Aon (NYSE:AON) Q4 2025 Earnings call January 30, 2026 08:30 AM ET Company ParticipantsBob Huang - Equity Research Executive DirectorEdmund Reese - CFOGreg Case - President and CEOMatthew Heimermann - Managing DirectorConference Call ParticipantsCharlie Lederer - Research AnalystDavid Motemaden - Senior Equity Research AnalystElyse Greenspan - Managing Director and Equity Research AnalystOperatorGood morning, and thank you for holding. Welcome to Aon PLC's fourth quarter 2025 conference call. At this time, a ...

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved a 14% growth in EPS and a 7% growth for the full year, aligning with mid to high single-digit guidance [9] - The operating ratio improved to 60.1% in Q4, a 250 basis point improvement year-over-year, and 61.7% for the full year, improving 120 basis points compared to 2024 [9][33] - Cash flow generated was CAD 3.3 billion, up 8% driven by cash from operations, with capital spending remaining disciplined [9][37] Business Line Data and Key Metrics Changes - The company reported a 4% increase in revenue ton miles (RTMs) and a 3% increase in carloads in Q4, contributing to a 2% revenue growth despite challenging market conditions [24][26] - Intermodal revenues increased by 13% internationally and 6% domestically, with strong performance noted at Vancouver and Prince Rupert [25][26] - Grain shipments set an all-time annual record in 2025, with monthly records achieved in October, November, and December [26] Market Data and Key Metrics Changes - The company faced continued softness in key markets such as forest products and metals, impacted by weak fundamentals and tariffs [25][27] - Petroleum and Chemicals saw growth across all segments, particularly a 9% increase in natural gas liquids volumes driven by strong domestic demand [26] - The overall revenue was negatively impacted by over CAD 350 million due to tariffs, trade uncertainty, and volatility [27] Company Strategy and Development Direction - The company emphasized disciplined execution and productivity improvement as key strategies moving forward, with a focus on areas within their control [8][11] - The management highlighted the importance of maintaining strong cash flow and returning excess capital to shareholders while navigating a challenging macro environment [8][12] - Future guidance will be more directional, tied closely to volume trends, with expectations of flat volumes compared to 2025 [12][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledged high uncertainty and limited visibility in the economic environment, with muted growth expectations and ongoing tariff pressures [11][12] - The company plans to leverage its strong operating leverage and cash generation capabilities to drive earnings and margins as volumes improve [13][41] - The management expressed confidence in the company's ability to navigate through challenges and capitalize on opportunities in the North American markets [15][16] Other Important Information - The board approved a 3% increase in dividends, marking the 30th consecutive year of dividend growth, reflecting confidence in cash generation [38] - A new share buyback program was authorized, allowing the repurchase of up to 24 million common shares [38] Q&A Session Summary Question: Update on incremental revenue target - The company closed with CAD 100 million in incremental revenue for Q4, with an additional CAD 100 million in the pipeline for January [44][45] Question: Clarification on depreciation and earnings growth - Depreciation variance was due to a favorable study and corrections from over-depreciation in past acquisitions [49] - Management indicated that current headwinds are unique and not indicative of a decoupling of earnings from volume [50][52] Question: Outlook on mix and differentiated growth opportunities - The mix impact for 2026 is expected to be similar to 2025, with opportunities in northern markets and natural resources highlighted [56][58] Question: Guidance on volume and earnings shape for 2026 - The first half of 2026 is expected to be softer, with improvement anticipated in the second half [62][63] Question: Volume outlook and performance at Prince Rupert - Strong performance is expected in agriculture and energy sectors, with ongoing investments in infrastructure at Prince Rupert [66][70]

Charter Communications (NasdaqGS:CHTR) Q4 2025 Earnings call January 30, 2026 08:30 AM ET Company ParticipantsChris Winfrey - President and CEOJessica Fischer - CFOJessica Reif Ehrlich - Managing DirectorMichael Ng - Equity research analystStefan Anninger - SVP of Investor RelationsVikash Harlalka - Director of US Communications Services TeamConference Call ParticipantsFrank Louthan - Managing Director and Senior Telecommunications AnalystMichael Rollins - Managing Director and an Equity Research AnalystSte ...

Aon (NYSE:AON) Q4 2025 Earnings call January 30, 2026 08:30 AM ET Company ParticipantsBob Huang - Equity Research Executive DirectorEdmund Reese - CFOGreg Case - President and CEOMatthew Heimermann - Managing DirectorConference Call ParticipantsCharlie Lederer - Research AnalystDavid Motemaden - Senior Equity Research AnalystElyse Greenspan - Managing Director and Equity Research AnalystOperatorGood morning, and thank you for holding. Welcome to Aon PLC's fourth quarter 2025 conference call. At this time, a ...

