Beta Finch - S&P 100 - EN

**BETA FINCH PODCAST SCRIPT**

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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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# Beta Finch Podcast Script - Applied Materials Q1 2026 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn complex financial reports into conversations you can actually follow. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into Applied Materials' Q1 2026 earnings call - that's AMAT for those keeping score at home.

**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:** Thanks Alex. So Applied Materials - for folks who might not know - they're basically the behind-the-scenes heroes making the tools that manufacture semiconductors. Think of them as the company that makes the machines that make the chips.

**ALEX:** Exactly. And what's interesting about this quarter is we're seeing some really strong AI-driven demand flowing through to their business. CEO Gary Dickerson opened by highlighting "strong demand across AI, foundry-logic, and memory" with customers accelerating their technology roadmaps.

**JORDAN:** Right, and that's showing up in their financials. While they didn't give us specific revenue numbers in this transcript, CFO Brice Hill mentioned they delivered "strong revenue, margins, and cash flow" and that their backlog remains elevated with book-to-bill around unity.

**ALEX:** That book-to-bill metric is key for equipment companies like Applied Materials. When it's at or above 1.0, it means they're booking new orders at the same rate or faster than they're shipping products. It's a good leading indicator of future revenue.

**JORDAN:** What really caught my attention was the breadth of growth drivers they're seeing. It's not just one area - they mentioned AI, advanced packaging, HBM memory, and even improvements in both DRAM and NAND flash memory.

**ALEX:** HBM is High Bandwidth Memory, by the way - it's the super-fast memory that AI chips need to process all that data. Gary Dickerson specifically called out "strong pull for tools supporting HBM" with visibility extending through multiple quarters.

**JORDAN:** And here's something I found fascinating - they're not just riding the AI wave passively. When asked about advanced packaging, Dickerson talked about their "comprehensive toolset across wafer-level packaging, hybrid bonding, and inspection/metrology." They're positioning themselves across the entire value chain.

**ALEX:** That's Applied Materials' sweet spot - materials engineering. They keep emphasizing these complex new chip architectures like gate-all-around transistors and backside power delivery, which create "new materials and integration challenges" where their expertise becomes even more valuable.

**JORDAN:** Speaking of challenges, there was an interesting exchange about China and export controls. Dickerson said demand there "remains mixed by segment, with mature nodes steady and certain leading-edge areas impacted by restrictions." But they seem to be managing this well with their global footprint.

**ALEX:** Right, and what I appreciated was their transparency about supply chain issues. Brice Hill mentioned they're "expanding capacity in critical product lines" and that lead times are improving as they qualify additional suppliers. That's exactly what you want to hear from a company in this space.

**JORDAN:** The services business also looks solid. Hill talked about growth being "supported by our expanding installed base" and higher attachment to performance-based agreements. That's recurring revenue, which investors love because it's more predictable than equipment sales.

**ALEX:** Let's talk about what this means looking forward. One analyst asked about sustainability of AI demand, and Dickerson seemed pretty confident, saying their "pipeline and customer engagements give us conf

This episode includes AI-generated content.

**BETA FINCH PODCAST SCRIPT**

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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 Visa's Q1 2026 earnings call - and wow, what a quarter for the payments giant.

**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. So Alex, let's start with the headline numbers because Visa really delivered here.

**ALEX:** They certainly did! Net revenue hit $10.9 billion, up 15% year-over-year, and earnings per share also jumped 15%. What caught my attention was how broad-based this growth was - it wasn't just one segment carrying the load.

**JORDAN:** Right, and the underlying business metrics looked solid too. Payments volume grew 8% to nearly $4 trillion - that's trillion with a T - and they processed 69 billion transactions, up 9% year-over-year. That tells me consumer spending is holding up pretty well.

**ALEX:** What really stood out was their value-added services segment. Jordan, this grew 28% and represented about 50% of their overall revenue growth in the quarter. That's a massive shift from being just a card network to becoming this comprehensive payments technology platform.

