Earnings Call Insights: Host Hotels & Resorts (HST) Q4 2025 Management View James Risoleo, President, CEO & Director, opened the call stating, "2025 was another strong year for Host. We delivered operational improvements across our portfolio driven by rate growth and out-of-room spending, and we continue to successfully allocate capital through dispositions, portfolio reinvestment, share repurchas...
Earnings Call Insights: Host Hotels & Resorts (HST) Q4 2025 Management View James Risoleo, President, CEO & Director, opened the call stating, "2025 was another strong year for Host. We delivered operational improvements across our portfolio driven by rate growth and out-of-room spending, and we continue to successfully allocate capital through dispositions, portfolio reinvestment, share repurchases and dividends." He emphasized that adjusted EBITDAre reached $1,757 million for the year, a 4.6% increase, and highlighted that portfolio performance exceeded initial 2025 guidance by notable margins. Risoleo elaborated on the sale of the Four Seasons Resort Orlando at Walt Disney World Resort and the Four Seasons Resort and Residences Jackson Hole for $1.1 billion, calling it "an opportunistic transaction to create immediate and tangible value for our shareholders." He detailed that the sale price represents an 11% unlevered IRR and an EBITDA multiple "more than 4 turns higher than our company's recent trading multiple." The CEO noted that Host recognized $17 million of net adjusted EBITDAre from the sale of 16 condo units and expects to recognize an additional $20 million to $25 million from remaining units. Risoleo said, "We returned nearly $860 million of capital to shareholders in 2025, including share repurchases." He also highlighted $644 million invested in capital expenditures, with major renovation programs on track. Sourav Ghosh, Executive VP & CFO, stated, "Comparable hotel food and beverage revenue for the quarter grew approximately 6%, driven by outlet revenue and banquet contribution per group room night." He added that resort outlet growth was led by Maui and that spa revenue was up 6% while golf revenue grew 14%. Outlook Management guided for 2026 adjusted EBITDAre midpoint of $1,770 million and expects comparable hotel total RevPAR growth of 2.5% to 4%, with comparable hotel RevPAR growth of 2% to 3.5%. The comparable hotel EBITDA margin is anticipated ...
Earnings Call Insights: Community Health Systems (CYH) Q4 2025 Management View Kevin Hammons, President, CEO & Director, opened by expressing gratitude for his appointment as permanent CEO and highlighted that "the fourth quarter was in line with our updated expectations, reflecting sequential margin expansion with higher acuity and a slight improvement in payer mix and continued cost controls." H...
Earnings Call Insights: Community Health Systems (CYH) Q4 2025 Management View Kevin Hammons, President, CEO & Director, opened by expressing gratitude for his appointment as permanent CEO and highlighted that "the fourth quarter was in line with our updated expectations, reflecting sequential margin expansion with higher acuity and a slight improvement in payer mix and continued cost controls." Hammons discussed milestone achievements, including a 13% rise in ER visits over two years in Knoxville following investments, a 20% increase in births at Grandview Medical Center driven by a $10 million investment, a 35% increase in inbound transfers in Carlsbad, and a 16% rise in heart surgeries in Longview, Texas. He emphasized ongoing divestitures, capital structure improvements, and reduced leverage from 7.4x at year-end 2024 to 6.6x at year-end 2025. Hammons stated, “with proceeds from transactions completed or to be completed in 2026, we are creating a path for additional debt reduction and deleveraging.” Jason Johnson, CFO & Executive VP, stated, "For the fourth quarter, CHS delivered results generally consistent with the expectations. The company continued to execute well on the controllable aspects of the business and was able to deliver expansion in adjusted EBITDA margin on a sequential basis. thus achieving the midpoint of our updated guidance for the full year 2025." Outlook Jason Johnson outlined initial 2026 guidance: net revenue of $11.6 billion to $12.0 billion, adjusted EBITDA of $1.34 billion to $1.49 billion, cash flows from operations of $600 million to $700 million, and capital expenditures of $350 million to $400 million. Johnson explained that the lower guidance reflects the impact of completed and pending divestitures as well as one-time or out-of-period items that benefited 2025 results. He noted, “The guidance range with net revenue and adjusted EBITDA both coming in below full year 2025 levels reflects the impact of divestitures completed in 2025...
Ruling allows California's claims over allegedly addictive design features and child safety tools to proceed, with a hearing scheduled before a final decision.