Standex International (NYSE:SXI) Q2 2026 Earnings call January 30, 2026 08:30 AM ET Speaker7Good morning, ladies and gentlemen, and welcome to Standex International's Fiscal Second Quarter 2026 Financial Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If anyone has any difficulties hearing the conference, please press star zero for operator assistance at any time. I would now like to turn the conference ca ...

Financial Data and Key Metrics Changes - The company reported stronger-than-expected Q4 results, with organic sales growth, net sales, gross profit, base business earnings per share, and free cash flow growth in 2025 despite challenges such as lower-than-expected category growth and higher raw material inflation [3][4] - The company achieved $5 billion in sales growth as part of its 2025 strategy, transitioning to a new 2030 strategy aimed at accelerating change and driving top-tier growth [4][8] Business Line Data and Key Metrics Changes - Organic sales growth was observed in all four categories in Q4, with modest volume growth excluding the impact of the Prime100 acquisition and planned exit from the private label business [4][8] - The Hill's brand showed strong growth, with volume growth exceeding 5% on an underlying basis, despite challenges in the overall category [21][32] Market Data and Key Metrics Changes - Emerging markets, particularly Latin America, performed well with high single-digit growth in Mexico and Brazil, contributing to an overall organic growth of about 4.5% in emerging markets [58][60] - North America faced challenges, with nine categories experiencing volume declines in October and ten in November, although December showed slight improvement [48][50] Company Strategy and Development Direction - The company is focusing on five key areas: leveraging strong global brands, accelerating investment in innovation, enhancing omni-channel demand generation, investing in digital and AI capabilities, and fostering a high-impact culture [5][7][8] - The Strategic Growth and Productivity Program aims to unlock organizational changes and funding necessary to support the new strategy, with a focus on building brand capabilities and driving productivity [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing improved momentum in Q4 and stabilization of category growth rates, but acknowledged significant uncertainty in the market [9][10] - The company is cautious about the U.S. market, expecting continued challenges in the near term but believes that innovation and premiumization strategies will drive future growth [50][95] Other Important Information - The company noted that foreign exchange has been favorable recently, but historically has only been a tailwind in two of the last ten years, and will be managed flexibly in the business model [23][70] - The company is adapting its organizational structure to focus on omni-channel demand generation, aiming to enhance decision-making and responsiveness to market changes [90][91] Q&A Session Summary Question: Insights on category growth and market share positioning - Management indicated that category growth has stabilized at lower rates than historical assumptions, with expectations of gradual improvement in 2026 [18][26] Question: Performance of the Hill's brand - Despite challenges in the category, the Hill's brand experienced strong volume growth, driven by science-based innovation and improved market shares [31][32] Question: North America market challenges - Management acknowledged the sluggishness in North America, particularly in personal care, and emphasized the need for a stronger innovation pipeline and effective revenue growth management strategies [46][50] Question: Emerging markets performance - Emerging markets showed strong growth, particularly in Latin America, with a focus on executing strategic growth initiatives to capitalize on favorable category growth rates [58][60] Question: Advertising and promotional strategies - Management discussed the need for a balanced approach to advertising spend, focusing on efficiency while also investing in areas that will drive market share and category growth [41][44]

Financial Data and Key Metrics Changes - In 2025, revenue decreased by approximately 0.5% year-over-year, while EBITDA grew by about 0.5% [4] - For Q4 2025, consolidated revenue declined by 2.3% year-over-year and down 0.4% when excluding advertising revenue and programmer app allocation [25] - Adjusted EBITDA for Q4 declined by 1.2% year-over-year, while for the full year 2025, EBITDA grew by 0.6% [27] Business Line Data and Key Metrics Changes - Internet customer losses improved year-over-year, with a loss of 119,000 internet customers in Q4, better than the previous year [20] - Mobile lines increased by 428,000, marking a 19% growth, with the company remaining the fastest-growing mobile provider in the U.S. [4] - Video customers grew by 44,000 in Q4, a significant improvement from a loss of 123,000 in Q4 2024, driven by lower churn and new pricing strategies [21] Market Data and Key Metrics Changes - The operating environment for internet sales reflected low move rates and increased competition from mobile and fiber providers, leading to slightly lower internet sales year-over-year [5] - Advertising revenue in Q4 declined by 26%, primarily due to reduced political advertising [24] - Total commercial revenue grew by 0.3% year-over-year, with mid-market and large business revenue growth of 2.6% [24] Company Strategy and Development Direction - The company aims to enhance its competitive position by clearly communicating its superior value and utility while providing high-quality service [6] - Plans to complete rural build-out in 2026, adding over 1.7 million new subsidized rural passings [6] - The company is focused on becoming America's connectivity company, with a strategy to expand its footprint and improve service offerings post-Cox acquisition [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the competitive landscape and emphasized the importance of regaining positive net additions in a challenging environment [5] - The company expects slight EBITDA growth in 2026, despite headwinds from broadband subscriber declines [58] - Management is optimistic about the long-term growth trajectory driven by investments in technology and customer service improvements [16] Other Important Information - Capital expenditures for 2025 totaled $11.66 billion, with expectations for a decline in capital expenditures in subsequent years [28] - The company plans to reduce its leverage target to the low end of a new 3.5-3.75 times range post-Cox transaction [32] - Free cash flow for Q4 totaled $773 million, with expectations for significant growth in free cash flow in the coming years [30] Q&A Session Summary Question: Wireless agreement details and impact on strategy - Management confirmed the modernization of the long-term MVNO agreement with Verizon, supporting profitable growth for both companies [39] Question: Market position of Spectrum Mobile - Management indicated that the converged strategy is effective, with increasing brand awareness and customer perception of value [46] Question: Market share trends against fiber operators - Management stated that they have successfully competed against fiber operators for years, maintaining greater penetration even in mature fiber markets [55] Question: Sustainability of video subscriber gains - Management clarified that the goal is not merely to gain video subscribers but to support broadband acquisition and retention [63] Question: Operating expense growth and investment opportunities - Management emphasized the balance between maintaining EBITDA growth and investing in new opportunities, leveraging previous investments for efficiency [78] Question: Pricing strategy for services - Management discussed the introduction of new pricing and packaging in September 2024, which has allowed for lower promotional prices while maintaining ARPU [85]

