Financial Data and Key Metrics Changes - Kirby Corporation reported a record year in 2025, with over $400 million in free cash flow and a strong balance sheet, having paid down $130 million in debt [4][18] - The company generated cash flow from operations of $670 million for the year, driven by higher revenues and earnings [18] - Total revenues for the marine transportation segment increased by 3% year-over-year, while operating income rose by 17% [9] Business Line Data and Key Metrics Changes - In the inland marine segment, barge utilization improved to the mid- to high-80% range, with operating margins in the low-20% range [5][11] - Coastal marine revenues increased by 22% year-over-year, with operating margins around 20% [11] - The distribution and services segment saw revenues of $370 million, a 10% increase year-over-year, primarily driven by the power generation business [13][14] Market Data and Key Metrics Changes - The inland marine market experienced early quarter softness but improved towards the end, with spot prices rebounding in the low- to mid-single digits [5] - Coastal marine market fundamentals remained solid, with barge utilization levels in the mid- to high-90% range [6] - Power generation revenues grew 47% year-over-year, supported by strong order flow and project wins [14] Company Strategy and Development Direction - Kirby Corporation aims for steady growth in 2026, with expectations of consistent year-over-year earnings growth supported by stable operations and improving market fundamentals [22][23] - The company plans to continue returning capital to shareholders while pursuing long-term value-creating investments and acquisitions [20][27] - The focus remains on enhancing shareholder value through disciplined capital allocation and exploring bolt-on acquisitions [83] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand outlook for 2026, despite potential near-term noise from macro factors like Venezuelan oil flows [21][22] - The company anticipates stable refinery activity and improving inland utilization, with expectations for barge utilization to average in the low 90% range [23] - Management acknowledged inflationary pressures and rising medical costs but remains focused on cost control and operational excellence [16][51] Other Important Information - The company expects capital expenditures for 2026 to be in the range of $220 million to $260 million, with a focus on maintenance and growth capital [19] - The balance sheet remains strong, with total available liquidity of approximately $542 million as of December 31, 2025 [18] Q&A Session Summary Question: Insights on 4Q term contract pricing and demand outlook for 2026 - Management indicated that the slight decline in term contract pricing was due to short-term demand softness, but they are optimistic about the renewal cycle as spot prices have improved [30][31] Question: Impact of coastal shipyard activity on revenue and costs - Management confirmed that increased shipyard activity would impact margins due to costs without generating revenue, but they remain optimistic about pricing in the coastal market [37][39] Question: Clarification on EPS guidance range and factors influencing it - Management explained that the broad EPS guidance range is influenced by power generation delivery timing and the inland market's pricing improvements [44][46] Question: Update on CapEx guidance and new build pricing trends - Management stated that growth CapEx is focused on expanding internal capabilities, with new build pricing remaining consistent with previous quarters [82][86]

分组1 - Kirby reported quarterly earnings of $1.68 per share, exceeding the Zacks Consensus Estimate of $1.62 per share, and up from $1.29 per share a year ago, representing an earnings surprise of +4.03% [1] - The company posted revenues of $851.78 million for the quarter ended December 2025, which missed the Zacks Consensus Estimate by 0.87%, compared to $802.32 million in the same quarter last year [2] - Kirby has surpassed consensus EPS estimates for the last four quarters but has not beaten consensus revenue estimates during the same period [2] 分组2 - Kirby shares have increased by approximately 16.3% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $1.53 on revenues of $852.36 million, and for the current fiscal year, it is $7.11 on revenues of $3.52 billion [7] 分组3 - The Transportation - Shipping industry, to which Kirby belongs, is currently ranked in the top 40% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The current Zacks Rank for Kirby is 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6]

4Q 2025 Earnings Conference Call January 29, 2026 Disclosures Forward Looking Statements Statements contained in this conference call with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including adverse economic conditions, industry competition and other compet ...

