Financial Data and Key Metrics Changes - The company reported earnings per share of $0.52 for Q4 2025, with a net interest margin of 3.51% and 2% loan growth [8][9] - Pre-provision net revenue and return on tangible common equity reached 15% in the second half of 2025, with net interest income growth of approximately $2 million [5][6] - The average interest-bearing cost of deposits decreased by 25 basis points, contributing to improved profitability [8][9] Business Line Data and Key Metrics Changes - Loans to mortgage companies increased by $776 million quarter-over-quarter, driven by a pickup in the refinance market [9][10] - The commercial and industrial (C&I) portfolio saw a $727 million increase in period-end balances, indicating strong origination volume [10] - Fee income increased by $3 million from the prior quarter, primarily due to elevated activity in equipment finance lease businesses [10] Market Data and Key Metrics Changes - Period-end balances for deposits increased by $2 billion compared to the prior quarter, with the average rate paid on interest-bearing deposits decreasing to 2.53% [9][10] - The company maintained a cumulative deposit beta of 64% since rates began to fall in September 2024 [9] Company Strategy and Development Direction - The company aims to continue returning capital to shareholders while investing in growth opportunities, with a focus on improving profitability and earnings growth in 2026 [7][16] - Strategic priorities include serving clients well, growing profitable relationships, and delivering on financial objectives, with an emphasis on deepening client relationships and enhancing product offerings [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ability to improve profitability and grow earnings in 2026, citing positive signs in current pipelines, especially in commercial lending [16][17] - The company expects year-over-year PPNR growth with mid-single-digit balance sheet growth and positive operating leverage [12][13] Other Important Information - The company ended the quarter with a CET1 ratio of 10.64%, with plans for a new repurchase program of $1.2 billion [12][13] - Management highlighted the importance of expense discipline and efficiency while continuing to invest in technology and personnel [17][18] Q&A Session Summary Question: Revenue outlook and key drivers - Management indicated that the revenue outlook of 3%-7% growth is based on the current forward curve, with loan growth being a significant factor [21][22] Question: Expense growth normalization - Management expects expenses to align with inflation, estimating a growth rate of 2.5%-3% in the absence of heavy tech investments [23][24] Question: Loan growth expectations - Management anticipates mid-single-digit loan growth, with strong momentum in C&I and mortgage warehouse lending [29][31] Question: Net interest income trajectory - Management expects net interest income growth to be in the low single digits, influenced by deposit betas and loan growth [42][44] Question: M&A considerations - Management is open to small acquisitions to enhance the branch franchise but prioritizes organic growth and profitability [50][51] Question: Credit quality and reserves - Management is confident in current reserve levels and expects net charge-offs to remain stable, reflecting strong credit performance [57][61]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated earnings per share (EPS) of $14.01, with a return on equity (ROE) of 16% and a return on tangible equity (ROTE) of 17.1% [3][23] - For the full year, EPS was $51.32, representing a 27% increase compared to the previous year, with an ROE of 15% and an ROTE of 16%, improving by 230 and 250 basis points respectively [3][23] - Total revenues for Q4 were $13.5 billion, and for the full year, revenues reached $41.5 billion, an 18% increase year-over-year [23][24] Business Line Data and Key Metrics Changes - Global Banking and Markets (GBM) produced record revenues of $41.5 billion for the year, with investment banking fees of $2.6 billion in Q4, up 25% year-over-year [24][26] - FICC net revenues were $3.1 billion in Q4, a 12% increase year-over-year, while equities net revenues reached $4.3 billion, with equities financing results hitting a record of $2.1 billion, up 42% year-over-year [26][27] - Asset and Wealth Management (AWM) revenues were $16.7 billion for 2025, with a pre-tax margin of 25% and total assets under supervision reaching a record $3.6 trillion [27][28] Market Data and Key Metrics Changes - The investment banking backlog rose for the seventh consecutive quarter to a four-year high, primarily driven by advisory activities [25][68] - The company maintained its number one position in M&A advisory and ranked first in leverage lending, with a strong outlook for 2026 [24][25] Company Strategy and Development Direction - The company aims to narrow its strategic focus and has made organizational changes to enhance its segments [24] - The firm is committed to diversifying its funding footprint and has improved its funding structure, with deposits growing to $501 billion, representing approximately 40% of total funding [19] - The introduction of One Goldman Sachs 3.0, an operating model propelled by AI, aims to enhance efficiency and accountability across the organization [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's ability to exceed return targets, citing a strong growth trajectory and a favorable investment banking environment for 2026 [22][31] - The company is optimistic about the potential for M&A and capital markets activity, supported by fiscal and monetary stimulus [56][57] - Management remains cautious about external factors that could impact the operating