Financial Data and Key Metrics Changes - In 2025, the company delivered $2.3 billion of adjusted EBITDA, a 13% increase over the prior year, with an adjusted EBITDA margin expanding by 160 basis points to 29.3% [3][4] - Aggregates cash gross profit per ton grew to $11.33, achieving the target of $11-$12, driving operating cash flow of over $1.8 billion, a 29% increase over the prior year [4][6] - Free cash flow increased by over 40% after reinvesting $678 million in capital expenditures [8] Business Line Data and Key Metrics Changes - Aggregate shipments of approximately 227 million tons increased by 3% for the full year, with fourth-quarter shipments increasing by 2% compared to the prior year [5][6] - Same-store aggregate shipments for the full year were slightly lower than the prior year, impacted by weaker single-family residential activity [4][5] - Aggregates mix adjusted price improved by 6% for the full year and 5% in the fourth quarter [6] Market Data and Key Metrics Changes - Public non-highway infrastructure investments grew, with starts in Vulcan markets for water, sewer, and other infrastructure projects increasing double digits in 2025 [11][12] - Highway starts in Vulcan markets continue to grow at three times the rate compared to the U.S. overall [11] - The company expects aggregate shipments to grow between 1% and 3% in 2026, with freight adjusted average selling prices expected to increase between 4% and 6% [13] Company Strategy and Development Direction - The company is committed to improving its underlying business and expanding its industry-leading aggregates franchise in current and new geographies [3] - The focus remains on leveraging demand growth and maintaining a healthy pricing environment for 2026 [19] - The company anticipates further expansion in adjusted EBITDA margin and return on invested capital, driven by strategic portfolio optimization [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing profitability and driving cash gross profit in 2026, supported by improving public and private demand [19][21] - The company expects modest overall growth in 2026, with a focus on monitoring residential activity for potential improvements in the second half of the year [12][19] - Management highlighted the importance of the Infrastructure Investment and Jobs Act (IIJA) funding, with over 50% of the funding yet to be spent [11][12] Other Important Information - The company returned $260 million to shareholders through dividends and $438 million through share repurchases [9] - SAG expenses for the full year were $564 million, 10 basis points lower than the prior year as a percentage of revenue [9] - The company plans to reinvest $750 million to $800 million in capital expenditures for operating and maintenance needs in 2026 [15] Q&A Session Summary Question: Insights on Q4 performance and 2026 outlook - Management noted that Q4 performance was impacted by weaker residential activity, weather conditions, and timing costs, but expressed confidence in a healthy pricing environment for 2026 [18][22] Question: Pricing dynamics and mix impacts - Management acknowledged a "triple whammy" effect on pricing due to geographic mix, acquisitions, and product mix, and anticipated pricing to be lower in the first half of 2026, improving later in the year [31][34] Question: Confidence in cost control for 2026 - Management attributed confidence in controlling costs to the Vulcan Way of Operating, which focuses on efficiency and labor management [43][46] Question: Impact of IIJA reauthorization on guidance - Management expects a reauthorization bill to be completed, with historical trends indicating higher funding levels, and noted that 50% of IIJA funding remains unspent [49][50] Question: Data center projects and their impact on margins - Management indicated that data center projects currently represent a significant portion of private demand, with base pricing lower than clean stone products, but overall margins remain stable [60][62] Question: M&A pipeline and opportunities - Management expressed optimism about a healthy M&A pipeline for 2026, focusing on aggregates-led opportunities while maintaining discipline in acquisitions [70][72]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported earnings per share of $0.68, and for the full year, earnings per share were $1.28, marking the fifth consecutive year of profitability [3][11] - Net revenue for Q4 2025 totaled $49.4 million, while full-year net revenue amounted to $158.1 million, with adjusted EBITDA reaching $81.7 million [11][12] - The company's net income for the full year was $21.2 million, translating into an EBITDA margin of approximately 50% and an operating cash flow margin of roughly 33% [12][14] Business Line Data and Key Metrics Changes - The company achieved a daily time charter equivalent of approximately $26,600 in Q4 2025, with a full-year average of about $21,000 per day [6][12] - Fleet utilization exceeded 96%, reflecting strong operational efficiency despite an intense drydocking schedule [7] Market Data and Key Metrics Changes - The Baltic Capesize Index averaged approximately $21,300 per day in 2025, with a strong recovery in the second half of the year driven by iron ore and coal restocking activity in China [18] - Capesize demand in early 2026 started strong, with the BCI averaging 22,000, supported by a 14% year-over-year growth in Guinea bauxite exports [19] Company Strategy and Development Direction - The company is focused on a fleet renewal strategy, having secured three high-specification eco new buildings at leading Chinese shipyards, with a total investment of approximately $226 million [4][10] - Capital allocation priorities include returning capital to investors, modernizing the fleet, and preserving financial strength, with total dividends declared in 2025 amounting to $0.43 per share [5][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the favorable Capesize environment, citing constrained fleet supply growth and increasing long-haul demand as key factors [4][18] - The outlook for 2026 and 2027 remains constructive, with expectations of continued demand growth for bauxite and iron ore, despite potential supply tightness due to dry docking of older vessels [20][23] Other Important Information - The company maintained a strong liquidity position with $62.7 million in cash and cash equivalents, equating to approximately $3.1 million per vessel [12] - The fleet loan-to-value ratio stood at 43%, reflecting a conservative leverage profile supported by disciplined balance sheet management [5][15] Q&A Session Summary Question: Market Strategy on Long-term Time Charters - Management indicated that 35% of fleet days are already under long-term contracts, with plans to increase this as market conditions strengthen [28] Question: Balancing Asset Values and Rate Environment - Management noted that inflated prices for older vessels are prompting a focus on new builds, with plans to dispose of older assets while securing new ships [30] Question: Expectations for Operational Off-hire Days - Management expects operational off-hire days in 2026 to be consistent with or slightly lower than 2025 due to a softer dry dock schedule [37] Question: Shipyard Availability and Order Book - Management clarified that while global shipbuilding capacity is high, the order book for Capesize vessels is limited due to demand from other ship types [40] Question: Dividend Policy in Light of New Builds - Management confirmed that the dividend policy will not be affected by new builds, as cash flow from operations and asset sales will cover expenditures [46] Question: Contracting Strategy for New Builds - Management is considering long-term contracts for new builds but aims to avoid below-market rates to maintain cash flow [49]

