Investors applauded the foodservice leader's efforts to mitigate inflation. Shares of Sysco (SYY +10.96%) popped on Tuesday after the food distributor said its full-year profits would come in near the top of its forecast. By the close of trading, Sysco's stock price was up more than 10%. Solid performance in a challenging economic environment Sysco's sales rose 3% year over year to $20.8 billion i...
Investors applauded the foodservice leader's efforts to mitigate inflation. Shares of Sysco (SYY +10.96%) popped on Tuesday after the food distributor said its full-year profits would come in near the top of its forecast. By the close of trading, Sysco's stock price was up more than 10%. Solid performance in a challenging economic environment Sysco's sales rose 3% year over year to $20.8 billion in the quarter ended Dec. 27. The food giant's gross profit, in turn, grew 3.9% to $3.8 billion, as its gross margin improved by 15 basis points to 18.3%. These gains were particularly impressive, given that Sysco saw its product costs rise by 2.9%, primarily due to higher meat and seafood prices. Expand NYSE : SYY Sysco Today's Change ( 10.96 %) $ 8.29 Current Price $ 83.92 Key Data Points Market Cap $36B Day's Range $ 77.31 - $ 83.96 52wk Range $ 67.12 - $ 83.96 Volume 11M Avg Vol 3.3M Gross Margin 18.31 % Dividend Yield 2.82 % Better still, Sysco's U.S. foodservice business returned to growth, with local volumes up 1.2%, even as fewer people dined at restaurants. "We delivered our third consecutive quarter of sequentially improving local case growth," CEO Kevin Hourican said in a press release. All told, Sysco's adjusted net earnings increased 3.9% to $476 million. Its adjusted earnings per share, which were boosted by stock buybacks, climbed 6.5% to $0.99. Growth is set to accelerate Sysco expects its local case growth to rise to at least 2.5% in the second half of its fiscal year. Management thus sees the company's full-year adjusted earnings coming in near the high end of its prior forecast of $4.50 to $4.60 per share. That would represent year-over-year growth of up to 7%.
The average enterprise SOC receives 10,000 alerts per day. Each requires 20 to 40 minutes to investigate properly, but even fully staffed teams can only handle 22% of them. More than 60% of security teams have admitted to ignoring alerts that later proved critical. Running an efficient SOC has never been harder, and now the work itself is changing. Tier-1 analyst tasks — like triage, enrichment, a...
The average enterprise SOC receives 10,000 alerts per day. Each requires 20 to 40 minutes to investigate properly, but even fully staffed teams can only handle 22% of them. More than 60% of security teams have admitted to ignoring alerts that later proved critical. Running an efficient SOC has never been harder, and now the work itself is changing. Tier-1 analyst tasks — like triage, enrichment, and escalation — are becoming software functions, and more SOC teams are turning to supervised AI agents to handle the volume. Human analysts are shifting their priorities to investigate, review, and make edge-case decisions. Response times are being reduced. Not integrating human insight and intuition comes with a high cost, however. Gartner predicts over 40% of agentic AI projects will be canceled by the end of 2027, with the main drivers being unclear business value and inadequate governance. Getting change management right and making sure generative AI doesn’t become a chaos agent in the SOC are even more important. Why the legacy SOC model needs to change Burnout is so severe in many SOCs today that senior analysts are considering career changes . Legacy SOCs that have multiple systems that deliver conflicting alerts, and the many systems that can’t talk to each other at all, are making the job a recipe for burnout, and the talent pipeline cannot refill faster than burnout empties it. CrowdStrike's 2025 Global Threat Report documents breakout times as fast as 51 seconds and found 79% of intrusions are now malware-free. Attackers rely on identity abuse, credential theft, and living-off-the-land techniques instead. Manual triage built for hourly response cycles cannot compete. As Matthew Sharp, CISO at Xactly, told CSO Online : "Adversaries are already using AI to attack at machine speed. Organizations can't defend against AI-driven attacks with human-speed responses." How bounded autonomy compresses response times SOC deployments that compress response times share a comm...
Technology Secretary Liz Kendall promised to offer training in artificial intelligence for all UK workers as the government seeks to embrace a technology that it said has the potential to boost economic output by £140 billion ($193 billion) a year. Online courses developed by British industry will be made available to all UK adults to train them in how to use AI tools to draft text, create content...
