IBM (NYSE:IBM) Q4 2025 Earnings call January 28, 2026 05:00 PM ET Company ParticipantsArvind Krishna - CEOJames Kavanaugh - CFOMatthew Swanson - Director and Equity ResearchOlympia McNerney - Head of Investor RelationsConference Call ParticipantsAmit Daryanani - AnalystOperatorWelcome, and thank you for standing by. At this time, all participants are in a listen-only mode. Today's conference is being recorded. If you have any objections, you may disconnect at this time. Now, I will turn the meeting over to ...

Financial Data and Key Metrics Changes - IBM achieved a revenue growth of 6% in 2025, the highest level in many years, and generated $14.7 billion in free cash flow, the highest in over a decade [4][17] - The company reported a 12% growth in operating diluted earnings per share and a 17% growth in Adjusted EBITDA [17][24] - Operating pre-tax margin expanded by 100 basis points, reflecting strong execution and a favorable portfolio mix [17][24] Business Line Data and Key Metrics Changes - Software revenue grew 9% in 2025, with three of four sub-segments delivering double-digit growth rates [5][18] - Infrastructure revenue increased by 10%, driven by the successful launch of the z17 mainframe [18] - Consulting revenue grew 1%, reflecting increased demand for AI services [8][21] Market Data and Key Metrics Changes - Data solutions grew by 19%, driven by demand for GenAI products [20] - Automation solutions saw a growth of 14%, with record bookings for HashiCorp [20] - Red Hat's revenue growth decelerated to 8%, impacted by delays in U.S. federal business deal activity [20] Company Strategy and Development Direction - IBM is focused on becoming a software-led hybrid cloud and AI platform company, with significant investments in innovation and productivity initiatives [4][10] - The company aims to sustain revenue growth of 5%+ in 2026, with a strong emphasis on its software business, expected to grow by 10% [28][34] - Strategic acquisitions, such as Confluent, are seen as key to enhancing IBM's hybrid cloud and automation solutions [10][32] Management's Comments on Operating Environment and Future Outlook - Management noted that client demand remains resilient, particularly in hybrid cloud, AI, and mission-critical infrastructure [6][16] - The company expressed confidence in sustaining growth momentum, with expectations for free cash flow to increase by about $1 billion in 2026 [28][34] - Management highlighted the importance of productivity initiatives, which have already exceeded initial targets [11][33] Other Important Information - IBM's cumulative GenAI book of business reached over $12.5 billion, with significant contributions from both software and consulting [9][31] - The company is advancing its quantum computing initiatives, with plans to deliver a large-scale, fault-tolerant quantum computer by 2029 [15][16] Q&A Session Summary Question: Insights on software growth acceleration - Management expressed confidence in organic growth within the software segment, driven by increased demand for automation and data solutions [40][46] Question: Free cash flow performance and guidance - Management attributed the strong free cash flow performance in 2025 to revenue growth and operating leverage, with a guidance of $15.7 billion for 2026 [49][52] Question: Red Hat's growth trajectory - Management acknowledged the challenges in Red Hat's growth but emphasized the strategic value and ongoing demand for its offerings [57][60]

NEW YORK, Jan. 26, 2026 (GLOBE NEWSWIRE) -- Legato Merger Corp. IV (the “Company”) announced today that it closed its initial public offering of 23,000,000 units, including the full 3,000,000 units subject to the underwriters’ over-allotment option, at $10.00 per unit. The offering resulted in gross proceeds to the Company of $230,000,000. The Company’s units are listed on the NYSE American Market (“NYSE American”) and are trading under the ticker symbol “LEGO U.” Each unit consists of one ordinary share an ...

