Beta Finch - S&P 100 - EN

**BETA FINCH PODCAST SCRIPT**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we dive deep into the numbers that move markets. I'm Alex, and joining me as always is Jordan. Today we're unpacking NextEra Energy's Q4 2025 earnings call - and folks, this one was packed with ambitious growth targets and some pretty bold strategic moves.

But before we jump in, I need to share an important disclaimer: This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Thanks Alex. So NextEra delivered adjusted earnings per share of $3.71 for the full year - that's over 8% growth from 2024 and actually came in at the top end of their guidance range. But the real story here isn't just the solid quarter, it's the massive growth ambitions they laid out.

**ALEX:** Absolutely. CEO John Ketchum essentially said "America needs more electrons on the grid, and we're the ones to build them." They're targeting 8% plus compound annual growth in adjusted EPS through 2032, and then maintaining that same pace from 2032 to 2035. That's a decade-plus of aggressive growth targets.

**JORDAN:** And they've got the infrastructure spending to back it up. Florida Power & Light alone is planning $90 to $100 billion in capital investments through 2032. That's not a typo - we're talking about massive utility buildout. But what really caught my attention was their "15 by 35" data center strategy.

**ALEX:** Yeah, break that down for our listeners Jordan, because this is where NextEra is really positioning itself for the AI and data center boom.

**JORDAN:** So they want to place 15 gigawatts of new generation into service specifically for data center hubs by 2035. But here's the kicker - Ketchum said he'd be "disappointed" if they don't actually hit 30 gigawatts instead. They currently have 20 potential data center hubs in discussions and want to double that to 40 by year-end.

**ALEX:** The timing couldn't be better. In Florida alone, they've got over 20 gigawatts of large load interest, with advanced discussions on about 9 gigawatts. And get this - they could start serving some of these data centers as soon as 2028. Every gigawatt represents roughly $2 billion in capital expenditure.

**JORDAN:** What I find fascinating is their "bring your own generation" or BYOG strategy. Essentially, they're positioning themselves to build dedicated power infrastructure for hyperscalers like Google, Amazon, and Microsoft. This addresses the big concern about data centers driving up electricity costs for regular consumers.

**ALEX:** Speaking of Google, there was an interesting question about Google's acquisition of Intersect Power, a renewable developer. Some analysts were worried this could hurt NextEra's partnership with Google.

**JORDAN:** But Ketchum wasn't concerned at all. He made a compelling case that NextEra's advantages are hard to replicate - they've got solar panels secured through 2029, battery storage supply locked up, permits across multiple states, and experience building everything from wind and solar to nuclear and gas plants. A smaller developer like Intersect just can't match that scale.

**ALEX:** The nuclear story is particularly intriguing. They're moving ahead with recommissioning the Duane Arnold plant in Iowa thanks to that 25-year Google power purchase agreement. But they're also evaluating small modular reactors, or SMRs, with 6 gigawatts of potential co-location opportunities at existing nuclear sites.

**JORDAN:** Though they're being smart about nuclear - any new build would need "appropriate risk-sharing mechanisms" to limit their exposure. They've narrowed down from 96 potential SMR partners to about 12 they're doing deep dives on. But importantly, SMRs aren't baked into their base growth projections - that

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**BETA FINCH PODCAST SCRIPT**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn corporate earnings calls into conversations that actually make sense. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into GE Aerospace's Q4 2025 earnings call, and wow - this was one impressive quarter to close out the year.

**ALEX:** Before we get started, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Absolutely. Now Alex, let's talk about these numbers because GE Aerospace just delivered what CEO Larry Culp called "an outstanding year." We're looking at some seriously impressive double-digit growth across the board.

**ALEX:** The headline numbers are pretty striking, Jordan. For Q4, orders were up 74% - that's massive. Revenue increased 20%, earnings per share jumped 19% to $1.57, and free cash flow grew 15%. But the full-year picture is even more compelling.