Technology Secretary Liz Kendall promised to offer training in artificial intelligence for all UK workers as the government seeks to embrace a technology that it said has the potential to boost economic output by £140 billion ($193 billion) a year. Online courses developed by British industry will be made available to all UK adults to train them in how to use AI tools to draft text, create content and complete administrative tasks, Kendall’s Department for Science, Innovation and Technology said late Tuesday in a statement. That will free them up to focus on other work, while giving employers confidence in the skills of their employees, it said. The initiative comes amid increasing warnings about AI’s potential to disrupt the UK workforce. Bank of England Governor Andrew Bailey said last month that the technology will displace workers, even while making the country more productive. Meanwhile research by Morgan Stanley seen by Bloomberg this week showed Britain is losing more jobs than it’s creating due to AI, and at a faster rate than international peers. “We want AI to work for Britain, and that means ensuring Britons can work with AI,” Kendall said in the statement. “Change is inevitable, but the consequences of change are not. We will protect people from the risks of AI while ensuring everyone can share in its benefits.” The science department also said it was establishing an AI and the Future of Work Unit to examine the challenges posed by the technology and provide policy advice to address them. DSIT described its plan as the biggest targeted training program since the foundation in the late 1960s of the UK’s Open University, a distance learning higher education establishment. An expansion of efforts that have already delivered 1 million courses, the government aims to train 10 million workers this decade. Kendall is due to deliver a speech on AI on Wednesday at Bloomberg’s London office, at which she’ll announce new partners including Cisco, Cognizant and the ...
(RTTNews) - Packaging Corporation of America (PKG) announced earnings for fourth quarter that Drops, from last year The company's bottom line totaled $101.8 million, or $1.13 per share. This compares with $221.1 million, or $2.45 per share, last year. Excluding items, Packaging Corporation of America reported adjusted earnings of $208.9 million or $2.32 per share for the period. The company's reve...
(RTTNews) - Packaging Corporation of America (PKG) announced earnings for fourth quarter that Drops, from last year The company's bottom line totaled $101.8 million, or $1.13 per share. This compares with $221.1 million, or $2.45 per share, last year. Excluding items, Packaging Corporation of America reported adjusted earnings of $208.9 million or $2.32 per share for the period. The company's revenue for the period rose 10.3% to $2.36 billion from $2.14 billion last year. Packaging Corporation of America earnings at a glance (GAAP) : -Earnings: $101.8 Mln. vs. $221.1 Mln. last year. -EPS: $1.13 vs. $2.45 last year. -Revenue: $2.36 Bln vs. $2.14 Bln last year. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
is a senior science reporter covering energy and the environment with more than a decade of experience. She is also the host of Hell or High Water: When Disaster Hits Home , a podcast from Vox Media and Audible Originals. Posts from this author will be added to your daily email digest and your homepage feed. The colossal winter storm that swept across 34 states left hundreds of thousands of people...
is a senior science reporter covering energy and the environment with more than a decade of experience. She is also the host of Hell or High Water: When Disaster Hits Home , a podcast from Vox Media and Audible Originals. Posts from this author will be added to your daily email digest and your homepage feed. The colossal winter storm that swept across 34 states left hundreds of thousands of people without electricity. Bitterly cold temperatures lingering after Winter Storm Fern are still testing power grids, already under stress from a rush of new AI data centers. “It’s certainly causing more pricing volatility,” says Nikhil Kumar, program director at energy consulting firm GridLab. “It’s certainly causing more pricing volatility” Kumar is quick to add that it’s still too early to say exactly what impact data centers have had on power grids during this week’s cold snap, and that the effects can vary from place to place. But this week’s stress test will be important to watch amid the challenges power grids face ahead as the US copes with a shifting energy landscape and a changing climate. In Virginia, wholesale electricity prices climbed above $1,800 on Sunday compared to around $200 the day prior, CNBC reports. Utility Dominion Energy, the biggest energy provider, didn’t immediately respond to questions from The Verge about factors influencing rising wholesale costs, and how much that would affect residential customers’ bills. The company announced on Monday that it had restored power to 85 percent of 48,000 customers impacted by the storm in Virginia. Keep in mind that many different issues drive up energy costs. Electricity demand is rising more steeply than it has in more than a decade because of AI data centers, as well as domestic manufacturing and the electrification of homes and buildings. Utilities are also having to spend a lot of money upgrading old infrastructure, as well as repairing damage from intensifying climate-related disasters like storms that hav...
