The Transcript

This is all you need for a complete coverage of the Q4 25 earnings season Link: thetranscript.substack.com/subscribe

$UAL CEO: "Our plans assume oil goes to $175/barrel and doesn’t get back down to $100/barrel until the end of 2027. Honestly, I think there’s a good chance it won’t be that bad, but as you’ll read below, there isn’t much downside for us to preparing for that outcome"

Powell: "Ultimately, each of us will want to look back at the arc of our lives and know that we did what was the right thing. As Paul Volcker showed throughout his career, in the end, our integrity is all we have" federalreserve.gov/newsevents/spe…

Enjoyed this? Subscribe to our weekly newsletter here to get key quotes from earnings calls on Email: thetranscript.substack.com/subscribe

$KMI Kinder Morgan CFO: "We are one of the largest energy infrastructure companies in the world, and we are the largest in the S&P 500. We move about 40% of all of the natural gas molecules that are produced in the U.S. on a daily basis..We own close to 80,000 miles of pipeline, nearly most of that is natural gas… and you can see on the left-hand side of the slide here, 67% of our cash flows come from our natural gas transportation and storage business."

$PYPL CFO: New CEO Enrique Lores is expected to focus on operational discipline. “He’s going to bring faster decision-making, greater prioritization, and stronger execution discipline.”

$AVPT CEO last month: AI lowers coding barriers but increases demand for enterprise data infrastructure "Of course, you know, software, we think isn't dead. It's really, you know, there's gonna be far more software to be written. The ability to write software and costs have come down and become easier. There are a lot more niche areas that can now serve by software. We think there's an infinite amount of software to be written. AI can definitely lower the barrier to entry. For critical enterprise scale data management, you actually need more rigorous approach to this infrastructure for AI, and that's the layer we play in. We enable high quality data to give you better AI-driven outcome. This isn't gonna change. We are seeing tremendous demand and no sign of slowing."

$UAL CEO: United tactically cuts ~5% capacity in Q2–Q3 to offset fuel costs “We are canceling about 3 points of flying in off peak periods… we’ve pulled TLV and DXB service… about 5 points of this year’s planned capacity in the short term.”

$SPG Simon Property Group COO: "From a physical retail perspective, nobody is looking at it and saying, well, I'm going to replace my physical stores with an AI agent and with my e-commerce only."

$AAPL

Trump to the Straight of Hormuz:

$MS analyst while talking to $DELL CFO: "Again, I look across my coverage, nobody is doing what you're doing in terms of AI servers. So where does the secret sauce come from for you guys?"

$PYPL CFO: Venmo monetization continues to accelerate. "We had Venmo better monetizing, growing at 20%. We also reaccelerated our processing business margin as well."

$HOOD CFO: "About 75% of our customer service tickets are now answered through AI."

Planet Labs CEO: "We delivered record revenue, with Q4 growing 41% Y/Y, and ended the year with $900M of backlog, representing 79% growth Y/Y. With this excellent backlog as well as our healthy pipeline, we project strong growth for this year and beyond." $PL: +15% AH

FedEx double beat + raises full-year guidance CEO: "...another quarter of strong financial results." $FDX: +9% AH

Micron CEO: "The step-up in our results and outlook are the outcome of an increase in memory demand driven by AI, structural supply constraints and Micron’s strong execution across the board" $MU

$PNC PNC Financial Services Group EVP on their data center lending book: "We do some data center lending. It's a relatively small part of our book. We've got about $2 billion or so of exposure to the large data center companies."

$NFLX CFO: "M&A as part of that, again, it's a tactic to accelerate our strategy. In the case of Warner Bros., it just happened to be an opportunity. It's rare to have an opportunity to have studio and IP assets at that scale that aren't attached to a lot of other legacy businesses that are not attractive to us. And we've been really clear, we don't have an interest in buying legacy linear assets and managing through that transition. So we'll continue to kind of stay focused on what are those opportunities, strategic accelerators, but again, no change to our focus."

$DELL CFO on their strong FY2027 growth guide driven by AI infrastructure demand with >20% revenue growth: "Look, we're coming off what was a record year for our company, highest revenue, highest EPS that we've had. And we want to make that all news, and we're guiding to make FY '27 the best ever"