Carpenter Technology (NYSE:CRS) Q2 2026 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsJohn Huyette - Head of Investor RelationsTimothy Lain - SVP and CFOTony Thene - Chairman and CEOConference Call ParticipantsAndre Madrid - AnalystBennett Moore - AnalystGautam Khanna - AnalystJosh Sullivan - Managing Director and Senior Equity Research AnalystPhil Gibbs - AnalystScott Deuschle - AnalystOperatorLadies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conferenc ...

Valero Energy (NYSE:VLO) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsBrian Donovan - Head of Investor RelationsEric Fisher - EVP ana CCOGary Simmons - EVP and COOHomer Bhullar - VP Investor Relations and FinanceR. Lane Riggs - Chairman, CEO and PresidentRichard Walsh - EVP and General CounselSam Margolin - Managing DirectorConference Call ParticipantsDouglas George Blyth Leggate - AnalystJason Daniel Gabelman - AnalystJean Ann Salisbury - AnalystJoseph Gregory Laetsch - AnalystMat ...

Southwest Airlines (NYSE:LUV) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsAndrew Watterson - COOBob Jordan - CEOCatherine O'Brien - VPConor Cunningham - DirectorDanielle Collins - Head of Investor RelationsRavi Shanker - Managing DirectorSavi Syth - Managing DirectorTom Doxey - CFOTom Fitzgerald - VP of Equity ResearchConference Call ParticipantsAndrew Didora - Senior Equity Research AnalystAtul Maheswari - Equity Research AnalystBrandon Oglenski - Director and Senior Equity Analy ...

Royal Caribbean Cruises (NYSE:RCL) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsBlake Vanier - VP of Investor RelationsBrandt Montour - Director of Equity ResearchConor Cunningham - DirectorDavid Katz - Managing DirectorJason Liberty - Chairman and CEOMichael Bayley - President and CEONaftali Holtz - CFORobin Farley - Managing DirectSteven Wieczynski - Managing DirectorConference Call ParticipantsJames Hardiman - Leisure and Travel AnalystLizzie Dove - VP and Equity Research Analys ...

Financial Data and Key Metrics Changes - In Q4 2025, home closing revenue was $1.4 billion, a 12% decrease year-over-year due to a 7% lower home closing volume and a 5% decrease in average selling price (ASP) to $375,000 per home [23][30] - Adjusted diluted EPS decreased by 30% year-over-year to $1.67 from $2.39 in Q4 2024 [30] - The company completed $150 million in share buybacks, returning nearly $180 million in total capital to shareholders this quarter [9][33] Business Line Data and Key Metrics Changes - Q4 2025 sales orders totaled 3,224, with an average absorption pace of 3.2 net sales per month, reflecting a pullback in buyer urgency [8] - The cancellation rate increased to 14%, slightly below the historical average [15] - The average community count grew by 15% year-over-year to 336 communities, with 35 new communities brought online in Q4 [15][16] Market Data and Key Metrics Changes - Demand patterns were localized, with stronger absorption in markets like Dallas and Houston, while facing lower demand in Austin and parts of Florida [17][18] - The ASP on orders decreased by 6% year-over-year, influenced by increased incentives and geographic mix [17] - The company anticipates continued challenges from elevated mortgage rates and job security concerns, but long-term housing demand remains supported by favorable demographics [10] Company Strategy and Development Direction - The company is focused on a balanced approach to capital allocation, terminating certain land deals to redeploy capital towards share repurchases and acquiring new land [11][12] - A multi-year technology initiative aims to improve back-office productivity and operational efficiency [13] - The company plans to redeploy $400 million towards share buybacks in 2026, indicating a belief that the stock is undervalued [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions are expected to remain challenging in the near term but expressed optimism for improved demand in the spring selling season [10][68] - The company is cautious about the current economic environment but believes it is well-positioned to capture market share as conditions improve [16][38] - Management highlighted the importance of consumer confidence as a key factor influencing demand [61] Other Important Information - The company ended Q4 2025 with approximately 7,000 specs and backlog units, down from about 8,600 units a year prior [20] - The balance sheet remained healthy with cash of $775 million and no debt drawn on the credit facility [32] - The company plans to maintain a net debt to cap ceiling in the mid-20% range [32][91] Q&A Session Summary Question: 2026 outlook and absorption pace - Management indicated that while they aim for an average of 4 net sales per month, they are willing to operate below that temporarily due to current market conditions [41][43] Question: Specs per community - Management stated that they are close to their target of 17 specs per community but would like to adjust the ratio of finished specs to improve efficiency [46][48] Question: Community count guidance - The company clarified that the 5%-10% growth in community count is based on the year-end count, not an average [53] Question: Margin guidance and seasonality - Management acknowledged typical seasonal margin pressure and indicated that Q1 guidance reflects this [55][56] Question: Demand trends in January - Management expressed optimism for improved demand in January compared to Q4, citing better realtor feedback and reduced discounting [68][69] Question: Share repurchase strategy - Management emphasized the importance of balancing share repurchases with operational growth and returning capital to shareholders [73][74] Question: Delivery outlook and community conversions - Management noted that while community count growth has been strong, conversions in new communities have been modest compared to historical trends [83][85]

