Stellantis (NYSE:STLA) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company Participants Antonio Filosa - CEO Ed Ditmire - SVP of Investor Relations Emmanuel Rosner - Managing Director Henning Cosman - European Head of Automotive Research Horst Schneider - Head of European Automotive Research Joao Laranjo - CFO José Asumendi - Head of Global Autos and European Autos Equity Research Mike Tyndall - Director Patrick Hummel - Head of European Autos Research Philippe Houchois - Managing Director Stuart Pe ...

Financial Data and Key Metrics Changes - Full-year net income for 2025 was $132.8 million, or $3.53 per share, compared to $68.9 million, or $1.78 per share in the prior year quarter [3][4] - Consolidated fourth-quarter sales were $1.5 billion, down 7% from the fourth quarter of 2024 [4] - Fourth-quarter net income was $8.7 million, or $0.24 per share, compared to $68.9 million, or $1.78 per share in the year-ago quarter [4][5] Business Line Data and Key Metrics Changes - Building Materials Distribution (BMD) sales in the fourth quarter were $1.4 billion, down 5% from the fourth quarter of 2024, with segment EBITDA of $56.4 million compared to $84.5 million in the prior year quarter [7][8] - Wood Products sales in the fourth quarter were $354 million, down 16% compared to the fourth quarter of 2024, with segment EBITDA of $12.3 million compared to $56.6 million in the year-ago quarter [7][8] Market Data and Key Metrics Changes - Total U.S. housing starts increased by 4% year-over-year, while single-family housing starts increased by 7% compared to the prior year quarter [4] - Plywood sales volume was 354 million feet, down from 371 million feet in the fourth quarter of 2024, with average net sales price down 6% year-over-year [12][13] Company Strategy and Development Direction - The company continues to focus on expanding its distribution business and enhancing EWP production capabilities, with significant investments made in the last three years [3][4] - The acquisition of Holden Humphrey is expected to enhance the company's footprint and product offerings in the Northeast region [19][77] Management's Comments on Operating Environment and Future Outlook - Management noted that single-family starts fell short of 2024 levels by approximately 7% and are expected to be flat or modestly down in 2026 due to affordability challenges for homebuyers [20] - The company remains confident in long-term demand drivers for residential construction, including persistent undersupply of housing and high levels of homeowner equity [22] Other Important Information - The company repurchased approximately $181 million of common stock in 2025, including $70 million in the fourth quarter [15] - Capital expenditures for 2025 were $241 million, with expectations for 2026 spending to be between $150 million and $170 million [14][15] Q&A Session Summary Question: Can you talk about the share gains in the general line within BMD? - Management noted strong demand in general line products, achieving an all-time high in 2025, with continued growth expected [27][28] Question: How is the channel positioned for EWP as builders target low single-digit volume growth? - Management indicated that restocking has begun in Q1, and strong partnerships with builders and dealers position the company well for market recovery [30] Question: What areas will the new CEO focus on? - The new CEO emphasized maintaining strategic priorities, increasing earnings stability, and becoming the employer of choice for associates [31][32] Question: Can you provide more color on the Holden Humphrey acquisition? - The acquisition is expected to enhance efficiency and access to new product categories in the Northeast, allowing for expanded relationships with key suppliers [76][78] Question: What factors will drive BMD margins back to 5%? - Management indicated that improved sales velocity, mix shift, and seasonal strength in the second and third quarters could help achieve this margin target [46][60]

Domino's Pizza Posts Another Quarter of Growth as It Takes More Market Share - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Domino's Pizza Posts Another Quarter of Growth as It Takes More Market ShareBy [Evie Liu]ShareResize---ReprintsIn t ...

