For the fourth quarter of fiscal 2026 specifically, management expects "revenues in Q4 to be down 2% to 4%", with "Greater China to be down approximately 20% in the fourth quarter." Friend added they expect "sequential improvement in gross margin with Q4 down approximately 25 to 75 basis points, including 250 basis points due to higher tariffs in North America." The "full year tax rate" is expected "to be in the low 20% range."Leadership highlighted new product innovations, with Hill unveiling the "new NIKE Mind platform with over 150 patents filed globally," which "sold out in all geographies." The company also introduced Aero-FIT for football, described as our "new elite apparel cooling platform that increases airflow by 200% over regular dry fit," and plans to expand it into multiple sports including NIKE Running in the fall.

Management stated that organic ASV grew 6.7% to $2.45 billion.

Adjusted operating margin was 35% for the quarter, and adjusted diluted EPS was $4.46.

The company reported deploying over $300 million year-to-date to repurchase shares, including approximately 652,000 shares for $163 million in the second quarter.

Management highlighted three priorities for the company: driving commercial excellence, delivering productivity improvements, and solidifying its long-term strategy for sustainable growth.

The company reported that productivity initiatives have already captured more than half of the 100 basis points of productivity improvement targeted for the year.

This included deploying AI tools across data operations and utilizing AI coding assistants that author nearly 1/5 of successful code commits.

Direct seat-based exposure now represents less than 20% of ASV, driven by appropriate minimums and bundling into enterprise agreements.

The company discussed several partnerships and product highlights, including an open architecture approach with Snowflake and Databricks.

FactSet is also partnering with Anthropic and OpenAI to make data sets available in their marketplaces.

The newly launched MCP server reached over 120 clients actively engaged since its launch in December.

Management also noted expanding mandates with products like the Portware trading platform and the LiquidityBook order management system.

For fiscal 2026, FactSet raised its ASV revenue and EPS outlook ranges. ASV growth is expected at $130 million to $160 million, representing approximately 5.4% to 6.7% growth.

The company is targeting GAAP revenue for the year at $2,450 million to $2,470 million.

The guidance range for GAAP EPS was increased to $14.85 to $15.35, while adjusted EPS was raised to a range of $17.25 to $17.75.

The guidance ranges for GAAP operating margin and adjusted operating margin were maintained.

Fourth quarter revenues from online marketing services and others were RMB 60 billion, while transaction services revenues for the quarter reached RMB 63.9 billion.

The company reported a fourth quarter GAAP operating profit of RMB 27.7 billion and a non-GAAP operating profit of RMB 29.5 billion, representing a non-GAAP operating profit margin of 24%.

Fourth quarter net income attributable to ordinary shareholders was RMB 24.5 billion, and the full year net income was RMB 99.4 billion.

Management emphasized their strategic focus of "investing deeply in the supply chain and concentrating on high-quality, brand-oriented growth". During the year, the company launched the "CNY 100 billion support program" to assist farmers and merchants, which includes initiatives like the total local specialties and new quality supply programs designed to upgrade supply chain operations and agricultural added value.

Additionally, PDD piloted a "free delivery to villages" project in the fourth quarter, covering transhipping fees and building last-mile logistics infrastructure across multiple regions to extend e-commerce benefits into remote rural areas.

Regarding the business outlook and global environment, management noted that the company is currently operating in nearly 100 markets and faces a rapidly evolving international geopolitical landscape.

While no specific numerical forward guidance was provided, executives stated that increased uncertainty in the economic and trade climate will "inevitably bring more challenges and weigh on our future performance, putting pressures on our profitability in short term". The company intends to remain in a strategic investment phase, prioritizing long-term value generation and ecosystem health over short-term financial performance.

Revenues from vehicle sales were RMB 19.07 billion for the fourth quarter of 2025, while revenues from services and others were RMB 3.18 billion for the fourth quarter of 2025.

Gross margin was 21.3% for the fourth quarter of 2025, and vehicle margin was 13% for the fourth quarter of 2025.

Management noted a net profit of RMB 0.38 billion for the fourth quarter of 2025.

For the full fiscal year 2025, gross margin reached 18.9%, and the company had a free cash inflow of approximately RMB 5 billion, ending the year with a RMB 47.66 billion cash position.

Management highlighted a strategic focus on physical AI transformation and a business model driven by technology leadership.

The company integrated its autonomous driving center and smart cabin center into a General Intelligence Center to improve research and development efficiency. XPeng plans to increase investment in physical AI related R&D to RMB 7 billion this year.

The company also emphasized globalization, aiming to double overseas deliveries in 2026 year over year, with international business contributing over 20% of total revenue. To support this, the company plans to target 680 overseas stores for sales and service and introduce 4 new models to the global market.

For the first quarter of 2026, XPeng expects deliveries to be between 61,000 and 66,000 units, and revenue is expected to be between RMB 12.2 billion and RMB 13.2 billion.

Notable product updates include the gradual rollout of the VLA 2.0 autonomous driving system and the planned preorders for the XPeng GX, a 6 seat full size SUV, in the third quarter of 2026.

The company announced that its next generation humanoid robot, IRON, is targeted to enter mass production by the end of 2026.

Additionally, management noted that Volkswagen is their first external customer for both the Turing SoC and VLA 2.0, and that shipments of the Turing SoC are targeted to reach nearly 1 million units this year.

Management announced "total revenue was RMB 194.4 billion, up 13% year-on-year". During the quarter, "Gross profit was RMB 108.3 billion, up 19% year-on-year" and "Overall gross margin was 56%, up 3 percentage points year-on-year". Executives also highlighted that "Free cash flow was RMB 34 billion, increasing over 6x year-on-year". On a non-IFRS basis, "operating profit was RMB 69.5 billion, up 17% year-on-year" and "Net profit attributable to equity holders was RMB 64.7 billion, up 17% year-on-year".Discussing strategic initiatives, the company emphasized its focus on integrating artificial intelligence.

Management stated "we prioritized leveraging AI to reinforce our core businesses" and are now advancing to "add development of new AI products to our priorities". Executives detailed that "Our spending on our 2 biggest new AI products, Hunyuan and Rembao, was RMB 7 billion in the fourth quarter of 2025 and RMB 18 billion for the full year". The company indicated that "We expect to more than double these investments in Hunyuan, Yuanbao and other new AI products in 2026, which we intend to fund from increasing earnings from our core businesses".Providing forward guidance, management addressed capital allocation by stating "we will likely buy back lower value of our shares versus 2025 to fund investment in AI while increasing our dividends". The company noted that for the full year of 2025, "we repurchased 153 million shares with a total consideration of HKD 80 billion". Executives announced "we are proposing an annual dividend of HKD 5.3 per share, reflecting an 18% year-on-year increase". This dividend will be payable to shareholders on the 1st of June 2026.

The company shared several product milestones, noting "our international games business surpassed USD 10 billion in annual revenue for the first time". In domestic games, the new release Delta Force "surpassed 50 million peak daily active users" in February 2026.

The enterprise software division saw Tencent Cloud achieve "RMB 5 billion adjusted operating profit" in 2025.

Regarding their foundation model progress, management announced that "Hunyuan 3.0 is in internal testing".

The company noted that its proprietary business "grew 17% in 2025". Management also highlighted that over the last three years they have "doubled our EBITDA and cut our capital expenditures in half" and swung from "real negative free cash flow to real positive free cash flow".Key business updates include a restructuring that involved "cutting the organization by 40%" and is expected to generate "$70 million to $80 million" of annualized savings.

These savings are creating room to reinvest in brand marketing, returning to "2024 levels", and ramping up online Pro marketing.

The company is also executing a global platform consolidation, beginning with rebuilding the core homeowner experience in a "componentized and more flexible way".For the full year 2026, management expects revenue growth in the "low single digits", specifically "1% to 3%", with first quarter revenue expected to be "minus 1% to minus 3%". Adjusted EBITDA for the upcoming year is guided to "$145 million to $150 million". The company also announced a deal with "Amazon's Alexa" and stated they have "started working actively working with every LLM" to integrate their marketplace data into generative AI platforms.

For the full fiscal year 2026, management stated, "we delivered $961 million in total revenue, growing 24% year-over-year". For the quarter, the company stated, "Q4 total revenue of $254 million grew 21% year-over-year". Subscription revenue for the fourth quarter was $192 million.

