Flowserve (NYSE:FLS) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsAmit Mehrotra - Managing Director and Industrial Sector HeadAmy Schwetz - CFOBrian Ezzell - VP of Investor RelationsDeane Dray - Managing DirectorJoe Giordano - Managing DirectorScott Rowe - President and CEOConference Call ParticipantsBrett Linzey - Managing Director & Senior Equity Research AnalystMike Halloran - Associate Director of Research and Senior Research AnalystNone - AnalystNone - AnalystOperatorGood day ...

MarketAxess (NasdaqGS:MKTX) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsChris Concannon - CEOIlene Fiszel Bieler - CFOStephen Davidson - Head of Investor RelationsConference Call ParticipantsAlex Blostein - Managing Director & Senior Equity Research Analyst, Financial ServicesChris O’Brien - for Ben Budish, Director & Senior Equity Research AnalystDan Fannon - Managing Director & Senior Research AnalystEli Abboud - Equity Research AnalystJeff Schmitt - Senior Equity Research Anal ...

Encompass Health (NYSE:EHC) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsAndrew Mok - DirectorDoug Coltharp - EVP and CFOJared Haase - Equity Research AssociateMark Miller - Chief Investor Relations OfficerMark Tarr - President and CEOPatrick Tuer - EVP and COOWhit Mayo - Senior Managing DirectorConference Call ParticipantsAnn Hynes - Senior Healthcare Services Equity Analyst and Managing DirectorBrian Tanquilut - Senior Analyst in Healthcare Services, and HCIT/Digital Health Equi ...

Financial Data and Key Metrics Changes - In 2025, the company achieved a 6% increase in sales volume year-over-year, despite a challenging market environment marked by global overcapacity and subdued steel production trends [4][5] - The average selling price for the fourth quarter was approximately $4,000 per metric ton, reflecting a 9% decline year-over-year and a 5% sequential decline from the third quarter [17] - The company reported a net loss of $65 million or $2.50 per share for the fourth quarter, compared to a net loss of $49 million or $1.92 per share in the prior year [21] Business Line Data and Key Metrics Changes - The U.S. sales volume grew by 48% for the full year and by 83% in the fourth quarter, indicating a successful shift towards regions with stronger pricing fundamentals [5][17] - The company's production volume for the fourth quarter was approximately 28,000 metric tons, resulting in a capacity utilization rate of 60% [16] Market Data and Key Metrics Changes - Global steel production outside of China was 843 million tons in 2025, up less than 1% compared to the prior year, with a global utilization rate of approximately 67% [8][9] - In North America, steel production increased by 1% in 2025, driven by a 3% year-over-year growth in the United States [9] Company Strategy and Development Direction - The company aims to grow sales volume by 5%-10% year-over-year in 2026, with a continued focus on shifting geographic mix towards the U.S. [26][27] - Management is evaluating opportunities for trade or policymaking support and potential strategic partnerships to enhance efficiency and long-term value creation [15] Management Comments on Operating Environment and Future Outlook - The management highlighted the need for structural changes in the supply chain to address the overcapacity issue in the graphite electrode industry, which threatens long-term viability [14][36] - There are indicators of a rebound in the steel market, with projected global steel demand growth of 3.5% year-over-year for 2026 [10][11] Other Important Information - The company ended 2025 with a liquidity position of $340 million, which includes $138 million in cash, enabling it to maintain stability amid industry challenges [7][24] - The total recordable incident rate improved to 0.41 in 2025, representing the best safety performance on record for the company [7] Q&A Session Summary Question: Has aggressive competitor pricing worsened, particularly in the U.S.? - Management noted that pricing pressure is observed globally, driven by imports and aggressive pricing behaviors from competitors, particularly from China and India [42][45] Question: Is it reasonable to assume that realized pricing will be lower in 2026? - Management refrained from providing specific price guidance but indicated that pricing levels heading into 2026 are not better than those observed in 2025 [46] Question: How does the company plan to win back market share amid aggressive pricing? - The company will focus on enhancing its value proposition through R&D and customer partnerships, while being selective in regions where price competition is fierce [56] Question: What is the company's liquidity position to navigate the downturn? - The company has $340 million in liquidity and has taken decisive actions to preserve and enhance this liquidity amid ongoing market challenges [65] Question: What is the impact of Indian tariffs on the U.S. market? - Management expressed confidence in their position heading into 2026, despite the reduction of tariffs on Indian imports, anticipating overall volume growth [71] Question: What is the current supply picture of graphite electrodes coming out of China? - Management indicated that Chinese exports continue to pressure the global market, with significant overcapacity affecting pricing dynamics [78]