**JORDAN:** Right, and that's where it gets really interesting. Full-year orders up 32%, revenue up 21%, and here's the kicker - operating profit grew by $1.8 billion dollars. That's not a percentage, that's $1.8 billion in absolute dollars. Free cash flow was up $1.5 billion to $7.7 billion total.

**ALEX:** What I found fascinating was how CEO Larry Culp framed this. He kept coming back to their purpose statement: "We invent the future of flight, lift people up, and bring them home safely." But then he backed that up with some hard data - nearly one million people are in flight right now with GE technology under wing.

**JORDAN:** And let's talk about that backlog, Alex. They're sitting on roughly $190 billion in backlog, up nearly $20 billion over the last year. That's not just a number - that's visibility into future revenue streams. When you have that kind of contracted future business, it gives you incredible confidence in your guidance.

**ALEX:** Speaking of guidance, let's break down what they're expecting for 2026. They're forecasting low double-digit revenue growth, with commercial services up mid-teens. Operating profit is expected to hit $9.85 to $10.25 billion - that's up a billion dollars at the midpoint.

**JORDAN:** And here's what caught my attention - CFO Rahul Ghai said they expect to hit that $10 billion operating profit milestone in 2026, which is two years earlier than their original outlook. That's not just meeting expectations, that's accelerating past them.

**ALEX:** The EPS guidance of $7.10 to $7.40 represents nearly 15% growth at the midpoint. And free cash flow? They're projecting $8 to $8.4 billion. Jordan, when you look at these numbers, what's really driving this performance?

**JORDAN:** It's really a tale of two segments, Alex. Their Commercial Engines & Services segment is absolutely on fire. CES orders were up 35% for the year, revenue grew 24%, and here's the key - services orders up 27% and revenue up 26%. That's the high-margin aftermarket business that keeps printing money for decades after an engine is sold.

**ALEX:** Right, and their Defense, Power & Technology segment, while smaller, also showed solid growth with orders up 19% and revenue up 11%. But let's dig into what's happening operationally because there were some really interesting strategic moves announced.

**JORDAN:** Absolutely. They're doing a major organizational restructuring. They're expanding their CES division to include their Technology & Operations team, now led by Muhammad Ali. The goal is better end-to-end engine lifecycle management. And they're elevating their customer-facing teams to report directly to the CEO.

**ALEX:** That organizational change seems designed to address what Culp acknowledged multiple times - their customers need more from them, faster. They talked extensively a

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**Beta Finch Podcast Script: EOG Resources Q4 2025 Earnings**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we dive into the numbers that move markets. I'm Alex, and joining me as always is Jordan. Today we're unpacking EOG Resources' fourth quarter 2025 results - and folks, this was a masterclass in disciplined capital allocation and cash generation.

Before we jump in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Thanks Alex. EOG really delivered what their shareholders have come to expect - consistent execution and massive cash returns. They generated $4.7 billion in free cash flow for 2025 and returned 100% of it to shareholders through dividends and buybacks. That's $2.2 billion in regular dividends plus $2.5 billion in share repurchases.

**ALEX:** Those are impressive numbers. And what caught my eye is they've now generated annual free cash flow every single year since 2016 and haven't cut their dividend in 28 years. Talk about reliability in a volatile sector. What were the key operational drivers behind these results?

**JORDAN:** The story really centers around their multi-basin approach paying off. They exceeded their original oil and total volume targets while keeping capital expenditures in line. But the real magic happened in cost reduction - they drove well costs down 7% in 2025 through what they call "sustainable efficiency gains." That's huge because these savings compound over time as they develop each asset.

**ALEX:** Let's talk about that Encino acquisition they completed. This was a big strategic move for them in the Utica shale.

**JORDAN:** Absolutely transformational, Alex. They hit their $150 million synergy target ahead of their original one-year timeline, and they're not done yet. The numbers Jeff Leitzell shared were pretty remarkable - they increased drilling speed by over 35%, reduced casing costs by 30%, and brought well costs down below $600 per foot. They're even planning to have in-basin sand sourcing in Ohio by year-end, which should drive costs even lower.