The company reported, "Q4 operating income of $27.1 million resulted in operating margin of 10.7%". Furthermore, "Q4 free cash flow was $35 million up from $11 million for the prior year fourth quarter" and "FY '26 free cash flow was $85 million".Key business updates focused on the company's vision to build the "Agentic Operating System for the trades". The company highlighted the initial deployment of its Max program, which brings together core products, existing Pro products, and new AI capabilities.

Management noted progress in the Commercial and Roofing segments, including a partnership with Vertex.

ServiceTitan also announced the hiring of Abhishek Mathur as Chief Technology and Product Officer to oversee AI research and development.

Management provided forward guidance for the first fiscal quarter and full fiscal year 2027.

For the first quarter, the company stated, "we expect total revenue in the range of $255 million to $257 million" and "operating income in the range of $27 million to $28 million". For the full fiscal year 2027, the company expects "total revenue in the range of $1.11 billion to $1.12 billion" and "operating income in the range of $128 million to $133 million". ServiceTitan also expects to continue its "25% incremental operating margin framework over the full year FY '27".

The company reported that GAAP net income for the quarter was RMB 15.6 billion, representing a decrease of 66 percent.

Operating cash flow for the quarter was an inflow of RMB 36 billion, and free cash flow for the quarter was RMB 11.3 billion.

Management noted that total adjusted EBITDA for the quarter decreased by 57 percent primarily due to strategic investments in technology-related innovation initiatives and the consumption front, including quick commerce business.

During the quarter, Alibaba maintained strong investment momentum in its two strategic priorities, AI plus cloud and consumption.

The Cloud Intelligence Group saw revenue from external customers accelerate to 35 percent for the quarter, with AI-related product revenue delivering triple-digit year-over-year growth for the tenth consecutive quarter.

The company announced the establishment of the new Alibaba Token Hub Business Group as the organizational foundation for executing its AI strategy, alongside the launch of Wukong, an enterprise AI agent platform.

Management also highlighted that T-Head proprietary GPU chips achieved scaled mass production, having cumulatively shipped 470,000 AI chips as of February 2026.On the consumption front, the China e-commerce group generated quarterly revenue of RMB 159.3 billion.

The company reported that revenue from its quick commerce business increased 56 percent to RMB 20.8 billion during the quarter.

Management noted that this quick commerce expansion drove Taobao app monthly active consumers to double-digit year-over-year growth and demonstrated clear synergies with traditional e-commerce.

Looking forward, management established a business goal for its AI strategy over the next 5 years to surpass USD 100 billion in combined cloud and AI external revenue, including mass.

For the consumer segment, the company maintains a target of achieving over RMB 1 trillion in Quick Commerce GMV by FY 2028.

Management stated they expect to generate positive cash flow when the GMV target is achieved and expect the Quick Commerce business to be profitable in FY 2029.

The company updated its financial investments, noting "we increased our outlook on CapEx to over $25 billion" for fiscal year 2026, up from $20 billion.

Management expects fourth quarter operating expenses to be close to $1.6 billion, and start-up costs for new facilities to be $100 million to $200 million per quarter starting in the next quarter or so.

Micron discussed its ongoing strategy to manage supply and demand, including adding cleanroom space in Singapore and ramping the Powerchip Tongluo facility.

Management stated that meaningful supply from these cleanroom projects will not impact the market until fiscal 2028.

Chief Business Officer Sumit Sadana highlighted very robust demand for NAND, pointing out that "AI servers are using a huge amount of SSDs" and concluding that "our supply is nowhere close to being able to meet the demand that we see for the foreseeable future." The company expects tight supply conditions to continue beyond 2026.

Regarding forward guidance and product updates, Micron assumes "some modest growth, volume growth in third quarter for both DRAM and NAND." On the product side, management announced they are "the first company in the world to have a Gen6 SSD in the market," which works well with NVIDIA systems.

Additionally, the company reported strong execution on High Bandwidth Memory, noting that HBM3E 12-high continues to execute well in high volume and that HBM4 is experiencing "an even faster yield ramp than HBM3E 12-high."

Operating income for the quarter was approximately $812 million, or 22.3% of net revenue.

Net income for the quarter was $587 million or $5.01 per diluted share.

Inventory at the end of Q4 was $1.7 billion.

Management outlined an action plan focused on product creation, product activation, and enterprise enablement.

Interim Co-CEO Andre Maestrini stated a primary goal in North America is "returning the business to healthier levels of full-price sales" after seeing a higher markdown penetration in 2025.

The company has increased its new style penetration to approximately 35% and is sharpening its focus on activity based merchandising in stores by offering clear destinations for core activities including run, train, and yoga and pilates.

The company highlighted several new product innovations, including the Unrestricted Power training collection constructed from the newest technical fabric innovation called PowerLu, and ThermoZen insulated jackets and vests. An updated version of the ShowZero no-show-sweat technology was developed in collaboration with professional tennis player Frances Tiafoe and debuted at the BNP Paribas Open.

Additionally, the brand continues its partnership as the official outfitter of Team Canada for the Olympics.

For the full year 2026, management expects revenue to be in the range of $11.35 billion to $11.5 billion, representing growth of 2% to 4% relative to 2025.

Diluted earnings per share for the fiscal year 2026 are expected in the range of $12.10 to $12.30.

For the first quarter of 2026, the company expects revenue in the range of $2.4 billion to $2.43 billion, with earnings per share expected in the range of $1.63 to $1.68.

For fiscal year 2025, Adobe delivered record revenue of $23.77 billion and over $10 billion in operating cash flows.

Management stated that Total Adobe ending ARR reached $25.2 billion.

Management highlighted the integration of generative AI across its product portfolio, targeting Business Professionals and Consumers, Creators and Creative Professionals, and Marketing Professionals.

Executive Vice President and CFO Dan Durn noted, "Total new AI-influenced ARR now exceeds 1/3 of our overall book of business". President of Digital Media David Wadhwani discussed expanding the ecosystem of AI model partnerships, stating that consumption of Generative Credits increased 3x quarter-over-quarter.

President of Digital Experience Anil Chakravarthy emphasized the enterprise content supply chain, noting that GenStudio solution ending ARR grew over 25% year-over-year.

The company provided fiscal 2026 targets, including Total Adobe revenue of $25.9 to $26.1 billion and Total Adobe ending ARR book of business growth of 10.2%.

For the first quarter of fiscal 2026, the company is targeting Total Adobe revenue of $6.25 billion to $6.3 billion.

Adobe also announced the intent to acquire Semrush Holdings for an equity value of approximately $1.9 billion in an all-cash transaction, which is expected to close in the first half of fiscal 2026.

Regarding forward guidance, management stated, "for 2026, we expect net sales growth in the range of 3.7% to 4.2%, same-store sales growth in the range of 2.2% to 2.7% and EPS in the range of $7.10 to $7.35". They also noted, "We expect capital spending in the range of $1.4 billion to $1.5 billion" for the year.

For the first quarter, the company expects "Q1 comp sales to be in the low 2% range" following negative impacts from winter storms, and for the full year 2026 anticipates "modest SG&A deleverage" alongside an effective tax rate of approximately 25 percent.In product and partnership updates, Dollar General plans to capitalize on discretionary categories and "launch at least 15 new brands in nonconsumable categories in 2026," building on the previous success of brand expansions with "Dolly Parton, Kathy Ireland and others". The company also expanded its delivery reach, noting they are "now delivering customers through approximately 18,000 stores and with our own myDG delivery offering as well as through third-party partners, DoorDash and Uber Eats".

Multicloud Database revenue grew 531% year-over-year, and AI infrastructure revenue grew 243% year-over-year.

The company reported a $553 billion RPO and stated that gross margin for AI capacity delivered in Q3 remained above guidance at 32%.

Key business updates included the rapid adoption of AI coding tools, enabling small engineering teams to build three new CX applications.

Oracle has delivered well over 1,000 AI agents inside its horizontal back office and industry applications. In the AI infrastructure segment, the company delivered more than 400 megawatts to customers in Q3. Management also noted they have signed more than $29 billion of contracts using a new business model involving bring your own hardware and upfront customer payments to grow AI infrastructure without negative cash flow.

Oracle achieved global region coverage in its partner clouds, with 33 regions live with Microsoft, 14 live with Google, and 8 live with AWS. The company announced it now holds a 15% equity stake in the independent TikTok U.S. company.

Additionally, Oracle raised $30 billion through investment-grade bonds and mandatory convertible preferred stock.

For forward guidance, management stated they are confidently raising their FY 27 forecast and expect to exit Q4 with 22 AWS regions live.