environment, including economic growth and geopolitical developments [30][31] Other Important Information - The company announced a $0.50 increase in its quarterly dividend to $4.50, a 50% increase from the previous year, and has $32 billion of remaining buyback capacity [17][30] - The firm has a strong capital position, with a common equity tier one ratio of 14.4% at the end of Q4 [30] Q&A Session Summary Question: How does the company plan to scale wealth management? - Management highlighted the strength of its ultra-high net worth franchise and plans to expand through third-party wealth channels, including partnerships with RIAs [34][36] Question: What is the level of confidence in maintaining mid-teens returns? - Management believes they have significantly raised the floor for returns, with durable revenues expected to be less affected by downturns [40][41] Question: Is there potential for transformational M&A? - Management stated that while they are open to opportunities, the bar for significant acquisitions remains high due to cultural integration concerns [49][51] Question: What is the current state of the capital market cycle? - Management indicated that they believe the capital markets environment is set up to be constructive for 2026, with potential for M&A activity to exceed previous highs [55][56] Question: How does the company view its buyback strategy? - Management confirmed that buybacks remain an important part of their capital deployment strategy, especially given their excess capital position [62][63]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated earnings per share (EPS) of $14.01, with a return on equity (ROE) of 16% and a return on tangible equity (ROTE) of 17.1% [3][26] - For the full year, EPS was $51.32, representing a 27% increase compared to the previous year, with an ROE of 15% and an ROTE of 16%, improving by 230 and 250 basis points respectively [3][26] - Total revenues for Q4 were $13.5 billion, with full-year revenues reaching $41.5 billion, an 18% increase year-over-year [26][27] Business Line Data and Key Metrics Changes - Global Banking & Markets (GBM) produced record revenues of $41.5 billion for the year, with investment banking fees of $2.6 billion in Q4, up 25% year-over-year [27][29] - FICC net revenues were $3.1 billion in Q4, up 12% year-over-year, while equities net revenues reached $4.3 billion, with equities financing results hitting a quarterly record of $2.1 billion, up 42% year-over-year [29][30] - Asset & Wealth Management (AWM) revenues were $16.7 billion for 2025, with a pre-tax margin of 25% and record management fees of $3.1 billion in Q4, up 10% year-over-year [30][31] Market Data and Key Metrics Changes - The investment banking backlog rose for the seventh consecutive quarter to a four-year high, primarily driven by advisory activities [29][72] - Total assets under supervision in AWM reached a record $3.6 trillion, driven by $66 billion of long-term fee-based net inflows [31][32] - Alternative assets under supervision totaled $420 billion at the end of Q4, contributing to $645 million in management fees [32] Company Strategy and Development Direction - The company aims to continue executing its strategy to grow and strengthen its position as a leading financial institution, focusing on client service, integrity, and excellence [4][5] - The firm is narrowing its strategic focus, including the transition of the Apple Card portfolio and enhancing its wealth management capabilities through partnerships with RIAs [7][18] - The introduction of One Goldman Sachs 3.0, an operating model propelled by AI, aims to improve efficiency and accountability across the organization [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the investment banking outlook for 2026, citing catalysts such as corporate strategic repositioning and increased sponsor activity [9][60] - The company believes it has raised the floor for returns significantly, with a focus on durable revenues that are less affected by market downturns [43][44] - Management remains cautious about potential economic shifts and geopolitical developments that could impact the operating environment [33][34] Other Important Information - The company announced a $0.50 increase in its quarterly dividend to $4.50, representing a 50% increase from the previous year, and has $32 billion of remaining buyback capacity [19][33] - The firm has diversified its funding structure, with deposits growing to $501 billion, representing approximately 40% of total funding [21][22] Q&A Session Summary Question: How does the company plan to scale wealth management? - Management highlighted the strength of its ultra-high net worth franchise and plans to expand through third-party wealth channels, including partnerships with RIAs [37][39] Question: What is the level of confidence in maintaining mid-teens returns? - Management expressed confidence in having raised the floor for returns significantly, with a focus on durable revenues and a diversified business model [42][44] Question: Is there potential for transformational M&A? - Management indicated that while the bar for significant acquisitions is high, they are open to opportunities that align with their strategic goals [52][54] Question: What is the current state of the capital market cycle? - Management believes the environment is set up for constructive M&A and capital markets activity in 2026, with potential for exceeding previous activity levels [58][60] Question: How does the company view its buyback strategy? - Management confirmed that buybacks remain an important part of their capital deployment strategy, balancing between supporting client activity and driving shareholder returns [65][66]

