Raymond James Financial (NYSE:RJF) Q1 2026 Earnings call January 28, 2026 05:00 PM ET Company ParticipantsButch Oorlog - CFOCraig Siegenthaler - Managing Director and the North American Head of Diversified FinancialsDevin Ryan - Director of Financial Technology ResearchKristie Waugh - SVP of Investor RelationsPaul Shoukry - CEOConference Call ParticipantsBen Budish - Senior Equity AnalystBill Katz - Senior Equity AnalystBrennan Hawken - Managing Director and Senior Equity AnalystDan Fannon - Managing Direct ...

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 - SEI reported earnings per share (EPS) of $1.38 for Q4 2025, marking the highest quarterly earnings performance in the company's history, with a 16% year-over-year increase and a 6% sequential increase [3][12] - The company achieved double-digit earnings growth for the year and over a full percentage point of operating margin expansion [21] Business Line Data and Key Metrics Changes - Private Banking segment posted $28 million in net sales events, significantly contributing to the overall strong performance [4] - Investment Manager Services (IMS) benefited from a $3 million revenue accrual true-up, with overall revenue and margins increasing meaningfully from both the prior year and prior quarter [13][14] - Asset management segments experienced sequential growth driven by market appreciation and healthy flows, despite some client losses in the institutional segment [14] Market Data and Key Metrics Changes - The integrated cash program contributed $21 billion to revenue, matching levels achieved in the prior quarter and prior year [14] - Assets Under Management (AUM) grew by 2% and Assets Under Administration (AUA) grew by 3%, supported by strong win momentum and market appreciation [17][18] Company Strategy and Development Direction - SEI is focused on expanding its reach in the advisor channel and capturing new flows through strategic partnerships, such as the Stratos partnership [6][8] - The company plans to accelerate investment management product launches in ETFs, SMAs, models, and select alternative products [8] - SEI is transitioning its IMS business to platform-level services, leveraging automation and AI to lower costs and expand access [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sales momentum and expects positive developments to be announced in the April earnings call [5][25] - The company is committed to returning 90%-100% of free cash flow to shareholders through dividends and share repurchases [19] - Management acknowledged the need for thoughtful resource reallocation and ongoing cost efficiency efforts to support future investments [20] Other Important Information - SEI repurchased $101 million of shares in Q4, totaling $616 million for the year, representing nearly 6% of total shares outstanding [19] - The company implemented a targeted reduction in force affecting approximately 3% of its global workforce to ensure a more efficient operating model [21] Q&A Session Summary Question: Can you provide more color on the sales events from alts? - Management indicated that over two-thirds of sales events came from a combination of new business and expanding relationships with current clients, with strong visibility for 2026 [25][27] Question: What drives the gap between net recurring and non-recurring sales? - The gap is driven by the growth of the professional services strategy, with many engagements being characterized as one-time professional services [29][30] Question: Can the margin for the private banking segment stay in the high teens range? - Management expects margins to remain in the high teens range, influenced by the mix of professional services [36][37] Question: How should we think about the revenue recognition impact of the two big sales events? - The two wins are recurring revenue SWP wins, and the associated professional services will be realized immediately or over 12-18 months [56][58] Question: How strategically important is the UK market to the institutional business? - The UK market is important but represents a fraction of the overall business, with ongoing efforts to grow that segment [59][60]

