Palo Alto Networks reported "total revenue was 2.59billion" for the quarter, which "grew 15%. The company delivered diluted non−GAAP EPS of 1.03" and "Q2 adjusted free cash flow was $502 million". Operating performance showed "Q2 operating margin of 30.3%". Management noted that "NGS ARR grew 33% to $6.33 billion", stating that "on an organic basis, NGS ARR was up 28%".

Key business updates included the fact that the company "closed both the CyberArk and Chronosphere acquisitions". Management highlighted that "in Q2, we delivered approximately 110 net new platformizations". Additionally, the "SASE business continued to go from stand to stand, surpassing the $1.5 billion ARR milestone". In the realm of AI security, "Prisma AIRS... is scaling rapidly with over 100 customers ending Q2".

Regarding forward guidance, for "fiscal third quarter 2026," management expects "revenue to be in the range of $2.941 billion to $2.945 billion" and "diluted non-GAAP EPS to be in the range of $0.78 to $0.80". For "fiscal year 2026," the company projects "revenue to be in the range of $11.28 billion to $11.31 billion" and "diluted non-GAAP EPS to be in the range of $3.65 to $3.70 per share".

On the product front, executives announced their "intent to acquire Koi, a pioneer in securing the next major inflection point in security, the agentic endpoint". Management also discussed "Gen 5 firewalls" and noted that "Prisma Browser has been adopted by over 1,500 customers"

Garmin Ltd. reported "record consolidated revenue" for the fourth quarter of 2025, with "consolidated revenue increased 17% to more than $2.1 billion". The company achieved "record fourth quarter operating income of $614 million" and "record pro forma EPS of $2.79". For the full year 2025, Garmin reported "consolidated revenue increased 15% to $7.25 billion" and "operating margin expanded by 60 basis points to 25.9%". Management noted that "gross margin was 58.7%" for the full year, which they described as a "significant achievement considering the impact of generationally high tariff structures".

Business updates highlighted growth across segments, with "strong double-digit revenue growth in 3 business segments" during the quarter. Management reported that "Fitness revenue increased 33% to $2.36 billion" for the year, driven by "wearables as we continue to benefit from both market share gains and market growth". In the Auto OEM segment, the company announced a program with "Mercedes-Benz" that "will broadly apply across their portfolio of passenger car models". Additionally, the Aviation segment saw the "Garmin G5000H cockpit system" selected for the "Brazilian Air Force UH-60 Black Hawk helicopter".

Looking ahead to 2026, Garmin anticipates "revenue to increase approximately 9% to $7.9 billion" and expects "operating income to exceed $2 billion for the first time". The company also provided guidance for "pro forma earnings per share approximately $9.35". Management addressed supply chain concerns, noting that their guidance considers "recent cost pressures on memory components".

Medtronic reported "revenue of $9 billion" for the third quarter of fiscal year 2026, which "grew 8.7% reported and 6% organic". The company delivered "adjusted operating profit of 2.2billion" for the quarter, with an "adjusted operating margin of 24.1.  Adjusted EPS for the quarter was 1.36," which management noted was a "beat of $0.03".

Business updates focused on four "generational growth drivers," including the Cardiac Ablation Solutions business where "PFA grew nearly 200% worldwide". Management highlighted that the "Hugo robot received FDA clearance for urologic surgical procedures," and they "completed our first cases at Cleveland Clinic". In Neuroscience, the company "secured FDA clearance for our Stealth AXiS Surgical System," describing it as a "new transformative platform that unifies AI-powered planning, robotics and navigation".

Looking ahead, Medtronic is "reiterating fiscal '26 organic revenue growth guidance of approximately 5.5%". The company is "maintaining our fiscal '26 EPS guidance in the range of $5.62 to $5.66" and maintains their "expectation for high single-digit EPS growth in fiscal year '27"

Enbridge Inc reported "record fourth quarter and full-year EBITDA, DCF, and earnings per share". Management noted that "adjusted EBITDA is up CAD 83 million," "DCF is up CAD 0.06," and "EPS increased CAD 0.13" compared to the fourth quarter of 2024. The company highlighted that its "debt to EBITDA remains within our leverage range of 4.5-5 times".