Ruling allows California's claims over allegedly addictive design features and child safety tools to proceed, with a hearing scheduled before a final decision.
whitebalance.space/E+ via Getty Images Market Overview The good news is that 2025 was the third consecutive year of gains by small cap stocks. The bad news is that it was the fifth consecutive year that small caps lagged larger names. The Russell 2000 Index's 2.2% advance in the fourth quarter contributed to an annual total return of 12.8%; this compares to respective gains of 2.7% and 17.9% by th...
whitebalance.space/E+ via Getty Images Market Overview The good news is that 2025 was the third consecutive year of gains by small cap stocks. The bad news is that it was the fifth consecutive year that small caps lagged larger names. The Russell 2000 Index's 2.2% advance in the fourth quarter contributed to an annual total return of 12.8%; this compares to respective gains of 2.7% and 17.9% by the S&P 500 Index. That said, we are encouraged by the momentum evident in the small cap market. Notably, the Russell 2000 has rallied more than 42% since hitting its 2025 low in early April, outpacing the S&P 500 by nearly 375 basis points. 1 Have the Winds Begun to Shift in Favor of Small Caps? Smaller company stocks in general have appeared cheap for some time, in our estimation, and history has taught us that they can stay this way for an extended period before the market recognizes their value. As fundamental investors, we believe that earnings growth is among the more durable catalysts for such recognition and can help boost performance even without multiple expansion. There are signs that a resurgence in small cap earnings may at last be underway after a long period in the shadow of the market's larger names. Amid a backdrop of 4.3% GDP growth and manageable inflation, Russell 2000 year-over-year growth in the third quarter came in at nearly 64%, trouncing the consensus estimate heading into reporting season. Forecasts call for a similar level of growth in the fourth quarter, bringing calendar 2025 earnings growth to about 45%—well above the S&P 500's 13% growth. This trend is expected to persist through periods for which estimates have been published, with the Russell 2000 forecast to deliver earnings growth of 63% in 2026 and 32% in 2027 compared to 16% and 15%, respectively, for the S&P 500. Similarly, the small cap revenue growth rate is forecast to improve over the next several quarters and ultimately surpass that of large cap stocks. 2 Helping support improved sm...
On February 17, 2026, Vision One Management Partners, LP disclosed a buy of 106,716 shares of Hexcel (NYSE:HXL) , an estimated $7.54 million trade based on quarterly average pricing. According to a recent SEC filing , Vision One Management Partners increased its position in Hexcel (NYSE:HXL) by 106,716 shares during the fourth quarter of 2025. The estimated value of these share purchases was $7.54...
On February 17, 2026, Vision One Management Partners, LP disclosed a buy of 106,716 shares of Hexcel (NYSE:HXL) , an estimated $7.54 million trade based on quarterly average pricing. According to a recent SEC filing , Vision One Management Partners increased its position in Hexcel (NYSE:HXL) by 106,716 shares during the fourth quarter of 2025. The estimated value of these share purchases was $7.54 million, based on the average closing price for the period. The fund’s quarter-end value in Hexcel rose by $12.81 million, a figure that reflects both new purchases and price movement. Hexcel is a leading supplier of structural materials and engineered products, serving the global aerospace, defense, and industrial sectors. The company leverages advanced composite technologies to deliver lightweight, high-strength solutions that are critical to modern aircraft and industrial applications. Continue reading
March WTI crude oil (CLH26 ) today is up +1.58 (+2.42%), and March RBOB gasoline (RBH26 ) is up +0.0311 (+1.58%). Crude oil and gasoline prices added to Wednesday’s sharp rally today, with crude climbing to a 6.5-month high and gasoline posting a 1-week high. Mounting geopolitical risks in the...
March WTI crude oil (CLH26 ) today is up +1.58 (+2.42%), and March RBOB gasoline (RBH26 ) is up +0.0311 (+1.58%). Crude oil and gasoline prices added to Wednesday’s sharp rally today, with crude climbing to a 6.5-month high and gasoline posting a 1-week high. Mounting geopolitical risks in the...
Never miss an episode. Follow The Big Take daily podcast today. The Department of Education has been a target of critics for decades. Republicans in the Oval Office have repeatedly tried to shrink the agency, and in his second term, President Trump has vowed to eliminate it altogether. On today’s Big Take podcast, Bloomberg education reporter Liam Knox and host David Gura talk through what it take...
Never miss an episode. Follow The Big Take daily podcast today. The Department of Education has been a target of critics for decades. Republicans in the Oval Office have repeatedly tried to shrink the agency, and in his second term, President Trump has vowed to eliminate it altogether. On today’s Big Take podcast, Bloomberg education reporter Liam Knox and host David Gura talk through what it takes to gut a congressionally approved federal agency: what’s behind the Trump administration’s ‘creative’ efforts to scale back or move some of the Education Department’s trademark programs and what the shift could mean for students, lawmakers and other federal agencies in the administration’s crosshairs. Read more: How to Shred a Federal Agency Listen and follow The Big Take on Apple Podcasts , Spotify or wherever you get your podcasts. Terminal clients: click here to subscribe. This episode was produced by: Julia Press; Editors: Tracey Samuelson; Fact-checker: Editorial team; Sound Design/Engineer: Alex Sugiura; Senior Producer: Naomi Shavin; Senior Editor: Elisabeth Ponsot; Deputy Executive Producer: Julia Weaver; Executive Producer: Nicole Beemsterboer.
