A month has gone by since the last earnings report for Constellation Brands (STZ) . Shares have added about 11.9% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Constellation Brands due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.Constellation Brands' Q3 Earnings & Sales ...

Financial Data and Key Metrics Changes - For Q4 2025, Plains reported Adjusted EBITDA of $738 million and full-year Adjusted EBITDA of $2.833 billion, indicating a pivotal year despite market challenges [3][4] - The crude oil segment Adjusted EBITDA was $611 million, while the NGL segment reported $122 million, reflecting seasonal impacts and market conditions [11][12] - The company expects 2026 Adjusted EBITDA guidance of $2.75 billion at the midpoint, with a 13% year-over-year growth in the crude segment [7][8] Business Line Data and Key Metrics Changes - The crude oil segment's performance was bolstered by the Cactus 3 acquisition, contributing to overall EBITDA despite challenges from recontracting [11] - The NGL segment's performance was impacted by warm weather and weak frac spreads, leading to a moderated seasonal uptick [11] - The company anticipates $100 million of EBITDA from the NGL segment post-divestiture, along with $10 million of other income [8] Market Data and Key Metrics Changes - Permian crude production is expected to remain flat year-over-year in 2026, with overall basin volumes projected to be about 6.6 million barrels by year-end [8] - The company noted a cautious optimism among larger producers in the Permian Basin, with a focus on efficiency and inventory preservation [29][30] Company Strategy and Development Direction - Plains is transitioning to a peer-play crude company, focusing on streamlining operations and enhancing cash flow durability through strategic acquisitions and divestitures [3][4] - The company is targeting $100 million in annual savings through efficiency initiatives by 2027, with half expected to be realized in 2026 [4][24] - The acquisition of the Wild Horse Terminal is expected to enhance storage capacity and generate returns above internal thresholds [7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of executing on efficiency initiatives and closing the NGL divestiture to position the company competitively for the future [15] - The geopolitical environment and OPEC actions were noted as challenges, but management remains focused on long-term growth and stability [3][15] - The company expressed confidence in the ability to grow beyond 2026, supported by self-help initiatives and market fundamentals [58] Other Important Information - A 10% increase in quarterly distribution was announced, bringing the annual distribution to $1.67 per unit, representing an 8.5% yield [8][9] - The company plans to reduce its distribution coverage ratio threshold from 160% to 150%, reflecting improved visibility and alignment with peers [9][10] Q&A Session Summary Question: Synergies from Cactus Pipeline - Management confirmed achieving $50 million in synergies, with half from G&A and OPEX reductions and the rest from optimizing pipeline capacity [20][21] Question: Cost Savings Initiatives - The NGL business sale allows for a comprehensive review of company structure, targeting $100 million in savings by 2027 [24][25] Question: Permian Basin Outlook - Management noted cautious optimism among producers, with a focus on efficiency and inventory preservation, expecting growth to resume in 2027 [29][30] Question: Distribution Coverage Ratio - The reduction to 150% is seen as conservative, allowing for routine investments and distribution growth [37][73] Question: Growth Capital Expenditures - The 2026 growth CAPEX is guided at $350 million, aligning with typical investment levels, focusing on ongoing projects and potential expansions [41][42]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported Adjusted EBITDA attributable to Plains of $738 million and $2.833 billion for the full year, indicating a pivotal year despite market challenges [4][5] - The crude oil segment adjusted EBITDA was $611 million, which included contributions from the Cactus III acquisition, while the NGL segment reported adjusted EBITDA of $122 million [11][12] - The company expects adjusted EBITDA guidance for 2026 at $2.75 billion, with a midpoint for the oil segment EBITDA of $2.64 billion, reflecting a 13% year-over-year growth in the crude segment [7][8] Business Line Data and Key Metrics Changes - The crude oil segment is expected to drive significant growth, while the NGL segment is projected to contribute $100 million of EBITDA, assuming the divestiture closes as planned [8][12] - The company is focusing on streamlining operations and has targeted $100 million in annual savings through 2027, with approximately 50% expected to be realized in 2026 [5][6] Market Data and Key Metrics Changes - Permian crude production is expected to remain flat year-over-year in 2026, with overall basin volumes projected to be about 6.6 million barrels at the end of the year [8] - The company anticipates growth to resume in 2027, driven by global energy demand growth and diminishing OPEC spare capacity [8] Company Strategy and Development Direction - The company is transitioning to a pure-play crude company, which is expected to streamline operations and enhance cash flow durability [4][5] - Key initiatives for 2026 include closing the NGL divestiture, integrating the Cactus III Pipeline, and improving cost structures [5][6] - The company remains committed to generating significant free cash flow, optimizing its asset base, and maintaining a flexible balance sheet [10][17] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges faced in 2025, including geopolitical unrest and OPEC actions, but emphasized a focus on operational efficiency and strategic transactions [4][16] - The outlook for 2026 is characterized as a year of execution and self-help, with confidence in the ability to grow beyond 2026 due to expected synergies and market improvements [16][61] Other Important Information - The company announced a 10% increase in quarterly distributions, bringing the annual distribution to $1.67 per unit, representing an 8.5% yield based on recent equity prices [8][9] - The company is also focused on maintaining a distribution coverage ratio of 150%, which reflects improved visibility and aligns with peers [9][42] Q&A Session Summary Question: Synergies from Cactus Pipeline - Management confirmed that they are on track to achieve $50 million in synergies from the Cactus III acquisition, with half already realized through G&A and OPEX reductions [21][22] Question: Cost Savings Initiatives - The company is rethinking its structure post-NGL sale, aiming for $100 million in cost savings by the end of 2027, with $50 million expected in 2026 [26][27] Question: Permian Basin Outlook - Management expressed cautious optimism regarding producer sentiment in the Permian Basin, noting that efficiencies are improving despite a flat production outlook for 2026 [31][33] Question: Capital Allocation Priorities - The company reiterated its focus on distribution growth and maintaining a conservative coverage ratio, with plans for opportunistic investments in bolt-ons and repurchases [36][42] Question: Long-Haul Permian Volume Guidance - Management explained that the guidance includes contributions from Cactus III and increased contracted capacity, with expectations for stable margins [66][68] Question: Impact of Geopolitical Developments - Management discussed the potential impacts of developments in Venezuela, noting that while immediate effects may create opportunities, substantial long-term changes would require significant investment [52][54]

