Getty Images Introduction I have not covered Alphabet Inc. ( GOOG ) before, but I researched and started investing in the stock in March of 2025, even before I started writing on Seeking Alpha. Due to its strong performance, GOOG has grown into one of my largest holdings. Data by YCharts Today, the company reported their Q4 2025 and FY 2025 earnings, and the stock is down 1.8% in after-hours. In m...
Getty Images Introduction I have not covered Alphabet Inc. ( GOOG ) before, but I researched and started investing in the stock in March of 2025, even before I started writing on Seeking Alpha. Due to its strong performance, GOOG has grown into one of my largest holdings. Data by YCharts Today, the company reported their Q4 2025 and FY 2025 earnings, and the stock is down 1.8% in after-hours. In my view, despite having appreciated a lot already, Google remains a Buy as Search revenue is accelerating, negating disruption fears, Cloud growth is skyrocketing; and operating leverage is being demonstrated. Financials Q4 consolidated revenue was $113.83B versus $111.3B expected, and EPS was $2.82 versus $2.63 expected. For the full year 2025, consolidated revenue grew to $402.8B, and diluted EPS was $10.81 versus $10.58 expected. Alphabet hereby continues its 12-quarter streak of beating EPS expectations. Google Search, which was so often critiqued for potentially being disrupted by AI, accelerated growth (17% YoY), further proving that Google can integrate AI to enhance Search. CEO Sundar Pichai noted in the release: "Search saw more usage in Q4 than ever before" and "We integrated Gemini 3 directly into AI Mode." As portrayed below, revenue growth is accelerating despite Google's huge size. The same quarter last year saw growth of just 12% YoY. This year it sits at 18% despite impacts from political spending occurring last year. For the full year, revenue growth increased from 14% to 15%. GOOG IR GOOG IR The top line is, therefore, not an issue at all. Further, Alphabet continues to leverage their scale, as Cost of Revenues and Sales and Marketing expenses increased less than sales. Research & Development as well as General and Administrative grew significantly (24% and 51% for the full year, respectively), but this is due to purposeful increases in hiring, compensation, and product innovation, which GOOG has control over and turn down anytime. Right now, they see more ...
Key Points Analysts were expecting it to post a profit in its inaugural quarter of the new fiscal year. It didn't. And while it beat the consensus revenue estimate, its growth wasn't spectacular. 10 stocks we like better than BrightView › The landscape in front of BrightView Holdings (NYSE: BV) wasn't looking particularly smooth or handsome on Hump Day. Shares of the landscaping specialist tumbled...
Key Points Analysts were expecting it to post a profit in its inaugural quarter of the new fiscal year. It didn't. And while it beat the consensus revenue estimate, its growth wasn't spectacular. 10 stocks we like better than BrightView › The landscape in front of BrightView Holdings (NYSE: BV) wasn't looking particularly smooth or handsome on Hump Day. Shares of the landscaping specialist tumbled by 7% in value that trading session, "thanks" to a quarterly earnings report that displeased market players. Surprise net loss BrightView took the wraps off its first quarter of fiscal 2026, revealing after market close Tuesday that it earned $614.7 million for the period. That was an improvement of nearly 3% year over year. On the flip side, the company's net loss in accordance with generally accepted accounting principles (GAAP) deepened by 46% to $15.2 million, or $0.01 per share. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » That meant a mixed quarter for BrightView, as its revenue came in well above the consensus analyst estimate of just over $591 million. However, pundits tracking the stock expected the company to be profitable, to the tune of $0.02 per share under GAAP. BrightView is in the latter stages of implementing the One BrightView strategy, which aims to streamline its operations and modernize its large vehicle fleet, among other measures. It quoted CEO Dale Asplund as saying that the first quarter was "driven by sustained momentum in our key performance indicators, reflecting the progress we continue to make in transforming our business." Not enough change In its earnings release, BrightView reaffirmed its guidance for the full fiscal year. It continues to believe it will book revenue of $2.67 billion to $2.73 billion, which, at the upper end of the range, would translate into 2% annual growth. Non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amort...