CNH Industrial (NYSE:CNH) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Company ParticipantsAngel Castillo - Executive Director and Head of U.S. Machinery and Construction Equity ResearchDavid Raso - Senior Managing Director and PartnerGerrit Marx - CEOJason Omerza - VP of Investor RelationsJim Nickolas - CFOKristen Owen - Managing DirectorPeter Kalemkerian - Equity Research AssociateTami Zakaria - Executive DirectorConference Call ParticipantsDaniela Costa - Managing Director and Equity Research Anal ...

Financial Data and Key Metrics Changes - In 2025, the company achieved over 7% top-line growth and 13% adjusted EPS growth, with margins improving by over 50 basis points [5][13] - For the fourth quarter, enterprise revenue increased by 5.6% year-over-year, with adjusted EPS growing by 18% [10][14] - Free cash flow from continuing operations was $490 million, a decrease from $665 million the previous year, primarily due to working capital timing [15] Business Line Data and Key Metrics Changes - Diagnostics revenue for the fourth quarter was $2.7 billion, up 5.5% year-over-year, with organic growth of 4.1% [16] - Biopharma Laboratory Services (BLS) revenue increased by 3.4% year-over-year, with central lab revenue growing by 11.1% [17] - The adjusted operating income for diagnostics was $419 million, representing 15.4% of revenue, compared to 13.9% the previous year [16] Market Data and Key Metrics Changes - The company reported a strong trailing twelve-month book-to-bill ratio of 1.09, driven by central labs [13][18] - The backlog for BLS was $8.7 billion, with an expected conversion of approximately $2.7 billion into revenue over the next 12 months [18] Company Strategy and Development Direction - The company aims to deepen partnerships with health systems and local laboratories, having signed or closed 13 deals contributing to over $1 billion in revenue growth [5][6] - A strategic investment is planned for a new central laboratory facility to support growth and demand, with construction expected to begin later this year [9] - The company continues to focus on specialty testing, having launched over 130 new tests in 2025, particularly in oncology, women's health, and neurology [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong underlying business performance for 2026, expecting enterprise revenue growth of 5.4% and adjusted EPS growth of approximately 9% [11][20] - The delay of PAMA through December 31, 2026, was viewed positively, but management emphasized the need for permanent reform [11][20] - Management highlighted the importance of ongoing investments in technology and AI to enhance customer experience and operational efficiency [9][21] Other Important Information - The company plans to allocate free cash flow for acquisitions, share repurchases, and dividends, with approximately $800 million of share repurchase authorization remaining [15][21] - Two executives are set to retire on April 1, with successors already appointed [11][12] Q&A Session Summary Question: 2026 guidance contributions from price and volume - Management expects revenue growth of 5%-6% in diagnostics, with half of the organic growth coming from volume and half from price mix [26][27] Question: Contributions from Invitae integration - The integration of Invitae has been successful, with expected revenue growth in specialty areas, but specific breakout of Invitae's performance will no longer be provided [31][32] Question: Fourth quarter organic volume performance - Organic volume was impacted by lower referrals from a large consumer genetic client and weather conditions, but adjustments indicate growth would have been over 2% [36][37] Question: 2026 guidance conservativeness and risks - Management feels confident about the guidance but acknowledges potential variability in organic volumes and the timing of M&A [44][46] Question: Competitive landscape in diagnostics - The company believes it will outperform the overall market, focusing on hospital deals and specialty testing, which are expected to grow faster than the overall market [48][49] Question: PAMA implications and central lab investments - Management is prepared to submit data for PAMA and continues to advocate for the RESULTS Act, while also planning significant investments in central lab infrastructure [55][59]