Reinsurance Group of America (NYSE:RGA) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsAxel André - EVP and CFOJeff Hopson - SVP of Investor RelationsJonathan Porter - EVP and Global Chief Risk OfficerLeslie Barbi - EVP and Chief Investment OfficerThomas Gallagher - Senior Managing DirectorTony Cheng - President and CEOWes Carmichael - Executive DirectorConference Call ParticipantsAlex Scott - Insurance Research AnalystJimmy Bhullar - Equity Research AnalystJoel Hurwitz - AnalystJoh ...

Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward, with stronger rental growth in the first half followed by a deceleration in the latter half of the year [4][5] - The company purchased approximately $206 million of its stock during Q4 2025, totaling $300 million in stock purchases for the year [10] - The normalized FFO per share for 2025 was $3.99, with a guidance midpoint for 2026 at $4.08, reflecting a 2.25% improvement [27] Business Line Data and Key Metrics Changes - The blended rate for Q4 was 0.5%, driven by a strong renewal rate of 4.5%, while new lease rates were negative across most markets except San Francisco [14] - Other income growth was slightly below expectations due to less income from the bulk internet rollout and bad debt net improvement [14] Market Data and Key Metrics Changes - Coastal markets, particularly New York and San Francisco, showed strong performance, while Southern California markets and expansion markets experienced muted growth [14][21] - The company expects a significant decline in competitive new supply, with deliveries projected to decrease by 35% or about 40,000 units in 2026 compared to 2025 [11][12] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in renovations, acquisitions, and development activities selectively [9] - The focus is on maximizing shareholder returns through a well-earning renter portfolio across various metropolitan areas [7] - The company plans to sell properties with lower forward return profiles and use proceeds for stock buybacks, enhancing forward growth rates [10] Management's Comments on Operating Environment and Future Outlook - Management noted heightened policy and geopolitical uncertainty impacted consumer and employer confidence, leading to a slowdown in job and rent growth [5] - The outlook for 2026 includes a broad range of possible outcomes for the U.S. economy, with expectations for steady demand and improved supply conditions [6][12] - The company anticipates a return to a more normalized peak leasing season due to reduced competitive supply and stable job growth [17] Other Important Information - The company returned over $1.3 billion to shareholders in 2025 through dividends and stock repurchases [11] - The company expects Same Store expense growth in 2026 to range between 3%-4%, with controllable expenses remaining stable [25] Q&A Session Questions and Answers Question: Can you talk about the assets you're selling and the fund that repurchases? - The assets being sold are typically older, non-core properties with higher CapEx loads, which are expected to improve the growth rate of the existing portfolio [35] Question: Can you provide more color on your comment around the renewals at 4.5%? - The renewal quotes are around 6%, with confidence in landing at 4.5% due to a strong centralized process and low economic hardship among residents [42][44] Question: On the 2026 supply outlook, can you give us some background on how you come up with your competitive supply set? - The company uses both data from providers and a boots-on-the-ground approach to evaluate competitive supply, confirming a meaningful decline in 2026 [46][47] Question: Are you factoring in regulatory costs when assessing different markets? - Yes, the company considers litigation costs and regulatory conditions in its underwriting and portfolio allocation decisions [51][53] Question: What