Financial Data and Key Metrics Changes - Edison International reported a core earnings per share (EPS) of $6.55 for 2025, exceeding guidance and marking a successful delivery of the long-term core EPS growth target established in 2021 [4][14] - The fourth quarter core EPS was $1.86, with the full-year 2025 core EPS exceeding the high end of the guidance range [14][15] - The company faced headwinds such as record inflation and rising interest rates but still managed to deliver on commitments [15] Business Line Data and Key Metrics Changes - SCE has installed over 7,000 miles of covered conductor in high fire risk areas, representing over 90% of its planned grid hardening effort [5][6] - A 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized business customers were announced, starting from a position of having the lowest system average rate among California's major investor-owned utilities [6][7] Market Data and Key Metrics Changes - The company is actively engaging with policymakers to reinforce the value of a stable regulatory framework, which is crucial for long-term investment and customer protection [8][11] - Edison International's capital plan for 2026 through 2030 is projected to be between $38 billion and $41 billion, focusing on load growth-driven programs and wildfire mitigation [17][18] Company Strategy and Development Direction - The company is committed to enhancing safety, reliability, and affordability while maintaining a strong investment-grade balance sheet [7][12] - Edison International is extending its core EPS growth target to 2030, with a long-term growth rate target of 5%-7% [12][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the multi-year financial outlook, reaffirming guidance for 2028 and extending the EPS growth target through 2030 [12][20] - The upcoming legislative session is seen as pivotal for shaping California's energy and resiliency policy, with a focus on mitigating catastrophic wildfires [11][43] Other Important Information - The company has committed $2 million to the Pasadena Community Foundation to support community members affected by the Eaton Fire [10] - Edison International is working on a Woolsey securitization application to securitize about $2 billion in costs associated with the Woolsey settlement agreement [21] Q&A Session Summary Question: Update on Eaton losses and total liability estimates - Management indicated that over 2,300 claims have been submitted under the Wildfire Recovery Compensation Program, with no current estimate for total losses due to the complexity of the claims process [26][28] Question: Clarification on 5%-7% EPS growth range - Management confirmed that muted growth in 2026 is due to fewer regulatory decisions and other variances, but expects to be at the high end of the growth range in 2027 [34][35] Question: Timing of AMI 2.0 application and capital plan - The AMI 2.0 application is expected to be filed in the coming months, with a decision anticipated in about 18 months, and the total request will be around $3 billion [41] Question: LA District Attorney's investigation - Management stated that they are collaborating with the attorney's office and remain confident in SCE's actions being consistent with those of a reasonable utility operator [75][76]

Grand Canyon Education (NasdaqGS:LOPE) Q4 2025 Earnings call February 18, 2026 04:30 PM ET Company ParticipantsAlex Paris - PresidentBrian Mueller - President and CEODan Bachus - CFOJeff Silber - Managing DirectorSarah Collins - General CounselOperatorGood day, and thank you for standing by. Welcome to the fourth quarter 2025 Grand Canyon Education earnings conference call. At this time, all participants are on listen only mode. After the speaker's presentation, we'll open up for questions. To ask a questio ...

Booking Holdings (NasdaqGS:BKNG) Q4 2025 Earnings call February 18, 2026 04:30 PM ET Company ParticipantsAlex Brignall - Global Co-Head of ResearchEric Sheridan - Managing DirectorEwout Steenbergen - EVP and CFOGlenn Fogel - CEO and PresidentLee Horowitz - Co-Head of Internet Equity ResearchMark Mahaney - Senior Managing DirectorConference Call ParticipantsLloyd Walmsley - Managing Director and Internet Equity Research AnalystTrevor Young - Director and Senior Internet Equity Research AnalystOperatorLadies ...

