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]

Financial Data and Key Metrics Changes - In 2025, Morgan Stanley achieved record full-year revenues of $70.6 billion and fourth-quarter revenues of $17.9 billion, with a return on tangible common equity (ROTCE) of 21.6% and earnings per share (EPS) of $10.21 for the full year [17][18] - The efficiency ratio improved to 68.4% for the full year, indicating disciplined execution and prioritization of investments [17][55] - The firm generated record EPS of $2.68 for the fourth quarter, with a ROTCE of 21.8% [17][18] 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 investment banking revenues reaching $7.6 billion for the full year [18][19] - Wealth Management achieved full-year revenues of $31.8 billion and reported margins of 29%, with net new assets of $356 billion and fee-based flows of $160 billion for the year [20][24] - Investment Management generated total revenues of $6.5 billion, with assets under management (AUM) scaling to a record $1.9 trillion [24][25] Market Data and Key Metrics Changes - 25% of revenues came from outside the U.S., with EMEA growing revenues by 40% and Asia by 50% over the last two years [12] - The firm reported a strong macro backdrop, with improving corporate confidence and open capital markets positioning it well for future growth [18][19] Company Strategy and Development Direction - Morgan Stanley's strategy focuses on executing from a position of strength, with multi-year investments in core businesses and the integration of technology [4][8] - The firm aims to compound earnings in a capital-efficient way and is investing in AI tools to enhance efficiency and effectiveness across business units [8][56] - The company is committed to maintaining high standards for acquisitions, focusing on organic growth and client relationships [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's ability to navigate macroeconomic and geopolitical uncertainties while continuing to execute on firm-wide goals [3][4] - The outlook for 2026 includes expectations for healthy investment banking pipelines and continued growth in wealth management and institutional securities [19][27] - Management emphasized the importance of compounding earnings through the cycle and maintaining a conservative approach to setting targets [30][39] Other Important Information - The firm raised its quarterly dividend to $1 per share, marking four consecutive years of dividend growth [15] - Morgan Stanley's CET1 ratio ended the year at 15%, with over 300 basis points of excess capital [14][26] Q&A Session Summary Question: Why no change for the targets despite strong results? - Management indicated that the decision to maintain targets reflects a desire to demonstrate the firm's ability to operate at high levels consistently and achieve higher lows during challenging periods [29][30] Question: What are the drivers of margin growth in wealth management? - Management highlighted the importance of scaling fee-based revenues and improving efficiency through technology investments as key drivers for margin expansion [32][34] Question: How does the firm view the trajectory of the wallet in institutional trading? - Management expressed optimism about the wallet's growth potential, citing ongoing share gains and favorable market conditions as supportive factors [42][47]

BlackRock (NYSE:BLK) Q4 2025 Earnings call January 15, 2026 07:30 AM ET Company ParticipantsMichael Brown - Managing DirectorBen Budish - DirectorMichael Cyprys - Managing DirectorAlex Blostein - Managing DirectorChristopher Meade - General CounselDan Fannon - Managing DirectorLaurence Fink - Chairman and CEOCraig Siegenthaler - Managing DirectorMartin Small - CFOConference Call ParticipantsKen Worthington - Senior Equity Research AnalystOperatorGood morning. My name is Jennifer, and I will be your conferen ...

BlackRock (NYSE:BLK) Q4 2025 Earnings call January 15, 2026 07:30 AM ET Company ParticipantsChristopher Meade - General CounselMartin Small - CFOOperatorGood morning. My name is Jennifer, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the BlackRock Incorporated Q4 2025 Earnings Teleconference. Our hosts for today's call will be Chairman and Chief Executive Officer Lawrence D. Fink, Chief Financial Officer Martin S. Small, President Robert S. Kapito, and Genera ...

