Marriott International (NasdaqGS:MAR) Q4 2025 Earnings call February 10, 2026 08:30 AM ET Company ParticipantsJackie McConagha - SVP of Investor RelationsLeeny Oberg - CFORichard Clarke - Managing DirectorStephen Grambling - Managing Director and the Head of U.S. Gaming, Lodging, and Leisure ResearchTony Capuano - CEOConference Call ParticipantsAri Klein - Director and Equity Research AnalystBrandt Montour - Director and Senior Equity Research AnalystConor Cunningham - Director and Senior Equity Research An ...

Financial Performance - Adjusted EBITDA for the first quarter was $70 million, showing improvement from the low point in fiscal Q4 2025 [4] - Revenue for the first quarter was $663.4 million, a decline of $20.4 million or 3% compared to the first quarter of fiscal 2025 [12] - Adjusted EBITDA margin was 10.6%, compared to 11.9% in the prior year, but improved by 150 basis points from fiscal Q4 2025 [16] Business Line Performance - Rental revenue declined by $17.9 million, and direct sales decreased by $2.7 million, with a slight positive impact from foreign exchange [12] - Processed 2% less in uniforms but increased linen volume by 7%, indicating a shift in product mix towards more costly items [13] - Revenue per pound declined by $0.04 or 3%, equating to a $20 million decrease in total revenue [14] Market Data - Total volume processed was flat year-over-year when measured by pounds, but the product mix has shifted, impacting revenue quality [12][14] - The company continues to focus on key verticals with no significant changes in macro demand observed [33] Company Strategy and Development Direction - The company is focused on operational excellence, commercial excellence, and network and asset optimization as part of its transformation framework [4][9] - Plans to improve revenue quality through better product mix and strategic pricing initiatives [14][21] - Actively marketing non-core properties for sale to optimize asset footprint and repay debt [9][21] Management Comments on Operating Environment and Future Outlook - Management emphasized that the transformation is still in early stages, with ongoing efforts to improve operational consistency and create value [10][37] - The company expects revenue for fiscal 2026 to be flat to down 2% compared to fiscal 2025, with adjusted EBITDA guidance of $285 million to $315 million [21] Other Important Information - First quarter capital investments were $9.4 million, below the target due to longer lead times for equipment [18] - The company generated $38 million in operating cash flow and $28 million in free cash flow, with significant improvements in working capital management [17][19] Q&A Session Summary Question: Revenue per pound decline and its trend for the year - Management confirmed that revenue per pound is expected to remain flat to down 2% for the full year, with a focus on improving mix and pricing [24][25] Question: Sequential EBITDA growth assumptions - Management guided for 5% sequential adjusted EBITDA growth for each remaining quarter, with specific operational and commercial assumptions underpinning this progression [27][28] Question: General macro and customer demand - Management noted no significant changes in macro demand, with consistent volume on a pound basis year-over-year [33] Question: Progress on transformation - Management indicated that they are in the early stages of transformation, with ongoing improvements in cost and service levels [37][39] Question: Cost savings realization and cadence - Management clarified that the $75 million in cost savings is a full-year target, with $40 million expected to be realized in FY 2026 [53][54] Question: Traction in the unvended market - Management reported a consistent split between programmers and non-programmers, with ongoing efforts to penetrate the unvended market [59][60]

S&P Global (NYSE:SPGI) Q4 2025 Earnings call February 10, 2026 08:30 AM ET Company ParticipantsAlex Hess - Equity Research VPEric Aboaf - CFOFaiza Alwy - Managing Director of US Company ResearchMark Grant - SVP of Investor Relations and TreasurerMartina Cheung - President and CEOOwen Lau - Managing DirectorPeter Christiansen - DirectorScott Wurtzel - Director of Equity ResearchShlomo Rosenbaum - Managing Director of Business and Information ServicesConference Call ParticipantsAndrew Nicholas - Research Anal ...

