Earnings Call Transcripts
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All Earnings Calls
Oshkosh Corporation Q4 & FY 2025 Earnings Call - Tariffs bite early, vocational and transport expected to shoulder 2026 growth
Oshkosh closed 2025 with solid cash generation and product momentum, but management is steering a cautious 2026 that assumes tariffs remain in place and a softer access market early in the year. Full-...
- Full-year 2025 revenue totaled $10.4 billion, adjusted operating income just over $1 billion, and adjusted EPS was $10.79.
- Q4 2025 revenue was about $2.7 billion with adjusted EPS of $2.26 and an adjusted operating margin of 8.4%, down 100 basis points year over year.
- Management guides 2026 consolidated sales to roughly $11 billion and adjusted EPS to about $11.50, assuming current tariff rates persist.
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CNX Resources Fourth Quarter 2025 Earnings Call - Front‑Half Capex, Flat Production, Optionality to Accelerate Fracs if Prices and Demand Materialize
CNX used the Q4 Q&A to telegraph a cautious playbook: push more than half of 2026 capital into the first half to preserve year‑round production flatness, while keeping the option to accelerate frackin...
- Company front‑loads capital, with roughly 60% of 2026 Capex expected in the first half, to keep production broadly flat across the year while preserving optionality.
- Flat production guidance is deliberate, not a signal of operational trouble; the first‑half Capex weighting gives flexibility to accelerate fracking in H2 if warranted by durable price signals or big demand projects.
- Management will not chase short‑term spot spikes, they want multi‑year price visibility and would hedge incremental volumes before adding sustained activity.
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Blackstone Q4 2025 Earnings Call - Record Distributable Earnings, Fundraising Surge Signals Deal Cycle Re-acceleration
Blackstone closed 2025 with the strongest set of metrics in its history, reporting Q4 distributable earnings of $1.75 per share and full-year DE of $5.57 per share ($7.1 billion). The firm recorded a ...
- Record quarter and year for distributable earnings: Q4 DE of $1.75 per share ($2.2 billion), full-year DE $5.57 per share, or $7.1 billion.
- Fundraising surge: approximately $71 billion inflows in Q4, roughly $240 billion for 2025, driving AUM to $1.275 trillion, up 13% year-over-year.
- Private wealth momentum: private wealth fundraising rose 53% to $43 billion in 2025, BCRED posted $3.3 billion gross sales in Q4 and $14 billion for the year, with BCRED delivering ~10% net returns since inception.
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Hexcel Corporation Q4 2025 Earnings Call - A350 Ramp, Elevated Leverage, and a Hard Look at Working Capital
Hexcel closed 2025 having weathered OEM destocking, an Airbus A350 schedule reset, and lingering supply-chain friction, but the tone shifted to cautious optimism. Management is banking on a commercial...
- Full year 2025 results: sales $1.894 billion, adjusted EPS $1.76, free cash flow $157 million, adjusted EBITDA $346 million versus $382 million in 2024.
- Q4 2025: management reported roughly $491-$492 million in sales, with commercial aerospace sales about $299.5-$300 million, up year over year; Q4 adjusted operating income was $65 million, or 13.3% of sales.
- 2026 guidance: sales $2.0 billion to $2.1 billion, adjusted EPS $2.10 to $2.30, and free cash flow greater than $195 million; management expects cash conversion to exceed 100% as capex stays subdued.
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Honeywell Fourth Quarter 2025 Earnings Call - Record $37B Backlog, Accelerated Aerospace Spin to Q3 2026
Honeywell closed 2025 with a clean finish: stronger-than-expected Q4 results, a record backlog north of $37 billion, and a push to complete the aerospace spin faster than planned, now targeted for Q3 ...
- Q4 orders jumped 23% organically, pushing backlog to over $37 billion, a record for Honeywell.
- Q4 sales grew 11% organically, with price contributing roughly 4 percentage points to Q4 top-line growth.
- Honeywell completed the Solstice Advanced Materials spin on October 30, 2025 and now reports that business as discontinued operations.
