Operator

Good afternoon. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fastly Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Vern Essi, Investor Relations at Fastly. Please go ahead.

Vernon Essi
Head of IR

Thank you, and welcome, everyone, to our fourth quarter 2025 earnings conference call. We have Fastly’s CEO, Kip Compton, and CFO, Rich Wong with us today. The webcast of this call can be accessed through our website, fastly.com will be archived for 1 year. Also, a replay will be available by dialing (800) 770-2030 and referencing conference ID number 7543239, shortly after the conclusion of today’s call. A copy of today’s earnings press release, related financial tables and supplements, all of which are furnished in our 8-K filing today, can be found in the Investor Relations portion of Fastly’s website along with the investor presentation.

During this call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, product sales, strategy, long-term growth and overall future prospects. These statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ

ET Intelligence Group: In a quarter affected by the labour code changes, which pulled down the operating profitability of companies by 200-300 basis points, select consumer facing sectors fared better amid festive demand and GST rate cuts. A sectorwise review of the December quarter results season so far reveals that select companies from automobiles, banking and finance, cement, and pharma companies reported buoyant performance. In the coming quarters, trend in rural demand, progress on the US tariff related measures and raw material prices will be crucial factors to watch for.

Automobiles

Hits: GST rate cuts boosted sales volume for the sector. Maruti Suzuki India reported industry beating 22% year-on-year jump in the domestic passenger vehicles volume. Tata Motors expanded domestic passenger vehicles (PV) market share to 13.8% from 12.8 in the previous quarter.

Misses: High input costs including copper and aluminium prices affected profit margins of companies. Tata Motors reported consolidated net loss amid weaker performance of the UK subsidiary.

Outlook: Two-wheeler demand has remained firm in the first half of the March quarter driven by marriage season and rural offtake. Tractor sales, too, have remained strong. However, the traction seen in the entry-level small cars after the GST rate cut seems to be ebbing gradually. In addition, discounts have remained elevated for electric vehicles. New model launches hold key to top line growth.

Revenue change (YoY): -12%
Net profit change (YoY): -56.2%
Banking
Hits: Stress pertaining to unsecured loans is waning gradually thereby helping to lift overall asset quality.

Misses: While net interest margin (NIM) showed modest sequential improvement, year-on-year weakness persisted amid slower reset in the case of deposit rates as banks continued to scramble for retail deposits. Also, microfinance related issues persisted as visible from subdued performance of banks having exposure to this segment.

Outlook: Corporate loan demand is picking up once again, driven by rising investments in the green energy and datacentre segments. In addition, demand from housing, micro, small, and medium enterprises (MSME), and reviving momentum in personal, unsecured loans is expected to keep loan growth in double digits for FY27 amid stable asset quality.

Revenue change (YoY): 3.5%

Net profit change (YoY): 9.1%

Cement
Hits: Cement sales volume growth remained in double digits driving the aggregate revenue growth also in double digits year-on-year. Ultratech posted strong growth of around 35% on-year in operating profit before depreciation and amortisation (Ebitda) unlike some peers, driven by strong volume growth and cost optimisation.

Misses: Elevated input costs amid weak pricing affected profit per tonne of some of the top companies. Ambuja Cement and ACC reported lower profits and profitability,

Outlook: Continued focus on capacity enhancement by cement companies amid the government’s rising thrust on infrastructure development augurs well for future growth potential. Also, initiatives taken up by companies to improve process efficiency is likely to support profitability in the medium and long term.

Revenue change (YoY): 14.8%

Net profit change (YoY): 51.1%

Consumer
Hits: Marico, Dabur India and Emami posted 3-9% year-on-year volume growth in the December quarter amid firm rural demand despite inventory disruption in October due to GST rate cuts. Also, tighter cost management and selective price increase helped Dabur and Emami to post 31-34% operating margin

Misses: Marico posted 240 basis point drop in operating profitability to 16.7% year-on-year, affected by higher input costs.