aapl Apple Stock Breakout: AAPL Eyes Record Highs As Tech Falls – No Siri Talk From Google Apple shares continue to grind higher despite a broader tech selloff, prompting investors to weigh the company’s durable fundamentals... Written by: Skerdian Meta • • 4 min read • Quick overview Apple shares have risen 2.6% to $276.40, outperforming the Nasdaq Composite amid a broader tech selloff. A recent ...
aapl Apple Stock Breakout: AAPL Eyes Record Highs As Tech Falls – No Siri Talk From Google Apple shares continue to grind higher despite a broader tech selloff, prompting investors to weigh the company’s durable fundamentals... Written by: Skerdian Meta • • 4 min read • Quick overview Apple shares have risen 2.6% to $276.40, outperforming the Nasdaq Composite amid a broader tech selloff. A recent policy shift in India allows foreign companies to supply machinery without tax liabilities, enhancing Apple's manufacturing strategy in the region. Apple's fiscal first-quarter results showed a 16% revenue increase to $143.8 billion, driven largely by record iPhone sales of $85.3 billion. Despite strong fundamentals, investors remain cautious about Apple's valuation in an uncertain market environment. Live AAPL Chart 0.0000 MARKETS TREND [[AAPL-graph]] Apple shares continue to grind higher despite a broader tech selloff, prompting investors to weigh the company’s durable fundamentals against a more uncertain and selective market backdrop. Apple Advances While the Tech Sector Stumbles Apple has emerged as a relative outperformer during a period of renewed stress across the technology and AI complex. Even as investors reassess valuations and trim exposure to higher-beta names, AAPL stock has continued to edge higher, underscoring its role as a perceived defensive anchor within the sector. On Wednesday, Apple shares climbed 2.6% to close at $276.40, sharply outperforming a 1.5% decline in the Nasdaq Composite. The gap between Apple and the broader tech index was the widest seen in roughly a year, highlighting a meaningful rotation rather than a broad-based rally. In an environment marked by heightened volatility, some investors appear to be seeking shelter in scale, balance-sheet strength, and proven cash generation. Still, the resilience has raised a familiar question: how much upside remains after a strong run, and how sustainable is the current momentum as market conditions...
Google expects demand for cloud computing services bolstered with artificial intelligence to outpace supply through the year (JUSTIN SULLIVAN) · JUSTIN SULLIVAN/GETTY IMAGES NORTH AMERICA/Getty Images via AFP Google parent Alphabet on Wednesday reported blockbuster earnings, its revenue climbing as it invests massively in cloud computing services enhanced with artificial intelligence. The tech gia...
Google expects demand for cloud computing services bolstered with artificial intelligence to outpace supply through the year (JUSTIN SULLIVAN) · JUSTIN SULLIVAN/GETTY IMAGES NORTH AMERICA/Getty Images via AFP Google parent Alphabet on Wednesday reported blockbuster earnings, its revenue climbing as it invests massively in cloud computing services enhanced with artificial intelligence. The tech giant said revenue jumped 18 percent year-on-year in the quarter, and overall annual revenue topped $400 billion for the first time at the company founded by Larry Page and Sergey Brin in 1998. But Alphabet said it will nearly double its investments this year in the technology arms race gripping Silicon Valley. The company expects capital expenditures between $175 billion and $185 billion in 2026, double its 2025 spending, to meet customer demand for AI products. Despite Alphabet relentlessly investing in computing infrastructure for AI, demand outstrips supply, according to chief executive Sundar Pichai. "We've been supply constrained even as we've been ramping up our capacity," Pichai said on an earnings call. Alphabet shares were down slightly more than one percent in after-market trades. - Gemini wins fans - Google's Gemini AI continued to grow quickly, ending the year with 750 million monthly users in an increase of 100 million from the previous quarter. "We expect Google to overtake OpenAI this year for the top spot in AI," said Emarketer analyst Nate Elliott. Alphabet brought in $113.8 billion in the final three months of 2025, powered by its core search business and cloud computing, earnings figures showed. Alphabet reported profit of $34.5 billion in the recently ended quarter as revenue from cloud computing soared 48 percent to $17.7 billion. "We're seeing our AI investments and infrastructure drive revenue and growth across the board," Pichai said. Google's core search and advertising business remained the primary revenue driver, generating $82.3 billion, up from $7...