**JORDAN:** And it's smart business too, Alex. These value-added services are higher margin and less commodity-like than basic transaction processing. CEO Ryan McInerney spent a lot of time talking about their "Visa as a service" stack - essentially positioning themselves as what he called a "payment hyperscaler."

**ALEX:** I loved that terminology. They're really trying to be the AWS of payments. Speaking of innovation, let's talk about some of the tech stuff because there were some fascinating updates.

**JORDAN:** The tokenization story is incredible. They now have 17.5 billion tokens globally - that's over three times the number of physical cards! And get this - they've reduced guest checkout from 44% of e-commerce transactions in 2019 to just 16% today. Among their top 25 merchants, it's under 4%.

**ALEX:** That's a user experience revolution right there. No more typing in your card number every time you shop online. But what really got my attention was their push into what they're calling "AgenTik Commerce" - basically AI agents making payments on your behalf.

**JORDAN:** Yeah, they're working with over 100 partners on this, including AWS and Ramp. Imagine an AI assistant that can automatically book your travel or make purchases while you sleep, but with all the security and trust of the Visa network behind it. It's still early days, but the potential is huge.

**ALEX:** Now let's talk about something that's been getting a lot of buzz - stablecoins. Visa is clearly making moves here, but it sounds like they're being pretty strategic about it.

**JORDAN:** Exactly. They've reached a $4.6 billion annualized run rate for stablecoin settlement, which is still small for Visa but growing fast. What I found interesting was McInerney's comments about where they see product-market fit. He's not betting big on stablecoin payments in developed markets like the US or UK.

**ALEX:** Right, because we already have plenty of ways to pay digitally. But in markets with currency volatility or limited banking infrastructure? That's where stablecoins make sense as an on-ramp and off-ramp to the traditional financial system.

**JORDAN:** And they're now issuing stablecoin cards in over 50 countries. It's a smart way to bridge the crypto world with traditional payments without taking huge risks.

**ALEX:** Let's shift to the numbers going forward. CFO Chris Suh maintained their full-year guidance despite some headwinds.

**JORDAN:** Yeah, they're dealing with lower-than-expected currency volatility, which actual

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**Beta Finch Podcast Script: S&P Global Q4 2025 Earnings**

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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 S&P Global's Q4 2025 earnings call - and wow, what a year it's been for this financial data giant.

**ALEX**: 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.

**JORDAN**: Absolutely. Now Alex, S&P Global really delivered some impressive numbers here. Let's start with the headline figures.

**ALEX**: They certainly did. Revenue grew 9% reported, 8% organic constant currency for Q4. For the full year, they hit the high end of their original guidance on revenue growth, margins, AND earnings per share. EPS grew 14% for the year, and get this - they returned 113% of adjusted free cash flow to shareholders.

**JORDAN**: That's a massive cash return. And speaking of returns, they just announced their 53rd consecutive year of dividend increases. Plus they repurchased over $5 billion in stock during 2025. But what really caught my attention was how CEO Martina Cheung framed their strategic vision.

**ALEX**: Right, she kept coming back to this concept of "advancing essential intelligence." Over 95% of their revenue is tied to proprietary benchmarks, differentiated data, and critical workflow tools. And Jordan, they expect that percentage to increase over time.

**JORDAN**: That's a key point because it speaks to their competitive moat, especially with all the AI disruption happening. Speaking of which, they made some fascinating comments about AI being a "net tailwind" for their business. They've launched AI products in every division and are seeing real customer adoption.

**ALEX**: The AI discussion was particularly interesting during the Q&A. With all the recent announcements from companies like Anthropic about financial services plugins, investors were clearly concerned about potential disruption to S&P's workflow products.

**JORDAN**: Martina's response was pretty compelling though. She emphasized that their workflow tools aren't just simple apps - they're enterprise-grade solutions that have been refined over years. Products like iLEVEL and Capital IQ Pro integrate deeply into regulated environments and provide mission-critical functionality that can't easily be replicated.

**ALEX**: And she mentioned something that I found particularly telling - customers are telling them they want fewer vendors, not more. They want S&P to embed the latest AI technology directly into their existing platforms rather than having to work with multiple providers.