**ALEX:** That integration ahead of schedule really shows their operational expertise. Now, one area that seemed to generate some investor questions was their Delaware Basin strategy. Can you break down what's happening there?

**JORDAN:** This is interesting and I think it highlights EOG's technical sophistication. They've actually unlocked nine additional landing zones in the Delaware Basin due to their dramatic cost reductions over the past few years. So while some individual wells might show lower productivity per foot, the economics are still hitting their return hurdles because the wells cost so much less to drill.

**ALEX:** So it's not about well degradation - it's about accessing previously uneconomic zones?

**JORDAN:** Exactly. CEO Ezra Yacob was pretty clear about this - they're co-developing multiple targets now that previously didn't meet their stringent return requirements. Some have lower productivity, some have different gas-oil ratios, but each delivers the high returns shareholders expect. They're optimizing recovery per acre and maximizing NPV, not just chasing the highest initial production rates.

**ALEX:** That makes sense from a capital allocation standpoint. Speaking of their portfolio, they're also elevating Dorado to what they call a "foundational asset" alongside the Delaware Basin, Utica, and Eagle Ford. What's the story there?

**JORDAN:** Dorado is their South Texas gas play, and the progress has been remarkable. They've driven well costs down to $750 per foot with a breakeven of just $1.40 per thousand cubic feet. They exited 2025 at 750 million cubic feet per day and are targeting 1 billion cubic feet per day by the end of 2026.

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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and joining me as always is Jordan. Today we're diving into Broadcom's Q3 2024 earnings, and wow - this was quite the quarter for CEO Hock Tan and his team.

Before we jump in, I need to share our standard disclaimer: This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

So Jordan, let's start with the headline numbers - what jumped out at you?

JORDAN: Alex, these numbers are pretty remarkable. Broadcom posted $13.1 billion in revenue, up 47% year-over-year. Operating profit was up 44%. But here's the thing - when you strip out VMware, which they acquired last year, the underlying semiconductor business only grew 4% year-over-year. So this is really a story of two businesses firing on different cylinders.

ALEX: Right, and speaking of VMware, that integration seems to be going better than expected. Can you break down what's happening there?

JORDAN: Absolutely. VMware contributed $3.8 billion in revenue this quarter, and Hock Tan was pretty excited about their transformation strategy. They're aggressively moving customers from perpetual licenses to subscription models, specifically pushing something called VMware Cloud Foundation - that's their full virtualization stack.

What's impressive is they booked over 15 million CPU cores of this product, representing 80% of total VMware bookings. That translated to $2.5 billion in annualized booking value, up 32% from the prior quarter.

ALEX: And they're cutting costs at the same time, right?

JORDAN: Exactly - classic Broadcom playbook. They brought VMware's operating expenses down to $1.3 billion from $1.6 billion in Q2. Tan said they're on track to hit their target of $8.5 billion in adjusted EBITDA within three years, and maybe even exceed it by fiscal 2025.

ALEX: Now let's talk about the elephant in the room - AI. Everyone wants to know how Broadcom is riding this wave.

JORDAN: AI is absolutely driving their semiconductor business. Tan said AI revenue will hit $3.5 billion in Q4, bringing the full year to $12 billion - up from their previous guidance of $11 billion. That's huge growth.

The interesting part is the mix - about two-thirds is custom AI accelerators and one-third is AI networking. These are the chips that power AI data centers for the big hyperscalers like Google, Amazon, Microsoft.

ALEX: There was some interesting commentary about custom chips versus off-the-shelf GPUs. What's Tan's view on where this market is headed?

JORDAN: This was fascinating, Alex. Tan actually said he's changed his mind on this. He used to think general-purpose merchant chips would win - that's typically how the semiconductor industry works. But now he believes the big cloud companies have the scale and financial resources to justify building their own custom AI accelerators.

His logic is compelling: if GPUs are more important than engineers to these companies right now - and he literally said that - then controlling your own silicon destiny makes sense. He sees this trend accelerating, though it'll take time.

