Iron Mountain (NYSE:IRM) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsBarry Hytinen - EVP and CFOBill Meaney - President and CEOMark Rupe - SVP of Investor RelationsConference Call ParticipantsAndrew Steinerman - AnalystBrendan Lynch - AnalystEric Luebchow - AnalystGeorge Tong - AnalystJonathan Atkin - AnalystNate Crossett - AnalystTobey Sommer - AnalystOperatorGood morning, and welcome to the Iron Mountain Fourth Quarter 2025 Earnings Conference Call. All participants will be in ...

Restaurant Brands International (NYSE:QSR) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsJosh Kobza - CEOKendall Peck - Head of Investor RelationsPatrick Doyle - Executive ChairmanSami Siddiqui - CFOConference Call ParticipantsAndrew Charles - AnalystBrian Bittner - AnalystBrian Harbour - AnalystBrian Mullan - AnalystChristine Cho - AnalystDanilo Gargiulo - AnalystDavid Palmer - AnalystDennis Geiger - AnalystJohn Ivankoe - AnalystOperatorGood morning, and welcome to the Restaurant ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 declined by 2.3% year-over-year, with full year revenue at approximately $8.6 billion [4][9] - Adjusted EBITDA grew nearly 8% year-over-year to just over $900 million, marking the first quarter of year-over-year adjusted EBITDA growth in 16 quarters [6][24] - Adjusted EBITDA margin expanded to over 41%, up 380 basis points year-over-year, while gross margin reached approximately 70%, up 180 basis points [6][24] Business Line Data and Key Metrics Changes - Broadband subscriber results showed a net loss of 62,000 subscribers in Q4, ending the year with 4.2 million broadband subscribers [17] - Fiber customer accounts grew by 33% year-over-year, reaching 716,000, with 12,000 net additions in Q4 [17][18] - Mobile lines reached 623,000, representing 35% year-over-year growth, with a net addition of 38,000 lines in Q4 [18] - Video subscribers decreased by 13% year-over-year, with a net loss of 49,000 in Q4, although this was the lowest quarterly loss in over five years [20] Market Data and Key Metrics Changes - Connectivity and all other revenue grew by 2% year-over-year, supported by mobile revenue growth of over 40% and business services growth of over 8% [22] - Residential ARPU grew by 0.4% to $134.49, with broadband ARPU increasing by 2.8% year-over-year to $76.71, the highest in 14 quarters [23][24] Company Strategy and Development Direction - The company is focused on simplifying operations to enhance customer and employee experiences, with priorities including improving broadband trajectory and maintaining financial discipline [10][11] - Investments in AI and automation are being leveraged to improve operational efficiency and customer service [12][13] - The company aims to balance capital expenditures with long-term economics, emphasizing fiber expansion and targeted network upgrades [15][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the hypercompetitive environment and emphasized the importance of disciplined execution and operational improvements made in 2025 to support long-term EBITDA stability [40][41] - The company is optimistic about its ability to improve broadband trends and customer retention through new pricing and product strategies [38][39] Other Important Information - Cash capital expenditures for the full year totaled approximately $1.3 billion, with a capital intensity of less than 16%, the most efficient in the last four years [27][28] - Lightpath revenue reached $468 million in 2025, representing 13% growth year-over-year, driven by demand from hyperscale customers [29] Q&A Session Summary Question: Update on broadband subscribers and expectations for 2026 - Management noted that Q4 faced unprecedented competitive pressures but emphasized foundational work done in 2025 to improve market positioning and customer experience [36][38] Question: Balance sheet update and debt management - Management highlighted the importance of a strong capital structure and mentioned recent debt refinancings to enhance liquidity and financial flexibility [45][46] Question: Strength of residential broadband ARPU - Management reported a 0.4% year-over-year growth in residential ARPU, driven by broadband and mobile services, despite video headwinds [50][51] Question: Expectations around video programming costs - Management indicated a focus on renegotiating programming costs, achieving a 16% reduction in the quarter, and emphasized a disciplined approach to pricing and packaging [56][57] Question: Competitive landscape and market pressures - Management described the competitive environment as intense, particularly in the East with significant fiber overbuild, but expressed confidence in their product offerings and pricing strategies [65][66]