Net sales for the second quarter were $68.24 billion, which represents an increase of 9.1 percent from the second quarter of 2025.

Comparable sales were up 7.4 percent.

The company reported membership fee income of $1.355 billion, an increase of 13.6 percent year-over-year.

The quarter ended with 82.1 million total paid members and 4.4 million paid executive memberships.

Management highlighted several key business priorities, including increasing the pipeline of new warehouses domestically and internationally.

The company expects to have 28 net new openings in fiscal year 2026 and is targeting 30-plus new openings per year in the coming years. In digital and warehouse operations, the company is piloting automated pay stations that allow members to pay seamlessly, with an average transaction time of around 8 seconds.

Additionally, personalized product recommendation carousels drove over $470 million of e-commerce sales in the second quarter.

Looking ahead, the company estimates full-year capital expenditure will be approximately $6.5 billion to support a larger pipeline of new warehouses, remodeling existing locations, expanding the depot network, and enhancing the digital experience.

Management noted that egg price deflation is expected to continue to be a headwind to sales in food and sundries for the foreseeable future.

Furthermore, they indicated that the situation in the Middle East could impact fuel costs and shipping schedules if there is instability in the region for a sustained period of time.

During the quarter, Costco lowered prices on several Kirkland Signature items, including butter, organic coconut water, and olive oil.

The company also launched approximately 30 new Kirkland Signature items, such as crispy wings and blackened salmon.

The pharmacy and food court businesses experienced double-digit comparable sales growth.

Same-day delivery services offered through Instacart, Uber Eats, and DoorDash continued to grow at a faster pace than overall digital sales.

For the full year 2025, the company reported $10.36 billion in gross profit and growth of 17% year-over-year.

Block grew adjusted operating income 46% year-over-year to $588 million in the fourth quarter. On a per share basis, adjusted diluted EPS grew 38% year-over-year in the quarter.

Executives announced an organizational restructuring, reducing the workforce from over 10,000 people to just under 6,000.

This structural change is designed to increase velocity and leverage intelligence tools across the company. In terms of network growth, Cash App monthly actives reached 59 million in December, with primary banking actives growing 22% year-over-year to 9.3 million.

Meanwhile, Square accelerated its gross payment volume growth to 10% in 2025.

Block provided strong forward guidance for 2026, expecting year-over-year gross profit growth of 18% to $12.2 billion.

The company increased its guidance for 2026 adjusted operating income to $3.2 billion and adjusted diluted EPS to $3.66.

For the first quarter of 2026, Block expects year-over-year gross profit growth of 22% to $2.8 billion, adjusted operating income of $600 million, and adjusted diluted EPS of $0.67.

The company highlighted notable momentum with Cash App Borrow, which saw origination volume grow more than 3x year-over-year in the fourth quarter.

Block also launched Afterpay pre-purchase functionality on the Cash App Card in February and introduced Pay in 4 functionality for peer-to-peer transactions.

Looking ahead, Block is focused on scaling new intelligence products, including Moneybot, Managerbot, and Square AI for sellers.

The company ended the quarter with over $2.5 billion in cash, cash equivalents, and short-term investments.

Additionally, total contract value generated through AWS Marketplace grew over 45 percent in fiscal year 2026 to approximately $750 million. In January, the company repurchased and retired over 875,000 shares for a total cost of $79 million under a $1 billion share repurchase program.

Management highlighted strong performance from their portfolio of new products, which represented approximately 30 percent of Q4 bookings.

When these new products are included in a deal, the average contract uplift is approximately 40 percent.

Okta Identity Governance now has over 2,000 customers.

The company outlined its top priorities for fiscal year 2027, including securing agentic AI, increasing focus on large customers, and becoming the default identity security solution for the U.S. federal vertical and highly regulated industries.

The company introduced its newest products, Auth0 for AI Agents and Okta for AI Agents, designed to secure and govern the life cycle of AI agents.

Management emphasized that their neutral and independent identity solution is uniquely positioned to address the growing security threat represented by nonhuman identities.

Okta also announced a strategic decision to shift more professional services business to global system integrators to deepen partner relationships and increase business with large enterprises.

For the first quarter of fiscal year 2027, Okta expects total revenue growth of 9 percent, current RPO growth of 10 percent, non-GAAP operating margin of 23 percent to 24 percent, and free cash flow margin of 33 percent to 35 percent.

For the full year fiscal 2027, the company expects total revenue growth of 9 percent, non-GAAP operating margin of 25 percent to 26 percent, and a free cash flow margin of 27 percent to 28 percent.

For the quarter, management stated that total revenue was $836 million with non-GAAP operating income of $366 million.

For the full year, total revenue reached $3.195 billion and non-GAAP operating income was $1.434 billion.

The company also announced it surpassed its $3 billion revenue run rate goal.

During the call, management provided updates on several key business initiatives, highlighting significant momentum with Vault CRM, noting that close to 140 customers are now live.

The company also announced a milestone deal with a top 20 life sciences company standardizing on its RTSM product.

Additionally, Veeva discussed its ongoing AI strategy, revealing plans to roll out agents across all product areas this year and introducing a token-based pricing model for these offerings.

Looking ahead, the company discussed its fiscal 2027 guidance, which incorporates a 13 percent total revenue growth starting point and anticipates continued healthy growth from the Crossix business.

Management also noted that CRM represents roughly 20 percent of total revenue today and is projected to account for about 10 percent by the 2030 time frame, while pulling the Veeva CRM end of support date into December 2029 to ensure no stragglers remain in 2

Gross margin was 77 percent of revenue. Q1 operating income reached a record $12.8 billion.

Adjusted EBITDA was a record $13.1 billion, representing 68 percent of revenue.

Free cash flow for the quarter was $8 billion, which represented 41 percent of revenue.

The Semiconductor Solutions segment generated a record $12.5 billion in revenue, while infrastructure software revenue was $6.8 billion.

During the call, management highlighted that the ramp of custom AI accelerators across their customers is progressing very well.

Broadcom now has six customers for custom AI XPUs, including Google, Anthropic, Meta, and OpenAI. AI networking revenue grew 60 percent year-on-year and represented one-third of total AI revenue, driven by demand for the Tomahawk 6 switch and 200G SERDES. Additionally, VMware Cloud Foundation was emphasized as the essential software layer in data centers.

The company has fully secured capacity for leading-edge wafers, high-bandwidth memory, and substrates for 2026 through 2028.

For Q2 2026, Broadcom issued guidance for consolidated revenue of approximately $22 billion, up 47 percent year-on-year, with adjusted EBITDA expected to be approximately 68 percent of revenue.

Second-quarter semiconductor revenue is forecast at approximately $14.8 billion, with AI semiconductor revenue expected to be $10.7 billion.

Looking further ahead, management stated they have line of sight to achieve AI revenue from chips in excess of $100 billion in 2

Full year research and development expenses were $218.6 million, and selling, general, and administrative expenses decreased to $150 million.

Full year net loss attributable to ImmunityBio common stockholders was $351.4 million.

The company reported consolidated cash, cash equivalent, and marketable securities of $242.8 million as of December 31, 2025.

The company highlighted the commercial momentum of ANKTIVA, which is now authorized across 33 countries.

Management introduced askIB, an internally developed artificial intelligence solution utilizing advanced large language models to integrate with the global enterprise application suite.

The company also discussed the NANT Leonardo platform for automated cellular manufacturing using artificial intelligence and machine vision.

The company stated it will not be providing forward financial guidance on the call.

However, management intends to submit a biologics licensing application for the BCG-naive indication in the fourth quarter of 2026.

ImmunityBio partnered with Accord Healthcare to support commercial launch across 31 countries in Europe, including the United Kingdom and all 27 European Union member states.

The company also announced partnerships with Biopharma and Cigalah to expand access across the Middle East and North Africa region following the Saudi FDA approvals of ANKTIVA for nonmuscle-invasive bladder cancer and metastatic nonsmall cell lung cancer.

The company posted record net new ARR of $330.7 million, bringing ending ARR to $5.25 billion.

Fourth quarter non-GAAP operating income reached a record $325.8 million, representing 25% of revenue.

Additionally, the company generated record free cash flow of $376.4 million, or 29% of revenue, for the quarter.

Full fiscal year 2026 non-GAAP operating income reached a record $1.05 billion.

Management emphasized the success of the Falcon Flex subscription model, noting the addition of more than 350 Flex customers in the fourth quarter to reach a total of over 1,600.

