Beta Finch - S&P 100 - EN

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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown where we decode the numbers that move markets. I'm Alex, and joining me as always is Jordan. Today we're diving into UPS's Q4 2025 earnings call - and wow, there's a lot to unpack here.

But before we get started, 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, this was quite the call. UPS is in the middle of what they're calling their "Amazon accelerated glide down" - essentially deliberately shrinking their network while trying to improve profitability. How'd they do in Q4?

JORDAN: Alex, the headline numbers actually look pretty solid considering they're in the middle of this massive transformation. Q4 revenue came in at $24.5 billion with operating profit of $2.9 billion - that's an 11.8% operating margin. For the full year 2025, they hit $88.7 billion in revenue with $8.7 billion in operating profit.

But here's what's really interesting - they exceeded their own internal expectations despite deliberately reducing Amazon volume by about 1 million pieces per day. That tells you something about the quality improvements they're seeing.

ALEX: Right, and that's the key theme here - this isn't just about getting smaller, it's about getting more profitable per package. What stood out to you in terms of revenue quality improvements?

JORDAN: The numbers are actually quite impressive. U.S. revenue per piece grew 7.1% year-over-year, and in Q4 specifically it jumped 8.3% - that's their strongest fourth quarter revenue per piece growth in four years. They're also seeing their customer mix improve dramatically. Small and medium business penetration hit 31.8% of total volume, and B2B grew to 42.3% - both record highs.

CEO Carol Tomé made a point of saying this isn't a "shrink-the-company strategy" but rather growing in the best parts of the market. They're essentially trading low-margin Amazon volume for higher-margin enterprise and SMB business.

ALEX: Let's talk about the costs though, because this transformation isn't free. They took some pretty significant charges this quarter, right?

JORDAN: Absolutely. They took a $137 million after-tax write-off for their MD-11 aircraft fleet - they're accelerating the retirement of these older, less efficient planes and replacing them with newer Boeing 767s. CFO Brian Dykes mentioned they had about $50 million in incremental lease costs in Q4 just to replace that capacity, and that'll roughly double in 2026.

They also delivered $3.5 billion in savings from network reconfiguration - they closed 93 buildings in the U.S., removed 26.9 million labor hours, and cut 48,000 positions. It's a massive operational overhaul.

ALEX: Now, one of the most interesting developments was around their economy product called "Groundsaver." They're basically handing some of that delivery back to the U.S. Postal Service. What's the story there?

JORDAN: This is actually a reversal of something they did previously. UPS had been doing more of this economy delivery in-house, which was costing them big - we're talking about $400-500 million in headwinds in 2025. Now they're going back to having USPS handle the final mile for some of these packages, which should improve their economics significantly.

Brian Dykes said they expect to see benefits start materializing in the second half of 2026, though the full benefit might not come until 2027. They're using what they call "density matching technology" to decide which packages UPS delivers versus which ones go to USPS.

ALEX: Let's talk guidance because 2026 sounds like it's going to be a tale of two halves. What are they expecting?

JORDAN: Exactly right, Alex. For full year 2026, they're guiding to about $89.7 billi

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**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 Thermo Fisher Scientific's Q4 2025 results. Before we get started, I want to remind everyone 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. And what a quarter to analyze! Thermo Fisher just delivered some really solid numbers to cap off 2025, plus they dropped a massive $9 billion acquisition announcement. There's a lot to unpack here.

**ALEX:** Absolutely. Let's start with the headline numbers, Jordan. Q4 revenue came in at $12.21 billion, up 7% year-over-year. For the full year, they hit $44.56 billion in revenue, growing 4%. But here's what I found interesting - their adjusted EPS grew 8% in the quarter to $6.57, and 5% for the full year to $22.87.

**JORDAN:** That EPS growth is noteworthy because it shows they're managing their operations really well despite some headwinds. CEO Marc Casper mentioned they faced over 100 basis points of margin pressure from tariffs and foreign exchange impacts. Yet they still delivered solid earnings growth - that's the power of their PPI business system at work.

**ALEX:** Speaking of headwinds, let's talk about how different end markets performed. Pharma and biotech was the standout - high single-digit growth in Q4 and mid-single digits for the full year. That's their core market, so seeing strength there is crucial.

**JORDAN:** Right, and Casper gave some really interesting color on customer sentiment in pharma during the Q&A. He talked about meeting with pharma CEOs who were much more optimistic, saying the tone in January customer meetings was "quite positive." He even shared this great anecdote about a pharma CEO who was so engaged in their discussion that he literally went and found his head of development mid-conversation to dive deeper into specifics.