Financial Data and Key Metrics Changes - AMG reported full-year economic earnings per share of $26.05, a 22% increase year over year, driven by strong organic growth and capital allocation strategy [4][27] - Adjusted EBITDA for the fourth quarter was $378 million, growing 34% year over year, while full-year Adjusted EBITDA reached $1.1 billion, up 11% from 2024 [25][26] - Economic earnings per share for the fourth quarter were $9.48, reflecting a 45% year-over-year growth [27] Business Line Data and Key Metrics Changes - AMG's affiliates generated approximately $29 billion in annual net client cash flows, representing an organic growth rate of 4% [4] - The company added approximately $97 billion in alternative assets under management (AUM), a 35% increase, with $74 billion in net inflows from existing affiliates and $23 billion from new partnerships [5][11] - Fee-related earnings grew 20% year over year for the fourth quarter and 8% for the full year, driven by investment performance and organic growth [26] Market Data and Key Metrics Changes - AMG's alternative AUM reached $373 billion, contributing approximately 60% of EBITDA on a run rate basis [9] - In liquid alternatives, AMG posted record net inflows of $51 billion for the year, representing a 36% annualized organic growth rate [17] - Private markets affiliates raised $24 billion in total for the year, with an annualized organic growth rate of 18% [18] Company Strategy and Development Direction - AMG's strategy focuses on expanding its footprint in private markets and liquid alternatives, with a commitment to high-quality affiliate partnerships [6][12] - The company aims to continue investing in areas of secular growth and product innovation to enhance affiliate success and drive organic growth [12][36] - AMG plans to repurchase at least $400 million in shares in 2026, reflecting its commitment to returning capital to shareholders while pursuing growth investments [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the business, highlighting the strong momentum entering 2026 [13][36] - The company anticipates ongoing growth from existing affiliates, particularly AQR and Pantheon, which are expected to contribute significantly to earnings [30][31] - AMG's reputation and capital flexibility are at an all-time high, positioning the company well for future opportunities [13] Other Important Information - AMG repurchased approximately $700 million of its shares in 2025, representing 11% of shares outstanding [5][24] - The company announced a new partnership with Highbrook and a follow-on investment in Garda, both expected to be accretive to earnings in 2026 [7][35] - AMG's global wealth AUM now totals over $100 billion, growing organically at more than 100% in 2025 [23] Q&A Session Summary Question: Outlook for AQR in 2026 - Management noted that AQR is expected to be a more meaningful contributor in 2026, with strong organic growth and diverse flows across various strategies [38][66] Question: Pipeline for Private Markets in 2026 - Management highlighted Pantheon’s expertise in secondaries and the ongoing innovation in private markets products, which are expected to drive growth [47][49] Question: Growth in Global Wealth Management - Management acknowledged significant growth in the U.S. wealth management platform while also recognizing opportunities for growth outside the U.S. [57][60] Question: Performance Fees Outlook - Management indicated that AQR was a double-digit contributor to EBITDA in 2025 and is expected to grow further in 2026, with a stable and predictable earning stream from performance fees [64][68]

Financial Data and Key Metrics Changes - For the full year 2025, the company delivered comparable sales growth of 2.4%, net restaurant growth of 2.9%, and system-wide sales growth of 5.3% [31][32] - Organic adjusted operating income growth was 8.3%, and nominal adjusted EPS growth was over 10% [7][30] - The company achieved its third consecutive year of approximately 8% organic adjusted operating income growth, demonstrating consistency within the industry [7][49] Business Line Data and Key Metrics Changes - Tim Hortons, which represents roughly 42% of operating profit, delivered comparable sales growth of 2.8% in Canada, outperforming the broader Canadian QSR industry [10][14] - The international segment, contributing about 27% of operating profit, saw comparable sales growth of 4.9% and net restaurant growth of 4.9%, driving system-wide sales growth of nearly 11% [14][15] - Burger King U.S. achieved comparable sales growth of 1.6% for the full year, including 2.6% in the fourth quarter [20][24] - Popeyes experienced a net restaurant growth of 1.6% but faced a decline in comparable sales of 3.2% for the year, resulting in system-wide sales growth of -0.7% [25][28] Market Data and Key Metrics Changes - In the international markets, particularly in Europe and Asia Pacific, the company benefited from structural growth and positive same-store sales, with notable performance in France and Japan [62][66] - Burger King China reported a 9.2% growth in comparable sales, driven by improvements in restaurant fundamentals and a new joint venture with CPE [16][17] Company Strategy and Development Direction - The company is focused on long-term investments and operational improvements, with a goal to return to a 99% franchise business model [9][30] - The strategy includes refranchising efforts at Burger King U.S. and expanding the restaurant footprint in China [6][30] - The upcoming Investor Day on February 26 will address the company's growth algorithm and plans for net restaurant growth [9][30] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 was a challenging year due to elevated costs and macroeconomic pressures, but the fundamentals of the business showed resilience [44][46] - The company expects to ramp back towards 5% unit growth by the end of the growth algorithm period, with a positive outlook for 2026 [32][40] - Management expressed confidence in the ability to build on the momentum from 2025, emphasizing the importance of franchisee profitability and operational consistency [30][44] Other Important Information - The company generated nearly $1.6 billion of free cash flow in 2025 and returned $1.1 billion of capital to shareholders