Brian Nelson

Enterprise Products Partners Posts Record Fourth Quarter

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Image Source: TradingView By Brian Nelson, CFA Enterprise Products Partners (EPD) recently reported fourth quarter results that came in better than expected on both the top and bottom lines. In the fourth quarter, Enterprise reported net income attributable to common unitholders of $1.6 billion, similar to levels in the same period a year ago. On a fully diluted basis, net income was $0.75 per common unit for the fourth quarter of 2025, compared to $0.74 per common unit in last year’s period. Operational DCF was $2.2 billion for the fourth quarters of 2025 and 2024, the most recent measure providing 1.8 times coverage of the distribution. Enterprise retained $1.0 billion of DCF and repurchased $50 million of its common units … Read more

Dick’s Sporting Goods Raises Dividend

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Image Source: TradingView By Brian Nelson, CFA Dick’s Sporting Goods (DKS) recently reported fourth quarter results that beat expectations on both the top and bottom lines. During the quarter, net sales increased 59.9% as it folded in its Foot Locker business, while consolidated non-GAAP earnings per diluted share came in at $3.45, down 5% from the year-ago period. Comparable sales for its Dick’s business was 3.1% in the quarter, while its operating margin advanced 88 basis points. Net income from its Dick’s business increased 10% in the quarter, while non-GAAP diluted earnings per share increased 12%. Management had the following to say about the results: 2025 was another strong year for the DICK’S Business, with growth in comps and EPS … Read more

Vertex’s Pipeline Continues to Advance

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Image Source: TradingView By Brian Nelson, CFA Vertex Pharmaceuticals (VRTX) recently reported mixed fourth quarter 2025 results with revenue exceeding the consensus forecast, but non-GAAP earnings per share of $5.03 coming in a bit light relative to consensus. Total revenue increased 10% in the quarter, to $3.19 billion compared to the fourth quarter of 2024 thanks to “continued performance of cystic fibrosis (CF) therapies and additional growth from diversification into additional disease areas.” In the U.S., total revenue increased 12%, while total revenue increased 5% outside the U.S. GAAP and non-GAAP net income were $1.2 billion and $1.3 billion, respectively, compared to $913 million and $1.0 billion, respectively, for the fourth quarter of 2024. Management had the following to say … Read more

Oracle Posts Best Quarterly Results in 15 Years

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Image Source: TradingView By Brian Nelson, CFA On March 10, Oracle (ORCL) reported better than expected third quarter fiscal 2026 results with revenue and non-GAAP earnings per share exceeding the consensus estimates. Third quarter total revenue of $17.2 billion was up 22% in USD and up 18% in constant currency and better than consensus of $16.9 billion in revenue. Non-GAAP earnings per share increased 21%, to $1.79, in the quarter, better than consensus of $1.70. “This third quarter was the first quarter in over 15 years where organic total revenue and non-GAAP earnings per share both grew at 20% or more in USD.” Third quarter cloud revenue (IaaS plus SaaS) was $8.9 billion, up 44% in USD and up 41% … Read more

Nvidia Posts Blockbuster Fiscal 2026 Results

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Image Source: TradingView By Brian Nelson, CFA Nvidia (NVDA) recently announced fourth quarter fiscal 2026 results with revenue and non-GAAP earnings per share exceeding the respective consensus forecasts. The company posted record revenue for the fourth quarter of $68.1 billion, up 20% sequentially and up 73% from the year-ago period. Data Center revenue in the quarter was $62.3 billion, up 22% sequentially and up 75% from the same period a year ago. For the quarter, GAAP and non-GAAP gross margins were 75.0% and 75.2%, respectively, while GAAP and non-GAAP earnings per share were $1.76 and $1.62, respectively. Management had the following to say about the results: Computing demand is growing exponentially — the agentic AI inflection point has arrived. Grace … Read more

Public Storage Boasts Investment Grade Marks

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Image Source: TradingView By Brian Nelson, CFA Public Storage (PSA) recently reported better than expected fourth quarter results with revenue and funds from operations (FFO) exceeding the consensus forecast. Net income fell compared to the same period a year ago, but core FFO increased to $4.26 versus $4.21 in the year-ago period. Among the highlights in the quarter, the company achieved positive same store revenue growth in 56% of its markets, increasing from 49% during the fourth quarter of 2024. It achieved a 78.4% same store net operating income margin, while it acquired 13 self-storage facilities with 0.9 million net rentable square feet for $131 million. Public Storage delivered new developments and completed expansion projects, adding 1.0 million net rentable … Read more

Home Depot Navigating Housing Pressures

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Image Source: TradingView By Brian Nelson, CFA Home Depot (HD) recently reported better than expected fourth quarter results with both the top and bottom lines exceeding the consensus forecast. Sales for the fourth quarter fell 3.8% from the fourth quarter of last year due to one less week of selling compared to last year, while comparable sales increased 0.4% and comparable sales in the U.S. increased 0.3%. Comparable customer transactions fell 1.6%, while comparable average ticket increased 2.4%. Net earnings for the fourth quarter came in at $2.6 billion, compared with net earnings of $3.0 billion, again impacted by the one less selling week in the fourth quarter of 2025. Adjusted diluted earnings per share were $2.72 in the fourth … Read more

Booking Holdings Hit By AI “Scare Trade”

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Image Source: TradingView By Brian Nelson, CFA On February 18, Booking Holdings (BKNG) reported better than expected fourth quarter results with both revenue and non-GAAP earnings per share exceeding the consensus marks. Room nights grew 9% in the quarter compared to 2024, while gross bookings advanced 16% on a year-over-year basis (11% on a constant currency basis). Total revenue grew 16% in the quarter, or roughly 11% on a constant currency basis. Adjusted earnings per share came in at $48.80, up 17% year-over-year, while adjusted EBITDA came in at $2.2 billion, up 19%. Management had the following to say about the results: We are pleased to report strong results for 2025, delivering double-digit revenue growth, expanding Adjusted EBITDA margin by … Read more

Energy Transfer Raises 2026 Adjusted EBITDA Guidance

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Image Source: TradingView By Brian Nelson, CFA On February 17, Energy Transfer (ET) reported mixed fourth quarter results with revenue beating expectations, but GAAP earnings missing the consensus forecast. Net income for the three months ended December 31, 2025, was $928 million, down from $1.08 billion for the same period last year. Adjusted EBITDA for the quarter was $4.18 billion, however, up 8% from the year-ago period. Distributable cash flow for the quarter was $2.04 billion compared to $1.98 billion for the same period last year. Growth capital spending in the fourth quarter was $1.4 billion, while maintenance capital spending was $355 million. Energy Transfer’s volumes continued to expand in the fourth quarter. NGL and refined product terminals volumes were … Read more

Republic Services Continues to Price in Excess of Cost Inflation

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Image Source: TradingView By Brian Nelson, CFA On February 17, Republic Services (RSG) reported fourth quarter results that were mixed with non-GAAP earnings per share coming in better than expected but revenue coming in a bit light relative to forecasts. Total revenue growth in the quarter was 2.2% thanks to 2.9% organic growth from its recycling and waste business, 1.3% growth from acquisitions, and a 2% organic decline from its environmental solutions business. Core price on total revenue increased by 5.8%. Volume decreased total revenue by 1%. Adjusted EBITDA was $1.3 billion or 31.3% of revenue, an increase of 30 basis points from the same period a year ago. Quarterly net income was $545 million on a margin of 13.2%, … Read more