Packaging press release ( PKG ): Q4 Non-GAAP EPS of $2.32 misses by $0.09 . Revenue of $2.36B (+9.8% Y/Y) misses by $80M . Full year 2025 net income was $774 million, or $8.58 per share, and net income of $888 million, or $9.84 per share, excluding special items. Shares -1.62% AH. More on Packaging Packaging Corporation of America: Positives Are Priced In (Downgrade) Packaging Q4 2025 Earnings Pre...
Packaging press release ( PKG ): Q4 Non-GAAP EPS of $2.32 misses by $0.09 . Revenue of $2.36B (+9.8% Y/Y) misses by $80M . Full year 2025 net income was $774 million, or $8.58 per share, and net income of $888 million, or $9.84 per share, excluding special items. Shares -1.62% AH. More on Packaging Packaging Corporation of America: Positives Are Priced In (Downgrade) Packaging Q4 2025 Earnings Preview Packaging stocks are on watch on reports of containerboard price increase Seeking Alpha’s Quant Rating on Packaging Historical earnings data for Packaging
Image source: The Motley Fool. Tuesday, January 27, 2026 at 4:30 p.m. ET CALL PARTICIPANTS President and Chief Executive Officer — Haviv Ilan Senior Vice President, Chief Financial Officer — Rafael R. Lizardi Vice President, Investor Relations — Mike Beckman Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Revenue -- $4.4 billion, representing a 7% sequential decline and ...
Image source: The Motley Fool. Tuesday, January 27, 2026 at 4:30 p.m. ET CALL PARTICIPANTS President and Chief Executive Officer — Haviv Ilan Senior Vice President, Chief Financial Officer — Rafael R. Lizardi Vice President, Investor Relations — Mike Beckman Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Revenue -- $4.4 billion, representing a 7% sequential decline and a 10% increase year over year. -- $4.4 billion, representing a 7% sequential decline and a 10% increase year over year. Analog Segment Revenue -- Increased 14% year over year. -- Increased 14% year over year. Embedded Processing Segment Revenue -- Increased 8% year over year. -- Increased 8% year over year. Gross Profit Margin -- 56%, down 150 basis points sequentially. -- 56%, down 150 basis points sequentially. Operating Expenses -- $967 million in the quarter, up 3% year over year; operating expenses for the trailing twelve months $3.9 billion, 22% of revenue. -- $967 million in the quarter, up 3% year over year; operating expenses for the trailing twelve months $3.9 billion, 22% of revenue. Operating Profit -- $1.5 billion, 33% of revenue, up 7% year over year. -- $1.5 billion, 33% of revenue, up 7% year over year. Net Income -- $1.2 billion, or $1.27 per share, with EPS including a 6¢ reduction from a non-cash impairment and tax items. -- $1.2 billion, or $1.27 per share, with EPS including a 6¢ reduction from a non-cash impairment and tax items. Cash Flow From Operations -- $2.3 billion for the quarter; $7.2 billion for 2025. -- $2.3 billion for the quarter; $7.2 billion for 2025. Capital Expenditures -- $925 million for the quarter; $4.6 billion for 2025, relating to capacity expansion. -- $925 million for the quarter; $4.6 billion for 2025, relating to capacity expansion. Dividend -- $1.42 per share, up 4%, marking a twenty-second consecutive annual increase. -- $1.42 per share, up 4%, marking a twenty-second consecutive annual increase. Share Repurchases -- $403 mi...
Welcome back to Canada Daily, the newsletter on business, economics and politics from Vancouver to Montreal and beyond. If this was forwarded to you, sign up here . Wednesday marks the Bank of Canada’s first rate decision of 2026. While it’s a near certainty it will hold borrowing costs steady, economists and investors will be parsing the bank’s communications for signs of how comfortable policyma...
