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  • UnitedHealth Q4 2025 Earnings Analysis

    UnitedHealth Q4 2025 Earnings Analysis
    Feb 25 2026
    # Beta Finch Podcast Script: UnitedHealth Q4 2025 Earnings

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    8 Min.
  • Uber Q4 2025 Earnings Analysis

    Uber Q4 2025 Earnings Analysis
    Feb 25 2026
    **BETA FINCH PODCAST SCRIPT**

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

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

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

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

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

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

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

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

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

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

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

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

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

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    9 Min.
  • Texas Instruments Q4 2025 Earnings Analysis

    Texas Instruments Q4 2025 Earnings Analysis
    Feb 25 2026
    # Beta Finch Podcast Script: Texas Instruments Q4 2025 Earnings

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    9 Min.
  • T-Mobile US Q4 2025 Earnings Analysis

    T-Mobile US Q4 2025 Earnings Analysis
    Feb 25 2026
    **BETA FINCH PODCAST SCRIPT**

    ---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    8 Min.
  • Raytheon Technologies Q4 2025 Earnings Analysis

    Raytheon Technologies Q4 2025 Earnings Analysis
    Feb 25 2026
    **Beta Finch Podcast Script: RTX Q4 2025 Earnings**

    ---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    9 Min.
  • ServiceNow Q4 2025 Earnings Analysis

    ServiceNow Q4 2025 Earnings Analysis
    Feb 25 2026
    # Beta Finch Podcast Script: ServiceNow Q4 2025 Earnings

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

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

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

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

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

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

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

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

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

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

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

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

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    9 Min.
  • UPS Q4 2025 Earnings Analysis

    UPS Q4 2025 Earnings Analysis
    Feb 23 2026
    **BETA FINCH PODCAST SCRIPT**

    ---

    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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    9 Min.
  • Thermo Fisher Q4 2025 Earnings Analysis

    Thermo Fisher Q4 2025 Earnings Analysis
    Feb 23 2026
    **BETA FINCH PODCAST SCRIPT**

    ---

    **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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    9 Min.