The company stated that 50% of subscription customers are now using 6 or more modules.

Chief Executive Officer George Kurtz highlighted that the company's endpoint business accelerated for the second consecutive quarter, driven by elevated demand for the Falcon platform amidst accelerating AI adoption.

For the first quarter of fiscal 2027, CrowdStrike expects total revenue between $1.360 billion and $1.364 billion, with non-GAAP income from operations in the range of $308 million to $310 million.

Full fiscal year 2027 guidance anticipates total revenue between $5.868 billion and $5.928 billion, and non-GAAP income from operations between $1.422 billion and $1.462 billion.

Management also indicated a change in the sales commission amortization expense period from 4 to 5 years starting in Q1, which is expected to benefit non-GAAP operating income by $85 million to $95 million for the full year.

The company shared details on its recent acquisitions of SGNL AI to provide zero standing privilege for all identities, and Seraphic to bring secure enterprise browser capabilities to the Falcon platform.

CrowdStrike also launched a new AIDR offering designed to give customers immediate visibility into employee usage of AI tools.

Regarding partnerships, management announced that CrowdStrike is now open for business on the Microsoft marketplace, allowing customers to utilize their Microsoft Azure consumption commitment dollars on Falcon.

For the full fiscal year 2026, revenue grew 26% to $955 million, and adjusted free cash flow grew 83% to $220 million.

Fourth quarter non-GAAP operating income was $53.4 million, representing an operating margin of 20.5%.

The company's Board also authorized a first-time share repurchase program of $400 million.

Management outlined five specific strategies to improve growth at scale for fiscal year 2027, which include reaccelerating first orders, scaling sales capacity, expanding product packaging, engaging price-sensitive customers, and executing an AI strategy.

The company is entering the new fiscal year with its highest sales capacity ever and has overhauled territory design. On the product front, the company launched the GitLab Duo agent platform in mid-January, which introduces usage-based pricing alongside the company's seat model.

For forward guidance, management expects first quarter fiscal year 2027 total revenue of $253 million to $255 million, representing approximately 18% to 19% year-over-year growth.

The company also expects first quarter non-GAAP operating income of $32 million to $34 million and non-GAAP net income per share of $0.20 to $0.21.

Management noted they are assuming minimal revenue contribution from the GitLab Duo agent platform in fiscal year 2027 as they allow time to convert pilots into production deployments.

For the full year of 2025, the company generated 22.9 billion dollars in total GAAP revenue, a 36 percent year-on-year increase, and full year net income reached 1.6 billion dollars.

Shopee achieved full year GMV of 127 billion dollars with an adjusted EBITDA of 881 million dollars.

The Money segment reported a full year revenue of 3.8 billion dollars, while Garena generated full year bookings of 2.9 billion dollars.

Management highlighted operational improvements across all three core businesses.

Shopee expanded its logistics and fulfillment capabilities, with its SPX Express processing over 30 million deliveries daily on average.

The Shopee VIP membership program was rolled out across all Asian markets, reaching over 7 million subscribers by year-end, and the company plans to launch the program in Brazil.

Shopee also deepened its content ecosystem through partnerships with YouTube and Meta, noting that orders driven by YouTube content more than tripled year-on-year in the fourth quarter.

The credit business grew to 9.2 billion dollars in consumer and SME loans principal outstanding while maintaining a 90-day nonperforming loan ratio of 1.1 percent.

For 2026, Sea Limited provided forward guidance for its e-commerce and digital entertainment segments.

Management stated they aim to grow Shopee GMV by about 25 percent year-on-year, with its full year adjusted EBITDA expected to be no lower than 2025 in absolute dollars.

For Garena, the company expects double-digit growth for 2026 and plans to extend its intellectual property collaborations, including a new Naruto release anticipated in the third quarter.

For the prior year, the gross margin rate was down about 30 basis points, aided by lower inventory shrink which delivered about 90 basis points of benefit.

Notably, same-day services generated more than $14 billion in sales last year.

Key business updates: Target is executing a strategic transformation with a more than $2 billion incremental investment this year.

This includes an additional $1 billion in capital for new stores and remodels, and another $1 billion reinvested into the P&L to elevate the guest experience.

Notable product initiatives include introducing Target Beauty Studio in 600 stores, launching a new style series in apparel, and expanding the Good & Gather food brand.

Management is also investing hundreds of millions of dollars to support additional store labor and training, alongside technology investments in AI to make search more conversational.

Forward guidance: For the full year 2026, Target expects to grow net sales in a range around 2% versus last year.

Management anticipates generating GAAP and adjusted EPS in a range from 7.50 to 8.50 in 2026.

The company plans approximately $5 billion in capital expenditures this year, supporting the opening of more than 30 new stores and the completion of more than 130 full-store remodels.

Atlas revenue grew 29% year-over-year, accounting for 72% of total revenue, while non-Atlas revenue grew 20% year-over-year.

The company delivered a non-GAAP operating margin of 23% and $159 million in income from operations.

Non-GAAP net income in the fourth quarter was $143 million, or $1.65 per share, and free cash flow was $177 million.

Management highlighted that the company signed several large deals, including an approximately $90 million transaction with a large technology company and a greater than $100 million transaction with a large financial institution for Enterprise Advanced. CEO CJ Desai outlined his priorities, including remaining customer-focused to accelerate growth, empowering product and engineering teams, scaling the self-serve motion, and driving operational excellence.

The company also announced go-to-market leadership changes, appointing Erica Volini as Chief Customer Officer and noting the upcoming departures of Cedric Pech and Paul Capombassis while the search for a new Chief Revenue Officer is in its final stages.

For the first quarter of fiscal 2027, management expects revenue of $659 million to $664 million and non-GAAP net income per share of $1.15 to $1.19.

For the full year fiscal 2027, the company guided for revenue of $2.86 billion to $2.9 billion and non-GAAP net income per share of $5.75 to $5.93. On the partnership front, management highlighted an expansion with Adobe, where MongoDB will underpin key initiatives including agentic experiences powered by Atlas Vector Search.

Newly appointed CFO Gilian Munson announced that the Board authorized a buyback of up to $400 million of the company shares.

Management outlined a strategic shift for 2026, prioritizing the size of the active learner base over near-term monetization.

The medium-term goal is to reach 100 million daily active users in 2028. To achieve this, the company will focus on three categories: teaching languages better, improving the free user experience, and feeding new growth engines like the math, music, and chess subjects.

Regarding product updates, Duolingo Chess reached about 7 million daily active users in less than a year.

The company also plans to experiment with moving the video call feature into the Super Duolingo tier and rolling out a speaking adventures feature.

For forward guidance, management expects 2026 year bookings growth of 10 percent to 12 percent, revenue growth of 15 percent to 18 percent, and an adjusted EBITDA margin around 25 percent.

For Q1 2026, guidance includes 11 percent bookings growth, 25 percent revenue growth, and an adjusted EBITDA margin of 25.5 percent.

Cell engineering revenue was $26 million in the fourth quarter of 2025, down 26 percent compared to the fourth quarter of 2024.

For the full year, cell engineering revenue was $133 million in 2025.

The biosecurity business generated $7 million of revenue in the fourth quarter and $37 million of revenue in the full year 2025.

Total adjusted EBITDA in the fourth quarter of 2025 was negative $36 million, and cash burn in the fourth quarter of 2025 was $47 million.

Management stated that the technological and business focus for 2026 will be on investing in the category of autonomous labs. To facilitate this focus, the company announced it will be divesting its biosecurity business into a separate private entity where Ginkgo will hold a minority position.

The company plans to systematically decommission traditional lab benches and move more work onto a single large autonomous lab, aiming to grow from 50 racks to 100 racks by the first half of the year.

For forward guidance, management noted they will not be providing revenue guidance for 2026, but expect overall cash burn guidance to be in the range of $125 million to $150 million.

The company also announced a new $47 million contract with the Department of Energy to build a 97 robot autonomous lab at Pacific Northwest National Labs.

Additionally, management highlighted a project with OpenAI using GPT 5 as an AI scientist to design experiments submitted to the autonomous lab.

During the call, executives highlighted significant acceleration in their artificial intelligence business. The company reported that in Q4, they booked $34.1 billion in AI orders and shipped $9.5 billion in shipments in the quarter. They noted exiting the year with a "record $43 billion in AI backlog". The Infrastructure Solutions Group saw record revenue of $19.6 billion, up 73 percent for the quarter. To navigate the dynamic component environment, management emphasized their strategic advantages, stating their direct model, world-class supply chain and long-standing supplier relationships are differentiators during periods of disruption.