Financial Data and Key Metrics Changes - Total revenue increased by 12.4% to $503.4 million, driven by all three segments [17] - Adjusted EBITDA grew to $154.9 million, up 23.9% compared to the prior year [18] - Adjusted earnings per share rose to $2.43, a 34.3% increase year-over-year [19] - Operating cash flow generation for the trailing twelve months was $428 million, up $146 million from the previous year [20] Business Line Data and Key Metrics Changes - Chamberlain reported revenue of $183.8 million, a 1.6% increase, but total student enrollment declined by 1% [22] - Walden's revenue increased by 27% to $217.6 million, with total student enrollment up 13% [23] - Medical and Veterinary segment revenue was $102 million, a 6.9% increase, with adjusted EBITDA rising by 17.6% [25] Market Data and Key Metrics Changes - Total enrollment grew over 6% to 97,000 students, marking the tenth consecutive quarter of enrollment growth [4][7] - Chamberlain's pre-licensure BSN programs have seen growth for 14 consecutive quarters, while post-licensure programs faced declines [22] - Walden's growth was particularly strong in behavioral sciences and nursing programs [32] Company Strategy and Development Direction - The company is focused on addressing the healthcare workforce crisis by expanding capacity and creating new revenue streams [7] - A disciplined, returns-focused approach to capital allocation is being maintained, with $165 million deployed for share repurchases [4] - The upcoming Investor Day will outline a multi-year growth framework [7][47] Management's Comments on Operating Environment and Future Outlook - The healthcare workforce crisis is intensifying, with significant gaps expected to deepen, particularly in rural and underserved areas [6][7] - Management remains confident in achieving full-year revenue guidance of 6%-8.5% growth and has raised adjusted EPS guidance to 17%-20% growth [4][27] - The company expects application growth at Chamberlain to translate into future enrollment growth [27] Other Important Information - The company has approximately $728 million remaining on its current share repurchase authorization [4] - Adjusted EBITDA margin expanded by 290 basis points to 30.8% [18] - The one-week academic calendar shift contributed an additional $18 million in revenue for Walden in Q2 [17][26] Q&A Session Summary Question: Can you provide insights on Walden's growth and market share? - Management noted that growth is consistent across programs, particularly in behavioral sciences and nursing, indicating potential market share gains [32] Question: What is the status of the partnership with Sallie Mae regarding loan caps? - Management confirmed they are working on definitive documentation for the partnership and are optimistic about its implications for the portfolio [33] Question: Can you elaborate on Chamberlain's enrollment trends and lead times? - Management acknowledged recent improvements in application volumes and expressed confidence in returning to positive enrollment growth by the fall cycle [39][40] Question: What factors could lead to exceeding the high end of revenue guidance? - Management indicated that quicker recovery at Chamberlain and acceleration in the Med Vet segment could contribute to exceeding guidance [42]

Levi Strauss & Co (NYSE:LEVI) Q4 2025 Earnings call January 28, 2026 05:00 PM ET Company ParticipantsAida Orphan - VP of Investor RelationsBrooke Roach - Managing DirectorGabriella Garr - Equity Research AssociateHarmit Singh - EVP and Chief Financial and Growth OfficerJay Sole - Managing DirectorLaurent Vasilescu - Managing DirectorMichelle Gass - CEOPaul Lejuez - Managing DirectorRick Patel - Managing DirectorConference Call ParticipantsBob Drbul - Managing Director and Consumer Retail AnalystMatthew Boss ...

Financial Data and Key Metrics Changes - The company reported a 40% year-on-year growth in loan originations, reaching $2.6 billion in Q4 2025, and a 33% increase for the full year to nearly $10 billion [4][13] - Return on tangible common equity (ROTCE) tripled to almost 12% in Q4, with a full-year ROTCE of 10.2% [4][21] - Non-interest income grew by 38% to $103 million, while net interest income increased by 14% to $163 million, marking an all-time high [15][16] - The net interest margin was reported at 6%, up 56 basis points year-over-year [16] Business Line Data and Key Metrics Changes - Marketplace revenue increased by 36% year-on-year, driven by higher loan sales pricing and volumes [6] - The held-for-sale extended seasoning portfolio grew to $1.8 billion, consistent with the strategy to expand the balance sheet [15] - The LevelUp Savings product is growing by double digits, driving 20%-30% more logins compared to legacy products [7][8] Market Data and Key Metrics Changes - The company is seeing stable performance and consistency in borrower behavior, with delinquency and charge-off metrics well below competitors [17][72] - The balance sheet grew to $11.6 billion, up 9% year-over-year, indicating strong liquidity and capital position [19] Company Strategy and Development Direction - The company plans to enter the $500 billion home improvement financing market, leveraging its competitive strengths in funding reliability and underwriting [9][10] - A new brand launch is expected later in the year to reflect the company's ambitions [11] - The transition to fair value accounting is aimed at simplifying financials and aligning revenue recognition with losses [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying fundamentals of the business, assuming a healthy economy with stable macroeconomic conditions [21][27] - The company anticipates continued strong credit performance and plans to ramp up marketing investments to fuel growth in 2026 [11][27] - Management noted that the competitive landscape remains challenging but believes in the company's ability to compete effectively [71][72] Other Important Information - The company announced a $100 million share repurchase program, deploying approximately $12 million in Q4 [20] - The effective tax rate for the quarter was 16.9%, with expectations for a normalized rate of approximately 24% going forward [21] Q&A Session Summary Question: Expense trajectory and marketing investments - Management indicated that the increase in marketing expenses is part of planned investments to drive future growth, with expectations for continued spending in Q1 [33][34] Question: Efficiency ratio outlook - Management confirmed that the efficiency ratio may rise in 2026 due to the transition to fair value accounting but expects it to normalize afterward [42][43] Question: Fair value adjustments and discount rates - Management clarified that the discount rate for new products will depend on the mix of loans, with expectations for stable annual loss rates [50][88] Question: Competitive environment and credit dynamics - Management noted a healthy marketplace with ample capital, while maintaining a disciplined approach to credit [70][72] Question: Macroeconomic outlook and tax refunds - Management acknowledged the potential impact of larger-than-normal tax refunds on payment rates and loan demand but remains confident in their guidance [79][85]