Financial Data and Key Metrics Changes - BlackRock reported nearly $700 billion in net new assets for 2025, with a 9% organic base fee growth and a 16% technology annual contract value (ACV) expansion [3][4] - Full year revenue reached $24 billion, up 19% year over year, while operating income was $9.6 billion, an 18% increase [8] - Earnings per share (EPS) for the full year was $48.09, reflecting a 10% increase [8] Business Line Data and Key Metrics Changes - Fourth quarter base fees and securities lending revenue amounted to $5.3 billion, a 19% increase year over year, driven by market beta impacts and organic growth [10] - Performance fees in the fourth quarter were $754 million, up from the previous year, with significant contributions from alternatives [11] - Technology services and subscription revenue increased by 24% year over year, reflecting successful client onboarding and the closing of the Preqin transaction [11] Market Data and Key Metrics Changes - iShares led the industry with $527 billion in net inflows for 2025, representing 12% organic asset growth [15] - Retail net inflows for the year were $107 billion, significantly boosted by a $80 billion SMA assignment from Citi Wealth [16] - Institutional active franchise generated net inflows of $54 billion, while institutional index net outflows were $119 billion, primarily due to low-fee index equity strategy redemptions [16] Company Strategy and Development Direction - BlackRock aims to build leading franchises in high-growth markets such as private markets, digital assets, and active ETFs, targeting $500 million revenue generators in the next five years [6][7] - The company plans to raise $400 billion in private markets by 2030, leveraging strong client relationships and investment performance [22] - BlackRock is focused on integrating public and private markets, enhancing its technology and data capabilities through platforms like Aladdin and Preqin [7][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing strong client relationships and a diversified pipeline across products and regions [18][19] - The company anticipates continued organic base fee growth of 6% or higher, supported by a favorable market environment [38] - Management highlighted the importance of adapting to changing market conditions and the potential for increased cash holdings as capital markets grow [42][43] Other Important Information - BlackRock returned a record $5 billion to shareholders in 2025 through dividends and share repurchases, with a planned 10% increase in the dividend per share for 2026 [13][14] - The company is targeting a $1.8 billion share repurchase program for 2026 [15] - BlackRock's platform is positioned to capture flows with strong performance across various asset classes, including fixed income and active ETFs [28][29] Q&A Session Summary Question: What is the outlook for net flow pipeline and the money market business? - Management noted that organic base fee growth has consistently outperformed expectations, with a strong pipeline for private markets and systematic strategies [37] - They expect money market yields to fall with potential rate cuts, but anticipate continued demand for fixed income offerings [39][40] Question: How is BlackRock prioritizing growth in Asia? - Management highlighted the rapid growth of capital markets in Asia, particularly in Japan and India, and emphasized the potential for self-directed retirement platforms [45][46] Question: How does BlackRock differentiate in the insurance channel? - BlackRock is the largest general account manager for insurance companies, focusing on delivering customized solutions and integrating public and private portfolios [50][52]

Financial Highlights - Fourth quarter revenue increased by 5.7% sequentially in NT$ and by 1.9% in U.S. dollar terms to $33.7 billion, slightly exceeding guidance [3] - Gross margin rose by 2.8 percentage points sequentially to 62.3%, driven by cost improvements and favorable foreign exchange rates [3] - Operating margin increased by 3.4 percentage points to 54%, with operating expenses at 8.4% of net revenue [3] - Full year 2025 revenue increased by 35.9% in U.S. dollar terms to $122 billion, with gross margin at 59.9% [9] Business Line Performance - 3 nm process technology contributed 28% of wafer revenue in Q4, while 5 nm and 7 nm accounted for 35% and 14% respectively [4] - High-Performance Computing (HPC) revenue increased by 48% year-over-year, accounting for 58% of total revenue in 2025 [6] - Smartphone revenue increased by 11% year-over-year, contributing 29% to total revenue [6] Market Data - HPC accounted for 55% of Q4 revenue, with smartphone at 32% and IoT at 5% [5] - Advanced technologies (7 nm and below) accounted for 77% of wafer revenue for the full year [4] Company Strategy and Industry Competition - TSMC plans to invest $52 billion to $56 billion in capital expenditures in 2026 to support growth in AI and other advanced technologies [14] - The company aims to maintain a long-term gross margin of 56% and higher through strategic pricing and operational excellence [17] - TSMC is expanding its global manufacturing footprint, including new fabs in Arizona and Japan, to meet increasing demand [26][27] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of AI demand, indicating it is a megatrend that will drive growth [20][22] - The company anticipates a 14% growth in the Foundry 2.0 industry in 2026, with TSMC expected to outperform this growth [20] - Concerns about potential tariff policies and rising component prices were acknowledged, but management remains focused on fundamentals [19] Other Important Information - TSMC's effective tax rate for 2025 was 16%, expected to rise to between 17% and 18% in 2026 [10] - The company generated TWD 2.3 trillion in operating cash flow in 2025 and paid TWD 467 billion in cash dividends, up 28.6% year-over-year [9] Q&A Session Summary Question: Customer Demand and AI Bubble Concerns - Management confirmed strong customer demand for AI, with evidence of business growth from cloud service providers [36][38] - Concerns about a potential AI bubble were acknowledged, but management remains confident in the long-term growth of AI [39] Question: U.S. Expansion Plans - TSMC is accelerating its fab expansion in Arizona due to strong demand from AI customers, with plans for additional fabs [42][43] - The company aims to achieve 20% to 30% of its 2 nm capacity in the U.S. as part of its long-term strategy [40] Question: Power Supply for Data Centers - Management is actively evaluating power supply considerations for AI infrastructure, ensuring that silicon supply remains the primary bottleneck [48][49] Question: Non-AI Market Outlook - Management expects minimal unit growth in PC and smartphone markets due to rising memory costs, but demand for high-end products remains strong [56][68] Question: Competition from Intel Foundry - Management does not view Intel's foundry competition as a significant threat, citing the complexity and time required to develop advanced technologies [60]