**JORDAN**: Exactly. And they're seeing tangible results from their AI investments. For example, they deployed an automated data ingestion tool on iLEVEL, and within six months, nearly 20% of customers opted for that add-on feature. That's real revenue generation from AI enhancements.

**ALEX**: Now let's talk about their 2026 outlook because this is where things get really interesting for investors. They're guiding for 6% to 8% organic constant currency revenue growth, continued margin expansion, and 9% to 10% EPS growth.

**JORDAN**: But here's what's fascinating - they're being quite prudent about their market-driven businesses. For their Ratings division, they're expecting "Billed Issuance" - basically the debt they rate - to grow only low to mid-single digits. That's despite some pretty favorable conditions.

**ALEX**: Right, and CFO Eric Aboaf walked through their assumptions. They're expecting most 2026 debt refinancing to happen this year, but they're not counting on massive pull-forward from 2027 and 2028. They're also being conservative about M&A activity and hyperscale infrastructure spending, even though there's a lot of

This episode includes AI-generated content.

**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 Citigroup's Q4 2025 earnings call. Jordan, this was quite the quarter for Citi - and notably, CFO Mark Mason's final earnings call before stepping down.

**JORDAN**: That's right, Alex. But before we get into the numbers, I need to share our 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.

**ALEX**: Thanks, Jordan. Now, let's talk about these results because Citi really delivered some impressive numbers. They reported adjusted EPS of $1.81 for the quarter and a full-year adjusted return on tangible common equity of 8.8% - that's a 180 basis point improvement year-over-year when you adjust for their Russia and Banamex impacts.

**JORDAN**: What really caught my attention was the revenue story. Adjusted revenues were up 7% for the full year to $86.6 billion - that's their strongest growth in over a decade, Alex. And here's the kicker: every single one of their five business segments hit record revenues. Services up 8%, Markets delivering record performance even beating their stellar 2020 numbers, and Banking had their best M&A revenue year in Citi's history.

**ALEX**: That M&A performance is particularly noteworthy. CEO Jane Fraser mentioned they had a role in 15 of the 25 largest investment banking transactions of the year, advising big names like Boeing, Pfizer, and Johnson & Johnson. Their investment banking wallet share increased 30 basis points year-over-year. Jordan, what's your take on the efficiency story here?

**JORDAN**: The efficiency gains are really the underlying theme of this transformation story, Alex. They delivered positive operating leverage for the second straight year - not just at the firm level but in every single business. Their efficiency ratio improved to 63% on an adjusted basis. Fraser was particularly excited about their AI adoption, with colleagues in 84 countries using their proprietary AI tools over 21 million times, with adoption now above 70%.

**ALEX**: Speaking of transformation, there was some significant regulatory news. The OCC terminated article 17 of their consent order in December, and Fraser mentioned that over 80% of their transformation programs are now at or near target state. This feels like a major milestone for Citi's multi-year remediation efforts.

**JORDAN**: Absolutely. And Fraser was pretty confident about completing the remaining work, though she was careful to note that timing ultimately lies with the regulators. The focus is now shifting from just risk and controls to using AI and automation to improve client experience while reducing expenses. They're starting with over 50 of their largest and most complex processes.

**ALEX**: Let's talk about the forward-looking guidance because this is where it gets interesting for investors. CFO Mark Mason provided some pretty specific expectations for 2026. They're guiding for net interest income excluding markets to grow 5-6%, driven by volume growth in cards and wealth, plus deposit growth in services and wealth.

**JORDAN**: Right, and they're targeting an efficiency ratio of around 60% for 2026 - that's moving from their previous target of "below 60%" to "around 60%," giving them flexibility to invest in growth. Mason was clear that 2026 is focused on delivering that 10-11% return on tangible common equity they've been targeting, but he emphasized that's just a waypoint, not the destination.

**ALEX**: One area that stood out in the Q&A was the discussion around capital returns. They repurchased over $13 billion in shares during 2025, including $4.5 billion in Q4. With a CET1 ratio of 13.2% - about 160 basis points above their regulatory requirement - they're targeting a 100 basis point

This episode includes AI-generated content.