Core Viewpoint - Power & Infrastructure Split Corp. has demonstrated strong performance with a one-year return of 23.5% and a 13.8% annual return since inception in May 2021, leading to an increase in the monthly distribution rate for Class A Shares from $0.085 to $0.10 [1][2] Performance Summary - The Class A Shares have outperformed both the S&P Global Infrastructure Total Return Index and the MSCI World Total Return Index over 1-year, 3-year, and since inception [3] - Annual compound returns for the Fund are as follows: - 1-Year: 23.5% - 3-Year: 31.9% - Since Inception: 13.8% - For comparison, the S&P Global Infrastructure Total Return Index and MSCI World Total Return Index returns are: - S&P Global Infrastructure: 1-Year: 22.6%, 3-Year: 14.6%, Since Inception: 10.1% - MSCI World: 1-Year: 21.6%, 3-Year: 21.7%, Since Inception: 11.4% [4][6] Investment Strategy - The Fund invests in a globally diversified and actively managed portfolio primarily consisting of dividend-paying securities from power and infrastructure companies [2] - Key investment areas include: - Infrastructure (data centers, public works) - Renewable power (wind, solar, hydroelectric) - Green transportation (electric vehicles, energy transportation and storage, railroads, carbon capture) - Energy efficiency (smart grids, smart meters, building efficiency) - Communications (communication networks, 5G wireless technology) [2]

NEW YORK, Jan. 22, 2026 (GLOBE NEWSWIRE) -- Legato Merger Corp. IV (the “Company”) announced today that it priced its initial public offering of 20,000,000 units at $10.00 per unit. The units will be listed on the NYSE American Market (“NYSE American”) and will begin trading under the ticker symbol “LEGO U” on January 23, 2026. Each unit consists of one ordinary share and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one ordinary share at a price of $11.50 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Economics** sector, particularly analyzing the economic indicators and trends in the Asia Pacific region [1] Core Insights and Arguments - **Economic Performance**: In 4Q25, real GDP softened to **4.5% YoY**, attributed to weaker consumption and capital expenditure (capex) offsetting improved exports [9] - **Industrial Production**: Year-on-year industrial production increased by **5.2%**, driven by export strength and quarter-end window dressing [2] - **Retail Sales**: Retail sales hit a post-COVID low, declining further by **0.9% YoY**, reflecting a high base and negative wealth effects from the ongoing housing downturn [2] - **Fixed Asset Investment (FAI)**: There was a significant decline in FAI, down **3.8% YoY**, which may have exaggerated the perception of investment weakness [6][9] - **Infrastructure Push**: Despite the decline in FAI, there is evidence of an accelerated infrastructure push since December, indicated by stabilized upstream production and stronger-than-seasonal cement shipments [3][9] - **GDP Deflator**: The GDP deflator remained subdued at **-0.7% YoY** in 4Q, compared to **-1%** in 3Q, contributing to a nominal GDP growth of **3.8% YoY** [2] Outlook - The outlook suggests that real GDP could be pulled towards **5% YoY** in 1Q26 due to front-loaded infrastructure spending. However, this momentum is expected to be unsustainable due to ongoing weaknesses in consumption and the property sector [4][9] Additional Important Points - **Government Bond Issuance**: There has been strong government bond issuance year-to-date, indicating a push for infrastructure investment [9] - **Sector-Specific Performance**: The manufacturing sector saw a decline in FAI by **10.6% YoY**, while infrastructure investment dropped by **16.0% YoY** [6] - **Property Sector**: The property sector continues to be a weak link, with property sales down **17.6% YoY** and new starts declining by **18.7%** [6] This summary encapsulates the key findings and insights from the conference call, highlighting the current state and outlook of the Chinese economy and its sectors.