Zimmer Biomet (NYSE:ZBH) Q4 2025 Earnings call February 10, 2026 08:30 AM ET Company ParticipantsDavid DeMartino - SVP of Investor RelationsIvan Tornos - Chairman, President, and CEOMathew Blackman - Managing DirectorPatrick Wood - Managing DirectorRick Wise - Managing DirectorSuky Upadhyay - CFO and EVP of Finance, Operations, and Supply ChainVijay Kumar - Senior Managing Director of Equity ResearchConference Call ParticipantsRobbie Marcus - Senior AnalystNone - AnalystNone - AnalystNone - AnalystNone - An ...

Financial Performance - Revenue for the quarter was $3.2 billion, reflecting normalized growth of 3% year-over-year [7][20] - Adjusted EBITDA was $263 million, with margins of 8.1%, representing a 40 basis points year-over-year increase [20] - Adjusted diluted earnings per share increased by 6% year-over-year to $0.54 [20] Business Line Performance - Digital Solutions segment generated revenue of $1.34 billion, a 4% increase, with adjusted EBITDA of $103 million and margins of 7.7% [20] - Global Engineering Solutions reported revenue of $1.9 billion, with adjusted EBITDA of $160 million and margins of 8.4% [20] Market Performance - The company secured $3.3 billion in net bookings, resulting in a book-to-bill ratio of 1x for the quarter and 1.1x for the last 12 months [8] - The backlog grew by 4% to over $47 billion, with $23 billion in proposals awaiting award [8] Company Strategy and Industry Competition - Amentum is focused on three accelerating growth markets: space systems and technologies, critical digital infrastructure, and global nuclear energy [12] - The company aims to prioritize higher-margin work and has seen robust demand in nuclear energy, with nearly $1 billion in awards in the first quarter [9][39] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving fiscal year 2026 outlook and long-term strategic growth objectives despite challenges from the government shutdown [5][16] - The company anticipates strong free cash flow in the second quarter and reaffirms full-year guidance for revenue and adjusted EBITDA [24][25] Other Important Information - The company has a healthy liquidity position with $247 million in cash and an undrawn $850 million revolver [22] - Amentum received a credit rating upgrade from Moody's, reducing interest expenses and enhancing financial flexibility [23] Q&A Session Summary Question: Free cash flow progression and potential receivables sales - Management noted that Q1 cash performance was impacted by timing-related factors, with expectations for strong free cash flow in the second quarter [28][29] Question: Award outlook by end market - Management highlighted an increase in funded backlog and expressed confidence in achieving a full-year book-to-bill greater than one [33][34] Question: Nuclear business impact on revenue and profit growth - Management indicated that while nuclear contracts will take time to significantly impact quarterly results, they expect positive contributions on a year-over-year basis [38][39] Question: Impact of joint ventures on cash flow - Management clarified that the large contributions to equity method investments in Q1 were due to initial capital contributions for joint ventures, which are expected to normalize [45] Question: Opportunities and challenges in NASA contracts - Management expressed excitement about supporting NASA's Artemis II mission and emphasized alignment with new leadership's goals for cost and schedule efficiency [81][84]