through dividends [36][37] - The total liquidity at year-end was approximately $2.4 billion, with a net leverage ratio of 4.2x [37] Q&A Session Summary Question: Can you discuss the comparable sales evolution and trajectory in 2026, particularly for Tim Hortons and Burger King? - Management indicated that the strong performance in 2025 sets a positive foundation for 2026, with expectations for a similar consumer environment and continued focus on fundamentals [53][54] Question: How much of the international momentum is driven by a healthier backdrop versus share gains? - Management responded that the momentum is a combination of a supportive market backdrop and effective local strategies, with strong performance in various international markets [60][63] Question: Can you summarize the performance in developed markets, particularly Europe? - Management highlighted consistent positive performance across major Western European markets, with strong results in Turkey and a healthy business in Canada [71][72]

PBF Energy (NYSE:PBF) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsColin Murray - VP of Investor RelationsJoe Marino - CFOMatt Lucey - CEOMike Bukowski - SVP and Head of RefiningTom O'Connor - EVPConference Call ParticipantsDoug Leggate - AnalystJason Gabelman - AnalystManav Gupta - AnalystMatt Amil - AnalystPaul Cheng - AnalystPhilip Jungwirth - AnalystRyan Todd - AnalystOperatorGood day, everyone, and welcome to the PBF Energy Fourth Quarter 2025 Earnings Conference Call and Web ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported global revenue of $9.5 billion, growing 2% on a reported basis and 6% on an organic operational basis, with 4% from price and 2% from volume [21][22] - Adjusted net income grew 6% on a reported basis and 7% on an organic operational basis to $2.8 billion [21][22] - Full year adjusted gross margin of 71.9% grew 120 basis points on a reported basis, with foreign exchange having a favorable impact of 80 basis points [39] Business Line Data and Key Metrics Changes - The companion animal portfolio grew 5% operationally in 2025, with the Simparica franchise reporting $1.5 billion in revenue, growing 12% operationally [22][24] - The livestock portfolio achieved $2.8 billion in revenue, reflecting 8% organic operational growth, driven by broad-based growth across geographies and species [24][30] - Companion animal diagnostics delivered 13% operational revenue growth for the year, supported by the launch of new products [16][23] Market Data and Key Metrics Changes - International markets contributed significantly, with 8% organic operational revenue growth, while the U.S. delivered 4% organic operational growth [7][21] - The international companion animal business grew 7% operationally, driven by the Simparica and key dermatology franchises [28][30] - Livestock performance was particularly strong in the Brazilian cattle market, with broad-based growth across all core species [30][37] Company Strategy and Development Direction - The company is focused on advancing long-acting approvals and maintaining a robust pipeline to extend growth opportunities [8][19] - Strategic actions are being taken to sustain growth through competition, including optimizing channel mix and reinforcing scientific leadership [9][10] - The company aims to leverage its diverse portfolio and innovative capabilities to drive long-term growth and value creation [20][46] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are economic pressures affecting pet owners, demand for animal health services remains strong [10][71] - The company expects gradual improvement in the macro environment as it moves through 2026, with guidance for 2026 set at 3%-5% organic operational revenue growth [18][42] - Management remains confident in the long-term fundamentals of the livestock market, driven by increasing protein consumption and favorable producer economics [18][30] Other Important Information - The company completed a convertible bond offering to support a $1.75 billion common stock buyback while maintaining a strong balance sheet [42] - A multi-year initiative to transition the ERP system is underway, aimed at enhancing operational efficiency and insight [38] Q&A Session Summary Question: Competition and Pricing Dynamics for 2026 - Management acknowledged the competitive landscape and the impact of new product launches on growth, particularly in the dermatology space [50][51] - Price increases are expected to return to a normal range of 2%-3%, with volume contributing to growth as well [52] Question: U.S. Companion Animal Operational Growth - Management indicated that the guidance incorporates current market conditions and the strength of the company's portfolio, despite competitive pressures [55][56] - The demand for animal health remains resilient, with consumers prioritizing spending on their pets [56][71] Question: Dynamics of Simparica Franchise Growth - The Simparica franchise continues to lead in the U.S. market, with significant room for expansion despite recent lower growth rates [62] - Management emphasized the importance of maintaining a strong market position and adapting to competitive pressures [62] Question: Revenue Recognition and Accounting Dynamics - Management clarified that operational changes have led to some revenue recognition shifts, which are factored into the guidance for 2026 [61][63] - The one-month lag in revenue recognition will be addressed with the implementation of fiscal year alignment in early 2026 [61][63]