Regarding product updates, the storage division posted revenue of $4.8 billion, with PowerStore posting its seventh consecutive quarter of double-digit growth. Management also announced that Lightning, their parallel file solution, remains on track for general availability in the first half of the year. For fiscal year 2027 guidance, the company expects full year revenue of $138 billion to $142 billion. They anticipate $50 billion in AI revenue for the year, noting this reflects the composition of their existing backlog, customer readiness, and delivery schedules.

Management highlighted BRUKINSA as the leading global BTK inhibitor, noting its long-term progression-free survival and overall survival data. The company achieved its first global approvals in China for sonrotoclax in relapsed and refractory mantle cell lymphoma and chronic lymphocytic leukemia. Furthermore, BeOne Medicines initiated three Phase III studies for its BTK degrader in 2025. The company strategy focuses on deepening leadership in chronic lymphocytic leukemia, expanding across hematological malignancies, establishing a solid tumor franchise, and advancing immunology assets toward registration.

For 2026, BeOne Medicines projects revenue to be between $6.2 billion to $6.4 billion. GAAP gross margin percentage is expected to be in the high 80 percent range. GAAP operating expenses are anticipated to be between $4.7 billion and $4.9 billion. GAAP operating income is expected to be between $700 million and $800 million, while non-GAAP operating income is expected to be between $1.4 billion and $1.5 billion. The company anticipates modest initial contributions from its launches of sonrotoclax and zanidatamab in 2026.

Throughout 2025, Vistra executed significant strategic asset acquisitions and entered into long-term power purchase agreements. The company closed the acquisition of seven natural gas generation facilities from Lotus Infrastructure Partners in October. Additionally, Vistra announced an agreement to acquire Cogentrix Energy, which includes ten natural gas generation facilities totaling approximately 5,500 megawatts of capacity. On the partnership front, Vistra signed a 20-year agreement with Amazon Web Services for 1,200 megawatts at the Comanche Peak nuclear power plant, and 20-year agreements with Meta covering 2,176 megawatts of operating capacity and 433 megawatts of uprates at its PJM nuclear plants.

Looking ahead, Vistra management projects the company will generate more than $10 billion of cash through year-end 2027. The company expects adjusted free cash flow before growth per share to exceed $12.5 for 2026, and anticipates this metric will increase to approximately $16 per share when incorporating the Cogentrix acquisition, Meta power purchase agreements, and assumptions regarding share repurchases. Vistra currently has approximately $1.8 billion of share repurchase authorization remaining to meet its annual share repurchase target through 2027.

Management highlighted several strategic and organizational initiatives, including the proposed spin-off and separate listing of its Kunlunxin AI chip business. The company also announced a new USD 5 billion share repurchase program and adopted its first dividend policy.... Operationally, Baidu restructured its ERNIE model development organization into two dedicated teams and established the Personal Super Intelligence business group, which integrates Baidu Wenku and Baidu Drive. Subscription-based revenue from AI accelerator infrastructure grew 143 percent year-over-year in Q42122.

Notable product and partnership announcements included the Apollo Go autonomous ride-hailing service delivering 3.4 million fully driverless operational rides in the quarter and expanding its global footprint to 26 cities.... Baidu announced partnerships with Uber and Lyft to pilot autonomous vehicles in London, and a partnership with Uber to bring autonomous ride-hailing to Dubai. For forward guidance, management stated they expect the core AI-powered business to become the majority of Baidu General business in the foreseeable future. Management also expressed confidence that the cloud business will continue to grow faster than the industry in 2026.

Management highlighted strong momentum in their artificial intelligence initiatives, noting that Snowflake Intelligence has scaled to over 2,500 accounts and Cortex Code is helping 4,400 customers build AI-powered applications. The company signed the largest deal in Snowflake's history, representing "greater than $400 million in total contract value," and also secured seven 9-figure contracts in the quarter. In corporate development, Snowflake closed the acquisition of the observability platform Observe for approximately $600 million in a combination of cash and stock. Furthermore, management announced a $200 million expanded partnership with OpenAI and highlighted partnerships with SAP, Entropic, and Google Cloud to expand native model choice for customers.

For the first quarter of fiscal 2027, Snowflake expects product revenue between $1.26 billion and $1.26 billion, representing 27% year-over-year growth, alongside a non-GAAP operating margin of 9%. For the full fiscal year 2027, guidance includes approximately $5.66 billion in product revenue, a non-GAAP product gross margin of 75%, and a non-GAAP operating margin of 12.5%. The company also guided to a non-GAAP adjusted free cash flow margin of 23% for the full year, which includes an approximate 150 basis point headwind related to the Observe acquisition.

Management highlighted significant momentum from "agentic and physical AI applications" and sustained demand for the Blackwell architecture. Notable product announcements included the unveiling of the Rubin platform, which comprises six new chips including the Vera CPU and Rubin GPU, with first samples already shipping to customers. NVIDIA also announced deepening partnerships, highlighted by a "$10 billion investment" in Anthropic, Meta's deployment of millions of GPUs, and a nonexclusive licensing agreement with Grok.

Providing forward guidance, NVIDIA expects first-quarter fiscal 2027 revenue to be $78 billion, plus or minus 2%, driven primarily by the Data Center segment. GAAP and non-GAAP gross margins for Q1 are projected to be 74.9% and 75%, respectively, plus or minus 50 basis points. Management noted that while end demand remains strong, they expect "supply constraints to be the headwind to Gaming in Q1 and beyond," and tightness in supply for advanced architectures is expected to persist.

Management emphasized a strategic shift from systems of record toward an "AI-driven system of action". The company established three priorities: elevating the workplace with AI, driving the growth of new AI products, and scaling an AI-first customer experience. Momentum in the customer experience (CX) sector was a key theme, with management noting that every one of the company's top 10 deals in Q4 included paid AI, and seven of those deals represented competitive displacements of leading Contact Center as a Service (CCaaS) vendors. Additionally, Zoom Phone annual recurring revenue continued to grow in the mid-teens.

On the product front, Q4 marked the launch of AI Companion 3.0 and advancements in Zoom Virtual Agent (ZVA), with ZVA voice featured in four of the top 10 CX deals. The company also expanded its AI offerings into specific vertical workflows, noting the acquisition of BrightHire to bring conversational AI value to recruiting and hiring processes. Significant competitive enterprise wins were detailed, including a 140,000-seat deployment on Zoom Phone replacing Cisco Calling, and an expansion with a leading global bank that brought its total deployment to 150,000 Zoom Phone seats.

For the first quarter of fiscal 2027, Zoom expects revenue in the range of $1.22 billion to $1.22 billion and non-GAAP earnings per share between $1.40 and $1.42. For the full fiscal year 2027, management provided guidance for total revenue to cross the $5 billion milestone, landing in the range of $5.06 billion to $5.07 billion. Full-year non-GAAP operating income is projected between $2.05 billion and $2.06 billion, with non-GAAP earnings per share expected to be $5.77 to $5.81. Free cash flow for fiscal 2027 is guided at $1.7 billion to $1.74 billion.

Management focused on the transition to an "Agentic enterprise," highlighting that "Agent force and Data 360 ARR inclusive of Informatica Cloud ARR reached $2.9 billion". The company introduced the Agentic work unit to measure AI value, noting that "AI agents on the Salesforce platform delivered 2.4 billion agentic work units" to date. The company is also "updating our share repurchase authorization to $50 billion".

For the first quarter of fiscal year 2027, the company expects revenue of "$11.03 billion to $11.08 billion". For the full fiscal year 2027, Salesforce initiated revenue guidance of "$45.8 billion to $46.2 billion". The company updated its fiscal year 2030 revenue target to "$63 billion".

Salesforce highlighted a 10-year contract with the U.S. Army with a ceiling of "$5.6 billion". The company noted its partnership with Anthropic, sharing that it invested another "$100 million" to bring its total investment to about "$330 million". Management stated that Anthropic runs its global operation on Salesforce and Slack.

Management stated that " was a fantastic year for Nubank" and the company "closed the year with 131 million customers adding 17 million net new customers". Going into 2026, management sees it as an "inflection year" and "the year we begin transitioning from a Latin American leader to a global digital banking platform". Priorities for 2026 are organized around "winning in our core markets," strengthening "foundations for international expansion," and treating "AI as a superpower". Product updates included putting "Nu Former" into production for credit decisioning and receiving "conditional approval from the OCC for a U.S. national bank charter".

