Financial Data and Key Metrics Changes - The company reported a record EBITDA of $2.7 billion for Q4 2025, surpassing the previous record of $2.6 billion in Q4 2024 [4] - Net income attributable to common unit holders was $1.6 billion, or $0.75 per common unit on a fully diluted basis for Q4 2025 [11] - Adjusted cash flow from operations grew 5% to $2.4 billion in Q4 2025, leading to a record $8.7 billion for the full year [11][12] - The distribution declared for Q4 2025 was $0.55 per common unit, a 2.8% increase from Q4 2024 [11] Business Line Data and Key Metrics Changes - The company experienced weaker pay market margins in 2025, with RGP and PGP spreads dropping from $0.14 per pound in Q4 2024 to $0.03 per pound in Q4 2025 [5] - The company has fully contracted its ethane export terminals and processing trains, with expectations for modest growth in 2026 and double-digit growth in 2027 as assets ramp up [6][17] Market Data and Key Metrics Changes - Crude oil prices averaged about $12 per barrel lower than in 2024, impacting pricing and spreads [4] - The company loaded between 350 and 360 million barrels across 744 ships in 2025, with expectations to export near 1.5 million barrels a day of NGLs by next year [7][8] Company Strategy and Development Direction - The company aims for modest adjusted EBITDA and cash flow growth in 2026, with a target of 10% growth in 2027 [17] - The partnership with ExxonMobil is seen as a significant opportunity, with plans to expand the Bahia pipeline to 1 million barrels per day [14][68] - The company is focusing on long-term agreements with producers and petrochemical customers to support growth in various segments [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the current operating environment is shaped by new market realities, including lower crude oil prices and weaker commodity-sensitive business performance [4][5] - The management expressed confidence in the company's ability to navigate challenges and highlighted strong customer relationships as a key driver of future success [11] Other Important Information - The company repurchased approximately $50 million of its common units in Q4 2025, totaling about $300 million for the year [12] - Total capital investments were $1.3 billion in Q4 2025, with $1 billion allocated for growth capital projects [13] Q&A Session Summary Question: Can you walk us through the 2026 growth outlook? - Management indicated that growth in 2026 is expected to be at the lower end of the 3%-5% range, with modest cash flow and EBITDA growth anticipated [26][28] Question: Can you expand on the NGL export cadence and earnings contribution? - Management explained that the ramp-up of earnings from the Matrix River expansion will continue into 2026, with full utilization expected by the second quarter [30] Question: How does EPD benefit from changes in Waha prices? - Management stated that the company benefits from both low and high Waha prices through gas transport capacity and storage assets [32] Question: What are producer customers saying about their plans for 2026? - Management reported that Midland volumes are outperforming expectations, with a record number of well connects and significant growth anticipated in the Delaware Basin [35] Question: Can you discuss the partnership with Exxon and future opportunities? - Management expressed optimism about the partnership with Exxon, highlighting multiple areas for collaboration and potential growth [68] Question: What is the outlook for the Haynesville Acadian expansion? - Management confirmed that the expansion is driven by a mix of private and public producers, enhancing the gathering system's capacity [82]

