California Water Service Group (NYSE:CWT) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsGreg Milleman - VP of Rates and Regulatory Affairs OfficerJames Lynch - SVP, CFO and TreasurerMarty Kropelnicki - Chairman, President and CEOShilen Patel - Chief Business Development Officer and VPConference Call ParticipantsDavis Sunderland - Equity Research AnalystOperatorLadies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this ...

Public Service Enterprise Group (NYSE:PEG) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsBill Appicelli - Executive DirectorCarlotta Chan - Director of Investor RelationsDan Cregg - EVP and CFOJulian Dumoulin-Smith - JefferiesMichael Sullivan - Director of Equity ResearchRalph M. LaRossa - President , Chair and CEOShahriar Pourreza - Managing Director and Head of North American Power, InfrastructureConference Call ParticipantsAnthony Crowdell - Managing Director and Senior AnalystJ ...

Public Service Enterprise Group (NYSE:PEG) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Speaker10Ladies and gentlemen, thank you for standing by. My name is Rob, I am your event operator today. I'd like to welcome everyone to today's conference, Public Service Enterprise Group's fourth quarter and full year 2025 earnings conference call and webcast. At this time, all participants will be in listen-only mode. Later, we'll conduct a question and answer session for members of the financial community. At ...

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $220 million, a slight decrease from $222 million in Q4 2024. Net income for the quarter was $11.5 million, or $0.19 per diluted share, compared to $19.7 million, or $0.33 per diluted share in the prior year [11][12] - For the full year 2025, operating revenue was $1 billion, compared to $1.37 billion in 2024. When compared to non-GAAP 2024 revenue of $949.3 million, revenue increased by $50.8 million, or approximately 5.4%. Net income attributed to the group was $128.2 million, compared to $190.8 million in 2024, reflecting a 1% increase when compared to non-GAAP 2024 income [13][14] Business Line Data and Key Metrics Changes - The company invested a record $517 million into infrastructure systems in 2025, including $52.3 million in Q4 alone, representing a 19.8% increase over construction levels in 2024 [9][15] - The company maintained an A+ stable credit rating from S&P, one of the highest-rated credit utilities in North America [10] Market Data and Key Metrics Changes - The company experienced a significant weather impact in December 2025, which negatively affected financial results, particularly in California due to exceptionally wet and cold weather [8][11] - The company received approval for a 3% interim rate increase in California, implemented in January 2026, following a delay in the rate case decision [10][12] Company Strategy and Development Direction - The company announced the acquisition of Nevada and Oregon operations from Nexus Water, which will expand its geographical footprint and solidify its position in the Western U.S. water industry [4][22] - The company plans to continue pursuing growth opportunities in high-growth areas and strategic acquisitions that align with its capital investment strategy [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the timely completion of the 2024 California General Rate Case, highlighting proactive engagement with regulators and a focus on affordability for customers [35][56] - The company is committed to addressing PFAS regulations and has allocated significant capital for related projects, with plans to spend between $50 million and $70 million in 2026 [66][68] Other Important Information - The company declared its 324th consecutive quarterly dividend of $0.33 per share and announced an intended annual dividend of $1.34 per share for 2026, representing an 8.1% increase over 2025 [19][20] - The company maintains a strong liquidity profile with $51.8 million in unrestricted cash and $45.6 million in restricted cash, along with approximately $470 million available on bank lines of credit [18] Q&A Session Summary Question: Is the delay of cases something that should be expected as a new norm? - Management indicated that recent efforts by the California Water Association have focused on educating commissioners about the impacts of delays, leading to a more timely process for future cases [51][56] Question: What are the regulatory mechanisms in Oregon or Nevada? - Management highlighted that Nevada has a reasonable commission allowing phased-in statewide rates and a hybrid rate environment, while Oregon has mechanisms for interim rates and construction work in progress [59][60] Question: Update on PFAS funding and plans? - Management confirmed ongoing plans to address PFAS regulations, with significant spending allocated for treatment and infrastructure improvements, emphasizing the importance of water quality [66][68]

Chesapeake Utilities (NYSE:CPK) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsBeth Cooper - Executive Vice President, Chief Financial Officer, Treasurer, and Assistant Corporate SecretaryJeff Householder - Chair of the Board, President, and CEOJim Moriarty - Executive Vice President, General Counsel, Corporate Secretary, and Chief Policy and Risk OfficerLucia Dempsey - Head of Investor RelationsMichael Brown - Equity Research AssociateConference Call ParticipantsAlex Kania - Managi ...