Financial Data and Key Metrics Changes - Canopy Growth ended Q3 with CAD 371 million in cash and cash equivalents, and a net cash position of CAD 146 million, marking a strong financial foundation [4][10] - The company achieved its slimmest Adjusted EBITDA loss to date of CAD 3 million, reflecting improved cost discipline and execution [14] - Free Cash Flow was an outflow of CAD 19 million in Q3, down from CAD 28 million in the same period last year, primarily due to reduced cash interest payments and working capital movements [14] Business Line Data and Key Metrics Changes - Canadian Medical cannabis net revenue grew 15% year-over-year to CAD 23 million, marking the sixth consecutive quarter of growth [6][11] - Canadian Adult Use cannabis revenue increased 8% year-over-year to CAD 23 million, driven by growth in pre-rolls and vapes [7][12] - International cannabis sales increased 22% quarter-over-quarter, indicating stabilization and return to growth [8][12] - Storz & Bickel net revenue grew 45% sequentially to CAD 23 million, driven by strong seasonal sales and the introduction of the new VEAZY vaporizer [8][12] Market Data and Key Metrics Changes - The Canadian adult use market is projected to grow at 4%-6% annually, with the total market size around CAD 5 billion [36] - The Canadian medical market is estimated to be between CAD 300 million and CAD 400 million, with veterans representing a significant portion of this market [36] Company Strategy and Development Direction - The company is focused on elevating the quality of its brands, strengthening product innovation, and improving the quality and cost of its flower [7][19] - Canopy Growth aims to unlock growth in Europe, enhance its presence in the Canadian medical cannabis market, and leverage MTL Cannabis's capabilities for operational improvements [5][19] - The acquisition of MTL Cannabis is expected to be accretive to net revenue, gross margin, and Adjusted EBITDA, with integration planning already underway [5][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve positive Adjusted EBITDA during fiscal 2027, supported by cost-saving initiatives and growth in the Canadian business [10][16] - The company is taking proactive measures to mitigate the financial impact of proposed changes to the Veterans Reimbursement Program while maintaining service quality [6][32] - Management highlighted the importance of operational execution, disciplined capital allocation, and achieving positive Adjusted EBITDA as key priorities for sustainable long-term success [16][19] Other Important Information - A $150 million recapitalization was completed post-quarter end, improving liquidity and extending debt maturities to 2031 [5][11] - The company is focused on maintaining sufficient cash for flexibility and potential strategic opportunities while planning for MTL integration costs of approximately CAD 40 million to CAD 50 million [40] Q&A Session Summary Question: Expectations for international business growth opportunities - Management indicated that they are confident in their ability to meet demand in Europe and are working on improving supply capabilities [21][22][24] Question: Gross margin expectations for legacy business and MTL - Management expects a blended gross margin in the mid- to high 30s, with the MTL acquisition anticipated to enhance gross margins [25][27] Question: Clarification on positive Adjusted EBITDA expectations - Management aims for positive Adjusted EBITDA during fiscal 2027, with efforts to achieve this as soon as possible [29] Question: Indebtedness maturities and equity issuance - Management expects reduced utilization of the ATM in the coming quarters due to improved balance sheet position [30] Question: Domestic medical business and veterans reimbursement proposal - Management is actively working to address the proposed reduction in reimbursement rates for veterans, emphasizing the importance of maintaining care quality [32][34] Question: Cash management and MTL integration costs - Management plans to maintain sufficient cash for flexibility and estimates integration costs for MTL to be between CAD 40 million and CAD 50 million [40]

Ventas (NYSE:VTR) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsBJ Grant - SVP of Investor RelationsDebra A. Cafaro - Chairman and CEOFarrell Granath - Equity Research AssociateJ. Justin Hutchens - EVP of Senior Housing and Chief Investment OfficerJim Kammert - Managing DirectorJohn Kilichowski - Executive Director Equity ResearchJuan C. Sanabria - Managing DirectorJulien Blouin - VP of Real Estate Global Investment ResearchMichael Carroll - Managing DirectorNick Joseph - Global He ...