Explore the exciting world of Eaton (NYSE: ETN) with our contributing expert analysts in this Motley Fool Scoreboard episode. Check out the video below to gain valuable insights into market trends and potential investment opportunities! *Stock prices used were the prices of Jan. 7, 2026. The video was published on Feb. 4, 2026. Should you buy stock in Eaton Plc right now? Before you buy stock in E...
Explore the exciting world of Eaton (NYSE: ETN) with our contributing expert analysts in this Motley Fool Scoreboard episode. Check out the video below to gain valuable insights into market trends and potential investment opportunities! *Stock prices used were the prices of Jan. 7, 2026. The video was published on Feb. 4, 2026. Should you buy stock in Eaton Plc right now? Before you buy stock in Eaton Plc, consider this: Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Eaton Plc wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $431,111!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,105,521!* Now, it’s worth noting Stock Advisor’s total average return is 906% — a market-crushing outperformance compared to 195% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of February 4, 2026. Anand Chokkavelu has no position in any of the stocks mentioned. Travis Hoium has no position in any of the stocks mentioned. Tyler Crowe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>> Here are the key points: The picture emerging from the Q4 earnings season is one of a steadily improving earnings outlook that is starting to show up in a favorable estimate revis...
Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>> Here are the key points: The picture emerging from the Q4 earnings season is one of a steadily improving earnings outlook that is starting to show up in a favorable estimate revisions trend. Estimates are not only increasing for the Tech sector but also for some economically sensitive sectors, such as Basic Materials and Industrials. Total earnings for the 236 S&P 500 members that have reported Q4 results are up +12.6% from the same period last year on +8.2% higher revenues, with 81.8% beating EPS estimates and 70.8% beating revenue estimates. The Q4 earnings and revenue growth pace at this stage represent a clear acceleration from what we had seen from this group of companies in other recent periods. Positive beats were earlier tracking below historical averages, but have now moved in line with those levels. For the Tech sector, we now have 2025 Q4 results from 51.5% of the sector’s market capitalization in the S&P 500 index. Total earnings for these Tech companies are up +16.6% from the same period last year on +16.1% higher revenues, with 92.7% beating EPS estimates and 90.2% beating revenue estimates. This is a notably better performance from these Tech companies relative to other recent periods. The Evolving Tech Sector Earnings Picture Regular readers are well aware of the Tech sector’s critical role in the aggregate earnings growth picture. In fact, the sector has been a key driver of aggregate earnings growth since the second quarter of 2023. This followed a roughly six-quarter period starting in 2022 Q1, when the sector had become a growth drag. Not only has the Tech sector been producing impressive earnings growth, but the sector has also been consistently enjoying a favorable estimates revision trend for some time now. The Tech sector’s s...
Image source: The Motley Fool. Wednesday, February 4, 2026 at 5 p.m. ET CALL PARTICIPANTS Interim Chief Executive Officer — Carl Evans Executive Vice President & Chief Financial Officer — Bradley Camden Executive Vice President & President, Kemper Auto — Matthew Hunton Executive Vice President & President, Kemper Life — Christopher Flint Executive Vice President & Chief Investment Officer — John B...
Image source: The Motley Fool. Wednesday, February 4, 2026 at 5 p.m. ET CALL PARTICIPANTS Interim Chief Executive Officer — Carl Evans Executive Vice President & Chief Financial Officer — Bradley Camden Executive Vice President & President, Kemper Auto — Matthew Hunton Executive Vice President & President, Kemper Life — Christopher Flint Executive Vice President & Chief Investment Officer — John Boschelli TAKEAWAYS Net Loss -- $8 million for the quarter, equivalent to $0.13 per share. -- $8 million for the quarter, equivalent to $0.13 per share. Adjusted Consolidated Net Operating Income -- $14.6 million, or $0.25 per share. -- $14.6 million, or $0.25 per share. Return on Equity -- Negative 1.2% for the quarter. -- Negative 1.2% for the quarter. Book Value Per Share Growth -- 4.6% year over year. -- 4.6% year over year. Trailing 12-Month Operating Cash Flow -- $585 million, providing liquidity for debt reduction and share repurchases. -- $585 million, providing liquidity for debt reduction and share repurchases. P&C Segment Underlying Combined Ratio -- Increased by 5.4 points sequentially to 105%, with Florida refunds and elevated severity in California driving the rise. -- Increased by 5.4 points sequentially to 105%, with Florida refunds and elevated severity in California driving the rise. Florida Statutory Refunds -- $35 million charge, which added 3.8 points to the Specialty auto combined ratio, recognized as a reduction to earned premium. -- $35 million charge, which added 3.8 points to the Specialty auto combined ratio, recognized as a reduction to earned premium. Ex-Refund Combined Ratio -- 101.2% underlying combined ratio excluding the Florida statutory refund impact. -- 101.2% underlying combined ratio excluding the Florida statutory refund impact. Written Premium and Policies In Force -- Written premium down 9.3% and policies in force down 7.3% year over year, the decline attributed to seasonality and actions moderating new business. -- Written premium do...