**ALEX:** That's the kind of customer relationship that's hard to quantify but incredibly valuable. It speaks to their "trusted partner" positioning. But not all end markets were as rosy - academic and government declined low single digits both for the quarter and full year, largely due to macro conditions in the US and China.

**JORDAN:** Yeah, and that's reflected in their 2026 guidance assumptions. They're basically planning for similar market conditions to 2025, which seems prudent. They're guiding for 3-4% organic growth and 4-6% reported revenue growth, targeting $46.3 to $47.2 billion in revenue.

**ALEX:** The earnings guidance is where things get interesting though. They're projecting 6-8% adjusted EPS growth, hitting $24.22 to $24.80 per share. That's pretty strong earnings leverage even with modest revenue growth.

**JORDAN:** Exactly, and that doesn't even include the potential impact from their big acquisition announcement - Clario. This is a $9 billion deal for a digital endpoint data provider that generated about $1.5 billion in 2025 revenue. If it closes by year-end as expected, it could add another $0.45 in adjusted EPS.

**ALEX:** Let's dig into that Clario deal because it's fascinating strategically. They're essentially buying capabilities in one of the fastest-growing areas of clinical research - digital endpoints for clinical trials. This fits perfectly with their "Accelerated Drug Development" solution that combines their pharma services and clinical research businesses.

**JORDAN:** And Casper was really enthusiastic about this during the call. He talked about how it will enable "even deeper clinical insights" and "further accelerate the digital transformation of clinical research." Plus, they mentioned it has an attractive double-digit return profile and will be accretive to both organic growth and margins.

**AL

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we dive deep into the numbers that matter. I'm Alex, and I'm joined as always by my co-host Jordan. Today we're breaking down Regeneron's Q4 2025 earnings - and folks, this biotech giant just delivered some fascinating insights into their pipeline and future strategy.

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. And what a quarter to analyze! Regeneron reported total revenue of $3.9 billion, up 3% year-over-year, with some really interesting dynamics happening across their portfolio. The headline number might seem modest, but when you dig into the details, there's a lot more going on here.

**ALEX:** Absolutely. Let's start with the standout performer - Dupixent. Jordan, this drug continues to be an absolute monster for Regeneron and their partner Sanofi.

**JORDAN:** It really is remarkable, Alex. Global Dupixent sales hit $4.9 billion in Q4 alone - that's 32% growth year-over-year. And get this - for the full year 2025, Dupixent brought in $17.8 billion globally. CEO Leonard Schleifer mentioned they now have 1.4 million patients on therapy worldwide across 8 approved indications.

**ALEX:** That's incredible scale. And what I found interesting was how Schleifer emphasized that most of those indications are still "significantly underpenetrated" - suggesting there's still room to grow this massive franchise.

**JORDAN:** Exactly. And speaking of growth, let's talk about their eye care franchise. EYLEA HD had a solid quarter with $506 million in U.S. sales, up 66% year-over-year. But the legacy EYLEA product is facing headwinds - it was down 15% sequentially as biosimilar competition looms.

**ALEX:** Right, and management was very transparent about the challenges ahead. They're expecting multiple biosimilar EYLEA products to launch in 2026, which will intensify competitive pressure. But they seem confident that EYLEA HD can hold its own with its differentiated profile.

**JORDAN:** The FDA just approved EYLEA HD for monthly dosing and a new indication, which should help. And they're waiting on approval for a prefilled syringe version that could make it more convenient for doctors to use. Marion McCourt, their commercial head, seemed optimistic about these enhancements.

**ALEX:** Now Jordan, what really caught my attention was the pipeline discussion. CSO George Yancopoulos laid out an incredibly ambitious clinical development plan.

**JORDAN:** Oh absolutely, Alex. They're planning to initiate 18 new Phase III studies targeting enrollment of 35,000 patients. That's a massive investment in late-stage development across multiple therapeutic areas - oncology, complement diseases, anticoagulation, and more.

**ALEX:** And the financial commitment is significant. CFO Christopher Fenimore guided R&D spending to $5.9-6.1 billion in 2026, up substantially from 2025. That's nearly $6 billion just on research and development!

**JORDAN:** Which brings us to one of the most intriguing parts of the call - their obesity strategy. Instead of just trying to compete head-to-head with existing GLP-1 drugs like Ozempic and Mounjaro, they're taking a differentiated approach.

