EquipmentShare.com (NasdaqGS:EQPT) Q4 2025 Earnings call March 19, 2026 08:30 AM ET Speaker8Good morning. Thank you for attending today's EquipmentShare Q4 and full year 2025 financial results conference call. My name is Jennifer, and I'll be your moderator today. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you would like to ask a question, press star one on your telephone keypad. I would now like to pass the conference ov ...

This presentation contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to the expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities, and performance at our stores. There are a number of known and unknown risks, ...

Investment Rating - The investment rating for the artificial intelligence industry is "Outperform" [1] Core Insights - The capital expenditures (CapEx) and return on invested capital (ROIC) of major cloud companies have shown significant growth, indicating an acceleration in downstream cloud demand. Companies like Microsoft, Meta, Amazon, and Google have all reported year-on-year and quarter-on-quarter increases in CapEx and revenue growth [2][57] - The overall ROIC for major players has increased due to revenue and profit growth, although net profit growth has slowed down, affecting the quarter-on-quarter ROIC performance [2][58] Summary by Sections Capital Expenditures and Performance Review - In Q4 2025, Microsoft reported a CapEx of $37.5 billion, a year-on-year increase of 65.9% and a quarter-on-quarter increase of 7.5%, primarily for GPU and CPU purchases to meet AI infrastructure needs [8][6] - Meta's Q4 2025 CapEx reached $22.1 billion, up 49.17% year-on-year and 14.26% quarter-on-quarter, mainly for server and data center investments [21][19] - Google's Q4 2025 CapEx was $27.85 billion, reflecting a 95.1% year-on-year increase and a 16.3% quarter-on-quarter increase, with significant investments in servers and data centers [32][30] - Amazon's Q4 2025 CapEx was $39.5 billion, a 50.2% year-on-year increase and a 12.9% quarter-on-quarter increase, focusing on AWS-related investments [46][43] Revenue and Profit Analysis - Microsoft achieved revenue of $81.27 billion in Q4 2025, a 16.7% year-on-year increase, with Azure cloud revenue growing by 39% [15][9] - Meta's Q4 2025 revenue was $59.893 billion, up 23.78% year-on-year, driven by advertising revenue growth [25][22] - Google's Q4 2025 revenue reached $113.83 billion, a 16.0% year-on-year increase, with Google Cloud revenue growing by 47.8% [37][34] - Amazon reported Q4 2025 revenue of $213.49 billion, a 13.63% year-on-year increase, with AWS revenue growing by 24% [49][47] Profitability Metrics - Microsoft reported a net profit of $38.46 billion in Q4 2025, a 59.5% year-on-year increase, with a significant contribution from its cloud services [15][12] - Meta's net profit for Q4 2025 was $22.768 billion, a 9.26% year-on-year increase, with advertising revenue driving profitability [25][24] - Google's net profit in Q4 2025 was $34.46 billion, a 29.8% year-on-year increase, supported by strong performance in its cloud and advertising segments [37][36] - Amazon's net profit for Q4 2025 was $21.2 billion, a 5.94% year-on-year increase, with AWS and advertising business contributing significantly [49][50]

Investment Rating - The report maintains an "Outperform" rating for the AI industry [1] Core Insights - The capital expenditures (CapEx) and return on invested capital (ROIC) of major cloud companies are on the rise, reflecting accelerated demand for cloud services driven by AI applications [2] - Major companies like Microsoft, Meta, Amazon, and Google have shown significant growth in both CapEx and revenue, indicating a robust market outlook for AI and cloud services [2] - The overall ROIC for these companies has increased, driven by revenue and profit growth, although there are fluctuations in quarterly performance [2][58] Summary by Sections Capital Expenditures and Performance Review - In Q4 2025, Microsoft reported a CapEx of $37.5 billion, a year-on-year increase of 65.9% and a quarter-on-quarter increase of 7.5%, primarily for AI infrastructure [8][15] - Meta's Q4 2025 CapEx reached $22.1 billion, up 49.17% year-on-year, reflecting investments in servers and data centers [21][25] - Google's Q4 2025 CapEx was $27.85 billion, a 95.1% increase year-on-year, with significant investments in servers and data centers [32][36] - Amazon's Q4 2025 CapEx was $39.5 billion, a 50.2% increase year-on-year, focusing on AWS and customized chips [46][49] Revenue and Profit Analysis - Microsoft achieved revenue of $81.27 billion in Q4 2025, a 16.7% year-on-year increase, with Azure cloud revenue growing by 39% [15][57] - Meta's Q4 2025 revenue was $59.893 billion, a 23.78% increase year-on-year, driven by advertising revenue growth [25][26] - Google's Q4 2025 revenue reached $113.83 billion, a 16.0% increase year-on-year, with Google Cloud revenue growing by 47.8% [37][57] - Amazon reported Q4 2025 revenue of $213.49 billion, a 13.63% increase year-on-year, with AWS revenue growing by 24% [47][49] Profitability Metrics - Microsoft reported a net profit of $38.46 billion in Q4 2025, a 59.5% year-on-year increase [15] - Meta's net profit for Q4 2025 was $22.768 billion, a 9.26% increase year-on-year [25] - Google's net profit reached $34.46 billion in Q4 2025, a 29.8% increase year-on-year [37] - Amazon's net profit was $21.2 billion in Q4 2025, a 5.94% increase year-on-year [49] ROIC Trends - The overall ROIC for major cloud companies has increased, with Microsoft and Meta showing significant year-on-year growth in Q4 2025 [58]