Financial Data and Key Metrics Changes - The company reported a consolidated net sales increase of 16% year-over-year, reaching $933 million in Q4 2025 [24] - OEM net sales grew by 18%, with RV sales increasing by 17%, primarily due to market share gains and a favorable product mix [24][25] - The operating profit margin improved by 180 basis points to 3.8%, driven by operational efficiencies and increased sales volume [26][27] - Adjusted EBITDA grew approximately 53% to $70 million, reflecting a margin of 7.5% [28] Business Line Data and Key Metrics Changes - The OEM segment's net sales increased by 18% to $737 million, with significant growth in RV OEM revenue [5][24] - Other OEM markets, including transportation and marine, saw a 21% year-over-year growth, while housing experienced a modest decline [25] - Aftermarket net sales expanded by 8% to $196 million, driven by product innovations and increased demand for upgrade and service parts [26][11] Market Data and Key Metrics Changes - The company expects RV wholesale shipments to range between 335,000 and 350,000 units in 2026, with the marine industry anticipated to remain flat to low single digits [7][31] - The transportation market is expected to be flat, but growth is anticipated from acquisitions made in 2025 [31] Company Strategy and Development Direction - The company aims to expand market share across all OEM markets and focuses on innovation to drive growth, having achieved a 67% increase in total content since 2020 [8][10] - The company plans to consolidate 8-10 facilities in 2026, building on the five consolidations completed in 2025, to improve operational efficiencies [19][32] - The company is actively pursuing M&A opportunities, having completed 77 strategic acquisitions since 2001, and aims to continue returning capital to shareholders [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position entering 2026, citing a strong team and competitive advantages [23] - The company anticipates continued growth in the aftermarket segment due to a significant number of RVs entering the repair cycle [12][31] - Management noted that while the industry outlook is cautious, they expect gradual recovery and improved retail numbers as the year progresses [76][88] Other Important Information - The company ended 2025 with a net debt to Adjusted EBITDA ratio of 1.8 times and maintained robust liquidity with over $200 million in cash [20][29] - The company returned $243 million to shareholders in 2025, including dividends and share repurchases [21][30] Q&A Session Summary Question: Sensitivity of 2026 outlook to potential rate cuts - Management indicated that the 2026 revenue range does not factor in potential rate cuts, focusing instead on market share gains [35] Question: Bridging the difference between 2026 and a normal run rate - Management noted that the industry is recovering slowly and expects a normalized range of 375,000 to 415,000 units in the near term [36][38] Question: Retail activity and dealer performance - Management observed that larger dealers are performing decently, while smaller and mid-sized dealers are struggling, impacting overall market dynamics [45][46] Question: Aftermarket performance and profitability - Management acknowledged headwinds in the automotive aftermarket due to pricing cycles but remains optimistic about growth opportunities [52][53] Question: First quarter outlook and margin expectations - Management expects first-quarter performance to be similar to the previous year, with gradual improvement in margins throughout the year [64][65]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net sales of $567 million, EBITDA of $50 million, and adjusted diluted earnings per share of $0.03 [5][16] - For the full year, net sales reached $2.7 billion, with EBITDA of $436 million and adjusted earnings per share of $2.65 [16] - The EBITDA margin for the siding business improved to 26%, up 1 percentage point from 2024, while the OSB segment faced significant price declines, resulting in a low EBITDA margin [14][16] Business Line Data and Key Metrics Changes - The siding business grew by 8% in 2025, with a 4% increase in net selling prices and a 4% increase in sales volumes [5][16] - ExpertFinish product line saw a remarkable 35% growth in Q4, while prime volumes declined by 5% [12] - OSB segment faced a revenue decrease of $129 million and EBITDA decline of $95 million due to unfavorable supply-demand dynamics [14] Market Data and Key Metrics Changes - Single-family housing starts were down approximately 10% in Q3 2025, with further weakness expected in Q4 [5] - The company noted a stronger market presence in the Upper Midwest, while being modestly insulated from softer markets in the Southeast [7] - OSB prices reached their lowest levels in 20 years, significantly impacting the segment's performance [9] Company Strategy and Development Direction - The company aims to drive growth, gain market share, and deliver product innovation while generating shareholder value [4] - Integration of operations