Financial Data and Key Metrics Changes - Adjusted operating income (EBIT) for Q4 was $876 million, with adjusted EBITDA at $929 million, reflecting a 16.8% margin, an increase of 10 basis points year-over-year [16] - Non-GAAP adjusted net income per diluted share was $2.59, based on weighted average shares outstanding of 233.8 million, up from last year due to shares issued for the IPG acquisition [17] - Free cash flow improved significantly, with a positive change in operating capital of approximately $700 million, a $900 million improvement from 2024 [22][23] Business Line Data and Key Metrics Changes - The media business performed well in Q4, contributing significantly to year-on-year growth, while the PR business experienced negative growth due to challenging prior year comparisons [18][19] - Approximately 40% of revenue to be disposed of relates to execution and support disciplines, with 25% from the advertising group [20] - The retained portfolio generated revenue of $23.1 billion for the 12 months ended September 30, 2025 [7] Market Data and Key Metrics Changes - Strong growth was observed in the U.S. market, particularly in media, as well as in European markets and the Middle East [20] - The Latin America market showed strength, while businesses in France, the Netherlands, and China struggled in Q4 [20] Company Strategy and Development Direction - The company is focused on delivering integrated services that connect media, creative content, commerce, consulting, data, and technology [5] - A $5 billion share repurchase program was authorized, with a $2.5 billion accelerated share repurchase program launched [8] - The company plans to simplify and realign its portfolio, identifying non-strategic operations with approximately $2.5 billion in annual revenue for sale or exit [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration of the IPG acquisition and the momentum it has created for sustained growth [4] - The company expects to achieve $1.5 billion in annual run rate synergies over the next 30 months, doubling initial estimates [7] - Management noted that brands are increasingly seeking enterprise-level partners to optimize marketing investments across platforms [10] Other Important Information - The company recorded severance and repositioning costs of $1.1 billion related to the IPG acquisition [14] - The tax rate on non-GAAP adjusted Q4 pre-tax income was 25.8%, flat with the prior year [17] - The company plans to provide additional details on expectations for revenue growth and EBITDA growth for 2026 at the Investor Day on March 12 [31] Q&A Session Summary Question: Expectations for organic growth in retained business - Management indicated that media could represent mid-50% of revenue going forward, with advertising slightly less than 20% [36] Question: Clarification on organic growth calculation - The 4% organic growth figure excludes planned dispositions and reflects growth from businesses intended for investment [48] Question: Reception of combined company offering - Enthusiasm was noted among clients and employees regarding the combined capabilities of the new organization [44] Question: Feedback on the Omni platform - Clients have expressed excitement about the capabilities of the new Omni platform, which integrates various legacy systems [81] Question: Margin trajectory and cost synergies - A substantial portion of the $1.5 billion in cost synergies is expected to flow through to the bottom line, with some reinvestment into growth initiatives [82]

Booking Holdings (NasdaqGS:BKNG) Q4 2025 Earnings call February 18, 2026 04:30 PM ET Speaker7Ladies and gentlemen, welcome to Booking Holdings' fourth quarter and full year 2025 conference call. Booking Holdings would like to remind everyone that this call may contain forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guaranteed of future performance and are subject to certain ris ...

Edison International (NYSE:EIX) Q4 2025 Earnings call February 18, 2026 04:30 PM ET Speaker4Good afternoon, and welcome to the Edison International Fourth Quarter 2025 financial teleconference. My name is Michelle, and I will be your operator today. When we get to the question and answer session, if you have a question, press star one on your phone. Today's call is being recorded. I would now like to turn the call over to Mr. Sam Ramraj, Vice President of Investor Relations. Mr. Ramraj, you may begin your c ...

Grand Canyon Education (NasdaqGS:LOPE) Q4 2025 Earnings call February 18, 2026 04:30 PM ET Speaker4Good day, and thank you for standing by. Welcome to the fourth quarter 2025 Grand Canyon Education earnings conference call. At this time, all participants are on listen only mode. After the speaker's presentation, we'll open up for questions. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To wit ...