**ALEX:** This was fascinating. Yancopoulos described their plan to combine a GLP-1/GIP drug with their PCSK9 inhibitor Praluent in a single injection. His quote was memorable - he said imagine if someone invented a new GLP-1 that not only delivers weight loss but also lowers bad cholesterol by 50-60%.

**JORDAN:** That's a clever strategy, Alex. Rather than fighting for an extra 1-2% in weight loss like everyone else, they're adding a completely different benefit. Many obese patients also

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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and I'm here with Jordan to dive into Prologis' Q4 2025 earnings call. Before we get started, I want to remind everyone 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. And wow, what a quarter for Prologis! They really delivered some impressive numbers. Let's start with the headline metrics - they hit core FFO of $1.44 per share, landing at the top end of their guidance range. But what really caught my eye was their occupancy performance.

ALEX: Absolutely! They finished the year with 95.8% occupancy, which is remarkable when you consider the broader industrial real estate market has been struggling. Tim Arndt mentioned they're outperforming the broader U.S. market by 300 basis points. That's a massive gap that really shows the quality of their portfolio.

JORDAN: And let's talk about that leasing momentum - 57 million square feet of leases signed in just the fourth quarter alone. But here's what's really interesting: they're seeing net effective rent changes of 44% for the quarter, contributing about $60 million in annualized NOI. Even more exciting, they still have an 18% lease mark-to-market representing nearly $800 million of embedded NOI growth.

ALEX: That embedded growth is huge for investors to understand. It means Prologis can grow NOI without market rents even improving further. Speaking of market conditions, I found Chris Caton's commentary particularly insightful. He mentioned they're seeing three stages of market inflection - evidence of enduring demand, building occupancy, and then rent inflection. They're now seeing all three at various stages across their markets.

JORDAN: Right, and the demand drivers are really compelling. E-commerce represented about 20% of their new leasing activity over the past year, making 2025 the best year for e-commerce leasing since 2021. That threefold space multiplier for e-commerce versus traditional retail continues to be a powerful tailwind.

ALEX: Now let's shift to what might be the most exciting part of this story - their data center expansion. Tim mentioned they've expanded their power access to 5.7 gigawatts, and here's the kicker: they have 1.2 gigawatts currently in LOI or pending lease execution. That's massive scale.

JORDAN: The numbers are staggering when you think about it. Just a year ago, they talked about potentially reaching 10 gigawatts of power over ten years. Now they're already at nearly 6 gigawatts after just one year. Dan Letter was careful to clarify that the 10 gigawatt figure represents the total opportunity universe, but the pace of progress is clearly accelerating.

ALEX: And what's smart about their approach is the discipline. Tim explained they're thinking about roughly 60-70% of projects being "powered shell" format versus full turnkey. The powered shell approach is less capital intensive but still captures significant value. In their 2026 guidance, they expect data centers to represent about 40% of their $4-5 billion development start forecast.

JORDAN: Let's talk about that guidance because it's quite robust. They're forecasting development starts between $4-5 billion on an owned and managed basis. Same-store NOI growth is expected to be 4.25% to 5.25% on a net effective basis. And core FFO is guided to $6.00-$6.20 per share including promote expenses.

ALEX: One thing that stood out from the Q&A was the international strength. Japan delivered occupancy above 97% with nearly 600 basis points of outperformance versus their local market. Europe posted its first quarter of positive rental growth in two years. This global diversification is really paying dividends.

JORDAN: And we can't forget about their capital raising success. The IPO of their Ch

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# Beta Finch Podcast Script: Meta Q4 2025 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we dive into the numbers that move markets. I'm Alex, and I'm here with my co-host Jordan. Today we're breaking down Meta's Q4 2025 earnings, and folks, this one's a doozy.

Before we dive 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. And wow, where do we even start with Meta? These numbers are absolutely crushing it. We're talking about $58.9 billion in Q4 revenue - that's up 25% year-over-year. The advertising business alone hit $58.1 billion, up 24%. These are some of the strongest growth numbers we've seen from Meta in years.

**ALEX:** Right, and what's really striking is the guidance for Q1 2026. They're projecting $53.5 to $56.5 billion in revenue - that would be the fastest growth rate in almost five years. Jordan, what's driving this acceleration?