Core Viewpoint - The discussion highlights a conservative planning cycle within the industry, indicating a period of stability and caution in strategic decision-making [4]. Group 1: Company Insights - Meta's CFO, Susan Li, emphasizes the current phase as a "humdrum period," suggesting a lack of significant volatility or excitement in the company's operations [4]. - The conversation reflects a high level of clarity regarding Return on Invested Capital (ROIC), indicating that financial metrics are well understood and communicated [5].

Summary of Alphabet's Earnings Call Company Overview - **Company**: Alphabet - **Participants**: Anat Ashkenazi (CFO) Key Points Company Growth and Strategy - Alphabet's market capitalization has increased from approximately $2 trillion to nearly $4 trillion over the past year, indicating a significant shift in investor sentiment [6][12] - The core strategy remains focused on being a consumer-first, innovation-driven, and AI-first company, which has been consistent for many years [8][12] - The company has invested strategically in building AI infrastructure across various segments, including Search, YouTube, Cloud, and other ventures like Waymo and Isomorphic [11][12] Capital Expenditure (CapEx) - Last year's CapEx was around $90 billion, with guidance for this year set between $175 billion and $185 billion, reflecting a substantial increase [17][20] - A rigorous framework is in place to evaluate the return on invested capital (ROIC) for CapEx, focusing on demand aggregation and efficiency in technical infrastructure [20][22] - The company aims to ensure that investments yield significant returns, with a focus on both short-term and long-term projects [24][27] Revenue Growth and Cloud Business - Google Cloud has shown record results, with Q4 revenue at $17.7 billion and an annual growth rate of 48%, supported by a backlog exceeding $240 billion [102][104] - The growth is driven by AI integration within Cloud services, with existing customers expanding their usage and new customers adopting Google Cloud products [108][110] - Operating margins for Google Cloud have reached 30%, showcasing effective cost management and efficiency [110] Innovations in Search and YouTube - Recent innovations in Search, such as AI Overviews and Google Lens, have led to increased user engagement and longer queries, enhancing monetization opportunities [72][78] - YouTube's revenue profile has grown to over $60 billion, with a mix of ad-supported and subscription models, although growth has been impacted by the lapping of previous U.S. elections [118][120] Waymo and Autonomous Driving - Waymo has launched in multiple cities, focusing on safety and regulatory compliance as key factors for expansion [128][130] - The company is balancing asset-heavy investments with partnerships to scale its autonomous driving services effectively [134][136] AI and Future Opportunities - Alphabet's AI investments span various sectors, including drug discovery and quantum computing, with significant potential for future growth [140][141] - The company emphasizes the importance of making strategic investment choices to capitalize on the most promising opportunities [141] Conclusion - Alphabet is positioned for continued growth through its AI-first strategy, significant investments in infrastructure, and innovative product offerings across its diverse business segments [141][142]