ALEX: What about the non-AI semiconductor business? That's been struggling, right?

JORDAN: Yeah, but here's the key - Tan believes they've hit bottom. Non-AI bookings were up 20% year-over-year in Q3, which is a strong leading indicator. Networking revenue outside of AI was up 17% sequentially, even though it was still down 41% year-over-year.

The company sees different recovery timelines by segment - server and storage are showing early signs of improvement, wireless should get a boost from new device launches, but broadband remains weak due to telecom spending cuts.

ALEX: There were some good questions from analysts during the Q&A. Anything particularly noteworthy?

JORDAN: One analyst asked about th

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# Beta Finch Podcast Script: UnitedHealth Q4 2025 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn corporate speak into plain talk. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into UnitedHealth's Q4 2025 results, and wow - there's a lot to unpack here.

**ALEX:** Before we get started, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Right, and speaking of unpacking - UnitedHealth just delivered what I'd call a "everything but the kitchen sink" quarter. They beat expectations slightly with adjusted EPS of $16.35, but there's this massive $1.6 billion charge lurking underneath.

**ALEX:** Yeah, that charge is wild. It's like getting three different bills at once - $800 million related to that cyberattack cleanup, a $440 million gain from selling off assets, and then a whopping $2.5 billion restructuring charge. It's clear they're doing some serious spring cleaning.

**JORDAN:** What caught my attention is how transparent CEO Stephen Hemsley was about this being a "new age" for the company. They're essentially admitting they need to get back to basics while investing heavily in AI - we're talking $1.5 billion in 2026 alone.

**ALEX:** Let's talk numbers first. Revenue hit nearly $448 billion, up 12% year-over-year, which is solid. But the real story is in the 2026 guidance - they're projecting adjusted EPS of greater than $17.75, which represents at least 8.6% growth.

**JORDAN:** That guidance is interesting because it's what I'd call "cautiously optimistic." They're expecting double-digit improvements at UnitedHealthcare but only low-to-high single-digit growth across the Optum segments. It tells me they're being realistic about their turnaround timeline.

**ALEX:** The Medicare Advantage story is probably the biggest concern for investors. Tim Noel basically said they're planning to lose 1.3 to 1.4 million Medicare Advantage members in 2026. That's not a typo - they're intentionally shrinking to focus on profitability over growth.

**JORDAN:** And then yesterday's rate notice for 2027 was apparently even worse than expected. Noel called it "disappointing" and warned of "meaningful benefit reductions" for seniors. When a healthcare executive is that blunt about government rates, you know it's bad.

**ALEX:** What's their strategy to deal with this? It sounds like they're doubling down on margin recovery. They expect Medicare margins to improve by about 50 basis points in 2026, but they're essentially trading membership for profitability.

**JORDAN:** The Optum turnaround is where things get really interesting. Patrick Conway, the new Optum CEO, outlined some pretty dramatic changes. They've narrowed their provider network by 20%, streamlined risk membership by 15%, and consolidated down from 18 different electronic medical record systems to just three.

**ALEX:** That EMR consolidation alone shows you how scattered they were. Imagine trying to implement AI tools across 18 different systems - it's like trying to conduct an orchestra where every musician is reading different sheet music.

**JORDAN:** Speaking of AI, they claim 80% of member calls now use AI tools, and they're expecting nearly $1 billion in AI-enabled cost reductions in 2026. That's not just efficiency gains - that's transformational if they can pull it off.

**ALEX:** Now let's talk about what came up in the Q&A, because that's where executives sometimes reveal what they're really thinking. One analyst asked about the bottom of the Medicare Advantage cycle, and you could sense the frustration in management's response.

**JORDAN:** Right, they're clearly not happy with the regulatory environment. Hemsley mentioned $130 billion in funding reductions over the past three y

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**BETA FINCH PODCAST SCRIPT**

**ALEX**: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and I'm here with Jordan to dive into Uber's Q4 2025 earnings call. Jordan, this was quite the packed call - we had leadership changes, major autonomous vehicle updates, and some pretty impressive numbers.