Financial Data and Key Metrics Changes - For Q4 2025, net sales increased by 3.3% to $3.9 billion, with comparable store sales rising by 0.3% driven by modest growth in average ticket [10][12] - Diluted EPS for Q4 was $0.43, reflecting modest sales growth, elevated promotional activity, and continued investment in strategic initiatives [10][12] - For the full year 2025, net sales rose by 4.3% to $15.5 billion, with diluted EPS at $2.06 [12][13] - Gross margin for Q4 declined approximately 10 basis points year-over-year, while full-year gross margin expanded by 16 basis points [20][21] Business Line Data and Key Metrics Changes - Consumable, Usable, and Edible categories showed low- to mid-single-digit comparable growth, led by livestock, equine, and poultry supplies [11] - Big-ticket categories, excluding emergency response, experienced a decline in performance, contributing to high single-digit declines [11][12] - Digital business delivered high single-digit growth for the year, reflecting improvements in personalization and conversion [14] Market Data and Key Metrics Changes - Customer engagement remained healthy, with identified customer counts increasing by approximately 2% [11] - The South Atlantic region saw mid-single-digit declines, primarily due to the absence of storm activity compared to the previous year [10][11] Company Strategy and Development Direction - The company is focused on executing its "Life Out Here 2030" strategy, emphasizing new store growth, digital capabilities, and supply chain improvements [15][37] - Plans for 2026 include opening 100 new stores and expanding direct sales and final mile delivery capabilities [25][36] - The company aims to maintain a disciplined approach to capital allocation while investing in growth initiatives [26][37] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a shift in consumer spending, with essential categories remaining resilient while discretionary demand moderated [8][10] - The broader economic environment remains uncertain, with mixed signals regarding consumer sentiment and spending [17] - For 2026, the company expects total sales growth in the range of 4%-6% and comp sales growth of 1%-3% [22][23] Other Important Information - The company opened 99 new stores in 2025 and plans to continue this trend in 2026 [14][15] - The digital business is expected to scale further, with ongoing investments in AI to improve forecasting and inventory flow [14][36] Q&A Session Summary Question: Gross margin expectations for 2026 - Management expects gross margin expansion in 2026, particularly in the second half, but does not anticipate declines in the first half [42] Question: Trends in first quarter sales - Management indicated that the first quarter is tracking above plan, with optimism due to tax refunds and seasonal demand [44][47] Question: Discretionary spending weakness - Management believes the weakness in discretionary spending was transitory and specific to Q4, with expectations for improvement in 2026 [51][53] Question: Tariff costs and pricing management - Management anticipates similar tariff impacts in 2026 as in the second half of 2025, with effective pricing management to offset costs [56][57] Question: Conditions for restoring comp growth - Management remains committed to returning to a 3%-5% comp sales growth trajectory, supported by strategic investments and operational improvements [60][62] Question: Direct sales model profitability - The direct sales initiative is showing strong momentum, with plans to double the sales specialist count and target $50 million in sales for 2026 [64][66]

Meritage Homes (NYSE:MTH) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsAlan Ratner - Managing DirectorAlex Barron - FounderEmily Tadano - VP of Investor RelationsHilla Sferruzza - EVP and CFOJason Sabshon - Equity Research AssociateJohn Lovallo - UBSPhillippe Lord - CEOStephen Kim - Senior Managing DirectorSteve Hilton - Executive ChairmanConference Call ParticipantsMichael Rehaut - Executive Director and Senior AnalystRafe Jadrosich - Senior Equity Research AnalystTrevor Allinson ...

A. O. Smith (NYSE:AOS) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsAndrew Kaplowitz - Managing DirectorBryan Blair - Managing DirectorChuck Lauber - CFODavid MacGregor - PresidentEthan Morgan - Managing DirectorHelen Gurholt - VP of Investor Relations and Financial Planning and AnalysisJames F. Stern - EVPJeff Hammond - Managing DirectorNathan Jones - Managing DirectorSteve Shafer - CEOConference Call ParticipantsMike Halloran - Senior AnalystScott Graham - Senior Equity Research ...

Valero Energy (NYSE:VLO) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsBrian Donovan - Head of Investor RelationsEric Fisher - EVP ana CCOGary Simmons - EVP and COOHomer Bhullar - VP Investor Relations and FinanceR. Lane Riggs - Chairman, CEO and PresidentRichard Walsh - EVP and General CounselSam Margolin - Managing DirectorConference Call ParticipantsDouglas George Blyth Leggate - AnalystJason Daniel Gabelman - AnalystJean Ann Salisbury - AnalystJoseph Gregory Laetsch - AnalystMat ...

The Sherwin-Williams Company (NYSE:SHW) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Company ParticipantsBen Meisenzahl - VP of Investor RelationsChris Parkinson - Managing DirectorDavid Begleiter - DirectorGarik Shmois - Managing DirectorGreg Melich - Senior Managing DirectorHeidi G. Petz - Chair, President, and CEOJim Jaye - Head of Investor Relations and CommunicationsJohn Roberts - Managing DirectorJosh Spector - Executive Director of Chemicals Equity ResearchKevin McCarthy - PartnerVincent Andrew ...