**JORDAN:** It's really a perfect storm of improvements, Alex. Susan Li, their CFO, highlighted three main drivers. First, they're seeing massive gains from their AI-powered recommendation systems. On Facebook alone, they drove a 7% lift in views of organic feed and video posts in Q4 - and get this - that was the largest quarterly revenue impact from Facebook product launches in the past two years.

**ALEX:** That's incredible. And they're not stopping there, right?

**JORDAN:** Not at all. They're completely rebuilding their AI infrastructure. Mark Zuckerberg announced they're investing between $115 to $135 billion in capital expenditures for 2026. That's a massive step-up, primarily for their new Meta Superintelligence Labs. Zuckerberg said they're six months into rebuilding their AI efforts and he's "very pleased with the quality of the team."

**ALEX:** Speaking of Zuckerberg, his vision for 2026 was pretty ambitious. He's talking about "personal superintelligence" and AI agents that really understand users' personal context. What does that actually mean for the business?

**JORDAN:** It's fascinating, Alex. He outlined three key areas. First, they're merging large language models with their existing recommendation systems. So instead of just showing you content based on past behavior, the AI will understand your personal goals and tailor feeds to help you improve your life in specific ways.

Second, they're revolutionizing commerce. Their ads help businesses find the right customers, but soon they want AI shopping tools that help users find exactly the right products from their business catalog.

**ALEX:** And the third area?

**JORDAN:** New content formats. Zuckerberg believes we're moving beyond video to more immersive, interactive experiences. He mentioned their AI glasses sales more than tripled last year, and he compared this moment to when flip phones became smartphones - inevitable transformation.

**ALEX:** Let's talk about the financials though. With all this massive investment, are they still profitable?

**JORDAN:** Here's what's interesting - despite spending up to $169 billion in total expenses for 2026, Susan Li said they expect operating income to be above 2025 levels in absolute dollars. Not growth rate, mind you, but actual dollar amounts. That's pretty impressive given the scale of investment.

**ALEX:** What about their other businesses? Reality Labs has been a drag on profitability for years.

**JORDAN:** Good news there. Zuckerberg said Reality Labs losses will be similar to 2025 levels, and this will "likely be the peak" as they start to gradually reduce losses going forward. They're shifting focus mainly to glasses and wearables rather than VR headsets.

**ALEX:** Now, during the Q&A, there were some interesting questions about their AI strategy. One analyst asked

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**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 JPMorgan Chase's Q4 2025 earnings call. Jordan, this was quite the eventful call - Jamie Dimon and Jeremy Barnum had a lot to unpack.

**JORDAN**: They sure did, Alex. But before we dive in, I need to mention something important. 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.

**ALEX**: Absolutely crucial reminder, Jordan. Now, let's talk numbers. JPMorgan reported some solid Q4 results - net income of $13 billion, EPS of $4.63, and an 18% return on tangible common equity. Revenue came in at $46.8 billion, up 7% year-over-year. What caught your eye first?

**JORDAN**: What jumped out immediately was that $2.2 billion reserve build related to the Apple Card acquisition. That's a massive number that shows JPMorgan is serious about this partnership. Strip that out, and the underlying business performance looks even stronger. The Consumer and Community Banking division would have shown $5.3 billion in net income without that reserve hit.

**ALEX**: The Apple Card deal is fascinating. Jeremy Barnum called it a "win-win-win" for all three parties - JPMorgan, Apple, and Goldman Sachs, who's exiting the business. But Jordan, what really struck me was the timeline - they're saying it'll take two full years to integrate this portfolio. Why so long?

**JORDAN**: That's the really interesting technical aspect here. Jamie Dimon explained that Apple built a completely different tech stack integrated into iOS - it's not just a traditional credit card they can quickly fold into their existing systems. They literally have to rebuild Apple's technology architecture within JPMorgan's infrastructure. It's going to cost significant money, but Dimon seemed genuinely excited about what they'll learn from Apple's customer service standards and user experience approach.

**ALEX**: Speaking of big numbers, let's talk about that $9 billion expense increase guidance for 2026. Total adjusted expenses are expected to hit $105 billion. Mike Mayo from Wells Fargo really pressed them on this during the Q&A, and Jamie Dimon's response was pretty telling.

**JORDAN**: Dimon was almost defiant about it, in a good way. He essentially said "we see huge opportunities, and we're not going to try to meet some expense target and then ten years from now have you asking us how JPMorgan got left behind." They're investing in rural branches, international expansion, better payment systems, AI across the company, and what Dimon called their "SRI initiative" which could be far bigger than expected.