**JORDAN**: Absolutely, Alex. But before we dig into all that excitement, I need to mention our standard disclaimer.

**ALEX**: Right - this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN**: Thanks, Alex. Now, let's talk about those numbers because Uber really delivered. They hit a $15 billion annual run rate for their platform, grew monthly active users to over 200 million, and saw gross bookings jump 22% year-over-year. But what really caught my eye was that free cash flow number - $9.8 billion, up 42%.

**ALEX**: That's massive, Jordan. And it sounds like this was their fifth consecutive year of over 20% gross bookings growth. But the big story here isn't just the financials - it's the leadership transition and their autonomous vehicle strategy. Prashanth Mahendra-Rajah is stepping down as CFO, and Balaji Krishnamurthy is stepping up. What's your read on that?

**JORDAN**: It seems like a smooth transition, honestly. Prashanth mentioned he's moving on to serve America in some capacity - probably a government role. And Balaji isn't new to the company; he's been working closely with CEO Dara Khosrowshahi for years. The timing makes sense too, with Uber in such a strong cash position to make strategic investments.

**ALEX**: Speaking of strategic investments, let's talk about the elephant in the room - autonomous vehicles. Dara was pretty bullish about AVs, saying they expect to be in 15 cities by the end of 2026. But there's been this ongoing debate about whether AVs will hurt or help Uber's business model.

**JORDAN**: This is fascinating, Alex. Dara made some compelling points. He said that in markets where AVs have been deployed - like San Francisco, Austin, and Atlanta - Uber's overall bookings have actually accelerated. The key insight is that AVs aren't replacing traditional rideshare; they're expanding the total market. Plus, vehicles on Uber's platform are seeing 30% higher utilization than standalone AV services.

**ALEX**: That utilization stat is crucial. It suggests Uber's marketplace advantage - their ability to match supply and demand efficiently - extends to autonomous vehicles too. But what about the competitive threat? What happens when Tesla or Waymo ramp up their own AV services in major cities?

**JORDAN**: Dara addressed this head-on. He pointed out that only 30% of Uber's bookings come from major cities, and 75% of their US profits actually come from outside the top 20 markets. These smaller, less dense markets are unlikely to see AV competition anytime soon. Plus, 60% of their mobility business is international, which gives them even more insulation.

**ALEX**: That's a great point about geographic diversification. And they're not just sitting back waiting for AVs to arrive - they're actively investing. They mentioned partnerships with Waymo, NVIDIA, and newer players like Wabi and Avride. What's their capital strategy here?

**JORDAN**: This is where it gets really interesting. They're taking an asset-light approach, similar to how Marriott doesn't own all its hotels. Uber is making strategic investments in AV companies - like guaranteeing the first 25,000 vehicles from Wabi will be exclusive to their platform - but they're also working with financial institutions to create a financing ecosystem. Think private equity, banks, fleet partners. They want to avoid being overly capital-intensive.

**ALEX**: Smart approach. Now, beyond AVs, what else drove their strong performance? I notic

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# Beta Finch Podcast Script: Texas Instruments Q4 2025 Earnings

**ALEX**: Welcome to Beta Finch, your AI-powered earnings breakdown where we turn quarterly reports into conversations you can actually follow. I'm Alex, and I'm here with Jordan to dive into Texas Instruments' fourth quarter results that just dropped. This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN**: Thanks Alex. And wow, what a quarter to unpack from TXN. They just reported some pretty impressive numbers that have me raising my eyebrows - in a good way.

**ALEX**: Right? Let's start with the headline numbers. Revenue came in at $4.4 billion for Q4, which was actually right in line with expectations. But here's what's interesting - that's a 10% jump year-over-year, even though it was down 7% sequentially, which is pretty normal for a fourth quarter.

**JORDAN**: What really caught my attention was the segment performance. Analog revenue grew 14% year-over-year, embedded processing was up 8%. But Alex, I think the real story here is what's happening with their end markets. They've actually reorganized how they report these, and there's a new player in town.