Key business updates included the sanctioning of "over $14 billion of capital in 2025" and placing "CAD 5 billion of assets into service" during the past year. The company's "growth backlog has grown 35%" since the previous Investor Day. Operational highlights included the Mainline transporting "approximately 3.1 million barrels per day on average" and the "sanctioning of Bay Runner," an extension of the Whistler pipeline.

Management reaffirmed 2026 guidance, stating confidence in achieving "full-year EBIT expectations between CAD 20.2 billion and CAD 20.8 billion" and "DCF of between 570 and 610 per share". The company also noted it expects to "achieve 5% growth through the end of the decade".

Notable announcements included a partnership with "Meta Inc" to sanction "Cowboy Phase One and Easter Wind," which will supply "over 500 MW of renewable power to support data center operations". Additionally, the company announced the "first phase of Sequoia Solar entered service in December"

Cameco reported that "annual revenue increased to about CAD 3.5 billion in 2025" and "Adjusted EBITDA was about CAD 1.9 billion." The company noted that "Adjusted net earnings of just under CAD 630 million" represented a significant improvement. Cameco ended the year with a strong balance sheet, holding "approximately CAD 1.2 billion in cash and short-term investments" and "CAD 1 billion in total debt."

Key business updates included the performance of "Tier One assets," with the company stating they "produced 21 million pounds on a consolidated basis in 2025." Management highlighted that "contracting activity increased late in the year" and they ended 2025 with "approximately 230 million pounds committed under long-term contracts." Additionally, the "fuel services segment delivered another strong year," achieving "record UF6 production at Port Hope." The company also discussed a "strategic partnership" with Brookfield, Westinghouse, and the U.S. government "backed by at least $80 billion in planned investment."

Looking ahead to 2026, Cameco expects "to produce between 19.5 million and 21.5 million pounds of uranium" and "deliver between 29 and 32 millions pounds of uranium." The "average realized price" is projected to be "between CAD 85 and CAD 89." For the Westinghouse segment, the outlook for their share of "adjusted EBITDA... is approximately 370million−430 million." Management cautioned that "while we do not expect comparable distributions in 2026" regarding Westinghouse, the outlook "remains strong."

Moderna reported financial results for the fourth quarter of 2025, stating that "total revenue was $700 million" and the "net loss for the quarter was $800 million". For the full year 2025, "total revenue was $1.9 billion" and "net loss over the year was $2.8 billion". The company "ended the year with $8.1 billion in cash and investments". Management noted that "operating expenses were down $2.2 billion, or 30% over the year".

Business updates highlighted that "mNEXSPIKE captured 24% of the total US retail market" during its launch. The company announced a "5-year strategic agreement with the government of Mexico" and an "agreement with Recordati for the global commercialization of our propionic acidemia". However, executives expressed "disappointment to the FDA refusal to file letter on our flu program, mRNA-1010", noting that "regulatory uncertainty threatens U.S. leadership in innovative medicines".

Looking forward, the company expects "total revenue growth of up to 10% in 2026". Expense guidance anticipates "R&D expenses are anticipated to be approximately $3 billion" and "SG&A expenses are expected to be approximately $1 billion". On the pipeline front, the "phase 3 norovirus program is now fully enrolled", and the "adjuvant melanoma study is one that we are confident will read out this year"

Airbnb reported Q4 2025 "Revenue" of "$2.8 billion," which "exceeded the high end of our guidance". "Gross booking value grew 16% year-over-year to $20.4 billion". For the quarter, "Net income was $341 million" and the company "generated $786 million of adjusted EBITDA". Airbnb also "generated 529million of free cash flow" in Q4 and "4.6 billion" for the full year 2025.

Key business updates focused on "Project Y," an internal innovation model designed to "Make it easier to find and book a home on Airbnb". Management highlighted the success of "Reserve Now, Pay Later," noting that "guests in the U.S. could book eligible stays paying $0 upfront". Additionally, "Guest Favorites" made up "nearly half of all bookings" in Q4. The company also noted that "Brazil moved from a top ten market to a top five market".

