Earnings Call Transcripts
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All Earnings Calls
Hess Midstream Second Quarter 2025 Earnings Call - Record throughput, investment grade upgrade, and robust cash return capacity
Hess Midstream reported a clean quarter of operational traction and a financial story built for returns. Throughputs were at record levels across gas processing, crude terminalling, and water gatherin...
- Record operational quarter, with throughput at 449 MMcf/d gas processing, 137,000 barrels per day crude terminalling, and 138,000 barrels per day water gathering.
- Q2 net income rose to $180 million from $161 million in Q1, adjusted EBITDA increased to $316 million versus $292 million in Q1.
- Gross adjusted EBITDA margin held at about 80 percent, above the company target of 75 percent, signaling strong operating leverage.
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Merit Medical Systems Second Quarter 2025 Earnings Call - Record margins and cash, Rhapsody outpatient reimbursement delayed after filing error
Merit reported a strong Q2: $382.5 million revenue, up 13% year over year GAAP and 12.5% on a constant currency basis, driven by 6.7% organic constant currency growth and an 81% jump in endoscopy sale...
- Q2 revenue $382.5 million, up 13% year over year GAAP and up 12.5% on a constant currency basis; organic constant currency growth was 6.7% in the quarter.
- Non GAAP operating margin hit 21.2%, the highest quarterly non GAAP operating margin in Merit’s public history; non GAAP EPS grew 10% year over year.
- Free cash flow for Q2 was $70 million, up 20% year over year; Merit expects at least $150 million of free cash flow for 2025 and plans $90 million to $100 million of capex.
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Tenable Q2 2025 Earnings Call - Tenable One platform momentum lifts deal sizes and RPO, Apex adds AI security muscle
Tenable beat Q2 guidance as Tenable One adoption accelerated deal sizes and multi year commitments. Revenue was $247.3 million, up 12% year over year, operating margin was 19%, and calculated current ...
- Q2 outperformance: revenue $247.3M, up 12% year over year, exceeding guided midpoint by $5.3M.
- Profitability held up: operating margin 19% and non GAAP EPS $0.34, a modest beat to the midpoint.
- Tenable One is the growth engine: platform represented ~40% of new sales and ~30% of total sales, driving larger ACV deals including 76 net new six figure customers on an LTM basis and 367 new enterprise platform customers.
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FormFactor Q2 2025 Earnings Call - HBM volume lifted revenue, margins lag from mix, tariffs and HBM ramp costs
FormFactor beat top‑line expectations in Q2 2025, driven by a probe card surge led by HBM and stronger Foundry & Logic ramps, but profitability disappointed. Non‑GAAP revenue was roughly $195.8M, non‑...
- Q2 revenue beat: Q2 2025 revenues were about $195.8 million, topping the high end of the company’s outlook, driven primarily by probe card strength.
- Probe card strength concentrated: Probe Card segment revenue was $162.1 million, up $25.6 million QoQ (18.7%), with Foundry & Logic at $100.0M (+$14.0M) and DRAM at $57.1M (+$8.2M).
- HBM momentum but volatility: HBM revenue rose from $29.5M in Q1 to $37.0M in Q2 as FormFactor now ships in volume to all three major HBM manufacturers, but company expects continued quarter‑to‑quarter volatility due to concentrated design ramps.
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Artisan Partners Q2 2025 Earnings Call - Credit Push Amid Net Client Outflows and Leadership Handoff
Artisan closed Q2 with $176 billion AUM, leadership formally passed to Jason Gottlieb as CEO while Eric Colson moves to Executive Chair. The firm leaned into its credit and emerging markets franchises...
- Leadership transition completed: Jason Gottlieb is CEO as of June, Eric Colson moves to Executive Chair; Eric noted this was his 50th quarterly call since the IPO.
- Ending AUM $176 billion, up 8% sequentially; average AUM flat sequentially and up 5% versus prior year quarter year to date.
- Net client cash outflows totaled $1.9 billion in Q2, partly reflecting muted gross equity flow activity and a previously disclosed $1.2 billion separate account rebalancing in Q1.