**ALEX**: You're talking about data center, right? They carved out this new category that includes data center compute, networking, and power management. And Jordan, the numbers here are eye-popping - data center revenue grew around 70% year-over-year.

**JORDAN**: Exactly! And it's not just a flash in the pan. Management said this has been growing for seven consecutive quarters now. They're ending 2025 with about $450 million quarterly run rate in data center, which is becoming a material part of their business.

**ALEX**: Let's zoom out to the full year picture because it really shows TI's strategic positioning. Industrial was their biggest segment at $5.8 billion, up 12% year-over-year. Automotive matched that at $5.8 billion, up 6%. Together with data center, these three segments made up 75% of their revenue.

**JORDAN**: That's a massive shift from where they were in 2013 when these segments were only 43% of revenue. It shows they've really focused their portfolio on higher-growth, more resilient markets. But Alex, what really impressed me was the cash flow story.

**ALEX**: Oh absolutely. Free cash flow nearly doubled to $2.9 billion, or 17% of revenue. That's a 96% increase from 2024. And they returned a whopping $6.5 billion to shareholders over the past twelve months through dividends and buybacks.

**JORDAN**: Speaking of dividends, they raised it 4% to $1.42 per share - that's their 22nd consecutive year of increases. But here's what I found fascinating in the Q&A section: they're guiding Q1 revenue between $4.32 billion and $4.68 billion, which is significantly above normal seasonality.

**ALEX**: Yeah, that really stood out to me too. One analyst pointed out this might be the first time they've guided sequential growth in Q1 since right after the financial crisis, about fifteen years ago. When pressed about what's driving this, management was pretty clear it's not pricing-related.

**JORDAN**: Right, CEO Haviv Ilan was emphatic that pricing isn't the driver here. He actually expects company-wide pricing to be down low single digits in 2026, similar to 2025. Instead, he pointed to stronger bookings, particularly in industrial and data center markets.

**ALEX**: The industrial recovery story is interesting because they're still about 25% below their 2022 peak levels, so there's room to run. But what I found most intriguing was their inventory strategy. They've built up $4.8 billion in inventory - 222 days worth - and management seems really proud of this position.

**JORDAN**: And for good reason, Alex. In today's environment where customers are placing more last-minute orders - what

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**BETA FINCH PODCAST SCRIPT**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown! I'm Alex, and I'm joined by my co-host Jordan. Today we're diving into T-Mobile's Q4 2025 earnings call, which was quite the spectacle - they held it as a special event halfway through their capital markets day cycle.

Before we jump in, I need to share an important disclaimer: This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Thanks Alex. And what a call this was! New CEO Srini Gopalan really came out swinging, didn't he? Let's start with the headline numbers because they were impressive across the board.

**ALEX:** Absolutely. T-Mobile delivered 261,000 postpaid net account additions in Q4 - and here's the kicker, Jordan - that's 10 times what their nearest competitor who reports this metric delivered. They're not just winning, they're dominating.

**JORDAN:** That account growth is driving real value creation too. They posted 2.7% year-over-year growth in postpaid ARPA - that's Average Revenue Per Account, which is becoming their key metric going forward. More on that shift in a moment. But this translated to service revenue up 10% year-over-year on a reported basis, 5% organically.

**ALEX:** And here's what I love - they converted 25% of that service revenue into free cash flow for the full year. That's an industry-leading conversion rate that really shows the structural advantages of their business model.

**JORDAN:** Now, one of the biggest announcements was their guidance raise. They're now expecting about $77 billion in service revenue for 2026 - that's 8% growth including M&A, or 6% organic growth, which is actually an acceleration from 2025. For 2027, they're guiding to $80.5-81.5 billion, representing 5% growth with about 5% organic.

**ALEX:** What's driving this confidence? Well, Gopalan spent a lot of time talking about T-Mobile's "widening differentiation" - they claim to offer the best network, best value, and best experience with no trade-offs. And the proof is in their Net Promoter Score, which has really opened up a gap versus competitors over the last three years.