The company warned of "upward pressure on the efficiency ratio in the near term" due to "deliberate investments". This includes a "return to office policy" effective mid-2026, which will "likely bring kind of our efficiency ratio, all else constant, up by about 80 to 100 basis points". Management also noted a regulatory headwind where "recent changes to FGTS regulations have reduced Nu originations by more than half". In Mexico, the company recorded an extraordinary contribution of "approximately $25 million" to Prosofipo, a sector-wide deposit insurance fund.

Management highlighted substantial momentum across its product lines and new markets. The newly launched AI Era plan accounted for approximately $750 million worth of bookings in its first full year. The company also noted record results internationally, with the international team crossing $1 billion in annual bookings for the first time. Other strategic updates included the announcement of the new Axon Body Mini arriving later in the spring, and the recent acquisitions of 911 tech providers Prepared and Carbyne.... Management emphasized their strategic vision to build the world's largest AI-supercharged global sensor network, seamlessly integrating hardware and software to eliminate manual workflows for their users....

Looking ahead, Axon provided its financial outlook for the full year 2026, guiding for revenue growth in the range of 27% to 30% year-over-year and maintaining an adjusted EBITDA margin expectation of 25.5%. In addition to its 2026 guidance, the company unveiled new 2028 financial targets, which include an approximate revenue target of $6 billion and an adjusted EBITDA margin target of 28%.

During the quarter, Lowe's navigated a challenging macroeconomic environment and persistent housing market volatility by focusing on its "perpetual productivity improvement" (PPI) initiatives, which included the elimination of approximately 600 corporate and support roles. The company also rewarded its frontline associates with a discretionary bonus of $125 million for their performance. Recent strategic moves included the integration of acquisitions Foundation Building Materials (FBM) and Artisan Design Group (ADG), which are expected to support cross-selling opportunities and help build an interior solutions deployment for homebuilders.

Looking ahead to fiscal 2026, Lowe's issued cautious guidance, forecasting full-year sales ranging from $92 billion to $94 billion and comparable sales in a range of flat to up 2%. The company expects 2026 adjusted diluted earnings per share of approximately $12.25 to $12.75. On the product and partnership front, Lowe's expanded its DEWALT tool assortment, became the first big-box retailer to offer Toto toilets, and announced an exclusive national home improvement partnership with the National Association of Homebuilders (NAHB). Additionally, the company will be activating an expanded relationship with the influencer Mr. Beast later in the spring.

The company shared multiple business milestones, achieving "record market share gains in e-commerce in Brazil and Mexico" and reaching "the highest NPS level in commerce and fintech in Argentina, Brazil and Mexico". The fintech segment remained highly active, as the company "issued nearly 3 million cards" in the fourth quarter alone. Management provided a positive update on credit card maturation, sharing that in Brazil, "cohorts that are older than 2 years are already profitable". The cross-border trade business is also scaling, with the company "expanding now to the China and the U.S. corridor".

Strategically, MercadoLibre highlighted its focus on AI and agentic commerce, deploying a new "MercadoPago's AI assistant" that is "helping mostly with solving questions and concerns from our users". Management emphasized they are dedicating engineering resources to "building our own agents and our own shopping assistant within MercadoLibre" to capture the shift from offline to online retail. When asked about future financial projections, management reiterated their standard policy, stating, "we don't guide".

CEO Aneel Bhusri highlighted the company's entry into "Chapter 4," signaling a "return to focusing on innovation" and an opportunity to transform the enterprise by "reimaging HR and finance with AI". Management emphasized an accelerating adoption of "agentic AI" across organically developed role-based agents and acquired solutions like Sana and Paradox. Workday generated over $100 million in new annual contract value (ACV) from emerging AI products in Q4, growing over 100% year-over-year. Additionally, Workday introduced its Flex credit pricing model to help customers align their spend with the value they receive.

Looking ahead, Workday provided FY 2027 guidance expecting subscription revenue of $9.92 billion to $9.95 billion, representing a growth of 12% to 13%, and an FY 2027 non-GAAP operating margin of approximately 30%. The company noted strategic expansions and partnerships in the quarter, including Accenture reinventing HR at scale with Workday's AI solutions, and new partnerships with Lira Health, Empathy, and Avid through the Workday Wellness program.

During the year, CAVA opened 72 net new restaurants, ending 2025 with 439 locations. Key operational updates included the completion of the TurboChef oven rollout across all restaurants and the expansion of the "kitchen display screen system," which is now live in 370 locations. To deepen guest relationships, the company evolved its loyalty program with tiered status levels, including a new invite-only tier named "Oasis". Additionally, CAVA focused on team member development by launching the "Flavor Year Future" program and creating the Assistant General Manager role, with 60% of these new positions already filled. The company also announced the appointment of Doug Thompson as Chief Operations Officer.

Looking ahead to the full year 2026, CAVA's forward guidance projects 74 to 76 net new restaurant openings and same-restaurant sales growth of 3% to 5%. Management expects a restaurant level profit margin between 23.7% and 24.2%, and adjusted EBITDA between $176 million and $184 million. On the culinary front, the company brought back its "roasted white sweet potato" and introduced "Power greens," "Tangerine Apple juice," and a "Sumac Onion Peter Chip". Furthermore, CAVA announced plans to launch its first-ever seafood offering, salmon, towards the end of the first quarter.

The company highlighted a "sharpened and deliberate strategy" focusing on an "AI journey" and evolving its go-to-market approach.... Management discussed evolving Airo into an "agentic operating system for small businesses brought to life on Airo.ai," which currently has "25 agents live". Additionally, GoDaddy introduced a "streamlined purchase experience for new domain customers" and a promotional price for .com domains with a 1-year term, successfully increasing new customer volume. Internally, "AI tools are now generating the majority of our code".

In product and partnership announcements, GoDaddy launched an integration between "MuleSoft, Agentic Fabric and GoDaddy ANS" to validate its framework and extend Agent Name Service into enterprise-grade workflows. Looking ahead to full year 2026, management expects "total revenue to be within a range of $5.19 billion to $5.27 billion" and to drive "free cash flow of approximately 1.8 billion".  For Q1 2026, the company expects total revenue of "1.25 billion to $1.27 billion".

Executives indicated that fourth quarter results aligned with expectations, impacted by ongoing consumer uncertainty, housing pressures, and a lack of storm activity in the third quarter, though January storms provided a sales benefit. The company noted growth in its Pro ecosystem and "interconnected shopping experience," driven by new capabilities such as "real-time delivery tracking for big and bulky deliveries" and an "AI takeoff scheme" that allows Pros to quickly build project lists. Strategic acquisitions were also a focus, with management highlighting that SRS delivered organic sales growth and expanded market share, while integration with GMS is actively creating revenue synergies.

Looking ahead to fiscal 2026, management anticipates that broader housing and economic pressures will persist, citing historical lows in housing turnover and no immediate catalyst for an inflection in activity. The company expects fiscal 2026 total sales growth of approximately 2.5% to 4.5% and comparable sales growth between flat to 2%. Adjusted diluted earnings per share are projected to grow approximately flat to 4%, and the company plans to open approximately 15 new stores and 40 to 50 new SRS locations during the year. 

Throughout 2025, subscribers on the platform grew to over 2.5 million, with approximately 65% utilizing a personalized treatment. Management highlighted the company's evolution toward "proactive and preventative care" by bringing new offerings to market. Within a 90-day span, Hims & Hers launched a new Labs offering as well as hormone therapies supporting low testosterone, menopause, and perimenopause. The company also expanded its international presence through the acquisitions of ZAVA and Livewell, serving consumers in markets including the U.K., Germany, and Canada.

Looking ahead, management announced an agreement to acquire Eucalyptus, a global health innovator, for up to $1.15 billion in total consideration to expand into Australia and Japan. For the first quarter of 2026, Hims & Hers is anticipating revenue in the range of $600 million to $625 million and adjusted EBITDA between $35 million to $55 million. For the full year 2026, the company expects revenue between $2.7 billion to $2.9 billion and adjusted EBITDA between $300 million and $375 million, which excludes the pending Eucalyptus transaction.

Key business updates included that "eCommerce sales were strong across markets, with growth up 24%" for the quarter. In Walmart U.S., "eCommerce sales grew 27%, with 35% of store-fulfilled orders delivered in under 3 hours". Management also observed that "Our advertising businesses globally increased 37%" and "Consolidated membership income increased more than 15%". The company noted "share gains in GM, and in fashion".

