Marsh & McLennan Companies (NYSE:MMC) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsBrian Meredith - Managing DirectorDean Klisura - CEO of Guy CarpenterGregory Peters - Managing DirectorJohn Doyle - President and CEOMark McGivney - CFOMartin South - CEO of Marsh RiskMeyer Shields - Managing DirectorNick Studer - CEO of Marsh Management ConsultingPat Tomlinson - CEO of MercerConference Call ParticipantsDavid Motemaden - Managing Director and Senior Equity Research AnalystJimmy Bhull ...

Calix (NYSE:CALX) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsCory Sindelar - CFOGeorge Notter - Managing DirectorJoe Cardoso - VPMichael Weening - President and CEONancy Fazioli - VP of Investor RelationsScott Searle - Managing DirectorTim Savageaux - Managing DirectorConference Call ParticipantsChristian Schwab - Senior Research AnalystMichael Genovese - Senior Research AnalystRyan Koontz - Senior AnalystOperator...Greetings, everyone, and welcome to the Calix fourth quarter 202 ...

Kirby (NYSE:KEX) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsChristian O'Neil - President and COODavid Grzebinski - CEOKurt Niemietz - VP of Investor RelationsRaj Kumar - EVP and CFOConference Call ParticipantsBen Moore - AnalystGreg Wasikowski - AnalystJonathan Chappell - AnalystKen Hoexter - AnalystReed Seay - AnalystScott Group - AnalystSherif Elmaghrabi - AnalystOperatorToday, and thank you for standing by. Welcome to the Kirby Corporation 2025 fourth quarter earnings conferen ...

Caterpillar (NYSE:CAT) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsAlex Kapper - VP of Investor RelationsAndrew Bonfield - CFODavid Raso - Senior Managing Director, Partner, and Heads of Industrials and MachineryJamie Cook - Managing Director of Equity ResearchJerry Revich - Managing Director, Head of Machinery, Industrial & Environmental Services ResearchJoe Creed - CEOKristen Owen - Managing DirectorRob Wertheimer - Director of ResearchConference Call ParticipantsChad Dillard - ...

Bread Financial (NYSE:BFH) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsBrian Vereb - Head of Investor RelationsJeff Adelson - Executive DirectorJohn Hecht - Managing DirectorJohn Pancari - Senior Managing DirectorPerry Beberman - EVP and CFORalph Andretta - CEOReggie Smith - Executive DirectorConference Call ParticipantsMihir Bhatia - Director and Research AnalystMoshe Orenbuch - Managing Director and Senior AnalystSanjay Sakhrani - Managing Director and Senior AnalystVincent Cain ...

Thermo Fisher Scientific (NYSE:TMO) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Speaker7Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2025 fourth quarter conference call. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two on your telephone keypad. I would now like to introduce our moderator for the call, Mr. Rafael Tejada, Vice President, Investor R ...

Calix (NYSE:CALX) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Speaker7...Greetings, everyone, and welcome to the Calix fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. The question and answer session will follow the brief prepared remarks. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Nancy Fa ...

Financial Data and Key Metrics Changes - The company reported net income of $16 million or $0.83 per share for Q4 2025, an increase from $10.8 million or $0.56 per share in the previous quarter, representing a 41% increase year-over-year on an adjusted basis [6][8] - Net interest income reached $40.7 million, up 5% from Q3 and 24% year-over-year, with a margin of 2.56, increasing by 16 basis points from Q3 and 61 basis points year-over-year [6][7] - Non-interest income rose by 5% compared to Q3 and 15% year-over-year on an adjusted basis [8] Business Line Data and Key Metrics Changes - Wealth management revenues increased by 5%, with average assets under administration (AUA) rising by 4% quarter-over-quarter and 9% year-over-year [8] - Mortgage banking revenues totaled $3.3 million, down 7% seasonally but up 14% year-over-year, with full-year mortgage originations totaling $667 million, a 31% increase from 2024 [8][9] - Total loans increased modestly by $12 million from September 30, while in-market deposits rose by 1% from Q3 and 9% year-over-year [9][10] Market Data and Key Metrics Changes - The company experienced a normalized provision for credit losses, with non-accruing loans at 25 basis points of total loans and zero non-accruing commercial loans [10] - The effective tax rate for the full year was 22.5%, with an expectation of approximately 22% for 2026 [9] Company Strategy and Development Direction - The company is focusing on strategic investments in wealth management and commercial banking, including the hiring of a new Chief Commercial Banking Officer and the establishment of a dedicated institutional banking team [4][5] - A new branch is set to open in Pawtucket, Rhode Island, enhancing the company's presence in the northern part of the state [5] - The company aims to improve its balance sheet with high-quality commercial and industrial (C&I) loans and strong deposit opportunities [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the current margin levels, projecting an increase in the margin due to a swap termination and organic expansion [15] - The company anticipates a solid 5% year-over-year loan growth, with expectations for the C&I team to grow faster than the commercial real estate (CRE) sector [31][36] - Management remains cautious about credit quality, noting a relatively large residential portfolio and the potential for reserve adjustments [17][20] Other Important Information - Non-interest expenses totaled $38 million in Q4, up 6%, with salaries and benefits reflecting higher performance-based compensation and increased staffing [9] - The company has a remaining share authorization of 582,000 shares for buybacks, with no immediate plans to increase buybacks but remains open to capital deployment strategies [75][74] Q&A Session Summary Question: Sustainability of margin levels - Management indicated that the margin is expected to increase by 9 basis points in Q2 and 4 basis points in Q3, with organic expansion projected at 3-4 basis points per quarter [15] Question: Credit reserve levels - Management stated that the current reserve levels are adequate based on their portfolio and historical performance, with potential minor adjustments over time [17][20] Question: Wealth management opportunities - Management clarified that the focus is on the institutional banking team serving the nonprofit sector, rather than aggressive M&A activity [21] Question: Outlook on expenses - Management expects a 6% increase in expenses for Q1, driven by annual merit raises and new team investments [28] Question: Loan growth outlook - Management anticipates a 4%-5% growth in CRE and a solid 5% year-over-year growth overall, with confidence in the new commercial lending team [31][36] Question: Expansion of wealth management - Management is optimistic about expanding wealth management through new hires and strategic investments, while remaining cautious about M&A opportunities [64]

