Medallion Financial (NasdaqGS:MFIN) Q4 2025 Earnings call February 19, 2026 09:00 AM ET Company ParticipantsAndrew Murstein - President and CEOAnthony Cutrone - EVP and CFOChristopher Nolan - Senior Vice PresidentVal Ferraro - Investor RelationsConference Call ParticipantsMike Grondahl - Head of Equity Research and Senior Research AnalystOperatorGood day, and welcome to the Medallion Financial Corp. Fourth Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. Should you need a ...

GAAP EPS was $4.67, including special items that reduced full-year earnings by $0.60 per share. Excluding special items, adjusted EPS was $5.27, down from $5.92 in 2024.For the full year, Cleminson reported revenue of $1.8 billion, down 4% from 2024. Adjusted EBITDA was $203 million, down from $225.2 million in 2024. Net income for 2025 was $116.6 million, up from $35.6 million the prior year.Net income was $47.4 million, compared with a net loss of $70.4 million in the prior-year quarter. Cleminson said th ...

Grischow said SUNC “will be an attractive option to invest in Sunoco,” particularly for investors outside the U.S., institutional investors, and retirement accounts. Management expects minimal corporate income taxes at SUNC for at least five years, which it said should allow SUNC’s distribution to remain “very similar” to Sunoco LP’s distribution during that period.Grischow emphasized that SUNC’s only asset is its limited partner interest in Sunoco LP and that SUNC consolidates Sunoco LP into its financial ...

Core Viewpoint - TC Energy Corporation (NYSE: TRP) has been downgraded by CIBC from Outperformer to Neutral, despite showing some positive stock movement following its Q4 2025 earnings call [1][5]. Financial Performance - TC Energy's Q4 2025 earnings call provided insights into its financial performance and strategic direction, which are crucial for investors [2][5]. - The company's market capitalization is approximately $66.12 billion, indicating a significant presence in the energy sector [4]. Stock Performance - Following the downgrade, TRP's stock price increased by approximately 3.49%, with a price change of $2.14 [3][5]. - On the day of the report, TRP reached a low of $61.28 and a high of $63.94, marking its highest price over the past year [3]. - The lowest price for TRP in the past year was $43.59 [3]. Market Activity - The trading volume for TRP is 3,341,838 shares, reflecting active investor interest in the stock [4].

Financial Data and Key Metrics Changes - The company reported a net profit of $172.6 million for Q4 2025, representing a 5.3% increase in earnings per share compared to Q4 2024, with earnings per share at $4.18 [11] - Operating profit for the quarter was $209.6 million, resulting in an operating margin of 21.8% [11] - For the full year 2025, the net profit reached $671.6 million, or $16.28 per share, an 11.9% year-over-year increase [14] - Operating income for the full year was $819 million, an 8.8% increase year-over-year, with operating margins at 22.6% [14] Business Line Data and Key Metrics Changes - Capacity increased by 9.9% year-over-year in Q4, while passenger traffic rose by 10.1%, leading to a load factor increase of 0.2 percentage points to 86.4% [5] - For the full year, capacity in ASMs grew by 7.8%, and passenger traffic in RPMs increased by 8.6%, resulting in a load factor increase of 0.7 percentage points to 87% [6] Market Data and Key Metrics Changes - The company noted strong demand trends across the region, supported by healthy travel activity, which allows leveraging the advantages of its Hub of the Americas [8] - The company is experiencing improved demand and better yields due to stronger local currencies in South America [26] Company Strategy and Development Direction - The company plans to grow capacity by 11%-13% in 2026, with approximately half of this growth attributed to the full-year impact of capacity added in 2025 [8][18] - The company continues to expand its network, adding frequencies and new cities to its Hub of the Americas, reinforcing its competitive position [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth plan and the current demand environment, which supports expectations for strong margins in 2026 [8] - The company anticipates an operating margin within the range of 22%-24% for 2026, based on a load factor of approximately 87% and unit revenues of around 11.2 cents [18] Other Important Information - The company has a total cash, short-term, and long-term investments of $1.6 billion, representing 44% of last 12-month revenues [15] - The board of directors approved a quarterly dividend payment of $1.71 per share for 2026, with the first payment scheduled for March 13 [16] Q&A Session Summary Question: Impact of developments in Venezuela on demand - The company resumed flights to Venezuela and plans to gradually add capacity throughout 2026 [21] Question: Wi-Fi service provider selection - The company has chosen a provider for Wi-Fi service, with details to be announced in April [22] Question: Effects of stronger local currencies on demand - The company is seeing improved demand and better yields due to stronger currencies in South America [26] Question: Guidance on RASM despite increased capacity - Management explained that the guidance for flat RASM considers the full-year effect of growth in 2025 and additional frequencies in existing markets [30] Question: CASM ex-fuel guidance - Management indicated confidence in achieving a CASM ex-fuel of approximately 5.7 cents, supported by various cost-saving initiatives [34] Question: Buyback program status - The company has executed approximately half of the $200 million buyback program approved by the board [91] Question: Potential impact of Brazilian law on costs - Management noted that the suspension of law 400 in Brazil could lead to significant cost savings for the airline [95]