Financial Data and Key Metrics Changes - In Q4, net revenue was $1.5 billion, up 31% year-over-year, with adjusted operating profit increasing 180% to $315 million, resulting in a 21.8% operating margin [17][18] - For the full year, net revenue grew 14% to $4.7 billion, with adjusted operating profit increasing 36% to $1.1 billion and an adjusted operating margin of 24.2%, up nearly 400 basis points [18][20] - Adjusted earnings per diluted share were $5.54 for the full year [18] Business Line Data and Key Metrics Changes - Wizards revenue grew 86% to $630 million in Q4, driven by Magic, which was up 141% year-over-year [18][19] - Consumer products revenue in Q4 was $800 million, up 7%, while for the full year, it declined 4% to $2.4 billion [19][20] - Adjusted operating profit for Wizards was $284 million in Q4, resulting in a 45% operating margin, while consumer products delivered an adjusted operating profit of $113 million [19][20] Market Data and Key Metrics Changes - The company reached over 1 billion people annually through its brands, significantly increasing from an initial estimate of 585 million [6][7] - The Wizards Play Network saw a 22% increase in unique players participating in organized play, with over 1 million players by the end of 2025 [10] Company Strategy and Development Direction - The "Playing to Win" strategy focuses on two pillars: play and partnership, aiming to drive growth and profitability [5][6] - The company is expanding its partnerships with major franchises, including Harry Potter and K-Pop, to enhance its product offerings and market reach [8][12] - The company is leveraging AI to improve productivity and innovation, expecting to free up over 1 million hours of lower-value work [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth despite market volatility, with expectations for continued momentum in 2026 [16][21] - The company anticipates consolidated revenue growth of 3% to 5% year-over-year for 2026, with operating margins between 24% and 25% [22][24] - Management highlighted the importance of a strong entertainment slate and consumer engagement in driving future growth [22][23] Other Important Information - The company plans to restart share repurchases with a new $1 billion program, reinforcing its commitment to returning capital to shareholders [25] - The company achieved $893 million in operating cash flow and ended the year with $777 million in cash on the balance sheet [21] Q&A Session Summary Question: Magic's growth and future guidance - Management discussed several growth vectors for Magic, including distribution growth and player engagement, indicating a robust pipeline for 2026 [29][31] Question: Partnerships and their impact on growth - Management emphasized the strategic importance of partnerships in driving growth and enhancing brand engagement, with expectations for continued positive impact on revenue [35][39] Question: Wizards' margin performance - Management explained that while margins expanded in 2025, some contraction is expected in 2026 due to increased royalty expenses and costs associated with upcoming video game releases [43][45] Question: Consumer products revenue outlook - Management indicated that consumer products revenue is expected to grow low single digits, supported by a strong entertainment slate from partners [47][49] Question: Digital gaming pipeline - Management highlighted ongoing investments in digital gaming, with expectations for strong performance from upcoming titles like Exodus and Warlock [76][84]

Hasbro (NasdaqGS:HAS) Q4 2025 Earnings call February 10, 2026 08:30 AM ET Company ParticipantsChris Cocks - CEOFred Wightman - VP of Investor RelationsGina Goetter - CFO and COOConference Call ParticipantsArpine Kocharyan - Equity Research AnalystChristopher Horvers - Senior Equity Research AnalystEric Handler - Senior Research AnalystGerrick Johnson - Senior Equity AnalystJames Hardiman - Senior Equity Research AnalystKylie Cohu - Senior Equity Research AnalystMegan Alexander - Equity Research AnalystSteph ...

Gilat Satellite Networks (NasdaqGS:GILT) Q4 2025 Earnings call February 10, 2026 08:30 AM ET Company ParticipantsAdi Sfadia - CEOGil Benyamini - CFOSanjay Hurry - Investor Relations RepresentativeConference Call ParticipantsChris Quilty - Equity Research AnalystGunther Karger - Equity Research AnalystLouie DiPalma - Equity Research AnalystRyan Koontz - Equity Research AnalystSergey Glinyanov - Equity Research AnalystOperatorLadies and gentlemen, thank you for standing by. Welcome to Gilat's fourth quarter 2 ...

Marriott International (NasdaqGS:MAR) Q4 2025 Earnings call February 10, 2026 08:30 AM ET Company ParticipantsAnthony Capuano - CEOJackie Burka McConagha - SVP of Investor RelationsLeeny Oberg - CFORichard Clarke - Managing DirectorStephen Grambling - Managing Director and the Head of U.S. Gaming, Lodging, and Leisure ResearchConference Call ParticipantsAri Klein - Director and Equity Research AnalystBrandt Montour - Director and Senior Equity Research AnalystConor Cunningham - Director and Senior Equity Re ...

Consensus Cloud Solutions (NasdaqGS:CCSI) Q4 2025 Earnings call February 10, 2026 08:30 AM ET Company ParticipantsAdam Varon - SVP of FinanceJim Malone - CFOJohnny Hecker - Chief Revenue Officer and EVP of OperationsScott Turicchi - CEOConference Call ParticipantsDavid Larsen - Equity Research AnalystGene Mannheimer - Senior Research AnalystIsaac Saulson - AnalystOperatorGood day, ladies and gentlemen, and welcome to Consensus Q4 2025 earnings call. My name is Paul, and I will be the operator assisting you ...