Financial Data and Key Metrics Changes - 2025 Same Store NOI results matched initial guidance, but the path to those results was not straightforward, with stronger rental growth in the first half followed by a deceleration in the latter half of the year [4][5] - The company purchased approximately $206 million of its stock during Q4 2025, totaling $300 million in stock purchases for the year [10] - The normalized FFO per share for 2025 was $3.99, with a guidance midpoint for 2026 at $4.08, reflecting a 2.25% improvement [27] Business Line Data and Key Metrics Changes - The blended rate for Q4 was 0.5%, driven by a strong renewal rate of 4.5%, while new lease rates were negative across most markets except San Francisco [14] - Other income growth was slightly below expectations due to less income from the bulk internet rollout and bad debt net improvement [14] Market Data and Key Metrics Changes - Coastal markets, particularly New York and San Francisco, showed strong performance, while Southern California markets and expansion markets experienced muted growth [14][21] - The company expects a significant decline in competitive new supply, with deliveries projected to decrease by 35% or about 40,000 units in 2026 compared to 2025 [11][12] Company Strategy and Development Direction - The company remains committed to a diversified portfolio strategy, investing in renovations, acquisitions, and development activities selectively [9] - The focus is on maximizing shareholder returns through a well-earning renter portfolio across various metropolitan areas [7] - The company plans to sell properties with lower forward return profiles and use proceeds for stock buybacks, enhancing forward growth rates [10] Management's Comments on Operating Environment and Future Outlook - Management noted heightened policy and geopolitical uncertainty impacted consumer and employer confidence, leading to a slowdown in job and rent growth [5] - The outlook for 2026 includes a broad range of possible outcomes for the U.S. economy, with expectations for steady demand and improved supply conditions [6][12] - The company anticipates a return to a more normalized peak leasing season due to reduced competitive supply and stable job growth [17] Other Important Information - The company returned over $1.3 billion to shareholders in 2025 through dividends and stock repurchases [11] - The company expects Same Store expense growth in 2026 to range between 3%-4%, with controllable expenses remaining stable [25] Q&A Session Questions and Answers Question: Can you talk about the assets you're selling and the fund that repurchases? - The assets being sold are typically older, non-core properties with higher CapEx loads, which are expected to improve the growth rate of the existing portfolio [35] Question: Can you provide more color on your comment around the renewals at 4.5%? - The renewal quotes are around 6%, with confidence in landing at 4.5% due to a strong centralized process and low economic hardship among residents [42][44] Question: On the 2026 supply outlook, can you give us some background on how you come up with your competitive supply set? - The company uses both data from providers and a boots-on-the-ground approach to evaluate competitive supply, confirming a meaningful decline in 2026 [46][47] Question: Are you factoring in regulatory costs when assessing different markets? - Yes, the company considers litigation costs and regulatory conditions in its underwriting and portfolio allocation decisions [51][53] Question: What is the expected cadence of Same Store revenue growth through the year? - The second half of the year is expected to be stronger than the first, primarily due to reduced competitive supply [83]

Ventas (NYSE:VTR) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Speaker3Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ventas Fourth Quarter 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on ...

Financial Data and Key Metrics Changes - Canopy Growth ended Q3 with CAD 371 million in cash and cash equivalents, and a net cash position of CAD 146 million, marking a strong financial foundation [4][10] - The company reported its slimmest Adjusted EBITDA loss to date of CAD 3 million, reflecting improved cost discipline and execution [14] - Q3 cannabis net revenue was CAD 52 million, up 4% year-over-year, with Canadian Medical Cannabis revenue increasing 15% to CAD 23 million [11][12] Business Line Data and Key Metrics Changes - Canadian Medical Cannabis saw a 15% year-over-year revenue growth, marking the sixth consecutive quarter of growth [6] - Canadian Adult Use Cannabis revenue increased 8% year-over-year to CAD 23 million, driven by growth in pre-rolls and vapes [7][12] - Storz & Bickel net revenue grew 45% sequentially to CAD 23 million, supported by strong seasonal sales [13] Market Data and Key Metrics Changes - International cannabis sales increased 22% quarter-over-quarter, indicating stabilization and return to growth [12] - The Canadian adult use market is projected to grow at 4%-6% annually, with a total market size close to CAD 5 billion [36] Company Strategy and Development Direction - The company is focused on elevating the quality of its brands, strengthening product innovation, and improving flower quality and cost [7][16] - Canopy Growth aims to unlock growth in Europe and enhance its presence in the Canadian medical cannabis market through the acquisition of MTL Cannabis [5][8] - The company is committed to achieving positive Adjusted EBITDA during fiscal 2027, supported by cost-saving initiatives and operational improvements [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges and capitalize on growth opportunities, particularly in the Canadian and international markets [9][18] - The company is actively working to mitigate the financial impact of proposed changes to the Veterans Reimbursement Program while maintaining service quality [6][32] Other Important Information - A $150 million recapitalization was completed post-quarter end, improving liquidity and extending debt maturities to 2031 [5][11] - The company is focused on maintaining operational continuity and capturing synergies from the MTL acquisition [16] Q&A Session Summary Question: Expectations for international business growth over the next 12-18 months - Management indicated that they are confident in improving supply chain capabilities and expect to have a broader range of strains available in Europe by early fiscal 2027 [21][23] Question: Expectations for gross margin trends - Management anticipates a blended gross margin in the mid- to high 30s, particularly with the integration of MTL, which has historically higher margins [25][26] Question: Clarification on positive Adjusted EBITDA expectations - Management aims for positive Adjusted EBITDA during fiscal 2027, with efforts to achieve this as soon as possible [29] Question: Impact of veteran reimbursement changes on the medical business - Management is actively working to oppose the proposed reduction in reimbursement rates, emphasizing the importance of maintaining care quality for veterans [32][34] Question: Cash management and priorities for excess cash - Management plans to maintain sufficient cash flexibility for future opportunities, with expected integration costs for MTL around CAD 40 million to CAD 50 million [39][40]

Cousins Properties (NYSE:CUZ) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Speaker5Good morning, ladies and gentlemen, and welcome to the Cousins Properties fourth-quarter conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded on Friday, February 6, 2026. I would now like to turn the co ...