Financial Data and Key Metrics Changes - For the full year 2025, core FFO was reported at $0.87 per diluted share, with Q4 core FFO at $0.23 per diluted share [24] - Same-store property cash NOI increased by 3.4% year-over-year for Q4 and 60 basis points for the full year [24] - Operating expenses increased by 1.7% for Q4 and 3.4% for the full year, primarily due to higher real estate taxes and cleaning-related labor costs [25] Business Line Data and Key Metrics Changes - The office portfolio is 93.5% leased, reflecting strong demand for top-quality, modernized buildings [8][19] - The observatory business generated approximately $24 million of NOI in Q4 and $90 million for the full year, with revenue per capita increasing by 6.9% year-over-year in Q4 [25][9] - The multifamily portfolio reported occupancy just under 98%, with revenue increasing by 9% year-over-year in Q4 [23] Market Data and Key Metrics Changes - The leasing team signed over 458,000 sq ft of new and renewal leases in Q4, achieving positive mark-to-market lease spreads of 6.4% in the Manhattan office portfolio [20] - The market for large block, institutional quality office space remains supply-constrained, with strong demand [15] - The company anticipates a year-end occupancy guidance of 90%-92% for 2026, despite expected temporary dips [22][27] Company Strategy and Development Direction - The company has transformed its portfolio to a 100% New York City focus, enhancing cash flow and portfolio quality [12][8] - Management emphasizes disciplined capital allocation and opportunistic share repurchases as part of their strategy [17][18] - The company aims to leverage its operating platform to drive occupancy, rents, and returns in a competitive market [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term cash growth potential of the portfolio, despite known tenant rollovers impacting FFO growth in 2026 [8] - The company remains focused on enhancing the guest experience and broadening marketing reach for the observatory, anticipating a recovery in international visitation [48][30] - Management acknowledged the impact of external factors, such as potential increases in property taxes, but remains optimistic about leasing demand [38][44] Other Important Information - The company completed $1 billion in acquisitions of high-quality real estate, improving cash flow and portfolio quality [8][11] - The company achieved the highest possible GRESB rating for the sixth consecutive year, reflecting its commitment to sustainability [10] - The company has a well-laddered maturity schedule with no unaddressed debt maturities until March 2027 [11] Q&A Session Summary Question: Outlook on leasing activity for Q1 2026 - Management indicated strong market tenor with over 170,000 sq ft of leases in the pipeline for Q1 and Q2 [33] Question: Details on the sale of the Stamford asset - The asset was sold for mid-$60 million, aligning with capital recycling objectives [34] Question: Impact of proposed property tax increases - Management stated that any increase would be passed through to tenants, and they remain focused on market conditions [38][39] Question: Effects of AI on leasing decisions - Management noted strong demand for high-quality office space, with AI contributing positively to leasing activity [40][41] Question: Impact of new mayor's policies on leasing discussions - Management confirmed that there has been no impact on leasing discussions due to the new mayor's rhetoric or policies [44] Question: Competition and economic outlook for the observatory - Management highlighted a shift in visitor demographics and competitive positioning, with a focus on direct marketing strategies [48][49]

Financial Data and Key Metrics Changes - For the full year 2025, core FFO was reported at $0.87 per diluted share, with Q4 core FFO at $0.23 per diluted share [24] - Same-store property cash NOI increased by 3.4% year-over-year for Q4 and 60 basis points for the full year [24] - Operating expenses increased by 1.7% for Q4 and 3.4% for the full year, primarily due to higher real estate taxes and cleaning-related labor costs [25] Business Line Data and Key Metrics Changes - The office portfolio is 93.5% leased, reflecting strong demand for top-tier, modernized properties [8][19] - The multifamily portfolio showed excellent performance with occupancy just under 98% and revenue increasing by 9% year-over-year in Q4 [23] - The Observatory business generated approximately $24 million of NOI in Q4 and $90 million for the full year, with revenue per capita increasing by 6.9% year-over-year in Q4 [25] Market Data and Key Metrics Changes - The leasing market in New York City is described as the strongest since 2019, with strong demand across various industries [19] - The company has a pipeline of over 170,000 sq ft of leases anticipated to close in the first and second quarters of 2026 [33] - The market for large block, institutional quality office space remains supply-constrained, with strong demand [15] Company Strategy and Development Direction - The company has transformed its portfolio to a 100% New York City focus, enhancing cash flow and portfolio quality [12] - A proactive balance sheet management strategy allows for strategic transactions and shareholder value creation [8] - The company aims to continue improving the quality of its portfolio and cash flows through prudent capital allocations [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term cash growth potential of the portfolio despite known tenant rollovers impacting FFO growth in 2026 [8] - The company anticipates a consistent performance in 2026, with core FFO guidance ranging from $0.85 to $0.89 per diluted share [27] - Management remains focused on enhancing the guest experience and driving efficiencies in the Observatory business [30] Other Important Information - The company completed $1 billion in acquisitions of high-quality real estate and disposed of suburban commercial assets without tax leakage [8] - The company achieved the highest possible GRESB rating for the sixth consecutive year, reflecting its sustainability leadership [10] - Opportunistic share repurchases remain a strategic part of the capital allocation framework, with $6 million repurchased in Q4 [17] Q&A Session Summary Question: Outlook on leasing activity for Q1 2026 - Management indicated strong market tenor and a pipeline of over 170,000 sq ft of leases anticipated to close in the first and second quarters [33] Question: Details on the sale price of the Stamford asset - The asset was sold for mid-$60 million, with a cap rate around 7% [34] Question: Impact of proposed property tax increases - Management stated that any increase would be passed through to tenants, and the market dynamics would dictate rent adjustments [38][39] Question: Impact of AI on leasing decisions - Management noted strong demand for high-quality office space, with AI being a positive factor for leasing demand [40] Question: Impact of new mayor's policies on leasing discussions - Management confirmed that the new mayor's rhetoric has not impacted leasing discussions, with high demand remaining [44] Question: Competition and economic outlook for the Observatory - Management highlighted a shift in visitor composition and strong direct marketing efforts, with competition from other attractions noted [48][49]