Financial Data and Key Metrics Changes - The company reported revenues of $717 million for Q3 2026, representing a 13% increase year-over-year, and adjusted earnings per share of $1.94, up 18% compared to the same period last year [5][11] - The adjusted effective tax rate for the third quarter was 30.6%, down from 33.3% in the same quarter last year, primarily due to decreased state taxes and non-deductible expenses [14] Business Line Data and Key Metrics Changes - Corporate Finance generated $474 million in revenue for the quarter, a 12% increase year-over-year, with 177 transactions closed, up from 170 in the same period last year [7][11] - Financial Restructuring produced $156 million in revenue, a 19% increase year-over-year, with 41 transactions closed, consistent with the same quarter last year [8][11] - Financial and Valuation Advisory revenues were $87 million, a 6% increase year-over-year, with 1,103 fee events, up from 1,005 in the same period last year [12] Market Data and Key Metrics Changes - The company noted an acceleration in private equity activity, with more portfolio companies exploring liquidity options due to improving investor sentiment and expectations of declining interest rates [5] - The company is experiencing strong growth in its European business, bolstered by recent acquisitions, which are expected to enhance its market presence in France [9][28] Company Strategy and Development Direction - The company aims to expand its workforce and capabilities in key markets, particularly in Europe, where it sees significant growth potential [9][28] - The strategy includes a focus on independent, high-quality advice to clients and a commitment to creating shareholder value [10] - The company is actively pursuing acquisitions to strengthen its Capital Solutions capabilities and enhance its market position [9][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A recovery, citing improving market conditions and increased deal activity [5][10] - There is a recognition of potential revenue pressures in Financial Restructuring as the market improves, but geopolitical events may create new opportunities [8][54] - The company believes it is in the early stages of the advisory cycle, with significant pent-up demand expected to drive future growth [87][90] Other Important Information - The company ended the quarter with approximately $1.2 billion in cash and investments and repurchased approximately 418,000 shares as part of its share repurchase program [14][15] - The company is focused on maintaining a balance between cash for acquisitions and share repurchases, with a strong preference for strategic acquisitions [57][58] Q&A Session Summary Question: Outlook for restructuring activity - Management indicated that while restructuring activity may decline due to improving market conditions, there are still pockets of opportunity driven by geopolitical events [18][19] Question: Corporate finance revenue expectations - Management confirmed that corporate finance is experiencing strong growth, with increasing M&A activity, particularly in private equity [21][22] Question: U.S. vs. non-U.S. growth outlook - Management highlighted that while the U.S. remains the largest market, the European business is growing significantly, aided by recent acquisitions [28][31] Question: Sponsor engagement and market pressures - Management noted a steady improvement in sponsor engagement, with broad-based growth across sectors, despite some external pressures [42][44] Question: Capital management and acquisition pipeline - Management stated that the acquisition pipeline is strong, and they will continue to evaluate share repurchases while maintaining flexibility for acquisitions [56][60] Question: Non-compensation expenses outlook - Management indicated that non-compensation expenses are expected to grow in line with year-to-date trends, with some increases in specific areas like rent [64][66] Question: Data bank product strategy - Management discussed the potential for monetizing proprietary data, indicating that it is an important area of focus for future growth [68][69] Question: Impact of geopolitical uncertainty on activity levels - Management acknowledged the presence of geopolitical noise but noted that clients are increasingly willing to proceed with business despite uncertainties [74][75] Question: Capital Solutions group build-out - Management indicated that the Capital Solutions group is still in early stages of development, with significant demand across various fronts [76][77] Question: Advisory cycle positioning - Management agreed that they are in the early innings of the advisory cycle, with a strong position to capitalize on future growth opportunities [86][90]