under a chief commercial officer and chief operating officer structure is expected to enhance sales synergies and operational efficiency [10] - The company plans to invest approximately $400 million in capital expenditures for 2026, focusing on sustaining maintenance and strategic growth [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged affordability challenges due to tariffs, economic policy uncertainty, and deteriorating consumer confidence [4] - The company anticipates a difficult first quarter in 2026, with expected volume declines of 15%-20% and a weaker order file [20] - Despite current challenges, management remains confident in the long-term growth potential of the SmartSide product line and its market share gains [23] Other Important Information - The company achieved a total incident rate of 0.62 in 2025, earning the APA's Safest Company Award for the third consecutive year [11] - The company has over $1 billion in liquidity, with a cash balance of $292 million and an undrawn revolver of $750 million [17] Q&A Session Summary Question: What factors are influencing LP siding revenue guidance? - Management expects improvement in shed demand to be the dominant factor, alongside overall housing normalization [26][27] Question: Are there risks of a shift to lower-cost siding materials? - Affordability remains a headwind, with some movement towards vinyl, but the company believes in the value of its SmartSide offerings [28][29] Question: What is the demand outlook for the ExpertFinish product? - ExpertFinish continues to outperform due to macro trends, and the company has come off allocation due to operational improvements [31][32] Question: How is the competitive environment in siding evolving? - The company is gaining share across segments and remains optimistic about opportunities in new construction and repair remodel [40][41] Question: What is the outlook for OSB demand and capacity management? - The company is focused on matching supply with demand and is optimistic about a favorable pricing environment due to competitor mill closures [67]

Core Insights - The company experienced varied performance across brands, with luxury brand revenue declining by 12.7% year over year, influenced by challenging prior-year comparisons and weak sales promotions late in the quarter [1] - Same-store revenues were flat, and gross profit decreased by 1.2%, reflecting strong execution relative to market conditions [2] - The company achieved record revenues of $9.2 billion in the fourth quarter, contributing to a full-year revenue of $37.6 billion, which is a 4% increase from the previous year [4] Revenue and Profitability - New vehicle revenue declined by 6.6% due to an 8.3% unit decline as industry demand softened and supply normalized, with new vehicle gross profit per unit (GPU) at $2,760, down $300 year over year [2] - Used vehicle revenue increased by 6.1%, driven by a 4.7% unit growth, while used GPU was $1,575, down $151 year over year [5] - Aftersales revenue grew by 10.9%, with gross profit increasing by 9.8%, resulting in a gross margin of 57.3% [7] Operational Efficiency - The company is focusing on improving market share and volume to enhance profitability, with a strategy to reduce selling, general, and administrative (SG&A) expenses while increasing dynamic pricing [3][8] - Inventory levels remained stable, with new vehicle day supply at 54 days and used inventory at 40 days, contributing to lower floor plan interest costs [7] - The company is investing in technology to enhance operational efficiency, including AI-powered solutions and a new dealer management system [10][22] Financing Operations - Driveway Finance Corporation (DFC) reported record income with a managed receivables portfolio of $4.8 billion, up 23% year over year, and a net interest margin of 4.8% [24] - DFC's penetration rate reached 15% for the quarter, up 650 basis points, indicating strong growth potential [24] - The company aims for a long-term target of 20% penetration for DFC, which will enhance recurring income streams [11] Capital Allocation - The company repurchased 3.8% of its shares in the quarter and 11.4% of its shares in the previous year, focusing on maximizing shareholder returns through disciplined capital deployment [12][27] - A balanced capital strategy will be maintained, prioritizing share buybacks, selective acquisitions, and organic investments [28][29] - The company aims to acquire $2 billion to $4 billion in annualized revenues, targeting high-return acquisitions to strengthen its market position [16] Future Outlook - The company is positioned for compounding earnings growth in 2026 as industry conditions normalize, with a focus on increasing profitability and expanding its digital reach [13][30] - Strategic acquisitions remain a core pillar, with a goal to triple revenue while maintaining consistent EPS growth [14][15] - The company anticipates mid-single-digit growth in aftersales and aims to improve used vehicle pricing strategies to enhance GPU [56][50]