Image source: The Motley Fool. Wednesday, February 4, 2026 at 5 p.m. ET Call participants Chief Executive Officer — Evan Spiegel Chief Financial Officer — Derek Andersen Takeaways Total revenue -- $1.72 billion, up 10%, with advertising contributing $1.48 billion, a 5% increase driven by direct response advertising and SMB client segment growth. -- $1.72 billion, up 10%, with advertising contribut...
Image source: The Motley Fool. Wednesday, February 4, 2026 at 5 p.m. ET Call participants Chief Executive Officer — Evan Spiegel Chief Financial Officer — Derek Andersen Takeaways Total revenue -- $1.72 billion, up 10%, with advertising contributing $1.48 billion, a 5% increase driven by direct response advertising and SMB client segment growth. -- $1.72 billion, up 10%, with advertising contributing $1.48 billion, a 5% increase driven by direct response advertising and SMB client segment growth. Other revenue -- $232 million, increasing 62%, supported by 71% subscriber growth to 24 million, with memory storage plans cited as a primary driver for higher retention. -- $232 million, increasing 62%, supported by 71% subscriber growth to 24 million, with memory storage plans cited as a primary driver for higher retention. Adjusted gross margin -- 59%, rising from 57%, achieving the near-term goal articulated in recent strategic communications. -- 59%, rising from 57%, achieving the near-term goal articulated in recent strategic communications. Adjusted EBITDA -- $358 million, a year-over-year increase of $82 million, representing a 21% margin and 51% flow-through of revenue growth. -- $358 million, a year-over-year increase of $82 million, representing a 21% margin and 51% flow-through of revenue growth. Net income -- $45 million, rising from $9 million, primarily attributable to improved EBITDA, partly offset by a $31 million rise in interest expense tied to earlier high-yield note issuances. -- $45 million, rising from $9 million, primarily attributable to improved EBITDA, partly offset by a $31 million rise in interest expense tied to earlier high-yield note issuances. Free cash flow -- $206 million, with trailing twelve-month free cash flow totaling $437 million, and operating cash flow at $656 million. -- $206 million, with trailing twelve-month free cash flow totaling $437 million, and operating cash flow at $656 million. Monthly active users (MAU) -- 946 million,...
Baidu Inc. authorized a multi-year stock buyback program of as much as $5 billion and plans to issue its first dividend in 2026, establishing a major shareholder return plan. The Chinese AI and internet search company’s buyback program will cover the years till Dec. 31 2028, it said in a filing.
Baidu Inc. authorized a multi-year stock buyback program of as much as $5 billion and plans to issue its first dividend in 2026, establishing a major shareholder return plan. The Chinese AI and internet search company’s buyback program will cover the years till Dec. 31 2028, it said in a filing.
The yen is on track for its biggest weekly drop since October, as traders brace for a decisive victory by Japanese Prime Minister Sanae Takaichi’s Liberal Democratic Party in this weekend’s election. Japan’s currency has weakened for the past four trading days, and is approaching 157 against the dollar on Thursday morning. Investors are betting that a strong mandate will allow Takaichi to consolid...