# Beta Finch Podcast Script - Applied Materials Q1 2026 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn complex financial reports into conversations you can actually follow. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into Applied Materials' Q1 2026 earnings call - that's AMAT for those keeping score at home.

**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:** Thanks Alex. So Applied Materials - for folks who might not know - they're basically the behind-the-scenes heroes making the tools that manufacture semiconductors. Think of them as the company that makes the machines that make the chips.

**ALEX:** Exactly. And what's interesting about this quarter is we're seeing some really strong AI-driven demand flowing through to their business. CEO Gary Dickerson opened by highlighting "strong demand across AI, foundry-logic, and memory" with customers accelerating their technology roadmaps.

**JORDAN:** Right, and that's showing up in their financials. While they didn't give us specific revenue numbers in this transcript, CFO Brice Hill mentioned they delivered "strong revenue, margins, and cash flow" and that their backlog remains elevated with book-to-bill around unity.

**ALEX:** That book-to-bill metric is key for equipment companies like Applied Materials. When it's at or above 1.0, it means they're booking new orders at the same rate or faster than they're shipping products. It's a good leading indicator of future revenue.

**JORDAN:** What really caught my attention was the breadth of growth drivers they're seeing. It's not just one area - they mentioned AI, advanced packaging, HBM memory, and even improvements in both DRAM and NAND flash memory.

**ALEX:** HBM is High Bandwidth Memory, by the way - it's the super-fast memory that AI chips need to process all that data. Gary Dickerson specifically called out "strong pull for tools supporting HBM" with visibility extending through multiple quarters.

**JORDAN:** And here's something I found fascinating - they're not just riding the AI wave passively. When asked about advanced packaging, Dickerson talked about their "comprehensive toolset across wafer-level packaging, hybrid bonding, and inspection/metrology." They're positioning themselves across the entire value chain.

**ALEX:** That's Applied Materials' sweet spot - materials engineering. They keep emphasizing these complex new chip architectures like gate-all-around transistors and backside power delivery, which create "new materials and integration challenges" where their expertise becomes even more valuable.

**JORDAN:** Speaking of challenges, there was an interesting exchange about China and export controls. Dickerson said demand there "remains mixed by segment, with mature nodes steady and certain leading-edge areas impacted by restrictions." But they seem to be managing this well with their global footprint.

**ALEX:** Right, and what I appreciated was their transparency about supply chain issues. Brice Hill mentioned they're "expanding capacity in critical product lines" and that lead times are improving as they qualify additional suppliers. That's exactly what you want to hear from a company in this space.

**JORDAN:** The services business also looks solid. Hill talked about growth being "supported by our expanding installed base" and higher attachment to performance-based agreements. That's recurring revenue, which investors love because it's more predictable than equipment sales.

**ALEX:** Let's talk about what this means looking forward. One analyst asked about sustainability of AI demand, and Dickerson seemed pretty confident, saying their "pipeline and customer engagements give us conf

This episode includes AI-generated content.

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 Boeing's Q4 2025 earnings, which just dropped, and wow – there's a lot to unpack here.

JORDAN: There really is, Alex. But before we get into the nitty-gritty, 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.

ALEX: Absolutely. Now Jordan, let's start with the headline numbers because they're actually pretty impressive on the surface.

JORDAN: They really are! Boeing reported $23.9 billion in quarterly revenue – and get this – that's their highest quarterly total since 2018. Revenue was up a massive 57% year-over-year. For the full year, they hit $89.5 billion, up 34%.

ALEX: That's a significant turnaround. What's driving those numbers?

JORDAN: It's really a combination of higher commercial deliveries and better operational performance across the board. They delivered 600 commercial aircraft for the year – again, the most since 2018. The 737 MAX program delivered 447 planes, while the 787 contributed 88 deliveries.

ALEX: Now, the earnings picture gets a bit more complex, right? Because there's this big one-time gain in there.