Financial Data and Key Metrics Changes - For the full year 2025, core FFO was reported at $0.87 per diluted share, reflecting continued performance across the platform [4] - Same-store property cash NOI increased by 3.4% year-over-year for Q4 and 60 basis points for the full year [22] - Operating expenses increased by 1.7% for Q4 and 3.4% for the full year, primarily driven by higher real estate taxes and cleaning-related labor costs [22] Business Line Data and Key Metrics Changes - The office portfolio is 93.5% leased, with a 170 basis point increase in occupancy year-over-year [18] - The multifamily portfolio reported occupancy just under 98%, with revenue increasing by 9% year-over-year in Q4 and 10% for the full year [21] - The observatory business generated approximately $24 million of NOI in Q4 and $90 million for the full year, with revenue per capita increasing by 6.9% year-over-year in Q4 [23] Market Data and Key Metrics Changes - The leasing market in New York City is described as the strongest since 2019, with strong demand concentrated among top-quality, modernized buildings [18] - The company has a pipeline of over 170,000 sq ft of leases anticipated to close in the first and second quarters of 2026 [31] - The market for large block, institutional quality office space is supply-constrained, with strong demand [12] Company Strategy and Development Direction - The company has transformed its portfolio to a 100% New York City focus, enhancing cash flow and portfolio quality [6] - A proactive balance sheet management strategy is in place to provide flexibility for strategic transactions and shareholder value creation [6] - The company aims to continue improving the quality of its portfolio and cash flows through prudent capital allocations [17] Management's Comments on Operating Environment and Future Outlook - Management expects 2026 FFO and same-store cash NOI to be consistent with 2025 results, with anticipated commercial occupancy of 90%-92% by year-end 2026 [25] - Known tenant rollover is expected to impact FFO growth in 2026, but the portfolio is well-positioned for long-term cash growth [6] - The company remains optimistic about the return of traditional international visitors and is focused on enhancing guest experiences [8] Other Important Information - The company achieved the highest possible GRESB rating for the sixth consecutive year, reflecting its sustainability leadership [9] - Opportunistic share repurchases remain a strategic part of the capital allocation framework, with $6 million of shares repurchased in Q4 [16] - The company has completed $1 billion of acquisitions of high-quality real estate, improving cash flow and portfolio quality [6] Q&A Session Summary Question: Outlook on leasing activity for Q1 2026 - Management indicated strong market tenor and a pipeline of over 170,000 sq ft of leases anticipated to close in the first and second quarters [31] Question: Details on the sale of the Stamford asset - The sale price was mid-$60 million, with adjustments bringing it close to the debt balance [32] Question: Impact of proposed property tax increases - Management stated that any increase would be passed through to tenants, and the market dynamics would dictate rent adjustments [36][37] Question: Impact of AI on leasing decisions - Management noted strong demand for high-quality office space, with AI being a positive factor for leasing activity [38] Question: Impact of the new mayor's policies on leasing discussions - Management confirmed that there has been no impact on leasing discussions from the new mayor's rhetoric or policies [42] Question: Economic outlook for the observatory and competition - Management highlighted a shift in visitor composition towards more domestic visitors and noted competition from other attractions [46]