**JORDAN:** That NPS story is compelling, Alex. They showed this chart where back in 2023, they were basically neck-and-neck with competitors, but now they've clearly broken away from the pack. And network perception is shifting too - 26% of network switchers now see T-Mobile as having the best network, up from just 12.5% in 2020.

**ALEX:** Speaking of networks, they made some bold claims about being the undisputed 5G leader and even introduced live translation built directly into their network core using AI. Pretty cool stuff, though we should note they love to talk about being first to market with various technologies.

**JORDAN:** The broadband story is getting more interesting too. They raised their target to 15 million FWA customers by 2030, up from 12 million previously, plus they expect 3-4 million fiber customers. That would give them 18-19 million total broadband customers by 2030 - essentially building a massive business from scratch in just seven years.

**ALEX:** Now here's a significant change that caught my attention - they're dropping subscriber-level reporting and focusing exclusively on postpaid accounts and ARPA going forward. CFO Peter Osvaldik said this better aligns with how customers actually buy - as families and businesses, not individual lines.

**JORDAN:** That's a strategic shift that makes sense when you think about it. Over 90% of their postpaid lines are on multi-line accounts anyway. But it also means we'll have less granular data to work with as analysts and investors.

**ALEX:** Let's talk about capital allocation because this was a big theme. They announced they're doubling their Q1 share buyba

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**Beta Finch Podcast Script: RTX Q4 2025 Earnings**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we decode corporate calls so you don't have to. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into RTX's fourth quarter 2025 results - and wow, what a call this was.

**ALEX:** Before we jump in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Absolutely. Now Alex, RTX just delivered some seriously impressive numbers. Walk us through the highlights.

**ALEX:** The numbers are pretty staggering, Jordan. Full year adjusted sales hit $88.6 billion - that's up $9 billion year-over-year, or 11% organic growth. But here's what really caught my eye: their backlog reached a record $268 billion. That's up 23% from last year.

**JORDAN:** A quarter of a trillion dollars in backlog - that's just mind-boggling. And their free cash flow performance was equally impressive, right?

**ALEX:** Exactly. Free cash flow came in at $7.9 billion for the year, up $3.4 billion from 2024. CEO Chris Calio seemed pretty confident about their momentum, pointing to what he called "durable demand" across both commercial and defense segments.

**JORDAN:** Speaking of segments, let's break down where this growth is coming from. Commercial OE was up 10%, commercial aftermarket up 18%, and defense up 8%. But I think the real story here is what's happening with their defense business, especially given the current geopolitical environment.

**ALEX:** That's a great point. Raytheon, their defense segment, had some massive contract wins. They booked $1.2 billion to supply Spain with Patriot air defense systems, another $1.2 billion for Tamir missile production, and get this - their international backlog mix is now 47%, up from 44% last year.

**JORDAN:** And the timing couldn't be better. Calio mentioned that NATO allies are committed to increasing defense spending from 2% of GDP to 3.5% by 2035. That's a huge tailwind for companies like RTX.

**ALEX:** But let's not forget about the elephant in the room - the GTF engine issues that have been plaguing Pratt & Whitney. How are they handling that?

**JORDAN:** Actually, this was one of the more encouraging parts of the call. They reported that aircraft on ground - that's AOGs - declined in Q4 and are down over 20% from 2025 highs. Their maintenance and repair output was up 39% in the fourth quarter alone.

**ALEX:** That's a significant improvement. And they're expecting similar MRO growth rates in 2026. Plus, they got EU certification for their GTF Advantage engine and expect aircraft certification soon.

**JORDAN:** Now let's talk guidance, because this is where things get really interesting for 2026. They're projecting sales between $92-93 billion, which represents 5-6% organic growth.

**ALEX:** And EPS guidance of $6.60 to $6.80 - that's solid growth on top of their $6.29 in 2025. But what really stood out to me was their free cash flow guidance of $8.25 to $8.75 billion. They're basically saying they can maintain this cash generation machine while investing heavily in capacity.