First Horizon (NYSE:FHN) Q4 2025 Earnings call January 15, 2026 09:30 AM ET Speaker4Hello, everyone, and thank you for joining the First Horizon Fourth Quarter 2025 earnings conference call. My name is Lucy, and I'll be coordinating your call today. 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. It is now my pleasure to hand over to your host, Tyler Craft, Head of Investor Relations, ...

Financial Data and Key Metrics Changes - In Q4 2025, the company generated earnings per share (EPS) of $14.01, with a return on equity (ROE) of 16% and a return on tangible equity (ROTE) of 17.1% [21] - For the full year, EPS was $51.32, representing a 27% increase compared to the previous year, with an ROE of 15% and an ROTE of 16%, improving by 230 and 250 basis points respectively from 2024 [21] - The company reported total revenues of $13.5 billion for Q4 and $51.5 billion for the full year, with a significant increase in total assets under supervision reaching a record $3.6 trillion [21][24] Business Line Data and Key Metrics Changes - Global Banking and Markets (GBM) produced record revenues of $41.5 billion for the year, up 18% year-over-year, with investment banking fees rising 25% to $2.6 billion in Q4 [22] - FICC net revenues were $3.1 billion in Q4, up 12% year-over-year, while equities net revenues reached $4.3 billion, with equities financing results hitting a quarterly record of $2.1 billion, up 42% year-over-year [23][24] - Asset and Wealth Management (AWM) revenues were $16.7 billion for 2025, with a pre-tax margin of 25% and record management fees of $3.1 billion in Q4, up 10% year-over-year [24] Market Data and Key Metrics Changes - The investment banking backlog rose for the seventh consecutive quarter to a four-year high, primarily driven by advisory activities [23] - The company maintained its number one position in M&A advisory and ranked first in leverage lending, with a strong outlook for investment banking activity in 2026 [22][23] Company Strategy and Development Direction - The company is focused on narrowing its strategic focus and enhancing its client offerings, including the transition of the Apple Card portfolio and the completion of the General Motors credit card program [5][21] - The firm aims to grow its more durable financing revenues, which comprise 37% of total FICC and equity revenues, and has set a target of achieving a pre-tax margin of 30% in AWM [9][11] - The introduction of One Goldman Sachs 3.0, an operating model propelled by AI, aims to improve efficiency and accountability across the organization [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the investment banking outlook for 2026, citing catalysts such as corporate strategic repositioning and increased sponsor activity [7][20] - The company is confident in its ability to deliver strong returns for shareholders, supported by a robust capital position and diversified funding mix [28][29] - Management acknowledged potential challenges from economic growth, policy uncertainty, and market volatility but remains focused on disciplined risk management [28][29] Other Important Information - The company announced a $0.50 increase in its quarterly dividend to $4.50, representing a 50% increase from the previous year, and has $32 billion of remaining buyback capacity [16][28] - Total operating expenses for the year were $37.5 billion, with compensation expenses of $18.9 billion, reflecting a compensation ratio of 31.8% [27] Q&A Session Summary Question: How does the company plan to scale wealth management? - Management highlighted the strength of its ultra-high net worth franchise and plans to expand through third-party wealth channels, including partnerships with RIAs [30][31] Question: What is the level of confidence in maintaining mid-teens returns? - Management believes they have significantly raised the floor for returns, supported by the growth of durable revenues, and expects to operate in the mid-teens through the cycle [34][35] Question: Is there potential for transformational M&A? - Management stated that while they are open to opportunities, the bar for significant transformational M&A remains high due to cultural integration considerations [42] Question: What is the current state of the capital markets cycle? - Management indicated that the environment is set up to be constructive for M&A and capital markets activity in 2026, with expectations of exceeding 2021 activity levels [44][45]

Loop Industries (NasdaqGM:LOOP) Q3 2026 Earnings call January 15, 2026 08:45 AM ET Company ParticipantsSpencer Hart - CFODaniel Solomita - CEOKevin O'Dowd - Head of Investor RelationsConference Call ParticipantsGerard Sweeney - AnalystVaryk Kutnick - AnalystMarvin Wolff - AnalystOperatorGood morning, ladies and gentlemen. Thank you for standing by, and welcome to Loop Industries' third quarter fiscal 2026 corporate update call. At this time, all participants are in a listen-only mode. Following prepared rem ...