Financial Data and Key Metrics Changes - AMG reported full-year economic earnings per share of $26.05, a 22% increase year-over-year, driven by strong organic growth and capital allocation strategy [4][27] - Adjusted EBITDA for the fourth quarter was $378 million, growing 34% year-over-year, while full-year Adjusted EBITDA reached $1.1 billion, up 11% from 2024 [25][26] - Economic earnings per share for the fourth quarter were $9.48, reflecting a 45% year-over-year growth [27] Business Line Data and Key Metrics Changes - AMG's affiliates generated approximately $29 billion in annual net client cash flows, representing an organic growth rate of 4% [4] - The company added approximately $97 billion in alternative assets under management (AUM), a 35% increase, with $74 billion in net inflows from existing affiliates and $23 billion from new partnerships [5][11] - Fee-related earnings grew 20% year-over-year for the fourth quarter and 8% for the full year, driven by investment performance and organic growth [26] Market Data and Key Metrics Changes - AMG's private markets affiliates raised $9 billion in the fourth quarter, bringing full-year fundraising to $24 billion, representing an 18% annualized organic growth rate [18] - In liquid alternatives, AMG posted record net inflows of $15 billion in the fourth quarter and $51 billion for the full year, reflecting a 36% annualized organic growth rate [17] - The company experienced net outflows of approximately $12 billion in equities for the quarter and $45 billion for the year, indicating industry headwinds [20] Company Strategy and Development Direction - AMG's strategy focuses on expanding its footprint in private markets and liquid alternatives, with a commitment to invest in high-quality affiliates and innovative product development [12][19] - The company aims to enhance its U.S. wealth platform, which has reached approximately $8 billion in alternative AUM, and continues to innovate in product offerings [21][22] - AMG plans to repurchase at least $400 million in shares in 2026, reflecting its commitment to return capital to shareholders while pursuing growth investments [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the business, highlighting the strong momentum in alternatives and the ongoing demand for liquid alternative strategies [12][16] - The company anticipates continued growth from existing affiliates, particularly AQR and Pantheon, which are expected to contribute significantly to earnings in 2026 [30][66] - AMG's reputation and capital flexibility are at an all-time high, positioning the company for further success in the coming years [13] Other Important Information - AMG repurchased approximately $700 million of its shares in 2025, representing 11% of shares outstanding [5] - The company has committed over $1 billion in capital across five new investments, indicating a strong pipeline for growth [6][33] - The departure of Tom Wojcik, the CFO, was acknowledged, with management expressing confidence in the leadership team's ability to continue executing the company's strategy [14][15] Q&A Session Summary Question: Outlook for AQR in 2026 - Management noted that AQR is expected to be a more meaningful contributor in 2026, with strong organic growth and diverse flows across various strategies [38][40] Question: Pipeline for Private Markets in 2026 - Management highlighted Pantheon's expertise in secondaries and the ongoing innovation in private markets products, which are expected to drive organic growth [47][49] Question: Global Wealth Management Growth - Management discussed the significant growth in the U.S. wealth management platform and the potential for growth in international markets, emphasizing a holistic approach to wealth distribution [58][61] Question: Performance Fees Outlook - Management indicated that AQR contributed a double-digit percentage to EBITDA in 2025 and is expected to exceed 20% in 2026, with a stable and predictable earning stream from performance fees [64][66]

Financial Data and Key Metrics Changes - In 2025, Diebold Nixdorf achieved revenue growth, with Adjusted EBITDA reaching $485 million and free cash flow more than doubling to a record $239 million, reflecting a significant improvement in financial stability and predictability [4][9][23] - Adjusted earnings per share (EPS) for fiscal year 2025 was $5.59, more than doubling year-over-year, even when excluding certain non-cash, non-operational tax benefits [10][22] Business Line Data and Key Metrics Changes - In banking, revenue grew 11% year-over-year in Q4, with product revenue increasing by 20% driven by strong ATM recycler adoption [24][25] - Retail revenue increased 12% year-over-year in Q4, with product revenue growing 16% supported by strong point-of-sale and self-checkout performance [25][26] Market Data and Key Metrics Changes - North America showed strong momentum in both banking and retail, with significant wins in grocery and pharmacy sectors, while Europe also demonstrated recovery and growth in ATM technology refresh cycles [12][70] - The Asia-Pacific and Middle East regions reported significant wins, particularly in India, where the company is now certified to participate in all public bank tenders [12][71] Company Strategy and Development Direction - The company is focusing on expanding its role beyond ATMs to encompass the broader branch and transaction ecosystem, emphasizing automation and efficiency [5][10] - Lean operating model initiatives are being implemented