Outlook: A volume led growth is expected in FY27 amid moderating raw material inflation. Dabur India expects to return to 20% operating profitability compared with 18-19% over the past three years. For ITC, cigarette volumes are likely to suffer due to higher taxes; growth in non-tobacco segments will be in focus.

Revenue change (YoY): 13.6%

Net profit change (YoY): 6.9%

Information Technology
Hits: Top companies reported better than expected revenue and profit figures for a historically weak quarter due to holidays. HCLTech reported nine-quarter high new order bookings worth $3,005 million. HCLTech and Infosys raised revenue guidance marginally for FY26

Misses: The scenario for conventional projects remains cloudy amid heightened geopolitical and international trade related uncertainties.

Outlook: Companies are increasing collaborations with global technology partners to address the changing nature of client offerings. The 20-year tax holiday for datacentre business is likely to drive more investments in this segment.

Revenue change (YoY): 9.3%

Net profit change (YoY): -7.5%

Oil and gas
Hits: The consolidated Ebitda margin of Reliance Industries (RIL) crossed double digits for the first time in seven quarters amid strong performance from oil-to-chemicals (O2C) division amid higher realisation and domestic sales of fuel products.

Misses: RIL’s retail segment reported weakness due to a shift in festive season compared with the prior year. HPCL’s Mumbai refinery faced crude contamination issue in October, which pulled down the overall refining margin and affected the company’s profitability

Outlook: RIL’s telecom segment is likely to deliver strong performance. Analysts have reduced earnings forecast of GAIL for FY26-28 citing lower marketing margins and weakness in the petrochemicals segment.

Revenue change (YoY): 6.7%

Net profit change (YoY): 48.3%

Pharma
Hits: Sun Pharmaceuticals reported multi-quarter high Ebitda margin for the December quarter, aided by buoyant domestic sales. margin expansion and an increase in market share to 8.3% from 8% year-on-year in the Indian market. Aggregate top line growth remained at around 10% year-on-year for the ninth consecutive quarter.

Misses: The US business was under pressure amid decline in Revlimid volume. Cipla has downgraded the Ebitda margin guidance to 21% for FY26 from 22.75-24%.

Outlook: New offerings will be a key factor for domestic pharma companies. Cipla expects four significant respiratory launches by the end of FY27, including generic Advair and two respiratory drugs. For Dr. Reddy’s Laboratories, a portfolio of biosimilars and GLP-1 offerings provides revenue visibility.

Revenue change (YoY): 12.7%

Net profit change (YoY): 0.8%

Follow

Play Earnings CallPlay Earnings Call

Paycom Software, Inc. (PAYC) Q4 2025 Earnings Call February 11, 2026 5:00 PM EST

Company Participants

James Samford – Head of Investor Relations
Chad Richison – Founder, President, CEO & Chairman of the Board
Robert Foster – Chief Financial Officer

Conference Call Participants

Advertisement

Raimo Lenschow – Barclays Bank PLC, Research Division
Samad Samana – Jefferies LLC, Research Division
Mark Marcon – Robert W. Baird & Co. Incorporated, Research Division
Steven Enders – Citigroup Inc., Research Division
Jason Celino – KeyBanc Capital Markets Inc., Research Division
Patrick O’Neill
Daniel Jester – BMO Capital Markets Equity Research
Jared Levine – TD Cowen, Research Division
Kevin McVeigh – UBS Investment Bank, Research Division
Bhavin Shah – Deutsche Bank AG, Research Division
Jacob Cody Smith – Guggenheim Securities, LLC, Research Division
Joshua Reilly – Needham & Company, LLC, Research Division
Sitikantha Panigrahi – Mizuho Securities USA LLC, Research Division
Allan M. Verkhovski – BTIG, LLC, Research Division

Presentation

Operator

Advertisement

Good afternoon. My name is Cameron, and I will be your conference operator today. At this time, I would like to welcome everyone to Paycom’s Fourth Quarter and Year-end 2025 Financial Results Conference Call. [Operator Instructions] I will now turn the call over to James Samford, Head of Investor Relations. You may begin.