Core Insights - Kirby Corporation reported record net earnings for 2025, with fourth-quarter net earnings of $91.8 million or $1.68 per share, a significant increase from $42.8 million or $0.74 per share in the same quarter of 2024 [1][2][3] - The company achieved consolidated revenues of $851.8 million in the fourth quarter of 2025, up from $802.3 million in the fourth quarter of 2024 [1][2] Financial Performance - For the full year 2025, Kirby's net earnings were $354.6 million or $6.33 per share, compared to $286.7 million or $4.91 per share in 2024 [2] - Excluding one-time items, net earnings for 2024 were $318.8 million or $5.46 per share [2] - Adjusted EBITDA for the fourth quarter of 2025 was $203.1 million, an increase from $172.3 million in the fourth quarter of 2024 [13] Segment Performance - Marine Transportation revenues for the fourth quarter of 2025 were $481.7 million, up from $466.8 million in the fourth quarter of 2024, with an operating income of $100.3 million compared to $86.0 million [5][9] - Distribution and Services revenues for the fourth quarter of 2025 were $370.1 million, compared to $335.5 million in the fourth quarter of 2024, with an operating income of $30.1 million [9][10] - Power generation segment saw a revenue increase of 10% sequentially and 47% year-over-year, driven by strong order flow and project wins [4][10] Market Conditions - Inland marine market experienced improved barge utilization, averaging in the mid to high-80% range during the fourth quarter, with operating margins in the low-20% range [3][5] - Coastal marine business maintained solid fundamentals with barge utilization averaging in the mid to high-90% range and operating margins around 20% [3][8] - Demand in the distribution and services segment varied, with power generation showing robust growth while other areas faced softness [4][11] Cash Flow and Capital Management - Kirby generated net cash from operating activities of $312.2 million in the fourth quarter of 2025, with capital expenditures of $47.0 million [13][35] - The company repurchased 1,030,729 shares at an average price of $98.53, totaling $101.6 million, and reduced debt by $130 million in the fourth quarter [6][13] 2026 Outlook - Kirby expects continued growth in 2026, with earnings per share projected to be flat to up 12% year-over-year [6][14] - The company anticipates stable operations and improving market fundamentals, particularly in the power generation segment [14][17] - Inland revenues are expected to increase in the low to mid-single digits year-over-year, with barge utilization rates projected to be in the low 90% range [14][15]

Core Viewpoint - Wealthfront Corporation is under investigation for potential violations of federal securities laws and other unlawful business practices following its IPO and subsequent financial performance [1][5]. Group 1: IPO and Initial Performance - Wealthfront completed its Initial Public Offering (IPO) on December 12, 2025, offering 34,615,384 shares at a price of $14.00 per share [2]. - The company's first quarterly results as a publicly traded entity, published on January 12, 2026, revealed net deposit outflows of $208 million, a significant decline from the $874 million inflows during the same period the previous year [3]. Group 2: Management Insights and Stock Performance - CEO David Fortunato attributed the decline in deposits to falling interest rates and highlighted the strategic importance of Wealthfront's new home-lending business as a protective measure against further declines [3]. - Fortunato disclosed that he holds a 95.1% stake in Wealthfront's home-lending business and mentioned the possibility of revising the ownership structure [3]. - Following the earnings call, Wealthfront's share price dropped by $2.12, or approximately 16.8%, from $12.59 to $10.47 [3]. - Since the IPO, Wealthfront's share price has decreased by $5.20, or about 37.1%, closing at $8.80 on January 20, 2025 [4].

Core Points - The lawsuit has been filed on behalf of investors who purchased Coreweave securities between March 28, 2025, and December 15, 2025, alleging that the company overstated its ability to meet customer demand and understated risks associated with reliance on a single third-party data center supplier [4] - Coreweave's share price experienced significant declines following announcements related to a failed merger with Core Scientific, a lowered financial guidance due to delays, and reports of further delays in data center completion [5][6][7] Legal Context - Investors have until March 13, 2026, to apply to be appointed as lead plaintiff in the class action lawsuit, which allows them to oversee litigation and influence key decisions [2] - The lawsuit claims that the company's misrepresentations were likely to have a material negative impact on its revenues [4] Financial Impact - Following the announcement of the merger termination, Coreweave shares dropped by $7.39, approximately 5.5%, from $133.71 to $126.32 [5] - After the third-quarter financial results were released, shares fell by $17.22, or about 16.3%, from $105.61 to $88.39 [6] - A report on delays in data center completion led to a further decline of $6.24, or approximately 7.9%, from $78.59 to $72.35 [7]