Core Insights - The declining Federal Reserve interest rates and favorable public spending are positively impacting U.S. infrastructure companies, particularly Comfort Systems USA and Quanta Services, driven by trends in AI-related products and services [1][22]. Group 1: Federal Reserve and Market Environment - On December 10, 2025, the Federal Reserve reduced interest rates by 0.25 percentage points, establishing a benchmark between 3.5% and 3.75%, which is expected to stimulate project initiations and market trends [2]. Group 2: Company Profiles - Comfort Systems specializes in HVAC installation and contracting services, focusing on large-scale projects and inorganic growth initiatives [3]. - Quanta Services is involved in large-scale electrical and utility infrastructure projects, emphasizing margin improvement and a self-perform model [3]. Group 3: Financial Performance and Growth - Comfort Systems has seen a significant increase in demand from the Technology sector, contributing 42% of total revenues in 2025, up from 32% the previous year, with a record backlog of $9.38 billion, reflecting year-over-year increases of 65.1% [5][6]. - Quanta Services reported a record backlog of $39.2 billion as of Q3 2025, up from $33.96 billion a year ago, indicating strong demand visibility [10]. Group 4: Shareholder Returns and Capital Management - Comfort Systems repurchased 0.3 million shares for approximately $125.4 million in the first nine months of 2025 and increased its quarterly dividend by 20% to 60 cents per share [7]. - Quanta Services repurchased 538,559 shares for $134.6 million during the same period, with $365.1 million remaining under its buyback program, indicating disciplined capital management [12]. Group 5: Risk Factors - Comfort Systems faces risks related to its exposure to hyperscale data centers, including potential slowdowns in AI-driven capital expenditures and project delays [8]. - Quanta Services encounters execution risks due to the increasing complexity of infrastructure projects, which may lead to permitting delays and regulatory challenges [13]. Group 6: Valuation and Investment Comparison - Comfort Systems has been trading at a lower forward P/E ratio compared to Quanta over the past five years, indicating a potential growth opportunity at a discounted valuation [15]. - The Zacks Consensus Estimate for Comfort Systems' 2025 EPS indicates an 80.2% year-over-year growth, while Quanta's estimate implies an 18.1% improvement [18][19][20]. Group 7: Conclusion - Given the current market conditions, Comfort Systems is viewed as a better investment option due to its growth potential and superior profitability compared to Quanta Services, which offers stability at a premium valuation [24].

ProShares DJ Brookfield Global Infrastructure ETF (TOLZ US) – Portfolio Construction MethodologyThe underlying Dow Jones Brookfield Global Infrastructure Composite Index offers global developed-market exposure to owners/operators of pure-play infrastructure assets. Companies qualify only if ≥70% of cash flows are from eligible infrastructure lines (airports, toll roads, ports, communications, electricity T&D, oil & gas storage/transport, water); ongoing inclusion uses customary buffer tests, and listings mu ...

The latest 13F filing from Icahn Capital offers a textbook look at Carl Icahn’s continued approach to value extraction through control stakes, activism, and opportunistic accumulation in companies facing dislocation or undergoing strategic transition.Icahn’s portfolio remains highly concentrated and idiosyncratic — a reflection of his activist model, where influence is often more important than diversification. Core holdings tied to his own controlled entities continue to dominate exposure, while selective ...

不断提升成渝地区双城经济圈发展能级，必须深化一体协作，推动川渝相互赋能相向发展。在建 设现代化产业方面，深化电子信息、智能网联新能源汽车等领域协作，推动产业链供应链深度融 合；在构建基础设施体系方面，加快成渝中线高铁、成达万高铁等重大项目建设，完善世界级机 场群功能，打造陆海互济的综合交通枢纽；在推动高水平对外开放方面，持续用力畅通西部陆海 新通道，高水平建设川渝自贸试验区协同开放示范区，共同拓展向西向南开放新空间；在强化生 态环境保护方面，不断筑牢长江上游生态屏障，加强污染跨界协同治理，探索绿色转型发展新路 径；在推动公共服务共建共享方面，拓展"一卡（码）通"应用场景，推动教育、医疗、社保等资 源跨区域共享，让两地群众切实感受到协同发展带来的便利。 同饮一江水，川渝一家亲。面向未来，更深层次的一体协作正当其时，川渝两地在产业、基建、 科创、开放、生态、民生等领域共同实施一批重大事项，必将不断提升成渝地区双城经济圈发展 能级，为全国区域协调发展作出更大贡献，持续增强服务支撑中国式现代化的能力和贡献度。 一路砥砺奋进，成渝地区双城经济圈建设已历时六年。从2020年习近平总书记亲自谋划部署拉开 序幕，到如今"北有 ...