James Samford
Head of Investor Relations

Thank you, and welcome to Paycom’s Earnings Conference Call for the fourth quarter of 2025. Certain statements made on this call that are not historical facts, including those related to our future plans, objectives and expected performance, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Advertisement

These forward-looking statements represent our outlook only as of the date of this conference call. While we believe any forward-looking statements made on this call are reasonable, actual results may differ materially because the statements are based on our current expectations and subject to risks and uncertainties.

Follow

Play Earnings CallPlay Earnings Call

QuidelOrtho Corporation (QDEL) Q4 2025 Earnings Call February 11, 2026 5:00 PM EST

Company Participants

Juliet Cunningham – Vice President of Investor Relations
Brian Blaser – President, CEO & Director
Jonathan Siegrist – Executive VP of Research & Development and CTO
Joseph Busky – Chief Financial Officer

Conference Call Participants

Advertisement

Tycho Peterson – Jefferies LLC, Research Division
Jack Meehan – Nephron Research LLC
Andrew Brackmann – William Blair & Company L.L.C., Research Division
Patrick Donnelly – Citigroup Inc., Research Division
Lu Li – UBS Investment Bank, Research Division
Andrew Cooper – Raymond James & Associates, Inc., Research Division
Casey Woodring – JPMorgan Chase & Co, Research Division
William Bonello – Craig-Hallum Capital Group LLC, Research Division

Presentation

Operator

Advertisement

Good morning or good afternoon. Welcome to the QuidelOrtho Fourth Quarter and Full Year 2025 Financial Results Conference Call and Webcast. [Operator Instructions] Please note this conference call is being recorded. An audio replay of the conference call will be available on the company’s website shortly after this call.

I would now like to turn the call over to Juliet Cunningham, Vice President of Investor Relations. Thank you.

Juliet Cunningham
Vice President of Investor Relations

Advertisement

Thank you. Good afternoon, everyone. Thanks for joining us. With me today are Brian Blaser, President and Chief Executive Officer; Jonathan Siegrist, Chief Technology Officer; and Joe Busky, Chief Financial Officer. This conference call is being simultaneously webcast on the Investor Relations page of our website. To assist in the presentation, we also posted supplemental information on our IR page that will be referenced throughout this call. This conference call and supplemental information contains forward-looking statements, which are made as of today, February 11, 2026. We assume no obligation to update any forward-looking statement, except as required by law.

Statements that are not strictly historical, including the company’s expectations, plans, financial guidance, future performance and prospects are forward-looking statements

Advertisement

Asian equities advanced for a fifth day, stretching their lead over US peers this year as relatively cheap valuations and firmer growth prospects lured buyers. Treasuries extended their losses after stronger US jobs data.

The MSCI Asia Pacific Index rose 0.4% to a record. The gauge is up around 13% so far this year, its best start to the year relative to the S&P 500 this century, as the region’s assets head for another strong year. Japanese shares advanced as markets returned after a holiday.

Treasuries dropped with the yield on the 10-year bond rising to 4.18% as traders pared bets on interest-rate cuts by the Federal Reserve this year following the jobs numbers. The latest data showed 130,000 roles added in January, twice the median forecast, as money markets priced in the Fed’s next cut in July, from June previously.

The moves signaled that for now, strength in the US economy counterbalances the desire for lower borrowing costs, supporting risk sentiment that has itself taken a battering over AI concerns in recent weeks. The next key hurdle for markets is Friday’s US inflation report, which could reinforce the case for keeping rates higher for longer if price pressures fail to ease.