**JORDAN:** Speaking of investments, they're planning to spend $10.5 billion in CapEx and R&D in 2026, including $3.1 billion in CapEx alone. That's a $500 million increase from last year. They're really betting big on future demand.

**ALEX:** And then we got to the Q&A section, which was fascinating. There were some pointed questions about the new administration's defense policies and expectations for contractors.

**JORDAN:** Right, CEO Calio was pretty diplomatic but direct. He acknowledged the "frustration" from the Department of Defense about production rates and said RTX is "fully aligned" with ramping production faster. But he also defended their d

This episode includes AI-generated content.

# Beta Finch Podcast Script: ServiceNow Q4 2025 Earnings

**ALEX**: Welcome to Beta Finch, your AI-powered earnings breakdown! I'm Alex, and I'm here with my co-host Jordan to dive into ServiceNow's Q4 2025 results. This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN**: Thanks Alex! And wow, what a quarter ServiceNow just delivered. CEO Bill McDermott came out swinging right from the opening remarks, essentially saying "Here are the facts" to counter what he called "speculation everywhere." This feels like a company that's tired of being misunderstood by the market.

**ALEX**: Absolutely! Let's start with the numbers because they're pretty impressive. Q4 subscription revenue hit $3.47 billion, growing 19.5% year-over-year in constant currency - that's 150 basis points above the high end of their guidance. And their remaining performance obligations, or RPO, grew 21% to over $28 billion. Jordan, what stood out to you?

**JORDAN**: The acceleration story is huge here. Net new Annual Contract Value growth actually accelerated both quarter-over-quarter and year-over-year. That's not something you see often in mature software companies. And get this - they had 244 deals greater than $1 million in net new ACV, including seven deals over $10 million. That suggests enterprises are making serious platform bets on ServiceNow.

**ALEX**: Right, and let's talk about their AI momentum. Now Assist, their AI product suite, surpassed $600 million in ACV and is tracking toward their $1 billion target for 2026. McDermott mentioned they had 35 deals over $1 million for Now Assist in Q4 alone, with some customers expanding their AI usage by 13 times upon renewal.

**JORDAN**: That renewal expansion story is fascinating. CFO Gina Mastantuono mentioned that customer service Now Assist deals saw over 70% upsell expansion at renewal in Q4. This suggests customers aren't just trying AI - they're getting real value and wanting more. It's moving from proof-of-concept to production scale.

**ALEX**: Now, let's address the elephant in the room - the recent acquisitions. ServiceNow has been busy, acquiring Moveworks, and announcing plans to acquire VESA and ARMS. McDermott was pretty defensive about this, pushing back against speculation that M&A was driven by necessity.

**JORDAN**: He was very clear about their strategy here. McDermott emphasized they've never acquired for revenue alone, and these acquisitions are about expanding their Total Addressable Market to over $600 billion. The story he's telling is about creating an "AI control tower" for enterprises - combining visibility from ARMS, identity governance from VESA, and orchestration from ServiceNow's platform.

**ALEX**: The security angle is interesting. Their security and risk business already generates over $1 billion in ACV and grew nearly 40% year-over-year. With these acquisitions, they're essentially saying they want to be the comprehensive security platform for what they call the "agentic AI world" - where AI agents are running business processes autonomously.

**JORDAN**: Speaking of autonomous AI, I loved McDermott's explanation of why AI needs workflow orchestration. He said AI is "probabilistic" - meaning uncertain outcomes - while workflow orchestration is "deterministic" - predictable and governed. That's actually a compelling argument for why AI doesn't replace platforms like ServiceNow, but rather depends on them.

**ALEX**: The customer examples were pretty compelling too. One stood out where a consumer services company achieved 400% ROI and needed eight times more AI assists after a year. They're flipping from 80% human-led support to 80% automated. That's the kind of business transformation that creates sticky, expanding relationships.

**JORDAN**: And let's talk margi

This episode includes AI-generated content.