Financial Data and Key Metrics Changes - The company reported net income available to common shareholders of $19.6 million or $0.96 per diluted share for Q4 2025, and $73.4 million or $3.61 per diluted share for the full year [4] - Return on average assets was 120 basis points for the year, while return on average equity was 12.38%, both exceeding annual guidance [4] - The efficiency ratio for the year was 58% [4] Business Line Data and Key Metrics Changes - Total loans increased by 1.5% in Q4 and 4% year-over-year to $4.66 billion, driven by strong demand in commercial lending [6] - Commercial business loans were down modestly on a linked-quarter basis but up 11% year-over-year [6] - Residential lending grew 1% during both the 3 and 12 months ended December 31, 2025 [8] - Consumer indirect loans decreased by 3.7% in Q4 and 4.5% for the year to $807 million [9] Market Data and Key Metrics Changes - Year-end total deposits were $5.21 billion, down 2.8% from September 30, driven by seasonal public deposit outflows [10] - Deposits were up 2% year-over-year despite the wind down of the banking-as-a-service line of business [10] - The company expects low single-digit deposit growth year-over-year amid a competitive landscape [17] Company Strategy and Development Direction - The company is focused on organic credit discipline growth, prudent expense management, and building a strong capital position to deliver long-term value to shareholders [25] - The company aims to drive sustainable growth through its community bank and wealth management firm, leveraging its size and market position [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of Upstate New York markets, particularly with the recent investment by Micron Technology [7] - The company anticipates higher performance for full year 2026, targeting a return on average assets of at least 122 basis points and an efficiency ratio below 58% [13][22] Other Important Information - The company completed an $80 million subordinated debt offering with a fixed rate of 6.5% [5] - The company reported a BBB- rating from Kroll with a stable outlook, reflecting improved profitability and capital position [6] Q&A Session Summary Question: Margin expectations for the year - Management indicated that margins were impacted by the sub debt raise and expect incremental expansion throughout the year [29] Question: Loan growth outlook - Management confirmed intentional management of the indirect auto portfolio and expressed confidence in both C&I and CRE growth prospects [33][34] Question: Share buyback plans - Management noted that share buybacks remain an attractive capital allocation option, with a focus on maintaining Common Equity Tier 1 above 11% [37] Question: Deposit growth initiatives - Management emphasized the focus on core deposit acquisition and the success of treasury management offerings in driving commercial deposit growth [46][48]

Aon (NYSE:AON) Q4 2025 Earnings call January 30, 2026 08:30 AM ET Speaker2Good morning, and thank you for holding. Welcome to Aon PLC's fourth quarter 2025 conference call. At this time, all parties will be in a listen-only mode until the question and answer portion of today's call. I'd also like to remind all parties that this call is being recorded. If anyone has an objection, you may disconnect your line at this time. It is important to note that some of the comments in today's call may constitute certai ...

Canadian National Railway Company (NYSE:CNI) Q4 2025 Earnings call January 30, 2026 08:30 AM ET Speaker20Good morning! CN's fourth quarter 2025 financial and operating results conference call will begin momentarily. Thank you for your patience.Speaker11Good morning. My name is Krista, and I will be your operator today. All participants are now in a listen-only mode. After the speaker's remarks, there will be a question-and-answer session, during which we ask that you kindly limit yourself to one question. A ...