JORDAN: Exactly. Core earnings per share came in at $9.92, but here's the thing – $11.83 of that was from selling their Digital Aviation Solutions business for about $10.6 billion. Strip that out, and you're looking at underlying operations that are still losing money, but improving significantly from the prior year.

ALEX: Let's talk about what CEO Kelly Ortberg had to say about their turnaround plan. He seems cautiously optimistic but realistic about the challenges ahead.

JORDAN: I thought his tone was really measured. He said "we haven't fully turned the corner, but we're making real progress." That feels honest – they're not overselling the recovery. He highlighted their four-point plan: stabilize the business, execute on development programs, change the culture, and build for the future.

ALEX: Speaking of those development programs, there's some movement on the certification front for their delayed aircraft, right?

JORDAN: Yes, but it's a mixed bag. The 737-10 got approval for its final phase of certification flight testing, which is progress. They still expect both the 737-7 and 737-10 to get certified in 2026. For the 777X, they're sticking with first delivery in 2027, though they did mention a potential engine durability issue they're working through with GE.

ALEX: Now let's get to what investors are probably most interested in – the cash flow situation. This has been Boeing's Achilles' heel for years.

JORDAN: This is where it gets really interesting. They generated positive free cash flow of $375 million in Q4 and used $1.9 billion for the full year – but that was actually better than expected. More importantly, CFO Jay Mollave guided to positive free cash flow of $1 billion to $3 billion for 2026.

ALEX: But there are a lot of moving parts affecting that cash flow, aren't there?

JORDAN: Oh absolutely. Mollave walked through what he called "legacy issues" that are weighing on cash flow. The biggest one is the 777X program, which won't start delivering until 2027, so they're spending cash to build planes but not getting the full payment from customers yet. He said that program alone will be a higher cash use in 2026 than 2025.

ALEX: And then there are these "customer considerations" – essentially compensation for past delivery delays.

JORDAN: Right, and "excess advances" where they've already taken customer cash for planes they haven't delivered yet. These are both legacies of the production problems and MAX grounding from years past. Mollave said when you adjust for all these temporary issues, the underlying b

This episode includes AI-generated content.

# Beta Finch Podcast Script - Applied Materials Q1 2026 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn complex financial reports into conversations you can actually follow. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into Applied Materials' Q1 2026 earnings call - that's AMAT for those keeping score at home.

**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:** Thanks Alex. So Applied Materials - for folks who might not know - they're basically the behind-the-scenes heroes making the tools that manufacture semiconductors. Think of them as the company that makes the machines that make the chips.

**ALEX:** Exactly. And what's interesting about this quarter is we're seeing some really strong AI-driven demand flowing through to their business. CEO Gary Dickerson opened by highlighting "strong demand across AI, foundry-logic, and memory" with customers accelerating their technology roadmaps.

**JORDAN:** Right, and that's showing up in their financials. While they didn't give us specific revenue numbers in this transcript, CFO Brice Hill mentioned they delivered "strong revenue, margins, and cash flow" and that their backlog remains elevated with book-to-bill around unity.

**ALEX:** That book-to-bill metric is key for equipment companies like Applied Materials. When it's at or above 1.0, it means they're booking new orders at the same rate or faster than they're shipping products. It's a good leading indicator of future revenue.

**JORDAN:** What really caught my attention was the breadth of growth drivers they're seeing. It's not just one area - they mentioned AI, advanced packaging, HBM memory, and even improvements in both DRAM and NAND flash memory.

**ALEX:** HBM is High Bandwidth Memory, by the way - it's the super-fast memory that AI chips need to process all that data. Gary Dickerson specifically called out "strong pull for tools supporting HBM" with visibility extending through multiple quarters.

**JORDAN:** And here's something I found fascinating - they're not just riding the AI wave passively. When asked about advanced packaging, Dickerson talked about their "comprehensive toolset across wafer-level packaging, hybrid bonding, and inspection/metrology." They're positioning themselves across the entire value chain.

**ALEX:** That's Applied Materials' sweet spot - materials engineering. They keep emphasizing these complex new chip architectures like gate-all-around transistors and backside power delivery, which create "new materials and integration challenges" where their expertise becomes even more valuable.