The yen is on track for its biggest weekly drop since October, as traders brace for a decisive victory by Japanese Prime Minister Sanae Takaichi’s Liberal Democratic Party in this weekend’s election. Japan’s currency has weakened for the past four trading days, and is approaching 157 against the dollar on Thursday morning. Investors are betting that a strong mandate will allow Takaichi to consolidate power and push expansive fiscal policies. Hedge funds are reviving bets against the yen, positioning for renewed weakness into the pivotal vote. A further decline in the currency would bring it near levels where authorities last intervened in the market. “Assuming a strong Takaichi majority on the February 8th election, a return to max risk premium would imply USDJPY at 160,” said Namik Immelbäck , chief strategist at Skandinaviska Enskilda Banken AB, in a note. “Should USDJPY have a sharp reaction and test 160 one can probably expect intervention, and conveniently Wednesday February 11th is a holiday in Japan which offers less liquid markets and an opportune moment to intervene.” The yen strengthened last month on talk of rate checks by the Federal Reserve Bank of New York, but the currency has since retraced most of those gains after US Treasury Secretary Scott Bessent later said the United States is “absolutely not” intervening in the currency market. Takaichi’s comment that a weak currency can be a major opportunity for export industries added to the yen’s decline.
Do your research before packing your bags. It's not unusual for people to relocate once their careers come to a close. Once you're no longer tethered to a job, you can opt to move someplace that better meets your needs. You may be eager to relocate to a state where your Social Security checks will have more buying power. Or, you may simply want a better climate. These are very valid reasons to mov...
Do your research before packing your bags. It's not unusual for people to relocate once their careers come to a close. Once you're no longer tethered to a job, you can opt to move someplace that better meets your needs. You may be eager to relocate to a state where your Social Security checks will have more buying power. Or, you may simply want a better climate. These are very valid reasons to move. But before you decide to ditch your current city and move to another one, there's a very important thing to research -- healthcare. Once you're retired, you may find that you have at least one chronic condition to manage -- and maybe more. It's not unusual for health issues to pop up with age. But it's crucial that you have access to a solid network of providers and hospitals. So before you relocate, it's important to do your research and make sure your new locale has highly rated healthcare systems. And that's not all. Your choice of Medicare plans will hinge on where you move to. Medicare Advantage and Part D plans vary by region, and you may not want to limit your options too heavily. As a starting point, you can check out The Motley Fool's 2026 Best Places to Retire report. It includes rankings based on a number of factors, and healthcare is one of them. You may note that some places that have higher scores for housing and cost of living have lower scores for healthcare, so that's something to strongly consider when planning where to move.
Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>> Here are the key points: The picture emerging from the Q4 earnings season is one of a steadily improving earnings outlook that is starting to show up in a favorable estimate revis...
Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>> Here are the key points: The picture emerging from the Q4 earnings season is one of a steadily improving earnings outlook that is starting to show up in a favorable estimate revisions trend. Estimates are not only increasing for the Tech sector but also for some economically sensitive sectors, such as Basic Materials and Industrials. Total earnings for the 236 S&P 500 members that have reported Q4 results are up +12.6% from the same period last year on +8.2% higher revenues, with 81.8% beating EPS estimates and 70.8% beating revenue estimates. The Q4 earnings and revenue growth pace at this stage represent a clear acceleration from what we had seen from this group of companies in other recent periods. Positive beats were earlier tracking below historical averages, but have now moved in line with those levels. For the Tech sector, we now have 2025 Q4 results from 51.5% of the sector’s market capitalization in the S&P 500 index. Total earnings for these Tech companies are up +16.6% from the same period last year on +16.1% higher revenues, with 92.7% beating EPS estimates and 90.2% beating revenue estimates. This is a notably better performance from these Tech companies relative to other recent periods. The Evolving Tech Sector Earnings Picture Regular readers are well aware of the Tech sector’s critical role in the aggregate earnings growth picture. In fact, the sector has been a key driver of aggregate earnings growth since the second quarter of 2023. This followed a roughly six-quarter period starting in 2022 Q1, when the sector had become a growth drag. Not only has the Tech sector been producing impressive earnings growth, but the sector has also been consistently enjoying a favorable estimates revision trend for some time now. The Tech sector’s s...
This article first appeared on GuruFocus. Exploring the Investment Moves of a Seasoned Value Investor Ronald Muhlenkamp (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Ronald H. Muhlenkamp is the founder and president of Muhlenkamp & Company, Inc., and portfolio manager for the company's self-nam...