“The report will ease concerns around the consumer,” wrote Krishna Guha at Evercore, referring to US jobs data. “It pours cold water on the idea the Fed could cut rates again before mid-year and will fuel internal debate as to how restrictive policy is and how much slack there is in the labor market.”

The S&P 500 ended Wednesday flat after a bumpy session with real estate services stocks getting hit, while the Nasdaq 100 rose 0.3%. In late hours, Cisco Systems Inc. gave a tepid margin forecast, overshadowing a generally positive outlook fueled by artificial-intelligence gains. McDonald’s Corp.’s US sales grew at the fastest pace in more than two years.
Elsewhere, gold and silver edged lower, while Bitcoin declined to trade around $67,000. The dollar held its losses, benefiting the yen, which touched a two-week high. In commodities, oil rose as tensions in the Middle East outweighed concerns that there’s a supply glut growing. Nickel extended gains after Indonesia signaled a sharp cut to output this year, curbing supply from the world’s biggest mine.

Concerns about rising unemployment that led to three rate cuts late in 2025 — before a pause in January — were likely eased by Wednesday’s data. At last month’s policy meeting, Fed officials had already cited signs of stabilization as a reason to hold rates steady.

US payrolls rose in January by the most in more than a year and the unemployment rate unexpectedly fell, suggesting the labor market continued to stabilize.

Elsewhere, the Canadian dollar was little changed after the Republican-led US House passed legislation aimed at ending President Donald Trump’s tariffs on Canada.

A resurgent yen, runaway Aussie and steadily rising yuan had the dollar under pressure on Thursday and drifting toward a weekly drop, as investor focus turned to the next batch of U.S. labour and inflation data.

A stronger-than-expected U.S. jobs report overnight briefly lifted the greenback. But traders are taking recent signs of U.S. economic resilience as cues for a broader brightening in global growth and are laying bets on Japan as a likely winner.

The ‌yen is up ⁠more ⁠than 2.6% since Prime Minister Sanae Takaichi’s Liberal Democratic Party swept to a landslide victory at Sunday’s election and a mood shift ​seems to be afoot as markets set aside fears about spending to focus on growth.

Against the dollar, the yen ​traded as strong as 152.55 on Wednesday, before steadying slightly below that at 153.05 per dollar on Thursday. The rebound is nascent – since the yen has been declining for years – but it has been big enough ​to turn heads in the market.

“It’s Japan buying,” said Naka Matsuzawa, ⁠chief strategist ‌at Nomura Securities in Tokyo, with the yen – rather than the euro – turning ​into the favoured ​avenue for investing outside the U.S.

“Foreigners are buying both stocks and bonds,” he said.
“With ⁠a stronger government, the market hopes for higher growth.”Yen gains could ​easily accelerate, analysts said, if it broke past resistance around 152 per ​dollar, or even the 200-day moving average at 150.5. It has also made headway against crosses, rising 2% on the euro in two sessions and breaking to the strong side of a 50-day moving average.

Overnight data showed U.S. job growth unexpectedly accelerated in January and the unemployment rate fell to 4.3%. A survey published earlier in the month showed a surprise rebound in U.S. factory activity in January.

Thursday morning moves ‌were fairly small, but the Australian dollar was above 71 cents and creeping back towards a three-year top after the central bank governor said the board would hike rates ​again if inflation ​becomes entrenched.

The euro was ⁠firm at $1.1875, sterling held at $1.3628 and the kiwi at $0.6052.

The other major mover on the dollar in recent weeks has been China’s yuan, which has been a steady gainer on the back of booming exports and hints ​from authorities that China may tolerate a stronger currency.

Corporate demand ahead of the Lunar New Year holiday helped it to a 33-month top of 6.9057 per dollar on Wednesday and in offshore trade on Thursday it was a fraction firmer still at 6.9025.

This week the U.S. dollar index is down 0.8% to 96.852. In terms of potential catalysts, U.S. jobless claims figures are due later on Thursday and January inflation data is due on Friday.