Financial Data and Key Metrics Changes - For the full year 2025, the company recorded revenues of $62.6 billion, a 2% operational decline from $63.6 billion in 2024. Excluding COVID-19 products, operational revenue growth was 6% [27] - Adjusted gross margins for the full year expanded to 76%, aligning with expectations [27] - Full year diluted EPS was $1.36, down from $1.41 in the previous year, while adjusted diluted EPS increased to $3.22 from $3.11, exceeding expectations [27][32] - In Q4 2025, revenues were $17.6 billion, a 3% operational decline year-over-year, primarily due to a 40% decline in COVID product revenues [28] Business Line Data and Key Metrics Changes - Recently launched and acquired products generated $10.2 billion in revenues for 2025, growing approximately 14% operationally [28] - Non-COVID product performance in Q4 was solid, with a 9% operational growth compared to the same period last year, driven by products like Abrysvo, Eliquis, Prevnar, and the Vyndaqel family [28][29] Market Data and Key Metrics Changes - The company anticipates a significant market opportunity in obesity treatments, targeting a $150 billion market with its differentiated Metsera pipeline portfolio [9] - The company captured 83% of new CGRP writer volume in Q4, maintaining leadership in new patient starts [8] Company Strategy and Development Direction - The company aims for industry-leading growth as key products lose patent or regulatory exclusivity in the coming years, focusing on maximizing the value of in-line product portfolios and accelerating pipeline development [5] - Strategic acquisitions, including Seagen, Metsera, and Biohaven, are expected to have transformative potential for the company [5] - The company is scaling artificial intelligence across R&D, manufacturing, and commercial operations to improve productivity and accelerate innovation [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and deliver growth despite challenges, including the lowest COVID-19 season on record [4] - The company is focused on investing in key assets and managing upcoming loss of exclusivity (LOE) headwinds, with growth expected to be driven by an advancing R&D pipeline and business development initiatives [36] Other Important Information - The company returned $9.8 billion to shareholders via dividends in 2025 and invested $10.4 billion in internal R&D [35] - The company expects total revenues for 2026 to be in the range of $59.5 billion to $62.5 billion, with adjusted diluted EPS between $2.80 and $3.00 [36] Q&A Session Summary Question: Can you elaborate on the tolerability seen in the VESPER-3 data? - Management indicated that the tolerability data will be shared at the ADA conference, but initial observations showed no significant increase in discontinuations or severe adverse events when switching to a higher dose [41][42] Question: What role do you see for the drug with the current weight loss profile in the market? - Management believes the drug's efficacy combined with a lower medication burden through monthly dosing will resonate well with patients and providers, enhancing its commercial potential [47] Question: Did the placebo arm in VESPER-3 gain or lose weight? - The placebo arm remained stable, showing no significant weight gain or loss [62] Question: What are the expectations for the upcoming Phase III studies? - Management expressed confidence in the ongoing studies, highlighting the promising data from previous trials and the potential for differentiation in the market [80]

Healthpeak Properties (NYSE:DOC) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Speaker10Good morning, and welcome to the Healthpeak Properties, Inc.'s fourth quarter 2025 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. To withdraw you ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2026 was $27 million on sales of $343.8 million, representing a 7% increase in adjusted EBITDA compared to the prior year [5] - Gross margin improved by 200 basis points to 27.9% versus the prior year, driven by early Apollo savings and improved product mix [5][12] - Net sales declined by 5.2% to $343.8 million, primarily due to a decline in the bakery business [5][11] Business Line Data and Key Metrics Changes - Food service segment net sales declined by $19.7 million, or 8.3%, to $219.2 million, with $18 million of the decline attributed to the lower-margin bakery business [11] - Handheld sales in the food service segment declined approximately $5 million, while soft pretzel sales increased by $3.6 million, or about 6.9% [11] - Retail segment net sales increased by $1.2 million, or 2.6%, to $45.9 million, driven by a $1.8 million increase in handheld volume [11] Market Data and Key Metrics Changes - Sales in the quarter were impacted by the government shutdown and the pause in SNAP benefits, with a noted dip in dollar sales in mid-November [6] - Dippin' Dots sales increased approximately 4% in Q1, fueled by retail growth and theater expansion [9] - The company saw improved theater trends in January, primarily from the success of the Avatar movie [10] Company Strategy and Development Direction - The company is focused on higher-margin opportunities and operational excellence as part of its transformation initiatives under Project Apollo [5][38] - A new $50 million share repurchase authorization was announced, demonstrating confidence in the business and commitment to returning cash to shareholders [7] - The innovation pipeline remains robust, with several new products set to launch in Q2 [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving low single-digit growth for the full year despite a 3% impact from SKU rationalization [22] - The company anticipates achieving a $20 million annual run rate in cost savings from Project Apollo by Q2 [25][26] - Commodity pricing is expected to be more favorable this year compared to the previous year, which faced significant headwinds [29] Other Important Information - The effective tax rate was 27%, and on a reported basis, earnings per diluted share was $0.05 compared to $0.26 last year [15] - The company generated approximately $36 million in operating cash flow and invested $19 million in capital expenditures during the quarter [15] Q&A Session Summary Question: Sales and Project Apollo - Inquiry about the full-year sales expectations considering SKU rationalization and underlying growth objectives [17] - Management indicated that they expect low single-digit growth for the year despite the SKU impact [22] Question: Cost Savings from Project Apollo - Follow-up on the $20 million annual run rate for cost savings and the timeline for achieving it [25] - Management confirmed that they expect to reach the full run rate in Q2 [26] Question: Commodity Environment and Gross Margin - Question regarding the current commodity environment and its impact on gross margin [27] - Management noted that commodity pricing is expected to be more favorable this year, contributing to gross margin improvements [29]

Hubbell (NYSE:HUBB) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Speaker2Good day, and thank you for standing by. Welcome to the fourth quarter 2025 Hubbell Incorporated Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw y ...