Looking ahead, Airbnb expects Q1 revenue to be "2.59billion−2.63 billion". For the full year 2026, management expects "revenue growth to accelerate to at least low double digits" and "adjusted EBITDA margin to be stable year-over-year". The company also mentioned preparing supply for the "2026 FIFA World Cup" and continuing to roll out a custom "AI agent" that is "resolving a third of the support issues without needing a live specialist"

Rivian Automotive, Inc. reported financial results for the fourth quarter of 2025, stating that "Consolidated revenues were approximately $1.3 billion". Management highlighted that "Consolidated gross profit was $120 million, and our gross profit margin was 9%". For the full year, the company achieved its "first full year of positive gross profit". The company reported that "Adjusted EBITDA losses for the fourth quarter were negative 465million,"representing a 137 million improvement from Q3 2025". Rivian ended the year with "approximately $6.1 billion of cash, cash equivalents and short-term investments".

Business updates focused heavily on the upcoming launch of the R2 platform. CEO RJ Scaringe stated, "we are months away from starting customer deliveries of R2," describing it as "an extension of the experience we delivered in R1... but in a smaller form factor and importantly, at an attractive lower price point". The company noted that in Q4 2025, "the R1S was the best-selling premium electric vehicle priced above $70,000 in California, New York, New Jersey, Oregon, Virginia and Washington, D.C.". Additionally, Rivian highlighted progress with the Volkswagen Group, noting they have "delivered vehicles for winter testing for multiple Volkswagen Group brands".

Looking ahead, Rivian provided guidance for 2026, expecting "to deliver between 62,000 and 67,000 total vehicles across R1, R2 and our commercial vans". Management forecasts a 2026 "adjusted EBITDA loss of between $2.1 billion and $1.8 billion" and expects "capital expenditures of $1.95 billion to $2.05 billion". The company plans to provide "additional product, pricing and lineup details on March 12" regarding the R2.

Coinbase reported that "2025 total revenue was $7.2 billion" and "Q4 total revenue was $1.8 billion". The company noted that "Adjusted EBITDA in the fourth quarter was $566 million", marking the "twelfth consecutive quarter of Adjusted EBITDA profitability". On a GAAP basis, Coinbase reported a "net loss of $667 million" for the quarter, "primarily driven by a $718 million unrealized loss on our crypto investment portfolio".

Management highlighted key business updates, noting they "launched the Everything Exchange in Q4" and that "Base set a new transaction all-time high". They also stated that "subscription and services revenue hit all-time highs" and the company now has "12 products doing over $100 million in annualized revenue". Additionally, Coinbase "repurchased $1.7 billion of our common stock".

Looking ahead, management provided guidance for the first quarter of 2026. They "expect subscription and services revenue to be in the range of 550million−630 million". On the expense side, they "expect technology and development, plus general and administrative expenses to be flat quarter-over-quarter" in the "range of 925million−975 million", and "sales and marketing expenses to be flat to down" in the "range of 215million−315 million"

Expedia Group reported Q4 2025 financial results with "Gross bookings" of "27 billion" and "Revenue" of "3.5 billion" for the quarter. The company delivered "Adjusted EPS of $3.78" for the quarter and noted that "Free cash flow for the year was $3,100,000,000". Management highlighted that "Adjusted EBITDA margin expanded by nearly four points to 24% for the quarter".

Key business updates included the fact that the company "returned Vrbo and Hotels.com to growth" and "grew B2B bookings by 24%". CEO Ariane Gorin noted product improvements, stating "our sites and apps are 30% faster than they were a year ago". Additionally, the company announced an "intent to acquire Tickets" to broaden activities for partners and declared that the "quarterly dividend raised by 20% to $0.48 per share".

Looking ahead, management provided guidance for the first quarter of 2026, expecting "revenue of 11% to 13%". For the "full year," the company expects "revenue of 6% to 9%". CFO Scott Schenkel noted that "full-year margins to expand by 100 to 125 basis points" in 2026.