Investment Rating - The report indicates a cautious investment outlook for the TMT sector, particularly focusing on the need for clarity in capital expenditure and return on invested capital (ROIC) from major tech companies like Meta and Alphabet [1][2]. Core Insights - The market is skeptical about the ROIC and performance upgrades of large tech companies (MAG 7), necessitating clear communication from Meta and Alphabet regarding their capital expenditure confidence and specific growth drivers [1][2]. - Companies like Roblox and Unity must demonstrate their competitive edge in the AI era, with Roblox needing to articulate its strategy for developing next-generation games using natural language tools [1][3]. - E-commerce platforms are required to provide key performance indicators (KPIs) to validate their long-term competitiveness, with Etsy and eBay taking different approaches to enhance their business foundations [1][4]. - Booking's valuation was previously underestimated, with investor feedback highlighting its strong supply model in Europe and Asia, but concerns remain regarding long-term valuation multiples and business transformation [1][5]. Summary by Sections Section 1: Major Tech Companies - The report emphasizes the need for Meta and Alphabet to clarify their sources of confidence in maintaining current capital expenditure levels and to disclose reliable ROIC drivers [2][3]. - There is a strong market expectation for robust growth in search, Google Cloud, and Uber's core business revenues, alongside a demand for more data on autonomous driving partnerships [2][5]. Section 2: Gaming Industry - Roblox is highlighted for its unique position with in-house data centers, requiring it to explain how it will leverage these assets to remain relevant in game development [3]. - Unity faces similar pressures to prove its role in the next-generation game development toolchain, while AppLovin must validate its leadership in advertising AI and provide a credible product improvement roadmap [3]. Section 3: E-commerce Platforms - E-commerce platforms like Etsy and eBay are urged to present KPIs that demonstrate their resilience against potential disruption from AI advancements [4]. - Etsy is noted for its proactive partnerships with AI models, while eBay focuses on enhancing in-platform experiences to improve consumer engagement [4]. Section 4: Booking Holdings - Investor feedback post-rating upgrade for Booking indicates a recognition of its strong operational fundamentals, but there are lingering questions about long-term valuation metrics and the impact of platform transformation [5]. - Key information sought from Booking includes transaction volume trends, collaboration with OpenAI, and progress in developing proprietary generative AI tools [5]. Section 5: Instacart - Instacart's growth is accelerating, with strong user engagement and an outperforming advertising business, although concerns about competition from larger retailers persist [6]. - The current valuation of Instacart is approximately 6 to 7 times EV/EBITDA, with a focus on sustaining growth and enhancing cross-platform capabilities through AI [6]. Section 6: AI Implementation Challenges - The report notes that the market is increasingly concerned about the slower-than-expected progress in AI implementation, with companies needing to transparently address the challenges they face [6]. - Constraints may arise from resource availability or technological iterations, and there is a demand for companies to quantify delays in expected benefits [6].

Core Insights - Revolve Group, Inc. (NYSE:RVLV) is recognized as a strong e-commerce investment opportunity, receiving a Buy rating from KeyBanc with a price target of $35.00 [1] - The company opened a new store at The Grove in Los Angeles, aiming to attract customers through high visibility and foot traffic, showcasing a variety of products from both established and emerging brands [2] - Morgan Stanley adjusted its price target for RVLV to $27 from $26, maintaining an Equal Weight rating, indicating a belief in stable market conditions for the internet sector in the coming years [3] Company Overview - Revolve Group, Inc. operates as an online fashion retailer targeting Gen Z and millennial consumers, with its operations divided into two segments: Forward (FWRD) and Revolve [4] - The Revolve segment focuses on apparel, footwear, accessories, and beauty products, while the FWRD segment specializes in luxury brands, with all products sold exclusively online [4]

In @ARKInvest’s view, US investments should be significant beneficiaries, thanks to dramatic deregulation and the lowest “effective” corporate tax rate in the developed world, both of which will increase the ROIC in the US relative to that elsewhere in the world.Keenan 🛡️ (@KeenanRIVALS):@CathieDWood Agreed, however, I do think the point of "where else is the money going to go" is a valid one.Most American's have no idea where to put their capital right now. ...

Greetings. I'm Sean Puit, Zach's equity strategist, and today I'm going to be discussing if Nvidia is the most capital efficient stock to invest in. So, Nvidia's aggressive expansion in AI infrastructure, data centers, and advanced semiconductor manufacturing is a reason that investors and analysts will want to watch its capital efficiency metrics more closely.And to that point, Nvidia's capex has soared over 500% in the last 5 years to nearly 6 billion on a trailing 12-month basis. uh and when capex grows ...