Welcome back to Canada Daily, the newsletter on business, economics and politics from Vancouver to Montreal and beyond. If this was forwarded to you, sign up here . Wednesday marks the Bank of Canada’s first rate decision of 2026. While it’s a near certainty it will hold borrowing costs steady, economists and investors will be parsing the bank’s communications for signs of how comfortable policymakers are with that pause. Canada’s free-trade agreement with the US and Mexico is up for review. Concerns are mounting over the independence of the Federal Reserve. And while Canada has avoided the worst-case tariff scenarios economists feared at the start of last year, that offers little comfort to workers in autos, steel, aluminum and lumber. Bank of Canada Governor Tiff Macklem’s predicament is nowhere near as difficult as the one facing Fed Chair Jerome Powell. But he’s also no stranger to receiving brickbats from politicians. Premiers, notably Ontario’s Doug Ford, have sometimes urged the bank to stop hiking rates or to cut faster and deeper. Conservative Leader Pierre Poilievre once said he would fire Macklem if elected, though he has not repeated that threat in recent years. With consumers and businesses downbeat , louder calls for rate cuts may follow as economic pain persists. Now in the final full year of his seven-year term as governor, Macklem’s challenge will likely be to reinforce the primacy of inflation control — even as tariffs continue to weigh on the economy. Also in this newsletter: rebooting energy relations with India , one of Canada’s best-performing hedge funds , and TACO Tuesday . The following was produced with the assistance of Bloomberg Automation. Top stories Prime Minister Mark Carney stood by his Davos speech after US Treasury Secretary Scott Bessent said Canada’s leader was “aggressively walking back” the remarks. Carney told reporters Tuesday: “To be absolutely clear, and I said this to the president, I meant what I said in Davos.” The prime...
pingingz/iStock via Getty Images Investment Thesis Scale-up and scale-out networks are in the initial innings of the next phase in AI networking, where DC (data center) architects solve for not only lower DC build costs, a.k.a. TCO (total cost of ownership), but also lessen the complexities in DC networks, which could create performance bottlenecks soon if not checked now. This growing shift in AI...
pingingz/iStock via Getty Images Investment Thesis Scale-up and scale-out networks are in the initial innings of the next phase in AI networking, where DC (data center) architects solve for not only lower DC build costs, a.k.a. TCO (total cost of ownership), but also lessen the complexities in DC networks, which could create performance bottlenecks soon if not checked now. This growing shift in AI networking’s architectural requirements is buttressing a tiny revolution from copper-based networking solutions to optical solutions, putting companies like Lumentum Holdings Inc. ( LITE ) at the center of the optical revolution that is beginning to play out in the data center. And that optical revolution appears to be gathering pace based on news about another hyperscaler looking to integrate optical components in their data centers. This news adds another layer of credibility to Lumentum, which already counts at least one hyperscaler in its client roster, giving its optical business a major boost, as I explain below. I am initiating my coverage on Lumentum Holdings with a bullish view. Why Does Lumentum’s Optical Solutions Matter in Data Centers Now Optical solutions were always around, with Alphabet’s Google ( GOOGL ) being the first cloud company to use 10G optical transceivers in their data centers, and Lumentum became Google’s first supplier of these transceivers, per Lightcounting . But over time, and through a strategic acquisition, Lumentum widened its portfolio of optical networking solutions and photonics offerings to include higher-margin networking components like lasers, putting them on a firm path to deliver their fastest ever period of top-line growth. As per consensus estimates, analysts are projecting a 61% jump in Lumentum’s FY26 revenues to $2.64B, their fastest ever in the public history of the company’s books. This can all be attributed to surging revenues from their Cloud & Networking revenue segment, which accounted for 86% of the company’s revenue ...
Key Points Nebius’s stock has soared since its restructuring and return to the Nasdaq. It will profit from the AI boom, but it hasn’t proven its business is sustainable. DigitalOcean might be a better play on the booming AI infrastructure market. 10 stocks we like better than Nebius Group › Nebius (NASDAQ: NBIS) has been one of the market's hottest artificial intelligence (AI) stocks. It was once ...
Key Points Nebius’s stock has soared since its restructuring and return to the Nasdaq. It will profit from the AI boom, but it hasn’t proven its business is sustainable. DigitalOcean might be a better play on the booming AI infrastructure market. 10 stocks we like better than Nebius Group › Nebius (NASDAQ: NBIS) has been one of the market's hottest artificial intelligence (AI) stocks. It was once known as Yandex, which owned Russia's top search engine and other popular apps, before sanctions against Russia led it to suspend trading of its U.S.-listed shares in 2022. Yandex subsequently divested its Russian assets, relocated to the Netherlands, and rebranded itself as Nebius, a cloud-based provider of AI infrastructure services. It resumed trading under its new ticker at $14.29 per share on Oct. 21, 2024, and it now trades at about $97. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » Nebius's stock soared as it dazzled the market with its explosive growth rates. Its revenue surged 462% in 2024, and jumped another 437% year over year in the first nine months of 2025. Analysts expect its revenue to rise 373% for the full year, and grow at a CAGR of 274% over the following two years as it opens more data centers. With a market capitalization of $23 billion, it still looks reasonably valued at less than seven times this year's sales. Nebius might initially seem like a no-brainer play on the booming AI market. It's already secured major deals with Microsoft (NASDAQ: MSFT) and Meta Platforms (NASDAQ: META), and demand for its cloud-based services will grow as the AI market expands. However, Nebius operates only one first-party data center in Finland and leases additional data centers through colocation agreements in Missouri, France, Iceland, and the U.K. To continue expanding its data center footprint, it needs to significantly ramp up its spending. Th...