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National Fuel Gas Company First Quarter Fiscal 2026 Earnings Call - Reaffirmed Guidance; Upstream Strength and Ohio Acquisition De-risked
National Fuel delivered a tidy start to fiscal 2026, reporting adjusted EPS of $2.06 and reaffirming full-year guidance of $7.60 to $8.10, with a midpoint of $7.85. The quarter was powered by a 12% pr...
- Q1 adjusted EPS was $2.06, in line with expectations, and the company reaffirmed full-year adjusted EPS guidance of $7.60 to $8.10 (midpoint $7.85).
- Integrated upstream and gathering segment saw production of 109 BCF, up 12% year over year, driving a 29% increase in adjusted EBITDA versus prior year.
- Seneca production guidance for fiscal 2026 remains 440-455 BCF and capital guidance is unchanged at $560 million to $610 million.
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ManpowerGroup Fourth Quarter 2025 Earnings Call - Stabilization with AI and cost cuts setting the stage for margin recovery
ManpowerGroup closed 2025 with a clear pivot from decline to stabilization, driven by enterprise demand, aggressive cost reduction, and scaled AI tools built on its PowerSuite platform. Q4 showed mode...
- Q4 reported revenue was $4.7 billion, representing organic constant currency growth of 2%, and system-wide revenue was $5.1 billion.
- Adjusted EBITDA for Q4 was $100 million, and adjusted EBITDA margin was 2.1%, roughly flat year-over-year and at the midpoint of guidance.
- Full-year 2025 adjusted EPS was $2.97, a 38% constant currency decline year-over-year; reported EPS for the year was negative $0.29.
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Kirby Corporation Q4 2025 Earnings Call - Power generation lifts growth as inland recovers and record free cash flow fuels buybacks
Kirby closed 2025 with a record earnings year and a solid Q4, powered by a sharp acceleration in power generation sales that offset lingering inland softness and a weak conventional oil and gas market...
- Kirby reported a record 2025, finishing Q4 with solid execution across segments and saying 2026 should see steady year-over-year earnings growth.
- Marine transportation Q4 revenues were $482 million, operating income about $100 million, with segment margin in the low 20% range.
- Inland marine: Q4 barge utilization averaged mid- to high-80% and improved into the high-80s/around 90% exiting the year; inland contributed ~79% of marine transportation revenue.
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Brookfield Infrastructure Partners Fourth Quarter 2025 Earnings Call - AI Data Centers and Record Capital Recycling Propel FFO, Distribution +6%
Brookfield Infrastructure closed 2025 with $2.6 billion of FFO, a normalized 10% increase year over year, and a record Q4 FFO of $0.87 per unit. Management is leaning into a clear playbook: monetize d...
- FFO and distributions: Brookfield Infrastructure generated $2.6 billion of FFO in 2025, a normalized 10% increase versus 2024, with record Q4 FFO of $0.87 per unit. The board approved a 6% distribution increase to $1.82 on an annualized basis, maintaining a conservative payout ratio of 66%.
- Capital recycling and liquidity: The firm exceeded its $3 billion capital recycling target, realizing about $3.1 billion in asset sale proceeds in 2025 and ending the year with $6 billion of liquidity, including nearly $3 billion at the corporate level. Management expects elevated recycling to continue into 2026.
- Equity deployment and financings: Approximately $2.2 billion of equity was invested into growth initiatives in 2025, while the company completed roughly $16 billion of financings to de-risk operating company balance sheets. Total new investments deployed were about $1.5 billion during the year.
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Altria Group Fourth Quarter and Full Year 2025 Earnings Call - $1.3B E-vapor Impairment, on! PLUS Rollout and Import/Export Plan Shape 2026
Altria closed 2025 with modest EPS growth, hefty shareholder returns, and a blunt acknowledgement that the illicit e-vapor market and slow regulatory authorizations are a strategic drag. Management to...
- Altria grew adjusted diluted EPS 4.4% in 2025 to $5.42 and returned about $8 billion to shareholders via $7 billion in dividends and roughly $1 billion in buybacks.
- 2026 adjusted diluted EPS guidance is $5.56 to $5.72, a 2.5% to 5.5% increase, with growth expected to be weighted to the second half as import/export activity ramps.
- Management recorded a $1.3 billion non-cash impairment charge against e-vapor definite-lived intangible assets and goodwill after concluding enforcement will progress more gradually than hoped.
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