Mechanical Locks Market Size, Demand & Trends 2025 to 2035
The global mechanical locks market is projected to grow from USD 7.75 billion in 2025 to USD 11.15 billion by 2035, exhibiting a CAGR of 3.7%. This growth is driven by increasing security concerns and construction activities, especially in emerging economies. Deadbolt locks are expected to dominate the product segment, while departmental stores will remain the leading sales channel.
Howmet Aerospace prices $1.2 billion notes offering to fund acquisition By Investing.com
Howmet Aerospace (NYSE:HWM) has priced a $1.2 billion public offering of notes to finance its acquisition of Consolidated Aerospace Manufacturing, LLC. The offering includes three tranches of notes with varying interest rates and maturity dates, aiming to raise capital alongside existing funds. This move follows a strong stock performance for Howmet, with recent analyst upgrades and a planned dividend payment.
CenterBook Partners LP Takes Position in Stanley Black & Decker, Inc. $SWK
CenterBook Partners LP acquired a new stake in Stanley Black & Decker (NYSE:SWK) during the third quarter, purchasing 116,320 shares valued at approximately $8.65 million. The industrial products company recently reported an earnings beat of $1.41 EPS against an expected $1.27, although revenue of $3.68 billion was slightly below estimates. Institutional ownership in Stanley Black & Decker is high at 87.77%, with major holders like Vanguard and State Street increasing their positions.
UBS raises Howmet Aerospace stock price target on strong execution By Investing.com
UBS has increased its price target for Howmet Aerospace (NYSE:HWM) to $260 from $228, maintaining a Neutral rating, due to the company's strong execution, record EBITDA margins, and expected aerospace growth acceleration. Howmet's stock has seen an 88% return over the past year and operates with a strong financial health score, though its current valuation is considered a significant premium. The company also recently announced a quarterly dividend and plans to acquire Consolidated Aerospace Manufacturing for $1.8 billion.
UBS raises Howmet Aerospace stock price target on strong execution
UBS has increased its price target for Howmet Aerospace Inc. (NYSE:HWM) to $260 from $228, while maintaining a Neutral rating, citing strong execution and record EBITDA margins. The company has demonstrated robust revenue growth and is expected to accelerate in 2026, driven by an aerospace recovery and increasing gas turbine power demand. Despite a strong financial health score, InvestingPro's fair value assessment suggests the stock is currently overvalued.
UBS raises Howmet Aerospace stock price target on strong execution
UBS has increased its price target for Howmet Aerospace Inc. (NYSE:HWM) to $260 from $228, maintaining a Neutral rating, citing the company's strong execution, record EBITDA margins, and anticipated aerospace growth. Despite its strong performance and financial health, the stock appears overvalued based on current valuations and InvestingPro's Fair Value assessment. Howmet recently declared a quarterly dividend and announced its acquisition of Consolidated Aerospace Manufacturing for $1.8 billion, a move expected to boost revenue and EBITDA.
Stanley Black & Decker, Inc. (NYSE:SWK) Given Consensus Recommendation of "Hold" by Analysts
Analysts have issued a "Hold" consensus recommendation for Stanley Black & Decker (NYSE:SWK) based on ratings from twelve research firms, with an average 12-month price target of $87.00. The company recently reported Q4 EPS that beat estimates but revenue that missed, and provided FY2026 EPS guidance of $4.90–$5.70. Shares are trading near $91.04, and institutional and hedge fund ownership stands at approximately 87.77%.
Outdoor Power Equipment Global Outlook Report 2026: A $48.2 Billion Market by 2030 from $35 Billion in 2024 with Deere & Co., Husqvarna, HONDA, Stanley Black & Decker, and Toro Group Dominating
The global Outdoor Power Equipment Market is projected to grow from $35 billion in 2024 to $48.2 billion by 2030, driven by technological advancements, lithium-ion battery improvements, and urbanization. North America currently dominates the market, with Europe and APAC showing significant growth due to automation, sustainability policies, and increased interest in gardening. Key players include Deere & Co., Husqvarna, HONDA, Stanley Black & Decker, and The Toro Group, who are focusing on innovation to maintain their market presence.
Stanley Black & Decker: This Dividend King Is Worth Holding After Q4 Results (Rating Downgrade)
Stanley Black & Decker delivered solid Q4 results, surpassing EPS estimates despite challenges, and is prioritizing debt reduction. The stock is undervalued, trading at less than 17x 2026 EPS estimates, with substantial earnings growth anticipated through 2028. A forthcoming $1.8 billion CAM divestiture will enhance the balance sheet, facilitate debt repayment, and could enable share buybacks and dividend growth.