**ALEX**: The guidance for 2026 shows they're expecting net interest income excluding markets of around $95 billion, with total NII at $103 billion. They're also projecting a card net charge-off rate of approximately 3.4%. But Jordan, there was this elephant in the room that dominated much of the Q&A...

**JORDAN**: You're talking about the credit card interest rate cap proposal. This came up right after President Trump's social media post about potentially capping credit card APRs. The timing was incredible - literally happening as earnings calls were taking place across the banking sector.

**ALEX**: Jeremy Barnum and Jamie Dimon were pretty direct about this. Barnum said if price controls are imposed, "people will lose access to credit on a very, very extensive and broad basis, especially the people who need it the most." Dimon added that it would be "very dramatic" and force them to adjust their entire business model.

**JORDAN**: What's important for listeners to understand is that the credit card business is already extremely competitive. When you impose price controls on a competitive market, companies don'

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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex.

JORDAN: And I'm Jordan. Today we're diving into IBM's Q4 2025 earnings, and wow - this might be the strongest quarter we've seen from Big Blue in over a decade.

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 numbers because IBM just delivered some pretty impressive results. What caught your eye first?

ALEX: The headline number is huge - 9% revenue growth in Q4, which is their highest in over three years. But what's really striking is the full-year performance. They hit 6% revenue growth for 2025, which might not sound earth-shattering, but for IBM, this represents their best year in ages.

JORDAN: And the cash generation story is even better. They generated $14.7 billion in free cash flow - that's their highest level in over a decade and represents their best free cash flow margin in their 114-year history. That's not a typo, folks - 114 years.

ALEX: Let's break down what's driving this transformation. CEO Arvind Krishna has been repositioning IBM as a software-led company, and it's really paying off. Software now represents 45% of their business, up from just 25% back in 2018.

JORDAN: The software segment is where the magic is happening. It grew 11% in Q4 and 9% for the full year - which Krishna called their highest annual software growth rate in history. Three of their four software sub-segments hit double-digit growth.

ALEX: What's particularly interesting is their AI strategy. Their cumulative Gen AI book of business now stands at over $12.5 billion. That's split between more than $2 billion in software and over $10.5 billion in consulting.

JORDAN: But here's the kicker - this is the last quarter they're going to report that Gen AI metric separately. CFO Jim Kavanaugh said AI is now so embedded across their entire business that a standalone metric doesn't capture the full value anymore.

ALEX: That's actually a smart move. It shows they're not treating AI as a separate product line but as a foundational technology that enhances everything they do. Speaking of which, their mainframe business had an absolute monster year.

JORDAN: The Z17 mainframe launch has been phenomenal. Infrastructure revenue grew 17% in Q4, with IBM Z up 61% year-over-year. Krishna mentioned this represents the highest annual revenue for their mainframe business in about twenty years.

ALEX: What's fascinating about the mainframe story is how they're positioning it for the AI era. The Z17 can process 50% more AI inferencing operations per day than the previous generation, and it brings real-time AI capabilities directly into the mainframe environment.

JORDAN: That's a key differentiator. Instead of having to send data off-platform for AI processing - which takes seconds - they can do it inline in milliseconds. For financial institutions and other mission-critical applications, that speed difference is game-changing.

ALEX: Let's talk acquisitions because that's been a big part of their strategy. They're in the process of acquiring Confluent, which should close by mid-2026. Kavanaugh expects about $600 million in dilution from that deal initially.

JORDAN: But they're confident it'll be accretive to adjusted EBITDA within the first full year. This follows their successful HashiCorp acquisition, which delivered record bookings and is already ahead of accretion expectations.

ALEX: The productivity story is remarkable too. They originally set a goal to achieve $2 billion in productivity savings by the end of 2024. They're now at $4.5 billion in annual run-rate savings and expect to hit $5.5 billion by the end of 2026.

JORDAN: That productiv

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# Beta Finch Podcast Script: Gilead Q4 2025 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we dive deep into the numbers that move markets. I'm Alex, and as always, I'm joined by my co-host Jordan. Today we're unpacking Gilead Sciences' Q4 2025 results - and folks, there's a lot to dig into here.

Before we jump in though, 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. And what a quarter this was for Gilead! The biotech giant just wrapped up what CEO Dan O'Day called "a remarkable year" - and the numbers certainly back that up. They hit $28.9 billion in total product sales for 2025, beating their guidance range and showing some serious momentum heading into 2026.