Financial Data and Key Metrics Changes - For the fiscal second quarter, the company reported revenues of $460 million and adjusted operating income of $190 million, both reflecting double-digit percentage increases year-over-year [4][11] - Adjusted operating income increased by 16% compared to the prior year quarter, primarily due to increased revenues, partially offset by higher direct operating SG&A expenses [13] Business Line Data and Key Metrics Changes - The Christmas Spectacular generated approximately $195 million in total revenue this season, with 215 paid performances, an increase from 200 performances last year [5][11] - Per-show revenue increased by a mid-single-digit percentage compared to fiscal 2025, driven by higher ticket yields and record levels of per caps on food, beverage, and merchandise [6][11] - The number of events across venues increased year-over-year, driven by growth in concerts, family shows, and marquee sporting events, although concerts at The Garden were down due to timing [7][12] Market Data and Key Metrics Changes - Approximately 2.9 million guests attended over 475 events during the quarter, with a significant contribution from the Christmas Spectacular [5] - The company saw higher per-game revenues from the Knicks and Rangers, with a combined four more home games compared to the prior year quarter [12] Company Strategy and Development Direction - The company is focused on optimizing its schedule, pricing, and marketing for productions like the Christmas Spectacular, indicating potential for future growth in show count and ticket pricing [20][21] - The company is actively booking a wide array of events, including concerts and marquee sporting events, to maintain momentum into the next fiscal year [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering robust growth in revenue and adjusted operating income for fiscal 2026, supported by strong consumer demand and successful events [4][15] - The company noted strong consumer demand trends, with exceptional performance in the Christmas Spectacular and sold-out concerts, indicating a positive outlook for the upcoming quarters [45] Other Important Information - The company had $157 million of unrestricted cash as of December 31, up from $30 million as of September 30, reflecting strong cash flow generation [14] - The company repurchased approximately 623,000 shares of Class A common stock for $25 million fiscal year to date, with $45 million remaining under the current buyback authorization [14] Q&A Session Summary Question: Insights on Christmas Spectacular performance and future growth - Management highlighted strong ticket demand and pricing, with room for increased show count and ticket pricing in future years [19][21] Question: Update on concert bookings trends - Management reported a successful first half of the year with increased bookings, particularly at The Garden, and strong visibility into fiscal 2027 [26][29] Question: Incremental revenue from Harry Styles residency - Management indicated that while not all 30 nights of the residency will be incremental, it will significantly contribute to concert growth [34] Question: Consumer demand trends and capital returns - Management noted strong consumer demand across events and indicated a focus on maintaining a strong balance sheet while exploring capital return opportunities [45][48] Question: Updates on Penn Station redevelopment - Management confirmed that the selection of a master developer is still on track for May 2026, with ongoing commitment to improving the area [51][53] Question: SG&A expenses and future outlook - Management explained elevated SG&A expenses due to nonrecurring items and higher labor costs, with expectations for normalization in the June quarter [58][59]

New Jersey Resources (NYSE:NJR) Q1 2026 Earnings call February 03, 2026 10:00 AM ET Speaker5Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the New Jersey Resources Fiscal 2026 First Quarter Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a q ...

Illinois Tool Works (NYSE:ITW) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Speaker3Good morning. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the ITW's fourth quarter and full year earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press Star, followed by ...

Graphic Packaging Company (NYSE:GPK) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Speaker1Good day, everyone, and welcome to the Graphic Packaging Holding Company fourth quarter and full year 2025 conference call. At this time, all participants are placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to hand the floor over to your host, Mark Connelly. Sir, the floor is yours.Speaker0Good morning. We have with us today R ...

MGIC Investment (NYSE:MTG) Q4 2025 Earnings call February 03, 2026 10:00 AM ET Speaker6Good day, ladies and gentlemen, and thank you for standing by. Welcome to the MGIC Investment Corporation fourth quarter 2025 earnings call. At this time, all lines have been placed on mute to prevent any background noise. At the end of today's presentation, we'll have a question and answer session. If anyone should require to ask a question at this time, please press star one one on your telephone keypad. At this time, I ...