American Airlines Group (NASDAQ:AAL) , a provider of air transportation services for passengers and cargo, closed at $13.55, down 7.00%. Shares fell after fourth-quarter results missed profit expectations and management detailed shutdown and storm-related pressures. Investors are watching 2026 guidance for stronger earnings and revenue growth. Trading volume reached 100.9 million shares, about 82%...
American Airlines Group (NASDAQ:AAL) , a provider of air transportation services for passengers and cargo, closed at $13.55, down 7.00%. Shares fell after fourth-quarter results missed profit expectations and management detailed shutdown and storm-related pressures. Investors are watching 2026 guidance for stronger earnings and revenue growth. Trading volume reached 100.9 million shares, about 82% above its three-month average of 55.5 million shares. American Airlines Group IPO'd in 2005 and has fallen 30% since going public. S&P 500 added 0.41% to finish Tuesday at 6,979, while the Nasdaq Composite gained 0.91% to close at 23,817. Among airlines, Delta Air Lines closed at $66.14, down 2.01%, and United Airlines finished at $104.04, down 3.45%, as investors compared recent earnings and outlooks across the sector. American Airlines reported Q4 earnings that missed analysts’ expectations on both the top and bottom line. Management estimated that the U.S. government shutdown caused a $325 million hit in Q4, which contributed to the light figures. Similarly, the company believes winter storm Fern will have a roughly $175 million impact on Q1’s results, which also weighed on American Airlines’ guidance, prompting today’s downward move. Continue reading
PDL Community press release ( PDLB ): Q4 GAAP EPS of $0.42 beats by $0.14 . Revenue of $31.41M (+37.6% Y/Y). More on PDL Community Ponce Financial Group: Asset Quality Not High Enough For An Upgrade Seeking Alpha’s Quant Rating on PDL Community Financial information for PDL Community
PDL Community press release ( PDLB ): Q4 GAAP EPS of $0.42 beats by $0.14 . Revenue of $31.41M (+37.6% Y/Y). More on PDL Community Ponce Financial Group: Asset Quality Not High Enough For An Upgrade Seeking Alpha’s Quant Rating on PDL Community Financial information for PDL Community
Foryou13/iStock via Getty Images Stock Yards Bancorp ( SYBT ) agreed to acquire Field & Main Bancorp in an all-stock transaction that's expected to close in Q2, it said on Tuesday, in a move that would accelerate Stock Yards' expansion across Western Kentucky and adjacent markets. Headquartered in Henderson, Kentucky, Field & Main operates six total retail branches in Henderson, Lexington, and Cyn...
Foryou13/iStock via Getty Images Stock Yards Bancorp ( SYBT ) agreed to acquire Field & Main Bancorp in an all-stock transaction that's expected to close in Q2, it said on Tuesday, in a move that would accelerate Stock Yards' expansion across Western Kentucky and adjacent markets. Headquartered in Henderson, Kentucky, Field & Main operates six total retail branches in Henderson, Lexington, and Cynthiana, Kentucky and Evansville, Indiana. As of Dec. 31, 2025, the lender recorded ~$861M in assets, $652M in loans and $781M in deposits. The combined franchise will serve customers through 81 branches with total assets of ~$10.4B, $7.9B in gross loans, $8.6B in deposits and $8.4B in trust assets under management. Under the terms of the deal, Field & Main shareholders will have the right to receive 0.6550 shares of Stock Yards ( SYBT ) common stock for each share of Field & Main common stock, with total consideration to consist of 100% equity. Based upon the closing price of SYBT of $68.01 per share on Jan. 26, 2026, the implied per-share purchase price is $44.55 apiece, with an aggregate transaction value of ~$105.7M. SYBT shares gained 1.7% in after-hours trading. The transaction is expected to be 5.7% accretive to Stock Yards’ ( SYBT ) earnings per share once cost savings are fully phased in. In addition, tangible book value dilution is anticipated to be about 0.9% and be earned back in ~0.9 years (crossover method). Post-closing, Stock Yards ( SYBT ) capital ratios are expected to exceed “well-capitalized” levels. Scott Davis, who is currently serving on Field & Main's board, will be added to Stock Yards' ( SYBT ) board after completion of the merger, which is subject to approval of Field & Main shareholders and completion of customary regulatory approval and closing conditions. More on Stock Yards Bancorp Stock Yards Bancorp, Inc. (SYBT) Presents at Financial Services Conference 2025 - Slideshow Stock Yards Bancorp, Inc. (SYBT) Presents at 2025 Hovde Financial Service...