**ALEX:** Absolutely, Jordan. Let's break down those headline numbers first. Total product sales came in at $7.9 billion for Q4, up 5% year-over-year. But here's what caught my attention - when you strip out their COVID drug Veclury, which has been declining as expected, their base business actually grew 7% in the quarter and 4% for the full year.

**JORDAN:** That's a key distinction, Alex. And speaking of key numbers, their HIV business - which is still their cash cow - delivered $20.8 billion in sales for the year, up 6%. But here's where it gets interesting: they faced an estimated $900 million headwind from Medicare Part D redesign changes. Without that policy impact, their HIV business would have grown 10%.

**ALEX:** That Medicare Part D impact is huge context, Jordan. For listeners who might not be familiar, this was a policy change that affected how drug pricing works for seniors on Medicare. So when Gilead says their underlying HIV business grew 10%, that's actually pretty impressive growth for what's considered a mature market.

**JORDAN:** Exactly. And let's talk about the star of the show - YES2GO. This is their twice-yearly injectable HIV prevention drug that launched in 2025, and it's already showing blockbuster potential. They did $150 million in sales for the year, and here's the kicker - they're guiding for $800 million in 2026.

**ALEX:** That's more than a 5x increase, Jordan. During the Q&A, analysts were really pressing on how realistic that number is. Management seems confident though, citing 90% payer coverage already - including all major insurers - with about 90% of covered patients getting it with zero co-pay.

**JORDAN:** The coverage piece is critical, Alex. Commercial launch is one thing, but getting insurance companies to pay for a premium-priced injectable is another. The fact that they hit their 90% coverage target well ahead of their one-year timeline suggests the value proposition is resonating with payers.

**ALEX:** Let's shift to their pipeline, because this is where things get really interesting for long-term investors. They have four potential product launches coming in 2026, plus five Phase III data readouts across HIV, cancer, and liver disease.

**JORDAN:** Right, and this diversification strategy is really starting to pay off. Their cancer drug Trodelvy grew 6% to $1.4 billion, and they just got positive Phase III data that could expand it from second-line to first-line treatment in triple-negative breast cancer. That's potentially doubling the addressable market.

**ALEX:** And Trodelvy isn't their only oncology play. They're preparing to launch something called Anidocel - a CAR-T therapy for multiple myeloma. The clinical data looks strong with a 96% overall response rate and what they're calling a "best-in-disease" safety profile.

**JORDAN:** The safety piece is huge in CAR-T, Alex. These are powerful but potentially toxic treatments. If they can deliver the efficacy without the severe side effects, that's a real competitive advant

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

**JORDAN:** And I'm Jordan. Today we're diving into Disney's Q1 2026 earnings - and wow, what a quarter 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, Disney just reported some pretty impressive numbers. The experiences segment hit over $10 billion in quarterly revenue for the first time ever. That's massive.

**ALEX:** It really is, Jordan. But let's start with the big picture here. Disney seems to be firing on all cylinders - their film studio generated over $6.5 billion in global box office revenue in calendar 2025, making it their third biggest year ever. We're talking about three billion-dollar movies: Avatar: Fire and Ash, Zootopia 2, and Lilo and Stitch.

**JORDAN:** And Zootopia 2 became Hollywood's highest-grossing animated film of all time at $1.7 billion. But here's what I find fascinating - CEO Bob Iger specifically mentioned how these theatrical successes are creating this flywheel effect. When Zootopia 2 and Avatar hit Disney Plus, they're seeing millions of first streams and hundreds of millions of new viewing hours.

**ALEX:** That interconnected strategy is really paying off. Speaking of streaming, they saw a 13% increase in subscription revenue, and the segment is now profitable with margins hitting around that 10% target they set.

**JORDAN:** Right, and CFO Hugh Johnston mentioned they're actually exceeding that target - they hit 12% revenue growth with about 50% earnings growth in streaming. That's serious operating leverage. But what caught my attention was this OpenAI partnership with Sora.

**ALEX:** Oh, the AI content play. So Disney struck a three-year licensing deal where users can prompt Sora to create 30-second videos featuring about 250 Disney characters. Iger was careful to note these don't include human voices or faces - probably for obvious legal and creative reasons.

**JORDAN:** And they're planning to curate this Sora-generated content on Disney Plus as a way to add short-form video features. Iger mentioned they've noticed the huge growth in short-form content on platforms like YouTube, so this is their way of jumping into that space while maintaining that Disney brand control.