Financial Data and Key Metrics Changes - Adjusted earnings per share for Q4 2025 were $0.80, with an adjusted return on assets of 1.52% and an adjusted return on tangible common equity of 20.3% [4] - The net interest margin slightly declined to 3.98%, while total average deposits increased by approximately 7% on an annualized basis, excluding the impact from the Westfield acquisition [4][6] - For the full year 2025, adjusted net income was $281 million or $2.92 per share, with record revenue of almost $922 million, an 8% increase over 2024 [6] Business Line Data and Key Metrics Changes - Total adjusted fee income for Q4 was $77 million, a 5% increase compared to the linked quarter, driven by strong performance in wealth management and foreign exchange [5][9] - Non-interest expenses increased by 6% from the linked quarter, primarily due to the Westfield acquisition [5][12] - Adjusted non-interest income for the full year increased by 16% to a record $280 million, led by growth in wealth management, foreign exchange, and mortgage income [6] Market Data and Key Metrics Changes - Loan growth for Q4 was 4% on an annualized basis, with total deposit balances increasing by $2 billion, including $1.8 billion from the Westfield acquisition [8] - The company maintained 21% of total balances in non-interest-bearing accounts, focusing on growing lower-cost deposit balances [8] Company Strategy and Development Direction - The company expects organic loan growth to be in the 6%-8% range for the full year 2026, with a focus on integrating recent acquisitions and expanding in key markets [16][17] - The launch of a new banking office in Grand Rapids and the acquisition of two banking companies are part of the strategy to strengthen core funding and provide a platform for growth in metropolitan markets [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and outlook, anticipating easing payoff pressure and stable credit costs in the first quarter of 2026 [16] - The net interest margin is expected to remain among the highest in the peer group, projected to be between 3.94% and 3.99% over the next quarter [16] Other Important Information - The company issued $300 million of subordinated debt during Q4, with a 10-year maturity and a 6.38% interest rate [8] - Asset quality remained stable, with non-performing assets slightly increasing to 0.48% of assets [5][10] Q&A Session Summary Question: Fee income guidance for the rest of the year - Management acknowledged seasonality in fee income, particularly in foreign exchange, and expects growth in the back half of 2026 [21][24] Question: Growth plans in Grand Rapids - The company has ramped up loan commitments and is planning to establish a full banking office, adding mortgage and wealth banking services [28][30] Question: Loan growth outlook confirmation - Management confirmed that the projected 6%-8% growth is on an organic basis, excluding acquired balances [36][39] Question: Margin outlook and purchase accounting impact - The purchase accounting impact from Westfield is expected to hold at four basis points, with minimal impact from BankFinancial [40][41] Question: Efficiency ratio trends - The efficiency ratio is expected to be in the mid-50 range in the back half of the year, influenced by the integration of acquisitions [65][68]

Bread Financial (NYSE:BFH) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Speaker1Good morning, and welcome to the Bread Financial fourth quarter 2025 earnings conference call. My name is Kevin, and I'll be coordinating your call today. At this time, all parties have been placed on listen-only mode. Following today's presentation, the floor will be open for your questions. To register a question, please press star 1 1. It is now my pleasure to introduce Mr. Brian Vereb, Head of Investor Relations at Bre ...