Chesapeake Utilities (NYSE:CPK) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsBeth Cooper - Executive Vice President, Chief Financial Officer, Treasurer, and Assistant Corporate SecretaryJeff Householder - Chair of the Board, President, and CEOJim Moriarty - Executive Vice President, General Counsel, Corporate Secretary, and Chief Policy and Risk OfficerLucia Dempsey - Head of Investor RelationsMichael Brown - Equity Research AssociateConference Call ParticipantsAlex Kania - Managi ...

Karen Haller: Thanks, Tyler. Good morning, everyone, and thank you for joining us today. Last year, we turned the page on our transformational strategy with the successful disposition of Century in September. An important milestone that completed our transition to a fully regulated natural gas business. This strategic step enabled us to fully pay down the remaining holding company debt, strengthened our balance sheet, and unlocked meaningful capital to reinvest in our core operations. With our focus now ful ...

Core Insights - McDonald's Corporation (MCD) is increasing its capital investment plans, with 2026 capital expenditures projected at approximately $3.7-$3.9 billion, up from about $3.4 billion in 2025, focusing on unit growth and future development [1][8] Group 1: Capital Investment and Growth Strategy - The company opened roughly 2,275 restaurants globally in 2025 and plans approximately 2,600 gross openings in 2026, aiming to reach 50,000 restaurants worldwide by the end of 2027 [2][8] - Management noted that the increase in capital spending is part of a long-term growth strategy, with expectations of net restaurant growth in 2026 contributing approximately 2.5% to systemwide sales growth [4][8] - Capital expenditures for 2025 were modestly above initial expectations due to foreign exchange impacts and progress on restaurants scheduled to open in 2026 and 2027 [3] Group 2: Stock Performance and Valuation - McDonald's shares have gained 8.1% over the past year, contrasting with a decline of 5.3% in the industry, while competitors like Starbucks, Sweetgreen, and Chipotle have seen declines of 15.6%, 74.7%, and 27.1% respectively [5] - The forward price-to-sales (P/S) multiple for McDonald's is 8.1, significantly higher than the industry average of 3.72, with competitors like Starbucks, Sweetgreen, and Chipotle having P/S multiples of 2.78, 0.93, and 3.84 respectively [9] Group 3: Earnings Projections - The Zacks Consensus Estimate for McDonald's 2026 earnings per share has seen a decline in the past 30 days, with current projections indicating an 8.6% rise in 2026 earnings [12][13] - In contrast, industry players like Sweetgreen and Chipotle are expected to experience declines of 7.6% and 2.6% respectively in 2026 earnings, while Starbucks is projected to see an 8.5% rise [13]