Financial Data and Key Metrics Changes - Fourth quarter revenue increased by 5.7% sequentially in NT$ and by 1.9% in U.S. dollar terms to $33.7 billion, slightly exceeding guidance [3] - Gross margin rose by 2.8 percentage points sequentially to 62.3%, driven by cost improvements and favorable foreign exchange rates [3] - Operating margin increased by 3.4 percentage points sequentially to 54% due to lower operating expenses [3] - Full year 2025 revenue increased by 35.9% in U.S. dollar terms to $1 billion, with gross margin up 3.8 percentage points to 59.9% [6][7] - Full year EPS increased by 46.4% to TWD 66.25 and ROE increased by 5.1 percentage points to 35.4% [7] Business Line Data and Key Metrics Changes - 3 nm process technology contributed 28% of wafer revenue in Q4, while 5 nm and 7 nm accounted for 35% and 14% respectively [4] - Advanced technologies (7 nm and below) accounted for 77% of wafer revenue for the full year, up from 69% in 2024 [4] - High-Performance Computing (HPC) revenue increased by 48% year over year, accounting for 58% of total revenue in 2025 [5] Market Data and Key Metrics Changes - HPC revenue increased by 4% quarter over quarter to account for 55% of Q4 revenue, while smartphone revenue increased by 11% to account for 32% [5] - Automotive revenue decreased by 1% to account for 5%, and Data Center Equipment (DCE) revenue decreased by 22% to account for 1% [5] - Overall, smartphone, IoT, and automotive segments saw year-over-year increases of 11%, 15%, and 34% respectively in 2025 [5] Company Strategy and Development Direction - TSMC plans to invest between $52 billion and $56 billion in capital expenditures for 2026, focusing on advanced process technologies [13] - The company aims to leverage manufacturing excellence to drive productivity and optimize capacity across nodes [10][16] - TSMC is committed to supporting customer growth while maintaining a disciplined approach to capacity planning [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the AI megatrend, forecasting a 14% growth in the Foundry 2.0 industry for 2026, supported by robust AI-related demand [19] - Concerns about potential tariff policies and rising component prices were acknowledged, with a focus on prudent business planning [18] - Management expects 2026 to be another strong growth year, with full-year revenue projected to increase by close to 30% in U.S. dollar terms [19] Other Important Information - TSMC's cash and marketable securities totaled TWD 3.1 trillion or $98 billion at the end of Q4 [5] - The company plans to pay a cash dividend of TWD 23 per share in 2026, up from TWD 18 in 2025 [8] Q&A Session Summary Question: Insights on customer demand and AI-related growth - Management confirmed strong customer demand for AI, with evidence of growth in their businesses, indicating that AI is a real and growing trend [36][37] Question: U.S. expansion plans and capacity commitments - Management is accelerating fab expansion in Arizona due to strong demand from AI customers, with plans for additional fabs [41][42] Question: Evaluation of power supply for data centers - Management is actively assessing power supply needs for AI infrastructure, ensuring that silicon supply remains the primary bottleneck [46][47] Question: Advanced packaging revenue contribution and focus areas - Advanced packaging contributed about 8% of revenue in 2025, with expectations for growth in the next five years [50][51] Question: Non-AI market outlook and competition - Management expects strong demand in non-AI segments, particularly in high-end smartphones, despite rising memory costs [55][66] Question: Engineering talent and capacity planning - Management acknowledged challenges in developing engineering talent but emphasized productivity improvements as a focus for 2026-2027 [71][72]