is the expected cadence of Same Store revenue growth through the year? - The second half of the year is expected to be stronger than the first, primarily due to reduced competitive supply [83]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported Adjusted EBITDA of $738 million and $2.833 billion for the full year, indicating a pivotal year despite market challenges [3][4] - The crude oil segment Adjusted EBITDA was $611 million, which included contributions from the Cactus 3 acquisition [10] - The NGL segment reported Adjusted EBITDA of $122 million, reflecting seasonal impacts and warm weather [10] Business Line Data and Key Metrics Changes - The company is transitioning to a peer-play crude company, enhancing cash flow quality through the sale of the NGL business and acquisition of the Cactus 3 Pipeline [3][4] - The NGL segment is expected to contribute $100 million of EBITDA post-divestiture, while the oil segment is projected to grow by 13% year-over-year [6][7] Market Data and Key Metrics Changes - Permian crude production is expected to remain flat year-over-year in 2026, with overall basin volumes around 6.6 million barrels by year-end [7] - The company anticipates a more constructive oil market environment in 2027, driven by global energy demand growth [7][30] Company Strategy and Development Direction - The company is focused on three key initiatives for 2026: closing the NGL divestiture, integrating the Cactus 3 Pipeline, and streamlining operations for efficiency [4][5] - A targeted $100 million in annual savings is expected through 2027, with half of that realized in 2026 [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding producer sentiment in the Permian Basin, noting improved efficiencies and a focus on preserving inventory [29][30] - The company remains committed to generating significant free cash flow and maintaining a flexible balance sheet while returning capital to unit holders [9][16] Other Important Information - A 10% increase in quarterly distribution was announced, raising the annual distribution to $1.67 per unit, representing an 8.5% yield [7][8] - The company plans to reduce its distribution coverage ratio threshold from 160% to 150%, reflecting improved cash flow visibility [8][39] Q&A Session Summary Question: Synergies from Cactus Pipeline - Management confirmed that $50 million in synergies are already on track, with half achieved through G&A and OPEX reductions [20] Question: Cost savings initiatives - The NGL business sale allows for a comprehensive review of company structure, targeting $100 million in savings by 2027 [24][25] Question: Permian Basin outlook - Producer sentiment is cautiously optimistic, with a focus on efficiency and improved recoveries [29][30] Question: Distribution coverage rationale - The 150% coverage level is seen as conservative, allowing for multi-year distribution growth [38][39] Question: Growth CAPEX details - The 2026 growth CAPEX is guided at $350 million, reflecting a return to typical investment levels [41][42] Question: Impact of geopolitical developments - Management discussed potential impacts from Venezuela, emphasizing the need for stability and investment for long-term changes [49][51] Question: Trends in other business segments - The company sees stable performance in Canadian operations, with growth expected in the Uinta Basin [83]

AutoNation (NYSE:AN) Q4 2025 Earnings call February 06, 2026 09:00 AM ET Speaker0Good morning, everyone. Welcome to AutoNation's fourth quarter 2025 conference call. Leading our call today will be Mike Manley, our Chief Executive Officer, and Tom Szlosek, our Chief Financial Officer. Following the remarks, we will open the call to questions. I'll now hand the call over to Derek Fiebig, Vice President of Investor Relations, to begin.Speaker3Thanks, Adam, and good morning, everyone. Welcome to AutoNation's fo ...