Rodrigo Varela/Getty Images Entertainment Celsius Holdings, Inc. ( CELH ) Sell Thesis Celsius is a functional energy drink company that sells energy drink products to consumers in the United States and internationally. Its core product, Celsius, gained traction in 2020 and has allowed the Company to expand its operations through aggressive M&A. More recently, Celsius acquired Alani Nu, a fast-grow...
Rodrigo Varela/Getty Images Entertainment Celsius Holdings, Inc. ( CELH ) Sell Thesis Celsius is a functional energy drink company that sells energy drink products to consumers in the United States and internationally. Its core product, Celsius, gained traction in 2020 and has allowed the Company to expand its operations through aggressive M&A. More recently, Celsius acquired Alani Nu, a fast-growing energy drink company, for $1.8B. Additionally, the Company acquired Rockstar Energy from PepsiCo for $585M through the issuance of convertible notes. These acquisitions have boosted the Company's sales; management reported $725M in Q3 2025 revenue, compared to $265M in revenue in Q3 2024. Despite these efforts, organic sales of Celsius have stagnated in the past two years. Quarterly sales peaked in Q2 2024 (ignoring acquisition revenue gains), worrying many investors and leading to a massive share price sell-off. Celsius Debt Load (Celsius Q3 2025 10-Q) While Celsius management's acquisition strategy has boosted its sales through inorganic means, the debt and dilutive impacts of these acquisitions stand to ruin investors. Total liabilities have ballooned to $2.3B, and convertible stock has increased to ~$1.7B. Current investors now have to deal with increasing interest payments and the eventual dilutive impact of redeemed convertible shares. For these reasons, Celsius is a sell. Q3 2025 Earnings Update and Expected Full-Year Results Celsius reported strong Q3 2025 revenues of ~$725M, compared to ~$266M in Q3 2024. Gross margin during the period was 51.3%, an improvement from 46% in Q3 2024. However, the Company reported a net loss of -$61M after recognizing a $246M expense from terminating Alani Nu's existing distribution agreement. This expense is likely a one-time charge and will not impact future earnings. After excluding non-recurring expenses and other line items, Celsius reported $205M in non-GAAP Adjusted EBITDA . On a QoQ basis, net revenues actually decreased, ...
Key PointsVision One Management sold 300,000 shares of Caesars Entertainment in the fourth quarter; the estimated trade value was $6.74 million based on quarterly average prices.
Key PointsVision One Management sold 300,000 shares of Caesars Entertainment in the fourth quarter; the estimated trade value was $6.74 million based on quarterly average prices.
Rocket Lab (NASDAQ: RKLB) just faced a critical Neutron test failure, sending shares lower and raising big questions about its 2026 timeline. But if Neutron succeeds, the company could unlock a massive new revenue stream and reshape its long-term growth story in space.
Rocket Lab (NASDAQ: RKLB) just faced a critical Neutron test failure, sending shares lower and raising big questions about its 2026 timeline. But if Neutron succeeds, the company could unlock a massive new revenue stream and reshape its long-term growth story in space.
Ethereum Foundation Lists 'Quantum Readiness' As 2026 Priority Authored by Ciaran Lyons via CoinTelegraph.com, The Ethereum Foundation has announced it is targeting faster transactions, smarter wallets, better cross-chain interoperability, and quantum-resistant security as its “protocol priorities” in 2026. In a statement published on Wednesday, the Ethereum Foundation outlined several goals, incl...
Ethereum Foundation Lists 'Quantum Readiness' As 2026 Priority Authored by Ciaran Lyons via CoinTelegraph.com, The Ethereum Foundation has announced it is targeting faster transactions, smarter wallets, better cross-chain interoperability, and quantum-resistant security as its “protocol priorities” in 2026. In a statement published on Wednesday, the Ethereum Foundation outlined several goals, including continuing to scale the gas limit — the maximum amount of computational work a block can handle — “toward and beyond” 100 million, a major topic of discussion among the Ethereum community in 2025. Source: Ethereum Foundation Some members of the Ethereum community anticipate that the gas limit will increase significantly this year. In November, Ethereum educator Anthony Sassano said that the goal of significantly increasing Ethereum’s gas limit to 180 million in 2026 is a baseline, not a best-case scenario. “Post-quantum readiness” is a focus for Ethereum The foundation highlighted the Glamsterdam network upgrade, scheduled for the first half of 2026, as a major priority. It also emphasized long-term post-quantum readiness as part of its broader security initiative. On Jan. 24, Ethereum researcher Justin Drake said in an X post that the foundation had “formed a new Post-Quantum (PQ) team.” “Today marks an inflection in the Ethereum Foundation’s long-term quantum strategy,” Drake said. The Ethereum Foundation said it will also focus on improving user experience in 2026, with an emphasis on enhancing smart wallets through native account abstraction and enabling smoother interactions between blockchains via interoperability. “The goal remains seamless, trust-minimized cross-L2 interactions, and we’re getting closer day by day. Continued progress on faster L1 confirmations and shorter L2 settlement times directly supports this.” The foundation said that 2025 was one of the “most productive years,” citing two major network upgrades, Pectra and Fusaka, and the community rais...
