expected to meet a growing target demographic [12] - A new 24-bed small-format hospital prototype is set to launch in 2027 as part of a hub-and-spoke strategy [13] 2026 Guidance - For 2026, management guided net revenue of $6.365–6.465 billion, adjusted EBITDA of $1.34–1.38 billion, and adjusted EPS of $5.81–6.10, with a leverage target of approximately 1.83x [4][18] Regulatory and Payer Dynamics - The company reported a 93% affirmation rate for its Alabama hospitals under the RCD model, indicating effective engagement with CMS [16] - Management expressed concerns about challenges with a national Medicare Advantage payer, which affected conversion rates despite referral growth [20]

Core Insights - S&P Global Inc. (SPGI) is set to release its fourth-quarter 2025 results on February 10, with expectations of strong performance based on historical earnings surprises [2][10] Revenue Expectations - The Zacks Consensus Estimate for total revenues is $3.9 billion, reflecting an 8.4% increase from the same quarter last year [3][10] - Market intelligence segment revenues are expected to reach $1.3 billion, indicating a 7% year-over-year growth, driven by revenue transformation and new features in iLEVEL [3][10] - Ratings segment revenues are projected at $1.2 billion, suggesting a 12% growth from the previous year, supported by high-yield and structured finance activities [4][10] - Commodity insights revenues are estimated at $573 million, with a 5.1% year-over-year increase, attributed to high demand for data and customer shifts to enterprise contracts [5] - Mobility revenues are expected to be $445 million, marking an 8.3% increase, driven by strengths in CARAX and automotiveMastermind [6] - Indices segment revenues are pegged at $477 million, anticipated to grow by 9.4% year-over-year, benefiting from high AUM and net inflows [6] Earnings Expectations - The consensus estimate for earnings per share (EPS) is $4.32, indicating a 14.6% rise compared to the same quarter last year [7][10] - The model predicts an earnings beat for SPGI, supported by a positive Earnings ESP of +0.49% and a Zacks Rank of 2 (Buy) [8]