ServiceNow (NYSE:NOW) Q4 2025 Earnings call January 28, 2026 05:00 PM ET Company ParticipantsAmit Zavery - President, Chief Product Officer, and COOBill McDermott - Chairman and CEODarren Yip - SVP of Investor Relations and Market InsightsGina Mastantuono - President and CFOKeith Weiss - Managing DirectorPatrick Walravens - Managing DirectorSamad Samana - Managing DirectorConference Call ParticipantsAlex Zukin - Managing Director and Senior AnalystBrian Schwartz - Managing Director and Senior AnalystGabriel ...

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 - Total revenue for 2025 was $2.133 billion, a 0.5% increase compared to 2024, and a 1.1% increase on a comparable adjusted basis [18] - GAAP net income improved to $85.3 million, or $1.87 per share, up from $52.9 million, or $1.18 per share in 2024 [18] - Comparable adjusted EBITDA was $431.5 million, a 6.2% increase from the previous year, with adjusted EBITDA margins expanding by 90 basis points to 20.2% [18][19] - Comparable adjusted EPS grew by 12.6% to $3.67 from $3.26 in 2024 [19] Business Line Data and Key Metrics Changes - Merchant services revenue for 2025 was $398.6 million, growing by 3.8% compared to 2024, with adjusted EBITDA at $85.9 million, a 9.4% increase [19][20] - B2B payment segment revenue finished at $290.5 million, reflecting a 0.9% growth, with adjusted EBITDA at $64.4 million, a 12.8% increase [22][23] - Data-driven marketing business revenue reached $307.3 million, a 31.3% increase year-over-year, with adjusted EBITDA at $86.4 million, reflecting a 28.1% margin rate [25][26] - Print business revenue was $1.14 billion, a decline of 5.7% compared to the previous year, with adjusted EBITDA at $366.9 million, a 2.6% decline [28][29] Market Data and Key Metrics Changes - Payments and data now account for 47% of total revenue, up from 43% a year ago, with expectations to achieve revenue parity with print businesses later in 2026 [5][7] - The data segment expanded its revenue by over 30% year-over-year, indicating strong demand across market verticals [8] - The print segment continues to experience secular decline, with legacy check revenue declining by 1.8% [28] Company Strategy and Development Direction - The company is focused on shifting its revenue mix towards payments and data, aiming for ongoing profitable growth [6][7] - There is a strong emphasis on driving operational efficiencies and improving margins across all business segments [13][14] - The company aims to increase cash flow generation to lower net debt and improve leverage ratios, with a target of achieving a leverage ratio of 3 times or lower [15][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operating environment, noting traditional consumer behavior patterns stabilizing [46] - The company anticipates continued growth in the data segment, with expectations for double-digit growth in the first half of 2026 [49] - Management highlighted the importance of executing their strategic priorities to achieve a strong trajectory heading into 2026 [39] Other Important Information - The company generated $175 million of free cash flow in 2025, achieving its 2026 goal a year early [5] - The board approved a regular quarterly dividend of $0.30 per share, payable on February 23, 2026 [34] Q&A Session Summary Question: How is Deluxe positioned to respond to trends in AI and agentic commerce? - Management stated that Deluxe is well-positioned, having applied AI technology across multiple business areas, leading to improved performance and significant revenue growth in the data-driven marketing business [42][44] Question: What are the primary objectives for the business in 2026? - The main objectives include shifting the revenue mix towards payments and data, driving operational efficiency, and generating cash flow to lower debt [55][56] Question: What does the pipeline look like for 2026 in terms of distribution growth? - Management indicated a robust pipeline for the ISV distribution channel, with ongoing investments in improving API suites and reporting tools [57][58] Question: What are the opportunities for build versus buy decisions in investments? - Management emphasized a balanced approach, making responsible acquisitions while also focusing on internal capability development to enhance business growth [65][66]