Donnelley Financial Solutions (NYSE:DFIN) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Company ParticipantsCharlie Strauzer - Senior Managing DirectorCraig Clay - President of Global Capital MarketsDan Leib - President and CEODave Gardella - CFOEric Johnson - President of Global Investment CompaniesMike Zhao - Head of Investor RelationsPete Heckmann - Managing DirectorRoss Cole - Equity Research AssociateOperatorI would now like to turn the conference over to Mike Zhao, Head of Investor Relations. Pl ...

Financial Data and Key Metrics Changes - The company achieved a consolidated net sales growth of 10.4% year-over-year in Q4 2025, with Adjusted EBITDA increasing by $14.1 million or approximately 44% year-over-year, resulting in an Adjusted EBITDA margin of 26.6%, up 630 basis points from the previous year [4][5][26] - For the full year 2025, consolidated Adjusted EBITDA reached $239.8 million, a 10.4% increase year-over-year, with an Adjusted EBITDA margin of 31.3%, up 350 basis points from 2024 [6][19] Business Line Data and Key Metrics Changes - Software solutions net sales grew by 8.7% year-over-year to $358.4 million, representing approximately 47% of total net sales for 2025 [9][19] - The capital market software solutions segment saw net sales of $60 million, a 20% increase year-over-year, driven by strong growth in Venue and Active Disclosure, both up approximately 20% [27] - The investment company's software solution segment reported net sales of $30.9 million, a decrease of 2.2% year-over-year, attributed to tough comparisons from a strong Q4 2024 [32] Market Data and Key Metrics Changes - The company recorded $48.6 million in transactional revenue in Q4 2025, a 29% increase year-over-year, benefiting from a recovery in deal completions following a government shutdown [30] - The company maintained a high market share for large IPOs, capturing 65% of IPOs that raised over $100 million in Q4 2025 [60] Company Strategy and Development Direction - The company is transitioning to chapter three of its transformation, focusing on sustained growth and increasing the mix of predictable revenue from recurring offerings [19][20] - The introduction of new products like ArcFlex and enhancements in AI capabilities are aimed at capturing additional market demand and improving operational efficiency [15][16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing momentum in capital markets and expects to capture an uptick in deal activity in 2026, despite a continued decline in print and distribution sales [20][38] - The company does not anticipate major SEC rule changes for 2026 but is well-positioned to capture demand from future regulations [22] Other Important Information - The company repurchased approximately 3.6 million shares in 2025, representing about 12% of outstanding shares, at an average price of $48.36 per share [4][36] - Free cash flow for Q4 was $47.9 million, with a full-year total of $107.8 million, reflecting improved operational performance [35] Q&A Session Summary Question: How much of the outperformance in Q4 was volume versus price? - Management indicated that the outperformance was predominantly driven by volume, particularly in capital markets transactional revenue, with a modest contribution from price [48] Question: Can you provide more color on the drivers behind the strong margins? - Management attributed the strong margins to a favorable sales mix, cost structure improvements, and operating leverage from increased sales, with long-term guidance for margins above 30% [50] Question: How does the potential opportunity in capital allocation look given recent valuation multiples? - Management noted that while valuations have contracted, there may be interesting opportunities as companies seek liquidity, and they continue to monitor the situation [52] Question: Can you discuss the relative TAM for ArcFlex compared to ArcSuite? - Management confirmed that ArcFlex can be sold as a standalone product, with significant interest in the market for alternative investment solutions [56] Question: What is the outlook for IPO activity and DFIN's share in traditional IPOs? - Management highlighted a strong share in larger IPOs, with a 70% share of offerings greater than $1 billion in 2025, indicating readiness to support complex deals [61]