On the product and partnership front, management discussed "enhancing our shopping assistance, like Sparky, and building new experiences with partners like OpenAI and Alphabet that are shaping the future of agentic commerce". Customers engaging with Sparky saw "an average order value that's about 35% higher". The Board also "authorized a $30 billion share repurchase program, our largest to date".

For the full year, forward guidance states "constant currency sales are expected to grow between 3.5% and 4.5%" and "operating income is expected to grow between 6% and 8%, with EPS in the range of $2.75 to $2.85". For Q1, expectations are for "constant currency growth in sales of 3.5% to 4.5% and operating income of 4% to 6%, with EPS of $0.63 to $0.65"

Management provided several business updates, noting that "All business segments delivered higher net sales year-over-year with both Small Ag and Turf and Construction Forestry top line growing by over 20%". Executives stated that "results for the quarter exceeded our forecast" and observed that "order books continue to grow".

In terms of forward guidance, management noted, "For fiscal year '26. Our updated outlook for net income is now between $4.5 billion and $5 billion". Additionally, for the full year, "projections for cash flow from the equipment operations increased by $500 million at both ends of our range and is now expected to be between $4.5 billion and $5.5 billion". The guidance for the year also "incorporates an effective tax rate between 25% and 27%".

On the product and partnership front, the company stated, "yesterday, we completed the acquisition of Tenna". Management also announced, "we are excited to announce our new Deere Design 2010 class excavators at the upcoming ConExpo Show in Las Vegas", adding that the event "will feature 24 product launches".

Key business updates included the fact that the company "closed both the CyberArk and Chronosphere acquisitions". Management highlighted that "in Q2, we delivered approximately 110 net new platformizations". Additionally, the "SASE business continued to go from stand to stand, surpassing the $1.5 billion ARR milestone". In the realm of AI security, "Prisma AIRS... is scaling rapidly with over 100 customers ending Q2".

Regarding forward guidance, for "fiscal third quarter 2026," management expects "revenue to be in the range of $2.941 billion to $2.945 billion" and "diluted non-GAAP EPS to be in the range of $0.78 to $0.80". For "fiscal year 2026," the company projects "revenue to be in the range of $11.28 billion to $11.31 billion" and "diluted non-GAAP EPS to be in the range of $3.65 to $3.70 per share".

On the product front, executives announced their "intent to acquire Koi, a pioneer in securing the next major inflection point in security, the agentic endpoint". Management also discussed "Gen 5 firewalls" and noted that "Prisma Browser has been adopted by over 1,500 customers"

Business updates highlighted growth across segments, with "strong double-digit revenue growth in 3 business segments" during the quarter. Management reported that "Fitness revenue increased 33% to $2.36 billion" for the year, driven by "wearables as we continue to benefit from both market share gains and market growth". In the Auto OEM segment, the company announced a program with "Mercedes-Benz" that "will broadly apply across their portfolio of passenger car models". Additionally, the Aviation segment saw the "Garmin G5000H cockpit system" selected for the "Brazilian Air Force UH-60 Black Hawk helicopter".

Looking ahead to 2026, Garmin anticipates "revenue to increase approximately 9% to $7.9 billion" and expects "operating income to exceed $2 billion for the first time". The company also provided guidance for "pro forma earnings per share approximately $9.35". Management addressed supply chain concerns, noting that their guidance considers "recent cost pressures on memory components".

Business updates focused on four "generational growth drivers," including the Cardiac Ablation Solutions business where "PFA grew nearly 200% worldwide". Management highlighted that the "Hugo robot received FDA clearance for urologic surgical procedures," and they "completed our first cases at Cleveland Clinic". In Neuroscience, the company "secured FDA clearance for our Stealth AXiS Surgical System," describing it as a "new transformative platform that unifies AI-powered planning, robotics and navigation".

Looking ahead, Medtronic is "reiterating fiscal '26 organic revenue growth guidance of approximately 5.5%". The company is "maintaining our fiscal '26 EPS guidance in the range of $5.62 to $5.66" and maintains their "expectation for high single-digit EPS growth in fiscal year '27"

Key business updates included the sanctioning of "over $14 billion of capital in 2025" and placing "CAD 5 billion of assets into service" during the past year. The company's "growth backlog has grown 35%" since the previous Investor Day. Operational highlights included the Mainline transporting "approximately 3.1 million barrels per day on average" and the "sanctioning of Bay Runner," an extension of the Whistler pipeline.

Management reaffirmed 2026 guidance, stating confidence in achieving "full-year EBIT expectations between CAD 20.2 billion and CAD 20.8 billion" and "DCF of between 570 and 610 per share". The company also noted it expects to "achieve 5% growth through the end of the decade".

Notable announcements included a partnership with "Meta Inc" to sanction "Cowboy Phase One and Easter Wind," which will supply "over 500 MW of renewable power to support data center operations". Additionally, the company announced the "first phase of Sequoia Solar entered service in December"

Key business updates included the performance of "Tier One assets," with the company stating they "produced 21 million pounds on a consolidated basis in 2025." Management highlighted that "contracting activity increased late in the year" and they ended 2025 with "approximately 230 million pounds committed under long-term contracts." Additionally, the "fuel services segment delivered another strong year," achieving "record UF6 production at Port Hope." The company also discussed a "strategic partnership" with Brookfield, Westinghouse, and the U.S. government "backed by at least $80 billion in planned investment."

Looking ahead to 2026, Cameco expects "to produce between 19.5 million and 21.5 million pounds of uranium" and "deliver between 29 and 32 millions pounds of uranium." The "average realized price" is projected to be "between CAD 85 and CAD 89." For the Westinghouse segment, the outlook for their share of "adjusted EBITDA... is approximately 370million−430 million." Management cautioned that "while we do not expect comparable distributions in 2026" regarding Westinghouse, the outlook "remains strong."

Business updates highlighted that "mNEXSPIKE captured 24% of the total US retail market" during its launch. The company announced a "5-year strategic agreement with the government of Mexico" and an "agreement with Recordati for the global commercialization of our propionic acidemia". However, executives expressed "disappointment to the FDA refusal to file letter on our flu program, mRNA-1010", noting that "regulatory uncertainty threatens U.S. leadership in innovative medicines".

Looking forward, the company expects "total revenue growth of up to 10% in 2026". Expense guidance anticipates "R&D expenses are anticipated to be approximately $3 billion" and "SG&A expenses are expected to be approximately $1 billion". On the pipeline front, the "phase 3 norovirus program is now fully enrolled", and the "adjuvant melanoma study is one that we are confident will read out this year"

Key business updates focused on "Project Y," an internal innovation model designed to "Make it easier to find and book a home on Airbnb". Management highlighted the success of "Reserve Now, Pay Later," noting that "guests in the U.S. could book eligible stays paying $0 upfront". Additionally, "Guest Favorites" made up "nearly half of all bookings" in Q4. The company also noted that "Brazil moved from a top ten market to a top five market".

Looking ahead, Airbnb expects Q1 revenue to be "2.59billion−2.63 billion". For the full year 2026, management expects "revenue growth to accelerate to at least low double digits" and "adjusted EBITDA margin to be stable year-over-year". The company also mentioned preparing supply for the "2026 FIFA World Cup" and continuing to roll out a custom "AI agent" that is "resolving a third of the support issues without needing a live specialist"

Business updates focused heavily on the upcoming launch of the R2 platform. CEO RJ Scaringe stated, "we are months away from starting customer deliveries of R2," describing it as "an extension of the experience we delivered in R1... but in a smaller form factor and importantly, at an attractive lower price point". The company noted that in Q4 2025, "the R1S was the best-selling premium electric vehicle priced above $70,000 in California, New York, New Jersey, Oregon, Virginia and Washington, D.C.". Additionally, Rivian highlighted progress with the Volkswagen Group, noting they have "delivered vehicles for winter testing for multiple Volkswagen Group brands".

Looking ahead, Rivian provided guidance for 2026, expecting "to deliver between 62,000 and 67,000 total vehicles across R1, R2 and our commercial vans". Management forecasts a 2026 "adjusted EBITDA loss of between $2.1 billion and $1.8 billion" and expects "capital expenditures of $1.95 billion to $2.05 billion". The company plans to provide "additional product, pricing and lineup details on March 12" regarding the R2.