**JORDAN:** Speaking of challenges, there was an interesting exchange about China and export controls. Dickerson said demand there "remains mixed by segment, with mature nodes steady and certain leading-edge areas impacted by restrictions." But they seem to be managing this well with their global footprint.

**ALEX:** Right, and what I appreciated was their transparency about supply chain issues. Brice Hill mentioned they're "expanding capacity in critical product lines" and that lead times are improving as they qualify additional suppliers. That's exactly what you want to hear from a company in this space.

**JORDAN:** The services business also looks solid. Hill talked about growth being "supported by our expanding installed base" and higher attachment to performance-based agreements. That's recurring revenue, which investors love because it's more predictable than equipment sales.

**ALEX:** Let's talk about what this means looking forward. One analyst asked about sustainability of AI demand, and Dickerson seemed pretty confident, saying their "pipeline and customer engagements give us conf

This episode includes AI-generated content.

**Beta Finch Podcast Script: Abbott Laboratories Q4 2025 Earnings**

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**ALEX:** Welcome back 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 Abbott's fourth quarter 2025 results, and folks, there's quite a story here.

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.

Now Jordan, Abbott just reported their Q4 numbers, and CEO Robert Ford had some interesting things to say about the year ahead. What caught your attention first?

**JORDAN:** Alex, the headline numbers tell a tale of two companies, honestly. On one hand, you've got Abbott delivering on their original double-digit EPS growth target with adjusted earnings per share hitting $1.50 – that's 12% growth year-over-year. But then there's this nutrition business headwind that's creating some near-term challenges.

**ALEX:** Right, and let's talk about that guidance because it's pretty telling. For 2026, Abbott is projecting organic sales growth of 6.5% to 7.5% – so 7% at the midpoint – and they're calling for 10% growth in adjusted EPS. That EPS growth is solid, but that revenue guidance seems a bit more cautious than what some were expecting.

**JORDAN:** Exactly, and Ford was pretty transparent about why. The nutrition business is essentially going through what he called a "transition back to a more sustainable volume-driven business." Here's what's fascinating – Abbott has been raising prices to offset post-pandemic commodity cost increases, but now those higher prices are actually suppressing demand as consumers become more price-sensitive.

**ALEX:** It's like a classic consumer goods dilemma, right? You raise prices to maintain margins, but eventually you price yourself out of volume growth. Ford mentioned they started implementing "price and promotion initiatives" in Q4 to try to reignite volume growth. How big of an impact is this having on the overall company?

**JORDAN:** Well, nutrition is a meaningful piece of Abbott's portfolio, but what I found encouraging is how Ford framed the rest of the business. He said a "significant majority of the company" is either maintaining high single-digit growth or actually accelerating. The medical devices segment, for example, grew 10.5% in the quarter.

**ALEX:** And that medical devices growth is really impressive when you dig into the details. Continuous glucose monitors grew 17% for the full year, exceeding $7.5 billion in sales. That's the third consecutive year their CGM business has grown by more than a billion dollars. Jordan, when an analyst asked about CGM growth expectations, Ford had a pretty confident response.

**JORDAN:** He did! Ford pushed back on the narrative that the CGM market is slowing down, saying "I don't consider growing a billion dollars every single year and doing it four years in a row to be slowing down." He sees continued penetration opportunities across all patient groups – intensive insulin users, basal insulin users, and non-insulin users. Plus, there's potential for expanded reimbursement coverage for non-insulin Type 2 diabetes patients.

**ALEX:** Speaking of new products, Abbott got FDA approval for their BOLT PFA catheter in December and CE Mark approval for their Tactiflex Duo ablation catheter. Ford seemed pretty excited about their electrophysiology portfolio positioning.

**JORDAN:** Absolutely. He made this great point about how three years ago, there were concerns that Abbott's EP franchise would struggle without PFA technology, but they've maintained double-digit growth even without those products. Now with Volt launching in the US and Tactiflex Duo internationally, Ford said "I do

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**BETA FINCH PODCAST SCRIPT**

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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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