AerCap (NYSE:AER) Q4 2025 Earnings call February 06, 2026 08:30 AM ET Company ParticipantsAengus Kelly - CEOBrian Canniffe - Group TreasurerJamie Baker - Managing DirectorKristine Liwag - Executive DirectorMoshe Orenbuch - Managing DirectorPete Juhas - CFOShannon Doherty - Equity Research AssociateConference Call ParticipantsArren Cyganovich - Senior AnalystCatherine O'Brien - VP and Lead US Airline and Aircraft Lessor Equity Research AnalystChris Stathoulopoulos - Senior Equity Research AnalystRon Epstein ...

Piper Sandler Companies (NYSE:PIPR) Q4 2025 Earnings call February 06, 2026 08:00 AM ET Company ParticipantsBrendan O'Brien - SVPChad Abraham - Chairman and CEODeb Schoneman - PresidentDevin Ryan - Director of Financial Technology ResearchKate Clune - CFOKate Winslow - Head of Investor RelationsConference Call ParticipantsJames Yaro - Equity Research Analyst and Managing DirectorMike Grondahl - Director of Research and Senior Research AnalystNone - AnalystOperatorGood morning and welcome to the Piper Sandle ...

Financial Data and Key Metrics Changes - Preliminary consolidated operating revenue for 2025 is expected to be $3.7 billion, a 7% decrease compared to the prior year [32] - Preliminary operating cash flow for 2025 is approximately $194 million [11][37] - Debt at December 31, 2025, totaled approximately $229 million, resulting in net debt of approximately $116 million, a decrease of about $50 million compared to December 31, 2024 [38] Business Line Data and Key Metrics Changes - ITS segment operating revenue for 2025 is expected to be around $2.2 billion, reflecting a low single-digit year-over-year decrease [33] - Logistics segment operating revenue for 2025 is projected to be approximately $1.6 billion, with a high single-digit year-over-year decrease [34] - Brokerage volumes declined 10% year-over-year in the fourth quarter, with revenue per load down 4% [21] Market Data and Key Metrics Changes - Intermodal volume growth was 1% year-over-year in the fourth quarter, with refrigerated volumes increasing by 150% and Mexico volumes up 33% [13] - Market conditions have remained tighter due to weather, with opportunities for spot market support [22] - Demand and inventory levels remain balanced, with consumer resilience noted [25] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet and cash flow profile while investing in equipment, technology, and acquisitions [10] - Capital allocation includes a disciplined approach to capital deployment, returning capital to shareholders through dividends and share repurchases, and evaluating M&A opportunities [28][42] - The company aims to support growth with customers and improve network balance to reduce backhaul costs [17] Management's Comments on Operating Environment and Future Outlook - Management noted that the last year was a continuation of a challenging market cycle, but the company performed well by controlling costs and delivering record service levels [10] - There are positive trends in the marketplace as reflected in improving ISM New Orders and spot market activity [45] - The company believes it is well-positioned for growth in 2026 and beyond, despite some uncertainty in the near term [29][26] Other Important Information - An accounting error was identified that resulted in an understatement of purchased transportation costs and accounts payable, with a total reduction of $77 million recorded during the first nine months of 2025 [31] - The company plans to restate quarterly financial information for Q1, Q2, and Q3 2025 in its 2025 Form 10-K [32] Q&A Session Summary Question: What is the outlook for the intermodal segment in 2026? - Management expressed optimism regarding the 2026 bid cycle, driven by strong service performance and customer engagement [15][16] Question: How is the company addressing the challenges in the dedicated segment? - The company is focusing on operational discipline and service improvements to offset revenue declines from lost sites [18] Question: What are the expectations for capital expenditures in 2026? - Capital expenditures are projected to be between $35 million and $45 million, focusing on technology projects and opportunistic replacements for tractors [41]