Advisors Asset Management Inc. Increases Stock Holdings in Stanley Black & Decker, Inc. $SWK
Advisors Asset Management Inc. significantly increased its stake in Stanley Black & Decker (SWK) by 84.4% in the third quarter, now holding 53,405 shares valued at approximately $3.97 million. Institutional investors collectively own 87.77% of SWK, with major funds like Vanguard and State Street also adding to their positions. Analysts currently hold an average "Hold" rating for the stock, with an average target price of $87.00.
Goldman Sachs raises Stanley Black & Decker (SWK) PT to $84 after margin-driven Q4 beat
Goldman Sachs has increased its price target for Stanley Black & Decker (SWK) to $84, up from $81, following the company's better-than-expected fourth-quarter performance. The revision is attributed to stronger margins, despite the firm reiterating its Neutral rating on the stock. This adjustment reflects a positive outlook on the company's operational efficiency.
Goldman Sachs Raises Stanley Black & Decker (SWK) PT to $84 After Margin-Driven Q4 Beat
Goldman Sachs analyst Joe Ritchie increased his price target for Stanley Black & Decker (SWK) to $84 from $78, maintaining a Neutral rating. The Q4 beat was primarily due to stronger margins in the Tools & Outdoor segment, despite challenging market conditions. The company is focusing on cost control, pricing, and working-capital discipline, but faces pressure from tariffs and inflation which have begun to impact demand and led to a cautious 2026 profit outlook.
Goldman Sachs Raises Stanley Black & Decker (SWK) PT to $84 After Margin-Driven Q4 Beat
Goldman Sachs analyst Joe Ritchie increased his price target for Stanley Black & Decker (SWK) to $84 from $78, maintaining a Neutral rating. The upgrade follows SWK's Q4 beat, driven by stronger margins in its Tools & Outdoor segment, despite a difficult market and tariff-related sales challenges. The company is implementing cost-saving measures and focusing on pricing and supply chain adjustments, although its 2026 profit projection falls below Wall Street estimates.
ING Groep NV Purchases New Shares in Stanley Black & Decker, Inc. $SWK
ING Groep NV acquired a new position in Stanley Black & Decker (NYSE:SWK) during the third quarter, purchasing 53,504 shares valued at approximately $3.977 million. Other institutional investors also increased their holdings in the industrial products company. Stanley Black & Decker's stock performance shows a market cap of $13.88 billion and analysts currently hold a "Hold" rating with a consensus target price of $87.00.
Goldman Sachs Raises Stanley Black & Decker (SWK) PT to $84 After Margin-Driven Q4 Beat
Goldman Sachs analyst Joe Ritchie raised his price target for Stanley Black & Decker (SWK) to $84 from $78, reiterating a Neutral rating. The Q4 beat was primarily driven by stronger margins in the Tools & Outdoor segment, despite a difficult market and tariff mitigation efforts. However, the company projects 2026 profit below Wall Street estimates, as tariff-driven price increases have begun to impact demand.
Howmet Aerospace Inc. SEC 10-K Report
Howmet Aerospace Inc. has released its annual Form 10-K report, detailing its financial performance, business operations, strategic initiatives, and market challenges. The report highlights the company's leading global position in aerospace and transportation engineered solutions, with a significant portion of its revenue from the aerospace market. It also discusses recent acquisitions, competitive landscape, future outlook focusing on sustainable aviation, and strategies to mitigate various market, operational, and regulatory risks.
Stanley Black & Decker (NYSE:SWK) Sets New 52-Week High - Here's What Happened
Stanley Black & Decker (NYSE:SWK) reached a new 52-week high of $93.37 on Thursday, with the stock closing at $90.57 on approximately 1.74 million shares. This surge occurred despite mixed quarterly results, including beating EPS estimates ($1.41 vs. $1.27) but missing revenue targets ($3.68 billion vs. $3.78 billion). Analyst sentiment remains a "Hold" with an average price target of $87.00, reflecting recent adjustments by various firms.
Lincoln Electric (NASDAQ:LECO) Misses Q4 CY2025 Sales Expectations
Lincoln Electric (NASDAQ:LECO) missed Wall Street's revenue expectations for Q4 CY2025, with sales of $1.08 billion, despite a 5.5% year-on-year increase. However, the company beat non-GAAP profit estimates, reporting $2.65 per share against an expected $2.54. The report highlighted strong long-term revenue and EPS growth, but noted slower recent organic revenue performance and a stable operating margin.
Oppenheimer Asset Management Inc. Acquires 21,972 Shares of Stanley Black & Decker, Inc. $SWK
Oppenheimer Asset Management Inc. increased its stake in Stanley Black & Decker (NYSE:SWK) by 50.6% during the third quarter, purchasing an additional 21,972 shares to bring its total holdings to 65,384 shares valued at approximately $4.86 million. The company recently reported Q4 earnings, beating EPS estimates ($1.41 vs. $1.27) but missing revenue expectations ($3.68B vs. $3.78B) and provided FY2026 EPS guidance of $4.90-$5.70. Analysts have a "Hold" consensus rating for SWK, with a target price of $87.00.