Victor Golmer/iStock Editorial via Getty Images Whenever I update a company frequently, such as I am now doing with Siemens Healthineers ( SEMHF ), it's because I see something in that company that I want you to pay attention to. Usually, because I am a value-oriented investor, that something has to do with the valuation and the relative upside of a business even at a discount. Sometimes, and this...
Victor Golmer/iStock Editorial via Getty Images Whenever I update a company frequently, such as I am now doing with Siemens Healthineers ( SEMHF ), it's because I see something in that company that I want you to pay attention to. Usually, because I am a value-oriented investor, that something has to do with the valuation and the relative upside of a business even at a discount. Sometimes, and this is not often, the company offers not only a good upside, it offers a very good safety in conjunction with that upside. That's true in this case as well. Siemens Healthineers is a world-class meditech/healthcare company, backed up by Siemens ( SIEGY ) and its credit rating as well as significant shareholding. The company used to be one of Siemens' crown jewels", and was much of the reason why Siemens was considered an innovative and creative company. It has, for decades and decades, been a leader in imaging (medical), therapies and diagnostic tools. Its separation came as a surprise to me in 2016, but it's something I understood more of when looking at Siemens new strategic approach. In my view, Siemens is now overvalued (I very recently covered the parent in an article), while Siemens Healthineers is not - it is in fact undervalued, and one of my biggest picks for the coming year. Investing in this market is far from easy. That makes it so much more important to know what companies are attractive, and why we buy them. If you were to buy the "wrong" companies here (as I see them), you're putting yourself in a position of a potential double-digit downturn for the long time. By investing in the right ones, even in the case of a market crash (which I consider to now be likely), you're safe because of the fundamentals and operational safety of your holdings, added to by solid dividends. That's my entire goal with investing - safe capital allocation for the short, medium and long term, and its what I help my clients with, and try to show you here in my articles. Let me show you ...
Earnings Call Insights: HCA Healthcare, Inc. (HCA) Q4 2025 Management View CEO Samuel Hazen described the quarter as closing out a year of “strong results that were mostly consistent with the previous quarters in 2025,” highlighting the 19th straight quarter of volume growth and the impact of network investments, capacity management, and improved quality outcomes. He noted, “Revenue increased 6.7%...
Earnings Call Insights: HCA Healthcare, Inc. (HCA) Q4 2025 Management View CEO Samuel Hazen described the quarter as closing out a year of “strong results that were mostly consistent with the previous quarters in 2025,” highlighting the 19th straight quarter of volume growth and the impact of network investments, capacity management, and improved quality outcomes. He noted, “Revenue increased 6.7% compared to the prior year quarter and with disciplined expense management, margins improved both sequentially and year-over-year.” Hazen emphasized a record 47 million patient encounters for the year, noting significant investments in network expansion, workforce development, and clinical capabilities. He addressed evolving policy matters, including “the expired enhanced premium tax credits, the ongoing developments related to Medicaid supplemental payment programs and the Rural Health Transformation program,” stating, “We believe our core business remains strong with forecasted volumes in our long-term 2% to 3% growth range.” On organizational resilience, Hazen detailed enhancements in operating imperatives, management systems, and leadership development, alongside increased hospital capacity and outpatient facilities. CFO Mike Marks stated, "We were pleased with the results of the fourth quarter of 2025, which reflected strong operational performance combined with disciplined capital allocation." He reported admissions up 2.4%, equivalent admissions up 2.5%, and shared that “the 80 basis point improvement in adjusted EBITDA margin in the quarter was driven primarily by solid revenue growth, good results in labor management and improvements in other operating expenses.” Marks highlighted a retro payment from Virginia impacting supplemental payments, robust cash flow from operations at $2.4 billion for the quarter, and share repurchases totaling $2.6 billion in Q4. Outlook Marks guided for 2026 revenues between $76.5 billion and $80 billion, adjusted EBITDA between $15.55...