Service Corporation International (NYSE:SCI) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsA.J. Rice - Managing DirectorEric Tanzberger - CFOScott Schneeberger - Managing DirectorTobey Sommer - Managing DirectorTom Ryan - Chairman and CEOTomohiko Sano - Managing DirectorTrey Bocage - Assistant VP of Treasury and Investor RelationsConference Call ParticipantsJoanna Gajuk - Equity Research AnalystParker Snure - Associate AnalystOperatorGood day, and welcome to the SCI Fourth Quarter ...

Financial Data and Key Metrics Changes - The company expects EBITDA margin expansion of 40-50 basis points for 2026, which accounts for a planned investment of $4 million-$6 million for California expansion [11][12] - The leverage ratio is projected to be between 3.0-3.2 times, with a goal to reduce it to 2.5-3 over time [50][51] Business Line Data and Key Metrics Changes - The company anticipates positive distribution gains in 2026, driven by innovation and expansion into California, which is currently an untapped market [41][64] - The company has seen strong performance in productivity, mitigating inflation impacts, and expects to maintain a positive contribution from both volume and price across its portfolio [22][25] Market Data and Key Metrics Changes - The company noted that its core markets, particularly in Maryland, Virginia, and Washington, D.C., were disproportionately impacted by disruptions in November, affecting overall sales [30][31] - The overall category is expected to remain flat, with cautious optimism for a positive response from consumers due to better brands and innovation [43][44] Company Strategy and Development Direction - The company is focused on geographic expansion, distribution gains, and investing in marketing and innovation to drive growth [9][10] - The management emphasized the importance of maintaining a flexible approach to navigate a dynamic market environment while preparing for various outcomes [78][79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial plan for 2026, highlighting the importance of a rational promotional environment and continued investment in marketing [9][10] - The management acknowledged the challenges posed by inflation and consumer dynamics but remains optimistic about the company's ability to grow through strategic initiatives [92][93] Other Important Information - The company is launching new products, including protein pretzels and Boulder Canyon offerings, with expected distribution gains starting in Q2 [33][34] - The management is committed to maintaining affordability and value for consumers, which is crucial for driving volume growth [52][56] Q&A Session Summary Question: Expectations regarding competitive pricing and investment for 2026 - Management feels confident in their commercial plan and anticipates a flat category, guiding for 200-300 basis points of growth [9][10] Question: Clarification on EBITDA margin guidance - The company expects 40-50 basis points of margin expansion, accounting for planned investments and a dynamic environment [11][12] Question: Impact of SNAP disruption on sales - The core markets were more affected due to their demographic characteristics, which contributed to the overall sales impact [30][31] Question: Distribution and innovation timeline - Distribution gains are expected to start in Q1, with innovations rolling out in Q2 [33][34] Question: Consumer dynamics and affordability - Management noted that affordability remains a key focus, with a balanced approach to pricing and innovation [52][56] Question: Long-term portfolio strategy - The company is focused on expanding its portfolio to include more protein and fiber options, aligning with consumer trends [95][96]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported distributable earnings of $37 million, or $0.26 per diluted share, while for the full year, distributable earnings totaled $139 million, or $0.98 per diluted share [4] - GAAP net income available to common stockholders was $26 million, or $0.18 per diluted share for Q4, and $114 million, or $0.81 per diluted share for the full year [4] - The total CECL allowance stood at $383 million at year-end, equating to 418 basis points of the loan portfolio's total amortized cost, down from 457 basis points a year ago [6] Business Line Data and Key Metrics Changes - The company committed $1.3 billion to new loans in Q4, with $1.1 billion funded at close, and completed approximately $200 million of gross add-on fundings for previously closed loans [6] - Loan repayments and sales totaled $852 million in Q4 and $2.9 billion for the full year, reflecting continued portfolio rotation [7] - The loan portfolio increased by approximately $1.6 billion year-over-year on an amortized cost basis, ending the year at approximately $8.8 billion [8] Market Data and Key Metrics Changes - Over 60% of the loan portfolio is now represented by post-2022 origination, indicating a shift in the company's lending strategy [7] - The portfolio has a weighted average unlevered all-in yield of 7.3%, with 99% first mortgages and 96% floating rate exposure [8] Company Strategy and Development Direction - The company is focused on managing its real estate owned portfolio to improve cash flow and maximize value at exit, particularly through leasing and cost-saving initiatives [2][3] - Management is exploring options to unlock additional value from adjacent land parcels and is evaluating strategies for the REO assets [2][18] - The company is considering various strategies for future growth, including potential investments in mezzanine and construction lending, or leveraging Apollo's access to business lines [27][29] Management's Comments on Operating Environment and Future Outlook - Management received positive feedback from investors regarding efforts to unlock value, but there are questions about future capital strategies [11] - The company is currently evaluating specific internal ideas for future strategies, while also engaging with external proposals [13] - Management indicated that the REO portfolio is not critical to the future direction of the company, allowing for independent decisions on asset monetization [20] Other Important Information - The company ended the year with $151 million of total liquidity and held over $430 million of unencumbered assets [8][9] - Book value per share was $12.14 at year-end, relatively flat compared to the prior quarter [9] Q&A Session Summary Question: Feedback from investors regarding the transaction value and stock trading - Management noted overwhelmingly positive feedback but acknowledged questions about future capital strategies and the disconnect between book value and stock price [11][12] Question: Marketing strategy for REO assets and timing for monetization - Management indicated that stabilization of The Brook is expected later this year, and the decision to monetize will depend on market conditions [17][18] Question: Dividend policy post-portfolio sale - Management envisions paying a Q1 dividend of $0.25 per share, subject to board approval, and will discuss future dividends as they approach Q2 [25][26] Question: Strategy for creating an entity that trades above book value - Management is considering various strategies, including a focus on earnings streams and potential investments that offer higher returns [27][29]