Howmet Aerospace Q4 Adjusted Earnings, Revenue Rise; Fiscal 2026 Guidance Set
Howmet Aerospace reported a rise in adjusted earnings and revenue for Q4, and announced its fiscal 2026 guidance. The company anticipates 2026 revenue to be between $9 billion and $9.2 billion, with adjusted EPS ranging from $4.35 to $4.55. Additionally, Howmet provided Q1 adjusted EPS guidance of $1.09 to $1.11 and Q1 revenue guidance of $2.23 billion to $2.25 billion.
Stanley Black & Decker To Present At The Barclays 43rd Annual Industrial Select Conference
Stanley Black & Decker (NYSE: SWK) will present at the Barclays 43rd Annual Industrial Select Conference on February 18, 2026, at 1:15 PM ET. Chris Nelson, President and CEO, will provide the webcast presentation. Investors and the public can access the live webcast and later a replay on the company's website.
Stanley Black & Decker To Present At The Barclays 43rd Annual Industrial Select Conference
Stanley Black & Decker (NYSE: SWK) will present at the Barclays 43rd Annual Industrial Select Conference on Wednesday, February 18, 2026, at 1:15 PM ET. Chris Nelson, President and CEO, will provide the presentation, which will be available via live webcast on the company's investor relations website, with a replay available for 30 days. The company, founded in 1843, is a global leader in tools and outdoor products with a portfolio of well-known brands.
Argus Upgrades Stanley Black & Decker (NYSE:SWK) to "Hold"
Argus has upgraded Stanley Black & Decker (NYSE:SWK) to a "hold" rating, as reported on February 11, 2026. This upgrade aligns with the company's average "Hold" rating from analysts, with a consensus price target of $87.00. Stanley Black & Decker recently reported Q4 earnings per share of $1.41, beating estimates, despite revenue being slightly below expectations.
Thrivent Financial for Lutherans Sells 23,665 Shares of Stanley Black & Decker, Inc. $SWK
Thrivent Financial for Lutherans reduced its stake in Stanley Black & Decker (NYSE:SWK) by 42.3%, selling 23,665 shares in the third quarter. Despite this, other institutional investors have recently increased their holdings in the industrial products company. Stanley Black & Decker reported strong Q3 earnings, beating analyst estimates, and has received varied price targets and ratings from several research firms.
Howmet Aerospace stock hits all-time high at 226.99 USD By Investing.com
Howmet Aerospace Inc. (HWM) stock reached an all-time high of $226.99, closing at $227.49 on Tuesday, surpassing its previous 52-week high. The company has seen a 76.06% total return over the past year, with a market capitalization of $90.5 billion and a P/E ratio of 63. Howmet Aerospace also recently announced a quarterly dividend and the acquisition of Consolidated Aerospace Manufacturing for approximately $1.8 billion, with analysts maintaining positive ratings and increased price targets.
Lincoln Electric (LECO) Q4 Earnings: What To Expect
Lincoln Electric (LECO) is set to report its Q4 earnings on Thursday morning, with analysts expecting a 7.1% year-on-year revenue growth to $1.09 billion and adjusted earnings of $2.54 per share. The company has a strong track record of beating revenue estimates, and recent results from peers in the professional tools and equipment segment, Kennametal and Fortive, suggest a positive outlook for the industry. Investor sentiment for the sector is currently positive, with Lincoln Electric’s shares up 16.9% in the last month.
Howmet Aerospace stock hits all-time high at 226.99 USD
Howmet Aerospace (HWM) stock reached an all-time high of $226.99, closing at $227.49, surpassing its previous 52-week high. The company has shown a 76.06% return over the past year, holds a robust Piotroski Score of 9, and has a market capitalization of $90.5 billion. Recent strategic moves include announcing a quarterly dividend and the acquisition of Consolidated Aerospace Manufacturing for $1.8 billion, with analysts maintaining positive ratings and raising price targets.
ProShare Advisors LLC Sells 374,374 Shares of Stanley Black & Decker, Inc. $SWK
ProShare Advisors LLC decreased its stake in Stanley Black & Decker (NYSE:SWK) by 13.7% in the third quarter, selling 374,374 shares and retaining ownership of 2,348,957 shares valued at $174.6 million. The company reported strong Q4 earnings per share of $1.41, surpassing estimates, though revenue of $3.68 billion missed forecasts. Shares of Stanley Black & Decker opened at $89.56, up 4.7%, with a market capitalization of $13.87 billion, and analysts currently hold a consensus "Hold" rating with an average target price of $87.00.