Financial Data and Key Metrics Changes - Total revenue increased by 7%, driven by a 9% growth in recorded music subscription streaming on an adjusted basis [5][20] - Total adjusted OIBDA rose by 22%, with a margin increase of 310 basis points [5][20] - Operating cash flow grew by 33%, achieving nearly 100% conversion of adjusted OIBDA [20][28] - Cash balance increased by over $200 million since the last quarter, reaching $751 million [21] Business Line Data and Key Metrics Changes - Recorded music streaming saw an 11% growth in subscription streaming, or 9% when adjusted for notable items [20] - Ad-supported streaming grew by 4%, while physical sales declined by 11% [20] - Artist services and expanded rights revenue increased by 13%, primarily due to concert promotion revenue in France [20] - Music publishing revenue grew by 9%, with a 15% growth when adjusted for notable items [20][86] Market Data and Key Metrics Changes - U.S. streaming market share grew by approximately one percentage point year-over-year, with a three percentage point increase on Spotify's Top 200 chart [7] - Internationally, the company achieved number one hits in multiple countries, including France, Italy, and China [8] Company Strategy and Development Direction - The company focuses on three strategic priorities: growing market share, increasing the value of music, and driving efficiency [5][11] - AI is being leveraged to enhance artist discovery, marketing, and operational efficiency [12][15] - The company is committed to ethical AI practices, ensuring artists have the right to opt-in for the use of their likeness in AI-generated content [15][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong momentum and a healthy industry outlook [16][30] - The company anticipates continued growth driven by strategic investments and favorable DSP agreements [30][50] - Management highlighted the importance of ethical AI deployment to protect artists while creating value [15][41] Other Important Information - The company has renewed its deal with TikTok, resulting in improved deal economics [11] - A significant increase in joint venture capacity with Bain from $1.2 billion to approximately $1.65 billion was announced [23][70] Q&A Session Summary Question: Can you expand on your AI philosophy and the financial impact of AI deals? - The company emphasizes ethical models in AI partnerships, ensuring proper licensing and artist rights [33][36] - Financially, the company expects material impacts from AI deals, with revenue sharing based on platform growth [42][43] Question: What is the outlook for paid streaming growth and potential growth accelerants? - The company is optimistic about transitioning to volume and value-led growth in streaming, with AI expected to introduce super premium tiers [49][50] Question: How is the company achieving consistent market share growth? - The company attributes growth to broad-based improvements across regions and business units, supported by strategic restructuring and investments in technology [55][56] Question: Can you provide insights on the performance of Music Publishing? - Music Publishing has seen double-digit growth, with a focus on A&R strategy and expansion in developing regions [86] Question: What is the response from artists regarding AI opportunities? - Artist engagement with AI initiatives has been high, with many expressing interest in participating [82][87]

Core Viewpoint - Gabriel Holding A/S has shown growth in its continuing operations despite challenging market conditions in the furniture industry, with expectations for revenue and earnings to persist into the 2025/26 financial year [2][3]. Financial Performance - Continuing operations achieved a revenue growth of DKK 5.8 million, or 5%, in the first quarter, resulting in total revenue of DKK 129.2 million compared to DKK 123.5 million in the previous year [5]. - The primary result (EBIT) for continuing operations improved from DKK 4.1 million to DKK 9.2 million, attributed to increased revenue, improved gross margin, and stable cost levels [5]. - Cash flow from operating activities for the Group was DKK 36.9 million, up from DKK 33.8 million [5]. Market Outlook - Management anticipates that the challenging market conditions affecting the furniture industry will persist into the 2025/26 financial year due to ongoing geopolitical risks [2][3]. - Revenue from continuing operations is projected to be between DKK 510–550 million, with primary earnings (EBIT) expected to be in the range of DKK 40–55 million [3]. Business Segments - Growth in continuing operations is primarily driven by the textile business and advancements in North America, Asia, and Europe [5]. - The discontinued operations (FurnMaster) experienced a revenue decline of 19%, with a profit after tax of DKK –3.5 million, an improvement from DKK –9.4 million in the same period last year [5]. Overall Profitability - The total profit after tax, including results from discontinued operations, was DKK 2.2 million, compared to a loss of DKK –2.2 million in the previous year [5].