This article first appeared on GuruFocus. Exploring the Investment Moves of a Seasoned Value Investor Ronald Muhlenkamp (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Ronald H. Muhlenkamp is the founder and president of Muhlenkamp & Company, Inc., and portfolio manager for the company's self-named mutual fund (MUHLX). Muhlenkamp is a patient value investor. The stocks in his portfolio stay an average of 10 years. He is a value guru who believes that over time, stock prices do reflect the values of the underlying businesses. When picking stocks, he looks for companies with solid balance sheets, and a return on equity capital (ROE) of 15% or better. Although his methods change with inflation and interest rates, he currently looks for companies with a P/E ratio lower than the companies' ROE and expected growth rates. He focuses on the long-term "Business of Investing" because he thinks that it is more profitable and more reliable. As a long-term investor, his "normal" position is to be 100% invested in corporate stocks. Ronald Muhlenkamp's Strategic Exit from JD.com Inc: A 13F Filing Insight Key Position Increases Ronald Muhlenkamp (Trades, Portfolio) also increased stakes in a total of 20 stocks, among them: The most notable increase was Celanese Corp (NYSE:CE), with an additional 24,948 shares, bringing the total to 209,403 shares. This adjustment represents a significant 13.53% increase in share count, a 0.28% impact on the current portfolio, with a total value of $8,853,560. The second largest increase was Microsoft Corp (NASDAQ:MSFT), with an additional 658 shares, bringing the total to 33,005. This adjustment represents a significant 2.03% increase in share count, with a total value of $15,961,760. Summary of Sold Out Ronald Muhlenkamp (Trades, Portfolio) completely exited 3 of the holdings in the fourth quarter of 2025, as detailed below: JD.com Inc (NASDAQ:JD...
Image source: The Motley Fool. Wednesday, February 4, 2026 at 5:00 p.m. ET CALL PARTICIPANTS Co-President — Navid Mahmoodzadegan Chief Financial Officer — Christopher Callesano Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Revenue -- $488 million for the fourth quarter, representing an 11% increase. -- $488 million for the fourth quarter, representing an 11% increase. ...
Image source: The Motley Fool. Wednesday, February 4, 2026 at 5:00 p.m. ET CALL PARTICIPANTS Co-President — Navid Mahmoodzadegan Chief Financial Officer — Christopher Callesano Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Revenue -- $488 million for the fourth quarter, representing an 11% increase. -- $488 million for the fourth quarter, representing an 11% increase. Full-Year Adjusted Revenue -- $1.54 billion, a 28% increase driven by 35% growth in M&A and record capital markets performance, partially offset by a decline in capital structure advisory. -- $1.54 billion, a 28% increase driven by 35% growth in M&A and record capital markets performance, partially offset by a decline in capital structure advisory. Business Mix -- Approximately two-thirds M&A and one-third non-M&A for both the quarter and full year. -- Approximately two-thirds M&A and one-third non-M&A for both the quarter and full year. Average Fees and Completed Transactions -- Both saw double-digit increases. -- Both saw double-digit increases. Adjusted Compensation Ratio -- Improved to 61.1% in Q4 and 65.8% for the full year, down from 69% in the prior year. -- Improved to 61.1% in Q4 and 65.8% for the full year, down from 69% in the prior year. Adjusted Noncompensation Expense Ratio -- 12.4% in Q4 and 14.6% for the full year, decreasing from 15.9% the previous year. -- 12.4% in Q4 and 14.6% for the full year, decreasing from 15.9% the previous year. Adjusted Pretax Margin -- 28.6% for Q4 and 21.5% for the full year, up 510 basis points from 16.4% the prior year. -- 28.6% for Q4 and 21.5% for the full year, up 510 basis points from 16.4% the prior year. Adjusted EPS -- $2.99 per share for the full year, a 64% increase from $1.82. -- $2.99 per share for the full year, a 64% increase from $1.82. Dividend -- Declared a regular quarterly dividend of $0.65 per share. -- Declared a regular quarterly dividend of $0.65 per share. Share Repurchases -- 716,000 shares bought in Q4...