to drive cost reductions and improve operational efficiency across the organization [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate strong and consistent cash flow, with expectations for continued growth in 2026 [4][31] - The company anticipates a revenue range of $3.86 billion to $3.94 billion for 2026, supported by a strong product backlog and improved delivery lead times [28][30] Other Important Information - The company received two credit rating upgrades in 2025, reflecting improvements in its operating and financial models [6][32] - Diebold Nixdorf returned $128 million to shareholders through share repurchases, representing approximately 6% of the company's total shares outstanding [23][32] Q&A Session Summary Question: Insights on Q1 performance expectations - Management indicated strong visibility into Q1 revenues due to a $730 million product backlog and a strong order entry month in January, with expected revenue cadence similar to 2025 [40][41] Question: Context on retail logo wins in the U.S. - The company secured nine new logos, primarily in grocery and pharmacy sectors, with a strong pipeline for future growth driven by AI solutions [46][49] Question: Improvement potential in days sales outstanding (DSO) and days inventory outstanding (DIO) - Management noted opportunities for further improvement in DSO and DIO, with expectations of reducing DSO by an additional 4-5 days and DIO benefiting from local manufacturing strategies [56][58] Question: Capital allocation priorities - The company remains focused on share repurchases as the best return on investment while maintaining flexibility for potential tuck-in acquisitions [60][62] Question: Demand for ATMs across different regions - North America continues to show strong demand for ATMs, with positive momentum in Latin America and Europe, while Asia-Pacific is experiencing significant wins [68][70]

Financial Data and Key Metrics Changes - In Q4, the company reported sales of nearly $1.5 billion, a 10.6% increase year-over-year, or 2.5% on an organic basis [6][10] - Adjusted EBITDA margin was 22.1%, and non-GAAP diluted earnings per share were $4.33, an 8% increase from the prior year [6][11] - For the full year, sales growth exceeded 6%, aligning with long-term expectations, and non-GAAP diluted earnings per share grew by 17% [8] Business Line Data and Key Metrics Changes - The connected frontline segment grew 3.6%, driven by mobile computing, while the asset visibility and automation segment grew 1.3%, led by printing and supplies [10] - Strong performance was noted in healthcare, manufacturing, and retail and e-commerce markets, while transportation and logistics faced tough comparisons in North America [7] Market Data and Key Metrics Changes - Asia Pacific sales increased by 13%, with Japan and India leading the growth, while Latin America saw an 8% increase, particularly in Mexico [10] - EMEA sales grew by 4%, with notable growth in Northern Europe and Germany, whereas North America experienced a 1% decline due to prior year large order activity [10] Company Strategy and Development Direction - The company is focusing on advancing intelligent operations through acquisitions and enhancing its portfolio in RFID, machine vision, and AI-powered solutions [5][16] - The acquisition of Elo Touch is expected to enhance the modern store experience and expand business opportunities across various sectors [19] - The company aims to capitalize on a $35 billion served market by improving efficiency and customer experience through its innovative solutions [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence entering 2026, citing a solid backlog and pipeline supporting Q1 sales growth guidance of 11%-15% [13] - The company anticipates facing industry-wide price increases for memory components starting in Q2 but expects to fully mitigate this headwind [14] - Management highlighted ongoing investments in AI solutions and a strong demand environment across various sectors [78] Other Important Information - The company generated over $800 million in free cash flow for the year and repurchased more than $300 million in Q4, with an additional $1 billion share repurchase authorization [8][12] - Adjusted gross margin declined by 50 basis points to 48.2%, primarily due to lower service and software margins [11][89] Q&A Session Summary Question: Can you elaborate on the anticipated 2-point headwind from memory costs? - Management confirmed a 2-point gross margin headwind due to memory chip demand and price increases, with multiple mitigation strategies in place [30][32] Question: What is the visibility on the pipeline and revenue guidance for Q1? - Management noted that the strong finish to the previous year and the acquisition of Elo contributed to improved visibility and revenue guidance for Q1 [39][40] Question: How does the company plan to address potential product shortages in the second half of the year? - Management emphasized strong supplier relationships and proactive demand shaping to ensure product availability [66][69] Question: What are customers saying about their spending plans for 2026? - Customers are focused on investing in technology and improving efficiencies, with a solid backlog and pipeline supporting growth [78][79] Question: How is the company addressing the decline in software margins? - Management indicated that higher repair costs are impacting service margins, but improvements are expected as the unified platform transitions are completed [89][90]