Core Insights - Costco Wholesale Corporation's stock increased following strong monthly sales data, indicating steady demand in both U.S. and international markets [1] - JP Morgan analyst Christopher Horvers maintains an Overweight rating on Costco with a price target of $1000, highlighting the company's market share gains and improving traffic trends [1][2] Sales Performance - Comparable sales are expected to accelerate due to easier comparisons and stimulus spending, with consumables making up about 70% of Costco's product mix [2] - U.S. core comparable sales rose 6.3% in December, surpassing consensus and internal expectations, while total enterprise traffic increased by 2.7% year over year [3][4] - Average ticket size increased by 3.4% when excluding gas price deflation and foreign exchange impacts [4] Regional Insights - The Midwest, Northwest, and Southeast regions led U.S. performance, while Australia, Japan, and Korea contributed to international strength [5] - Weather negatively impacted some Northeast demand in December, but comparisons against BJ's were less unfavorable [5] Membership and Revenue - Membership fees account for approximately half of Costco's operating profit, providing strong pricing power and margin flexibility [3] - Executive membership sign-ups rose to 80,000 per week, contributing to a 5% growth in membership fee income this quarter [6][7] Future Outlook - Strong November and December results suggest Costco "won the holidays," with expectations for continued sales growth as year-over-year comparisons ease [6] - Anticipated spring tax stimulus is expected to further enhance Costco's demand profile [6]

Financial Data and Key Metrics Changes - Winnebago Industries reported a net revenue growth of over 12% in Q1 2026, driven by higher unit volume and selective price increases [17] - Adjusted earnings per diluted share were $0.38, compared to an adjusted net loss per share of $0.03 in the same quarter last year [18] - Operating expenses declined by 3.2% year-over-year, primarily due to cost reduction initiatives [17] Business Line Data and Key Metrics Changes - Towable RV segment net revenues grew by 15.5%, driven by higher volume from popular models and selective price increases [18] - Motorhome segment net revenues increased by 13.5% year-over-year, primarily due to favorable product mix and selective price increases [19] - Marine segment net revenues grew by 2.2%, attributed to selective price increases despite lower unit volume [19] Market Data and Key Metrics Changes - Industry RV retail registrations declined by 7.6% year-over-year in October, following a 2.2% increase in the prior month [11] - North American RV unit shipments totaled over 30,000 units in October, down about 1% from the prior year, but up about 4% year-to-date [12] - The company revised its industry forecast upward to a range of 335,000-345,000 units for 2025, aligning with RVIA's projections [12] Company Strategy and Development Direction - The company is focusing on affordability by introducing lower-priced products to cater to cost-conscious consumers [8] - Winnebago is transforming its Towables brand to enhance dealer access and market share [9] - The company aims to strengthen its balance sheet and reduce net leverage ratio while targeting operational efficiency [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the retail environment, noting the importance of upcoming retail shows for consumer engagement [30] - The company is monitoring macroeconomic indicators such as interest rates and consumer sentiment to gauge market conditions [32] - Management emphasized that financial guidance reflects the company's performance strength rather than reliance on industry growth [23] Other Important Information - Winnebago received multiple industry awards for its 2026 model year, reflecting its commitment to innovation and quality [15] - The company has been recognized for its sustainability efforts, contributing over $3.9 million and volunteering 13,600 hours in fiscal 2025 [16] Q&A Session Summary Question: What signals are you looking for to ascertain whether your end markets might grow for the first time since the pandemic? - Management indicated that foot traffic and consumer appetite at upcoming retail shows will be key indicators [30] Question: What were the big drivers of incremental margins in the towable business? - Management cited higher warranty expenses and product mix as primary drivers affecting margins [38] Question: What market share trends are being considered in your guidance? - Management expects to drive market share growth in specific segments, including Super Cs and Grand Design products [39] Question: Have you seen any pushback at retail regarding selective price increases? - Management noted that price increases are selective and focused on new products, with a disciplined approach to pricing [46] Question: Can you quantify the impact of margin recapture initiatives on motorized margins? - Management stated that improvements in motorized margins are expected to grow sequentially, with significant contributions anticipated in the future [85]