**ALEX:** What I found interesting was when an analyst asked about the impact on traditional programming needs, and Iger basically said this won't cannibalize anything. He sees AI as serving three purposes: enhancing creativity, improving productivity, and creating better connectivity with consumers.

**JORDAN:** Smart positioning. Now, let's talk ESPN because that NFL Network acquisition they just closed is a big deal. ESPN delivered its second-highest Monday Night Football viewership in twenty years, and they're gearing up for their first Super Bowl broadcast.

**ALEX:** And Jordan, the timing couldn't be better with ESPN launching their direct-to-consumer streaming service. The subscriber decline in traditional ESPN slowed to just 4% - a major improvement from the 7-8% drops they were seeing before.

**JORDAN:** The bundling strategy is clearly working. Subscribers who get the Disney Plus, Hulu, and ESPN bundle are churning less, which is huge for lifetime value. Iger mentioned they're working toward a fully integrated app experience by the end of the calendar year.

**ALEX:** Let's shift to experiences because $10 billion in quarterly revenue is just staggering. They've got expansion projects at every single theme park, the new Frozen land opening at Disneyland Paris next month, and they just launched the Disney Destiny cru

This episode includes AI-generated content.

**Beta Finch Podcast Script: Deere Q1 2026 Earnings**

ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown! I'm Alex, and I'm joined as always by Jordan. Today we're digging into Deere & Company's first quarter 2026 results - and folks, this is a company that's showing some real signs of life after what's been a pretty challenging agricultural cycle.

JORDAN: That's right, Alex. And before we dive in, I want to make sure our listeners know 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.

ALEX: Thanks, Jordan. Now, let's talk numbers because Deere really impressed here. They posted $9.6 billion in net sales and revenues, up 13% year-over-year, with equipment operations specifically growing 18% to $8 billion. Net income came in at $656 million, or $2.42 per share.

JORDAN: What I found particularly encouraging is that they beat their own expectations across the board. Management said all business segments performed ahead of plan, driven primarily by better-than-expected shipment volumes. And here's the kicker - they're calling 2026 the bottom of the current agricultural cycle.

ALEX: That's huge, Jordan. Let's break down the segments because there are some really interesting dynamics here. Small Ag & Turf was the star performer with 24% growth to $2.2 billion in sales and a 9% operating margin. Meanwhile, Construction & Forestry jumped 34% to $2.7 billion.

JORDAN: The Construction & Forestry story is particularly compelling. Their order bank has risen by over 50% in just the past quarter - that's the highest level since May 2024. Management is seeing strength across infrastructure projects, data center construction, and rental re-fleeting. It's giving them clear visibility into the second half of the fiscal year.

ALEX: And that's translating into some serious guidance raises. They bumped their Construction & Forestry net sales forecast to up around 15% for the full year, with operating margins now expected between 9-11%. But what really caught my attention was the Large Ag discussion.

JORDAN: Right, so Large Ag has been the problem child for Deere, but there are green shoots emerging. While the North American Large Ag industry is still expected to decline 15-20% this year, management noted that large tractor order velocity has picked up, and their rolling order books now provide visibility into the fourth quarter.

ALEX: The used inventory story is fascinating too. They've made significant progress reducing used equipment inventory - model year 2022 and 2023 8R tractors are down over 40% from their peak, and just in this quarter alone, they dropped 20% sequentially. That's clearing the trade ladder and enabling more replacement demand.

JORDAN: Let's talk about some of the strategic moves they're making. The big announcement is their new Deere-designed 20-ton class excavators launching at CONEXPO. This is their first fully Deere-designed and North Carolina-built excavator line, targeting about 40% of the North American construction equipment market.

ALEX: And they completed the acquisition of Tenna, which is all about digitizing construction workflows and fleet management. This fits into their three-layer strategy: machines, tasks, and job sites. They want to help contractors optimize not just individual machines, but entire operations.

JORDAN: The technology adoption numbers are impressive too. They now have over 500 million engaged acres - that's up 10% from a year ago, with nearly a third being "highly engaged." On the combine side, 99% of combines ordered through their early order program had some level of harvest automation, with nearly 80% taking the ultimate package.

ALEX: Now, it wasn't all sunshine and rainbows. They're dealing with $1.2 billion in tariff costs this year, and there are some reg

This episode includes AI-generated content.