Financial Data and Key Metrics Changes - Adjusted earnings per share (EPS) for 2025 were $5.64, an increase from $5.18 in 2024, reflecting an 8.9% growth [4][10] - Consolidated earnings increased by $0.46 per share compared to the previous year, with revenues rising by $1.70 per share due to authorized rate increases [10][11] - Operating costs increased by $0.42 per share, primarily due to employee-related costs and higher production costs [11] Business Line Data and Key Metrics Changes - The company invested over $3 billion in infrastructure in 2025 to enhance service reliability and quality [5][19] - The company completed six rate cases in 2025, with significant revenue increases authorized in various states [11][12] Market Data and Key Metrics Changes - The company serves approximately 14 million people, maintaining residential water bills under 1% of median household income [5][20] - The company has over 104,000 customer connections under agreement heading into 2026, indicating growth in customer base [6][21] Company Strategy and Development Direction - The company is focused on addressing aging infrastructure and water quality challenges while ensuring customer affordability [8][19] - A definitive merger agreement with Essential Utilities was announced, expected to close by the end of Q1 2027, which aims to enhance service offerings [6][9] Management's Comments on Operating Environment and Future Outlook - Management affirmed 2026 EPS guidance of $6.02-$6.12, representing an expected 8% growth compared to 2025 [7][15] - The company is committed to responsible investments and operational efficiencies to support customer affordability and regulatory compliance [15][19] Other Important Information - The company plans to issue approximately $2.5 billion in external equity from 2026 to 2030 to fund growth and maintain financial stability [15][17] - The total debt to capital ratio as of December 31 was 59%, with expectations to remain below 60% [17] Q&A Session Summary Question: What are the plans for the Peoples Gas business post-merger? - The company will review strategic alternatives for Peoples after the merger closes, with proceeds potentially used for debt repayment and reinvestment [24] Question: What is the 2025 realized FFO to debt? - The company typically does not disclose FFO to debt but suggests it can be calculated from financial statements [25] Question: What is the status of the rate cases in Pennsylvania, New Jersey, and Illinois? - The company is progressing as expected in rate cases and is open to settlements if they are beneficial [26][36] Question: What approvals are remaining for the Nexus acquisition? - The company has received approvals in several states but still requires approvals in about five states, with no current challenges anticipated [30] Question: How does affordability scrutiny affect ongoing rate cases in Pennsylvania? - Rate cases are driven by necessary investments, and the company does not foresee changes in the current pace of filings [35]

Financial Data and Key Metrics Changes - Adjusted earnings per share (EPS) for 2025 were $5.64, an increase of 8.9% from $5.18 in 2024 [4][11] - Revenues increased by $1.70 per share, driven by authorized rate increases and acquisitions [11] - Operating costs increased, with O&M expenses up by $0.42 per share, primarily due to employee-related costs and higher production costs [12] Business Line Data and Key Metrics Changes - The company invested over $3 billion in infrastructure in 2025 to enhance service reliability and quality [5] - The company completed six rate cases in 2025, with significant revenue increases authorized [12][13] Market Data and Key Metrics Changes - The company serves approximately 14 million people, maintaining residential water bills under 1% of median household income [5][20] - The company has 104,000 customer connections under agreement heading into 2026, indicating growth in customer base [6][22] Company Strategy and Development Direction - The company is focused on addressing aging infrastructure and water quality challenges while ensuring customer affordability [9] - A definitive merger agreement with Essential Utilities was announced, expected to close by the end of Q1 2027, aimed at enhancing service offerings [6][10] Management's Comments on Operating Environment and Future Outlook - Management affirmed 2026 EPS guidance of $6.02-$6.12, representing an expected 8% growth [8][17] - The company is committed to responsible investments and operational efficiencies to support customer affordability and regulatory compliance [17][20] Other Important Information - The company repaid a $795 million secured seller note, aligning with 2026 guidance assumptions [18] - The company maintains a total debt to capital ratio of 59% and aims to keep it below 60% [19] Q&A Session Summary Question: What are the plans for the People's Gas business post-merger? - The company will review strategic alternatives for People's after the merger closes, with proceeds potentially used for debt repayment and reinvestment [26] Question: What was the 2025 realized FFO to debt? - The company typically does not disclose FFO to debt but suggests it can be calculated from financial statements [27] Question: Expectations for settlements in Pennsylvania, New Jersey, and Illinois rate cases? - The company is open to settlements if they are constructive and beneficial, with cases progressing as expected [28] Question: Key approvals remaining for Nexus? - The company has received approvals in several states but still requires approvals in about five states, with no current challenges [32] Question: How does affordability scrutiny affect rate cases in Pennsylvania? - Rate cases are driven by necessary investments, and the company does not foresee changes in the current pace of filings [37] Question: How does the New Jersey rate case timing interact with the BPU study? - The New Jersey case is also driven by system investments, and the company believes its rates remain affordable compared to other utilities [40]