Franklin Electric (NasdaqGS:FELE) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Company ParticipantsDean Cantrell - Director of Investor RelationsJennifer Wolfenbarger - CFOJoe Ruzynski - CEOConference Call ParticipantsBryan Blair - Managing Director and Research AnalystMatt Summerville - Managing Director and Senior Research AnalystMike Halloran - Senior Research AnalystRyan Connors - Managing Director and Research AnalystWalter Liptak - Industrial AnalystOperatorHello, and welcome to the Franklin El ...

Energy Transfer (NYSE:ET) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Company ParticipantsAdam Mackay - EVP of Crude OilDylan Bramhall - CFOMackie McCrea - Co-CEOThomas Long - CFOConference Call ParticipantsElvira Scotto - Equity Research AnalystGabe Moreen - Equity Research AnalystJason Gabelman - Equity Research AnalystJean Salisbury - Equity Research AnalystJohn Mackay - Equity Research AnalystJulien Dumoulin-Smith - Equity Research AnalystKeith Stanley - Equity Research AnalystManav Gupta - Equi ...

Labcorp (NYSE:LH) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Company ParticipantsAdam Schechter - Chairman, President and CEOChristin O'Donnell - VP of Investor RelationsDan Clark - VP in Equity ResearchElizabeth Anderson - Senior Managing Director in Health Care Technology and Distribution ResearchErin Wright - Managing Director in U.S. Healthcare Services ResearchJack Meehan - Partner in Life Science Tools and Diagnostics ResearchJulia Wang - EVP and CFOKevin Caliendo - Managing Director in Healt ...

Financial Data and Key Metrics Changes - GAAP EPS for the fourth quarter was $9.05, including a tax benefit of $78.5 million, or $3.98 per share, primarily due to a U.S. tax deduction related to the Prospera investment [20] - Adjusted diluted EPS was $4.92, up 28.1% year-over-year [21] - For the full year, adjusted diluted EPS was $19.09, an increase of 11.1% over 2024 [30] Business Line Data and Key Metrics Changes - Infrastructure sales grew 7.2% year-over-year to $819 million, with utility sales increasing by 21% due to strong market conditions and higher volumes [24] - Agriculture sales decreased 19.9% year-over-year to $222.7 million, with an operating loss of $3.3 million in the fourth quarter [27] - Coatings sales increased by 6.3%, supported by healthy infrastructure demand [26] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by electrification, AI, and aging infrastructure replacement, with a backlog of $1.5 billion, up 22% from the previous year [10][44] - North American agriculture markets remain challenged, while international sales declined due to economic conditions in Brazil [27][15] - The telecommunications market has normalized, with ongoing investments in wireless and RAN [72] Company Strategy and Development Direction - The company is focused on disciplined resource allocation, safety, and continuous improvement to enhance performance [9] - Investments in technology and aftermarket services are aimed at improving efficiency and customer experience in agriculture [8][16] - The company plans to host an investor day to share deeper insights into its strategy and long-term financial targets [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the utility market's strength, citing multiple demand drivers and a robust backlog [44] - The agriculture segment is expected to see a meaningful recovery in Q1 2026, with a focus on improving margins [45][49] - The company anticipates net sales for 2026 to be between $4.2 billion and $4.4 billion, with diluted EPS projected in the range of $20.50 to $23.50 [35][36] Other Important Information - The company acquired the remaining 40% of ConcealFab, enhancing its technology and product pipeline [12] - A total of $250 million was returned to shareholders, including $198 million through share repurchases [32] Q&A Session Summary Question: Confidence in utility demand and changes in customer investment - Management is confident in the utility market due to strong drivers like electrification and aging infrastructure, supported by a backlog of $1.5 billion [44] Question: Actions to restore agriculture margins and expected recovery timeline - Management expects a meaningful recovery in agriculture margins in Q1 2026, having taken steps to address previous challenges [45][46] Question: Capital spending increase for utility capacity expansions - The company plans to spend $170 million to $200 million in 2026 on utility capacity expansions, driven by durable demand [53][54] Question: Expected agriculture margins for Q1 and full year - Management anticipates low teens margins in Q1, potentially reaching mid-teens by year-end [51] Question: Growth expectations in non-utility infrastructure segments - Management expects growth across all infrastructure segments, including telecom, coatings, and lighting [72]