Core Insights - The presentation focuses on the 2025 results of International Petroleum, highlighting a strong performance in production and cost management [2]. Production Performance - The average production for Q4 was 45,600 barrels of oil equivalent per day, with a full year average of 44,900 BOEs per day, which is near the top end of the guidance range of 43,000 to 45,000 BOEs per day [2]. Cost Management - Operating costs for Q4 were $17.40 per barrel of oil equivalent, while the annual operating cost was $17.80 per BOE, aligning with the forecast range of $18 to $19 per BOE for the full year [3]. Capital Expenditure - The total capital expenditure for IPC, including decommissioning, was $344 million, consistent with the company's financial plans [3]. Project Development - The Blackrod Phase 1 development project was completed approximately a quarter earlier than initially guided, indicating efficient project management [3].

Financial Data and Key Metrics Changes - Third quarter net sales were $461 million, a 17% increase year-over-year [4] - Consolidated gross margin for the quarter was 44.3%, with an adjusted gross margin of 45.1% [4][13] - Adjusted diluted EPS was $3.04, representing a 30% improvement from $2.34 a year ago [4] - EBITDA increased to $149.6 million, up 22% from $122.6 million last year [4][16] - Free cash flow for the period was $99.1 million, with a conversion rate of 147% [16] Business Line Data and Key Metrics Changes - Aerospace & Defense (A&D) sales increased by 41.5% year-over-year, with commercial aerospace expanding by 21.5% and defense by 86.2% [5][13] - Industrial business grew by 3.1%, with industrial distribution up 1.5% and OEM sector up 7% [10][11] - A&D gross margins were 40.1%, or 42.2% on an adjusted basis, while industrial margins were 47.5% [14] Market Data and Key Metrics Changes - 56% of revenues were from industrial sectors, while 44% came from A&D [5] - The company has exceeded a $2 billion backlog, indicating strong demand across A&D sectors [5] - The semiconductor industry showed significant demand growth, contributing positively to order trends [11] Company Strategy and Development Direction - The company is focused on expanding its A&D revenues by adding machinery and staff to support growth [10] - A five-year plan is in place to enhance production capabilities across existing sites [10] - The company aims to maintain a capital allocation strategy focused on deleveraging and paying off debt [16] Management's Comments on Operating Environment and Future Outlook - Management described the A&D sector's outlook as extremely robust, driven by national defense priorities and commercial aircraft build rates [6][10] - The company expects continued margin improvement in A&D due to increased efficiencies and better pricing on contracts [14] - For the fourth quarter, revenue guidance is set at $495 million to $505 million, representing year-over-year growth of 13.1% to 15.4% [17] Other Important Information - The company paid down an additional $81 million of debt during the third quarter [5][16] - Interest expense decreased by 8.5% year-over-year, reflecting improved leverage and lower interest rates [15] Q&A Session Summary Question: Can you provide details on the industrial business outlook for Q4 and 2027 growth? - Management expects Q4 growth to be similar to Q3, with positive PMI trends indicating a bullish sign for the business [20] Question: What is the composition of the backlog and its relationship with revenue? - Over 90% of the backlog is from the A&D market, with some contracts extending beyond 12-24 months [28] Question: How do you view the growth potential for the missile business relative to commercial aerospace? - Management indicated that while missile business growth is significant, it is not expected to surpass the commercial aircraft business [48] Question: Can you clarify the production rates for Boeing and Airbus programs? - Boeing is increasing production rates, with the 737 aiming for 60 units per month in the near future [57] Question: What is the expected capital expenditure for the upcoming periods? - Capital expenditures are expected to remain around 3.5% of revenue, with modest investments to meet demand [75]