BlackJack3D Booking Holdings ( BKNG ) and Expedia ( EXPE ) fell sharply on Thursday as investors digested news that Wyndham is striking partnerships with Google, Anthropic, and ChatGPT. BTIG analyst Jake Fuller said that development has investors worried that online travel sites sit on the wrong side of the AI risk spectrum. "The issue from our vantage is that multiple chains have pointed to agent...
BlackJack3D Booking Holdings ( BKNG ) and Expedia ( EXPE ) fell sharply on Thursday as investors digested news that Wyndham is striking partnerships with Google, Anthropic, and ChatGPT. BTIG analyst Jake Fuller said that development has investors worried that online travel sites sit on the wrong side of the AI risk spectrum. "The issue from our vantage is that multiple chains have pointed to agentic bookings w/the major LLMs & investors have always viewed the chains as the industry. The fear is that AI potentially disintermediates OTAs by going direct, and the headlines are feeding into that. Our Take: Chains represent a small piece of the global accommodations; BKNG has limited chain exposure & we continue to see OTAs as partners of choice given the breadth of supply, global payment networks, service infrastructure & hefty advertising budgets," warned Fuller. Notably, Marriott International ( MAR ) has also disclosed talks about developing agentic booking capabilities with Google ( GOOG ). Booking Holdings ( BKNG ) slid 7.7% with the company's Q4 earnings report also in the mix. Expedia ( EXPE ) was down 2.2%. More on Booking Holdings and Expedia Booking Holdings Inc. 2025 Q4 - Results - Earnings Call Presentation Booking Holdings Inc. (BKNG) Q4 2025 Earnings Call Transcript Expedia Group, Inc. 2025 Q4 - Results - Earnings Call Presentation Booking Holdings targets 100 basis points faster revenue growth in 2026 with $700M reinvestment strategy Booking Holdings sees strong growth as it uses generative AI to its advantage
volodyar/iStock via Getty Images Introduction Since my last piece on Equinix, Inc. ( EQIX ), the company closed out 2025 with a Q4 that missed on both revenue and earnings expectations, but the FY’25 numbers were still great. Revenues are growing in the high single digits, and booking growth has accelerated, particularly in Q4 because of strong AI-fueled demand. With management raising guidance po...
volodyar/iStock via Getty Images Introduction Since my last piece on Equinix, Inc. ( EQIX ), the company closed out 2025 with a Q4 that missed on both revenue and earnings expectations, but the FY’25 numbers were still great. Revenues are growing in the high single digits, and booking growth has accelerated, particularly in Q4 because of strong AI-fueled demand. With management raising guidance pointing to a better year ahead, I think that the company’s valuation is too lofty, and investors are valuing the business much higher than datacenter REIT peers. In this update, I revisit the long-term business case and how I’d think about the story going forward. Recent Results Expectations were already high heading into Q4 , which is why Equinix closed out 2025 with a miss on both the top and bottom lines for Q4. For the quarter, the company had revenues of $2.42 billion , up 7% compared to last year (missing estimates by $36 million ) with recurring revenue of $2.29 billion, up 10%. For the full year, recurring revenue of $8.74 billion was up 8%. Seeking Alpha Company Filings When we look at what the market looked past despite the miss, it was growth in annualized bookings that reached $1.56 billion for the year, up 27% compared to last year with a record of $474 million in Q4. That figure was up 42% compared to last year and 20% sequentially. As well on the positive, this was backed by $170 million in incremental presales, including over $60 million in the period alone. With demand coming from deals tied to AI workloads, the company has seen notable wins, including Salesforce’s global Fabric Cloud Router deployment, Alembic’s NVIDIA DGX SuperPOD expansion, and Signet’s real-time AI safety platform, to highlight a few that management mentioned on the earnings call. Investor Presentation With nearly 5,000 deals in Q4 and more than 3,400 unique customers, Equinix’ transaction volumes have been setting new highs, and interconnection revenues have grown 9%. Capacity delivery ...