Financial Highlights - In Q4 2025, revenue increased by 5.7% sequentially in NT$ and by 1.9% in U.S. dollars to $33.7 billion, slightly exceeding guidance [3] - Gross margin rose by 2.8 percentage points sequentially to 62.3%, driven by cost improvements and favorable foreign exchange rates [3][9] - Operating margin increased by 3.4 percentage points to 54% due to operating leverage [3] - Full year 2025 revenue increased by 35.9% in U.S. dollars to $1 billion, and by 31.6% in NT dollars to TWD 3.8 trillion [7] - Full year EPS increased by 46.4% to TWD 66.25, and ROE increased by 5.1 percentage points to 35.4% [7] Business Line Performance - In Q4 2025, 3 nm process technology contributed 28% of wafer revenue, while 5 nm and 7 nm accounted for 35% and 14% respectively [4] - Advanced technologies (7 nm and below) accounted for 77% of wafer revenue for the full year, up from 69% in 2024 [4] - High-Performance Computing (HPC) revenue increased by 48% year-over-year, accounting for 58% of total revenue in 2025 [5] Market Performance - HPC revenue increased by 4% quarter-over-quarter to account for 55% of Q4 revenue, while smartphone revenue increased by 11% to account for 32% [5] - Automotive revenue decreased by 1% to account for 5%, and Data Center Equipment (DCE) revenue decreased by 22% to account for 1% [5] - Overall, HPC accounted for 58% of 2025 revenue, with smartphone at 29%, IoT at 5%, automotive at 5%, and DCE at 1% [5] Company Strategy and Industry Competition - TSMC plans to increase capital expenditures to $52 billion-$56 billion in 2026 to support growth in advanced process technologies [12] - The company aims to maintain a long-term gross margin of 56% and higher through the cycle, despite challenges from overseas expansion and rising manufacturing costs [15] - TSMC is focused on leveraging manufacturing excellence and optimizing capacity across nodes to support profitability [15] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the AI megatrend, forecasting a 14% growth in the Foundry 2.0 industry in 2026, supported by robust AI-related demand [18] - TSMC expects full-year revenue to increase by close to 30% in U.S. dollar terms in 2026 [18] - The company is committed to supporting customer growth and addressing the structural increase in long-term market demand [19] Other Important Information - TSMC's cash and marketable securities reached TWD 3.1 trillion ($98 billion) at the end of Q4 2025 [5] - The company generated TWD 726 billion in cash from operations and spent TWD 357 billion on capital expenditures in Q4 2025 [6] - TSMC plans to pay a cash dividend of TWD 23 per share in 2026, up from TWD 18 in 2025 [8] Q&A Session Summary Question: Customer Demand and AI Bubble Concerns - Management reassured that customer demand for AI is real, with evidence of growth and financial returns from cloud service providers [33][34] - Concerns about a potential AI bubble were acknowledged, but management remains confident in the long-term growth driven by AI [35] Question: U.S. Expansion Plans - TSMC is accelerating its fab expansion in Arizona to meet strong AI demand, with plans for multiple fabs and a Gigafab cluster [39][40] Question: Power Supply for Data Centers - Management confirmed that power supply considerations are factored into planning, and customers have been proactive in addressing power needs for AI infrastructure [44][46] Question: Non-AI Market Outlook - Management expects strong demand in high-end smartphones and PCs, which are less sensitive to memory price increases [52][68] Question: Competition from Intel Foundry - Management expressed confidence in TSMC's competitive position, noting that technology complexity and time to market are significant barriers for new entrants [60]