Loop Industries (NasdaqGM:LOOP) Q3 2026 Earnings call January 15, 2026 08:45 AM ET Company ParticipantsSpencer Hart - CFODaniel Solomita - CEOKevin O'Dowd - Head of Investor RelationsConference Call ParticipantsGerard Sweeney - AnalystVaryk Kutnick - AnalystMarvin Wolff - AnalystOperatorGood morning, ladies and gentlemen. Thank you for standing by, and welcome to Loop Industries' third quarter fiscal 2026 corporate update call. At this time, all participants are in a listen-only mode. Following prepared rem ...

Loop Industries (NasdaqGM:LOOP) Q3 2026 Earnings call January 15, 2026 08:45 AM ET Speaker3Good morning, ladies and gentlemen. Thank you for standing by, and welcome to Loop Industries' third quarter fiscal 2026 corporate update call. At this time, all participants are in a listen-only mode. Following prepared remarks, we will open the call for questions. Instructions will be provided at that time. This conference call is being recorded today, Thursday, January 15th, 2026. The earnings release accompanying ...

Morgan Stanley (NYSE:MS) Q4 2025 Earnings call January 15, 2026 08:30 AM ET Company ParticipantsTed Pick - Chairman and CEODevin Ryan - Managing Director and Director of Financial Technology ResearchChris McGratty - Managing Director and Head of U.S. Bank ResearchNone - Company RepresentativeMike Mayo - Managing Director and Head of U.S. Large-Cap Bank ResearchErica Najarian - Managing Director and Head of Americas Financial Sector ResearchConference Call ParticipantsSteven Chubak - Managing Director and Se ...

Financial Data and Key Metrics Changes - In 2025, the company achieved record full-year revenues of $70.6 billion and fourth-quarter revenues of $17.9 billion, supported by expanding markets and increasing client demand for advice [31] - The return on tangible common equity (ROTCE) was 21.6% for the full year, with fourth-quarter ROTCE at 21.8% and earnings per share (EPS) reaching $10.21 for the full year and $2.68 for the fourth quarter [32] - The efficiency ratio improved to 68.4% for the full year, indicating disciplined execution and prioritization of investments [32] Business Line Data and Key Metrics Changes - Institutional Securities delivered record full-year revenues of $33.1 billion, including $7.9 billion in the fourth quarter, with strong growth in Investment Banking revenues of $7.6 billion for the full year [33] - Wealth Management achieved full-year revenues of $31.8 billion with margins of 29%, and net new assets of $356 billion for the year [38] - Investment Management generated total revenues of $6.5 billion, reaching a record $1.9 trillion in assets under management (AUM) [46] Market Data and Key Metrics Changes - 25% of the company's revenues came from outside the U.S., with EMEA revenues growing by 40% and Asia by 50% over the last two years [22] - The company has a strong presence in Japan and Hong Kong, with significant growth in the EU and maintained leadership in the U.K. [22] Company Strategy and Development Direction - The company is focused on executing its strategy of being an integrated firm, leveraging technology and human capital across its three business segments: Wealth, Institutional Securities, and Investment Management [15][29] - There is an emphasis on the adoption of AI tools to enhance efficiency and effectiveness across business units [15] - The company aims to compound earnings in a capital-efficient manner while maintaining a strong focus on client relationships and market share [12][29] Management's Comments on Operating Environment and Future Outlook - The management highlighted a resilient U.S. economy and a favorable macro backdrop, with expectations of continued execution at or above firm-wide goals in 2026 [5][7] - There is caution regarding geopolitical uncertainties and higher asset prices, with a focus on not overreaching despite achieving many firm-wide goals [12][29] - The management expressed confidence in the potential for growth in both the Wealth and Investment Management businesses, supported by healthy pipelines and client engagement [49] Other Important Information - The company raised its quarterly dividend to $1 per share, marking four consecutive years of dividend growth [27] - The firm bought back $4.6 billion of common stock in 2025, including $1.5 billion in the fourth quarter [49] Q&A Session Questions and Answers Question: Why no change for the targets despite strong results? - The management emphasized the importance of demonstrating the ability to compound earnings through cycles and maintaining a conservative approach to setting targets [54][56] Question: What are the drivers of margin growth in Wealth Management? - The management indicated that both scaling the business and improving efficiency through technology and fee-based revenues are key drivers for margin growth [61][63] Question: How does the company view the trading business and its future? - The management acknowledged the trading business's current strong performance but noted the potential for volatility in the future, emphasizing the importance of managing risks [100][102] Question: What is the outlook for wallet expansion in institutional trading? - The management expressed optimism about the growth of the wallet, projecting a 5%-10% annual increase, supported by ongoing share gains from established firms [91]