Fourth Quarter and Full Year 2025 Earnings February 18, 2026 Disclosures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future events or our future results of operations and financial position, including our fiscal year and first quarter 2 ...

Core Insights - Warren Buffett's final quarter as CEO of Berkshire Hathaway highlights the significant size of his largest positions, particularly focusing on what he left behind rather than any adjustments made in that quarter [1] Group 1: Berkshire Hathaway's Top Positions - Apple's investment is valued at over $60 billion, making it the largest position in Berkshire's portfolio, accounting for approximately 19% [2] - American Express is the second-largest position at $52 billion, representing about 17% of the portfolio [3] - Coca-Cola is the third-largest position, making up around 10% of the portfolio, while Bank of America and Chevron account for about 9% and 7%, respectively [3] Group 2: Notable Aspects of Apple's Position - The significant allocation to Apple is noteworthy as Buffett has traditionally avoided technology stocks, indicating his expectation of strong long-term returns and the company's staying power [4] - Buffett initiated a stake in Apple in 2016 and significantly increased it in 2017, citing the product's stickiness and usefulness [5]

Core Viewpoint - A class action lawsuit has been filed against PayPal Holdings, Inc. for allegedly misleading investors about its Branded Checkout offerings and growth projections [1] Group 1: Allegations and Lawsuit Details - The lawsuit claims that PayPal misrepresented its revenue outlook and growth potential while downplaying risks associated with seasonality and macroeconomic factors [1] - The complaint indicates that the growth targets set for 2027 were unrealistic and not achievable under the leadership of former CEO Chriss [1] - Following the release of disappointing financial results on February 3, 2026, PayPal's stock price dropped from $52.33 to $41.70, a decline of approximately 20.31% in one day [1] Group 2: Company Leadership Changes - The announcement of disappointing financial results coincided with the news that Enrique Lores would replace Chriss as President and CEO, effective March 1, 2026 [1] Group 3: Class Action Participation - Shareholders who purchased PayPal securities between February 25, 2025, and February 2, 2026, may be eligible to participate in the class action [1] - Interested shareholders can contact Robbins LLP to serve as lead plaintiff or remain as absent class members without participating in the case [1]

Completed the acquisition of Worldpay and divestiture of Issuer Solutions, shifting the corporate identity to a pure-play commerce solutions provider focused on scale and specialized capabilities. Transitioned from a holding company structure to a unified global operating model to eliminate silos, increase accountability, and accelerate innovation cycles. Realigned the go-to-market strategy around three client-centric channels—Enterprise, Integrated & Platforms, and SMB—rather than traditional product ...

Core Insights - Banqup has partnered with Visa to enhance payment automation and e-invoicing solutions in Europe, driven by upcoming e-invoicing regulations set to take effect by 2028 [2][3] Group 1: Partnership Details - The collaboration aims to integrate Visa's secure payment capabilities into Banqup's invoicing and order-to-cash workflows, facilitating compliance with new regulations while improving cash flow visibility and reducing administrative friction [3] - Banqup will leverage Visa's global network to offer virtual commercial cards, enabling small and medium-sized businesses (SMBs) to optimize cash flow by extending payment terms while ensuring timely payments to suppliers [7] Group 2: Market Context - The partnership addresses the challenges faced by SMBs, particularly the strain of late payments, which can lead to postponed payroll and delayed vendor payments [7][8] - Many small businesses still rely on legacy payment methods, which slow down settlement processes and reduce visibility into incoming funds, highlighting the need for faster payment solutions [9][10]

Core Viewpoint - PayPal Holdings Inc. (NASDAQ:PYPL) is experiencing significant challenges, including a substantial decline in share price and increased competition from Apple Pay, which is perceived as a superior product [2][3]. Company Performance - PayPal's shares have decreased by 47% over the past year and by 29% year-to-date [2]. - Truist has reduced its share price target for PayPal from $58 to $39, maintaining a Sell rating due to slower volume growth and take rate compression [2]. - RBC Capital has also lowered its target for PayPal from $91 to $59 while keeping an Outperform rating, citing sluggish payment volume growth that may impact 2026 financials [2]. Competitive Landscape - Jim Cramer highlighted that Apple Pay has significantly impacted PayPal's market position, describing it as a "superior product" that has "obliterated" PayPal's competitive edge [3]. - The need for PayPal to innovate and change its shareholder base was emphasized, indicating a struggle to regain market confidence [3].

Core Viewpoint - The Law Offices of Frank R. Cruz is encouraging shareholders of PayPal Holdings, Inc. (PYPL) to inquire about a potential securities fraud class action lawsuit [1] Group 1 - The law firm is actively seeking to represent shareholders who may have been affected by alleged securities fraud involving PayPal [1] - The announcement indicates a growing concern among investors regarding the company's practices and transparency [1] - This legal action could have implications for PayPal's stock performance and investor confidence [1]

Core Insights - The focus is on in-depth research of various companies across different sectors, particularly in commodities and technology, with a strong emphasis on metals and mining stocks [1] Group 1: Company Research - The company has over a decade of experience in researching a wide range of industries, including oil, natural gas, gold, copper, and technology firms like Google and Nokia [1] - The company has transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted [1] - The company expresses a particular interest in covering metals and mining stocks, while also being comfortable with sectors such as consumer discretionary/staples, REITs, and utilities [1]

Key Takeaways Mastercard posts 18% Q4 revenue growth, 57.7% operating margin and four straight earnings beats.AmEx grew Q4 revenue 10%, beat earnings thrice and missed once in the past four quarters.MA trades at 26.38X forward P/E versus AXP's 19.29X, reflecting investor confidence.The global payments landscape continues to expand as digital transactions displace cash and cross-border commerce grows. Two industry titans, Mastercard Incorporated (MA) and American Express Company (AXP) , remain central to tha ...

Core Insights - Banqup SA has announced a strategic partnership with Visa to enhance its business administration and payment automation platform, focusing on e-invoicing and payment solutions [1][2] Group 1: Partnership Details - The collaboration aims to address the increasing demand for integrated payment solutions due to new e-invoicing regulations across Europe, which require businesses to digitize and standardize invoice processes [2][4] - Banqup will utilize Visa's global network to offer virtual commercial cards, enabling SMEs to optimize cash flow by extending payment terms while ensuring immediate payments to suppliers [2][3] Group 2: Technological Integration - By integrating Visa's payment capabilities into the Banqup platform, customers can comply with e-invoicing and tax regulations while benefiting from advanced payment options, reducing costs and improving business insights [3][4] - The partnership is designed to simplify complex European e-invoicing regulations and administrative tasks, allowing SMEs to focus on business growth rather than compliance burdens [4][5] Group 3: Market Impact - By 2028, mandatory e-invoicing and near real-time digital reporting will be implemented across most European economies, affecting over 26 million SMEs in the EU as part of VAT reforms [5] - The partnership is positioned as a response to the fundamental changes in how money and data must move together, enhancing cash flow visibility and reducing administrative friction for businesses [5]