Core Viewpoint - Wealthfront Corporation is under investigation for potential violations of federal securities laws following a significant decline in its stock price and net deposit outflows after its IPO [1][4]. Group 1: Company Overview - Wealthfront completed its Initial Public Offering (IPO) on December 12, 2025, offering 34,615,384 shares at $14.00 per share [3]. - The company reported its first quarterly results as a publicly traded entity on January 12, 2026, showing net deposit outflows of $208 million, a significant drop from $874 million in inflows during the same period the previous year [4]. Group 2: Financial Performance - Following the earnings call on January 12, 2026, Wealthfront's stock price fell by $2.12, or approximately 16.8%, closing at $10.47 on January 13, 2026 [4]. - Since the IPO, Wealthfront's share price has decreased by $5.20, or about 37.1%, from $14.00 on December 12, 2025, to $8.80 on January 20, 2026 [5]. Group 3: Management Insights - CEO David Fortunato attributed the decline in deposits to falling interest rates and highlighted the strategic importance of the company's new home-lending business [4]. - Fortunato disclosed that he owns a 95.1% stake in Wealthfront's home-lending business and mentioned the possibility of revisiting the ownership structure [4].

Core Viewpoint - A class action lawsuit has been filed against BellRing Brands, Inc. on behalf of investors who acquired its securities during the specified class period, indicating potential legal challenges for the company [1]. Group 1 - The lawsuit pertains to investors who purchased BellRing securities from November 19, 2024, to August 4, 2025, suggesting a defined timeframe for the alleged grievances [1]. - Investors who experienced losses on their BellRing investments are encouraged to request lead plaintiff appointment by March 23, 2026, highlighting a deadline for participation in the lawsuit [1].

Core Viewpoint - The law firm Kirby McInerney LLP is reminding investors of Klarna Group plc about the upcoming lead plaintiff deadline for a class action lawsuit related to the company's IPO and subsequent financial disclosures [1][2]. Group 1: Lawsuit Details - The lawsuit alleges that Klarna's Registration Statement during its September 2025 IPO contained false or misleading statements and failed to disclose the risk of a significant increase in loss reserves shortly after the IPO [3]. - Klarna launched its IPO on September 2025, selling 34,311,274 shares at a price of $40.00 per share [4]. - Following the announcement of disappointing Q3 2025 financial results on November 18, 2025, which revealed a substantial increase in credit loss provisions, Klarna's share price fell by $3.25, or approximately 9.3%, from $34.88 to $31.63 [4]. Group 2: Legal Process and Contact Information - The lead plaintiff in a class action lawsuit oversees the litigation and can influence key decisions, including litigation strategy and settlement [2]. - Investors who purchased Klarna securities and wish to learn more about the investigation can contact Lauren Molinaro of Kirby McInerney LLP for further information [6].

Core Viewpoint - The law firm Kirby McInerney LLP is investigating Navan, Inc. for potential violations of federal securities laws and other unlawful business practices following its recent IPO and subsequent financial disclosures [1][3]. Group 1: Company Overview - Navan, Inc. conducted its initial public offering on October 30, 2025, selling approximately 36.9 million shares at a price of $25.00 per share [3]. - The company reported a GAAP loss from operations of $79 million for the third quarter of fiscal 2026, compared to a loss of $19 million in the same period the previous year [3]. - Navan's GAAP operating margin was reported at (41%), a significant decline from (13%) in the same quarter of the previous year [3]. Group 2: Management Changes - Following the financial results announcement, Navan's CFO stepped down immediately, just six weeks post-IPO [3]. - The company agreed to provide the departing CFO with accelerated vesting of 100% of unvested restricted stock units and stock options, along with a cash payment of $3.7 million [3]. Group 3: Market Reaction - The announcement of the CFO's departure and the financial results led to a decline in Navan's share price by $1.74, or approximately 11.9%, dropping from $14.64 on December 15, 2025, to $12.90 on December 16, 2025 [3].