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TTM Technologies Q2 2025 Earnings Call - Defense and AI Demand Drive Record EPS Despite Penang Ramp Delay
TTM reported a clean break from doom-saying: revenue jumped 21% year-over-year to $730.6 million and non-GAAP EPS hit a company quarterly record at $0.58. Margins improved, adjusted EBITDA came in str...
- Revenue rose 21% year-over-year to $730.6 million in Q2 2025.
- Non-GAAP EPS was a quarterly record at $0.58, adjusted EBITDA totaled $109.7 million.
- GAAP operating income was $61.8 million; GAAP net income was reported at $41.5 million, or $0.40 per diluted share (company also reported $60.8 million/$0.58 on a non-GAAP basis).
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Waystar Q2 2025 Earnings Call - $1.25B iodine deal fast-tracks AI mid-cycle, expands TAM and is positioned to be accretive
Waystar reported another quarter of durable growth and high profitability, with Q2 revenue of $271 million, up 15% year over year, and adjusted EBITDA of $113 million, a 42% margin. Management raised ...
- Q2 revenue $271M, up 15% year over year, marking Waystar’s fifth consecutive quarter of public-company double digit growth.
- Adjusted EBITDA $113M, margin 42%, outperforming long term ~40% target and driven by a mix shift toward higher margin provider solutions.
- Company raised 2025 revenue guidance to $1.03B–$1.042B (midpoint $1.036B, ~10% y/y) and adjusted EBITDA guidance to $418M–$426M (midpoint $422M, ~41% margin); guidance excludes iodine.
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Confluent Q2 2025 Earnings Call - Cloud Consumption Headwinds, But Flink and Platform Momentum Signal Durable Growth
Confluent reported a mixed but controlled quarter: subscription revenue rose 21% to $270.8M, driven by Confluent Cloud (28% growth to $150.5M) and Confluent Platform (12% to $120.3M), while non GAAP o...
- Subscription revenue grew 21% YoY to $270.8M in Q2 2025, representing 96% of total revenue.
- Confluent Cloud revenue rose 28% YoY to $150.5M and accounted for 56% of subscription revenue, but management warns of near term consumption headwinds.
- Confluent Platform revenue grew 12% YoY to $120.3M, and platform strength helped raise full year guidance.
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Western Union Q2 2025 Earnings Call - Stablecoins, AI and Digital Growth Offset U.S. Immigration Headwinds
Western Union reported a mixed quarter, with adjusted revenue roughly flat ex-Iraq and clear growth in digital and consumer services counterbalancing softness in U.S. retail caused by immigration enfo...
- Q2 adjusted revenue was roughly $1.026 billion reported; excluding Iraq adjusted revenue declined about 1% year over year, CFO also cited GAAP revenue of ~$1.0 billion for the quarter.
- Money transfer transactions fell 3% in the quarter, or 2% excluding Iraq, while cross border principal grew mid single digits on a constant currency ex-Iraq basis, reflecting fewer transactions but higher average principal per transaction.
- Branded digital performance remains a bright spot, with transactions up 9% and adjusted revenue up 6% in Q2, marking the seventh consecutive quarter of mid single digit or better digital revenue growth.
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Acadia Realty Trust Second Quarter 2025 Earnings Call - Street retail momentum, $15M signed pipeline to power multiyear NOI growth
Acadia used Q2 to sell a consistent story, not a soundbite. Leasing is accelerating across the company’s high‑value street corridors, management closed nearly $160 million of acquisitions in the quart...
- Leasing momentum is accelerating, with Acadia executing approximately $7.5 million of new leases year to date in 2025, roughly double the pace from the comparable 2024 period.
- Company has a $15 million S and O pipeline of signed but not yet open leases, representing about 7% of pro rata ABR, 85% of which is from the street and urban portfolio.
- Timing and earnings from the $15 million pipeline: about $11 million of ABR will commence in 2025, $4 million in 2026, producing roughly $3.0 million incremental earnings in 2025 ($2.5M in same store), $8.5M in 2026 ($5.3M same store), and ~$3.5M in 2027.
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