Management highlighted key business updates, noting they "launched the Everything Exchange in Q4" and that "Base set a new transaction all-time high". They also stated that "subscription and services revenue hit all-time highs" and the company now has "12 products doing over $100 million in annualized revenue". Additionally, Coinbase "repurchased $1.7 billion of our common stock".

Looking ahead, management provided guidance for the first quarter of 2026. They "expect subscription and services revenue to be in the range of 550million−630 million". On the expense side, they "expect technology and development, plus general and administrative expenses to be flat quarter-over-quarter" in the "range of 925million−975 million", and "sales and marketing expenses to be flat to down" in the "range of 215million−315 million"

Key business updates included the fact that the company "returned Vrbo and Hotels.com to growth" and "grew B2B bookings by 24%". CEO Ariane Gorin noted product improvements, stating "our sites and apps are 30% faster than they were a year ago". Additionally, the company announced an "intent to acquire Tickets" to broaden activities for partners and declared that the "quarterly dividend raised by 20% to $0.48 per share".

Looking ahead, management provided guidance for the first quarter of 2026, expecting "revenue of 11% to 13%". For the "full year," the company expects "revenue of 6% to 9%". CFO Scott Schenkel noted that "full-year margins to expand by 100 to 125 basis points" in 2026.

Management highlighted the "acquisition of TV Scientific" to monetize "off-platform supply" and the beta launch of "Pinterest Assistant", a "voice-activated, visual-first conversational assistant". Despite these advances, CEO Bill Ready noted they are "not satisfied with our Q4 revenue performance", citing an "exogenous shock this year related to tariffs" which disproportionately affected "ad spend from our top retail advertisers". The company is executing a "sales and go-to-market transformation" to broaden its revenue mix, specifically targeting "mid-market, SMB, and international advertisers".

For forward guidance, Pinterest expects "Q1 revenue to be in the range of $951,000,000 to $971,000,000" and "adjusted EBITDA to be in the range of $166,000,000 to $186,000,000". For the full year 2026, the company expects "adjusted EBITDA margin to be roughly in line with 2025 at approximately 30%" excluding the impact of the TV Scientific acquisition, or "29%" on a combined basis. CFO Julia Donnelly noted that the sales transformation "may cause some near-term disruption" which is "factored into our guidance".

Management provided updates on brand performance, stating that "International revenues... grew double digits" and "Direct-to-consumer was over half of our enterprise revenue." However, the "Hey Dude brand" saw revenue "down 14%," and "North America was down 7%." To address this, executives mentioned they "accelerated returns and markdown allowances" and "pulled back on unproductive performance marketing" to clean up the channel.

Looking forward, the company released guidance for 2026, expecting "enterprise revenue growth to be in the range of up slightly to down 1%" and "adjusted diluted earnings per share to be in the range of 12.88−13.35." On the product front, management announced a "multiyear global partnership with LEGO" and highlighted the success of the "launch of Stranger Things" collaboration.

Management provided updates on strategic actions, including the "difficult but necessary decision to idle operations at our Kemerton lithium hydroxide plant" to "improve financial flexibility." Additionally, Albemarle closed the "sale of our stake in the Eurocat joint venture" and expects to close the "sale of a majority stake of Ketjen" in the first quarter, which together are "expected to generate approximately $660 million in pretax proceeds."

Looking ahead, the company introduced "2026 global lithium demand expectations of 1.8-2.2 million tons, up 15%-40% year-over-year." Albemarle is "targeting an additional 100million−150 million in cost and productivity improvements in 2026" and sees the "potential for meaningful, positive free cash flow at current lithium pricing."

In terms of business updates, the company "added 9,800 net new customers in Q4", reaching "more than 288,000 customers globally". Executive Yamini Rangan highlighted upmarket momentum, noting that "Deals over $5,000 in monthly recurring revenue grew 33%, and deals over $10,000 grew 41%". Regarding AI adoption, Rangan stated that "Customer Agent" was "activated by over 8,000 customers" and "Prospecting Agent" was "activated by over 10,000 customers".

Looking ahead, the company provided guidance for the full year 2026, with CFO Kathryn A. Bueker stating "total as-reported revenue is expected to be in the range of $3,690,000,000 to $3,700,000,000". Additionally, the "board of directors have authorized a share repurchase program of up to $1,000,000,000". Bueker also noted they "expect full year 2026 net new ARR growth to outpace constant currency revenue growth".

Management highlighted that "B2B business outperformed DTC during the quarter," with B2B up "24% in constant currency while DTC was up 12%". In terms of products, "closed-toe share of revenue reached close to 60% of revenue". The company also "added nine new stores, ending the quarter with 106 stores" and noted that their "membership program... is up over 20% year over year".

Looking ahead, the company expects "revenue growth of 10% to 12% to €2.30-€2.35 billion" for the full year. They project "Adjusted gross margin of 57% to 57.5%" and "adjusted EBITDA margin of 30% to 30.5%". Management also announced they "intend to repurchase shares for total consideration of €200 million during fiscal 2026".

We analyze Shopify's aggressive pivot from logistics to "Agentic Commerce," a strategy designed to let AI agents discover and negotiate purchases autonomously. Listeners will learn about the newly launched Universal Commerce Protocol (UCP), co-developed with Google, which serves as the infrastructure for AI shopping across the internet. We also examine the concept of the "commerce sound barrier," where Shopify aims to provide uncapped reach and resources to entrepreneurs, potentially birthing more billion-dollar brands in the next decade than in the last century.

Key topics include:

• The "New Normal": Revisiting CEO Tobi Lütke’s 2015 prediction and how 2026 marks the realization of Shopify as the only platform needed to build an empire.

• Agentic Commerce & UCP: How Shopify is syndicating billions of products to major AI platforms like ChatGPT and Gemini, facilitating a 15x increase in orders from AI search.

• Operational Intelligence: The evolution of the AI assistant "Sidekick" into a proactive "co-founder" capable of generating tasks, apps, and automations for merchants.

• Financial Powerhouse: A look at Shopify's "Rule of 40" status, with strong growth in International markets (up 36%), B2B GMV (up 96%), and Offline retail.

• The Analyst View: Understanding the "AI Reality Gap" and how the market is weighing the transition from a logistics-heavy model to a high-margin software/fintech hybrid.

The Bull Case (The Optimist):

• The AI Money is Real: "Now Assist" ACV hit $600 million, doubling year-over-year.

• Cash Machine: Free Cash Flow margin spiked to a staggering 57% in Q4.

• Growth Acceleration: Subscription revenue up 21% to $3.47 billion, beating the high end of guidance.

• The Vision: The "AI Control Tower" strategy is consolidating the enterprise stack, with huge wins like a 7-figure deal replacing a legacy CRM competitor.

The Bear Case (The Cynic):

• The M&A Spree: If organic growth is the "fastest in history", why did they need to buy Moveworks, VESA, and Armis in such rapid succession?

• The "One-Time" Margin Spike: That 57% FCF margin looks great, but management admits it was driven by collection timing.

• Language Games: Management is talking about "hybrid pricing" and "assist packs"—is this flexibility or just a way to hide seat compression?

• The "Tippy Toes" Defense: When the CEO has to explicitly tell investors "we do not have large-scale M&A on the roadmap" to stop the stock from dropping, the market is nervous.

Join us as we decode the difference between "technically true" and "business reality," translate McDermott’s poetic metaphors into plain English, and decide if ServiceNow is truly the "AI defining software of the 21st century" or just the loudest voice in the room.

Key topics covered in this episode:

• The Financials: How Datadog maintains "Rule of 40" status with 29% revenue growth and a 31% Free Cash Flow margin.

• The "AI Actionability" Pivot: We analyze CEO Olivier Pomel’s strategy to shift from merely observing problems to using "Bits AI" agents to fix them. We also explain the two buckets of AI growth: "AI for Datadog" (internal features like the AI SRE agent) and "Datadog for AI" (observability for customers' LLM stacks).

• Platform Stickiness: The "Platformization Scorecard" shows that 18% of customers now use 8+ products, the highest margin and stickiest segment for the company.

• The Bear vs. Bull Debate: Is AI cannibalizing software seats, or creating more complexity? Management argues that the rise of agents creates more systems to monitor, not fewer.

• 2026 Outlook: A look at the conservative guidance of $4.1 billion in revenue for 2026 and why analysts watch the "remaining performance obligations" (RPO) growth of 52% as a leading indicator of future re-acceleration.