Alps Advisors Inc. Has $23.51 Million Stake in Stanley Black & Decker, Inc. $SWK
Alps Advisors Inc. reduced its stake in Stanley Black & Decker (SWK) by 12.2% in Q3, now holding 316,258 shares valued at approximately $23.51 million. Despite this, other institutional investors, such as Norges Bank and Schroder, increased their positions, with institutions collectively owning 87.77% of the stock. Stanley Black & Decker recently beat EPS estimates but missed revenue expectations and holds a consensus "Hold" rating from analysts with an average price target of $87.00.
Stanley Black & Decker stock hits 52-week high at 90.77 USD
Stanley Black & Decker (SWK) stock recently hit a new 52-week high of $90.77, reflecting investor confidence and a 4.71% increase over the past year. The company also announced the sale of its Consolidated Aerospace Manufacturing (CAM) business to Howmet Aerospace for $1.8 billion to reduce debt and made leadership changes, including Debra Crew becoming Chair of the Board in October 2026. Baird raised its price target for SWK following the CAM sale, while maintaining a Neutral rating.
Stanley Black & Decker Reshapes Portfolio With CAM Sale And Cost Cuts
Stanley Black & Decker (NYSE: SWK) is reshaping its portfolio by selling its Consolidated Aerospace Manufacturing business for $1.8 billion to reduce debt and completing a $2.1 billion cost reduction program. The company is also undergoing a leadership refresh, aiming to sharpen its focus on core tools and industrial operations. While facing Q4 revenue softness, these strategic moves are intended to improve profitability and long-term financial health, with investors watching for debt metric changes and new leadership priorities.
Stanley Black & Decker stock hits 52-week high at 90.77 USD
Stanley Black & Decker (SWK) stock recently reached a new 52-week high of $90.77, reflecting a 4.71% increase over the past year and indicating strong investor confidence. The company also announced the $1.8 billion sale of its Consolidated Aerospace Manufacturing (CAM) business to Howmet Aerospace, aiming to reduce debt and anticipating the transaction to close in early 2026. Baird raised its price target for SWK to $85, maintaining a Neutral rating, while leadership changes include Debra Crew becoming Chair of the Board in October 2026 and Francesca Campbell joining as SVP, General Counsel, and Corporate Secretary.
UBS Reaffirms Buy Rating on Stanley Black & Decker (SWK)
UBS has reaffirmed its Buy rating on Stanley Black & Decker (SWK), though analyst Damian Karas lowered the price target from $105 to $98, still indicating a 24% upside. Separately, Baird maintained a Hold rating but raised its price target from $75 to $85 following Stanley Black & Decker's sale of its CAM business, with proceeds expected to reduce leverage. The article notes the company's business segments and brands while suggesting certain AI stocks may offer greater upside.
Jefferies Adjusts Price Target on Stanley Black & Decker to $98 From $88, Maintains Buy Rating
Jefferies has adjusted its price target for Stanley Black & Decker (SWK) to $98, up from $88, while maintaining a 'Buy' rating on the stock. This adjustment comes shortly after Citibank also raised its price target for the company. The news highlights an updated analyst outlook for Stanley Black & Decker, suggesting a positive sentiment from these investment firms.
Citigroup Adjusts Price Target on Stanley Black & Decker to $100 From $90, Maintains Buy Rating
Citigroup has raised its price target for Stanley Black & Decker (NYSE:SWK) to $100 from $90, while maintaining a Buy rating on the stock. This adjustment reflects an updated outlook on the industrial machinery and equipment company. The news follows other analyst adjustments, including Jefferies also raising its price target on SWK.
Stanley Black & Decker (SWK) Just Reclaimed the 20-Day Moving Average
Stanley Black & Decker (SWK) has recently crossed above its 20-day moving average, indicating a potential short-term bullish trend. The stock has also seen positive earnings estimate revisions and holds a Zacks Rank #2 (Buy), suggesting further upside may be likely. Investors are advised to keep an eye on SWK due to this combination of technical and fundamental indicators.
Lincoln Electric Holdings (LECO) Expected to Beat Earnings Estimates: Should You Buy?
Lincoln Electric Holdings (LECO) is projected to surpass earnings estimates for the quarter ended December 2025, with an expected year-over-year decline in earnings but higher revenues. The company's Zacks Earnings ESP of +0.53% combined with a Zacks Rank #3 suggests a strong likelihood of beating the consensus EPS estimate. Investors are advised to consider other factors alongside these indicators when making investment decisions.
Stanley Black & Decker (SWK) Just Reclaimed the 20-Day Moving Average
Stanley Black & Decker (SWK) has recently surpassed its 20-day moving average, signaling a potential short-term bullish trend. The stock has rallied 7.6% over the past four weeks and holds a Zacks Rank #2 (Buy), supported by positive earnings estimate revisions with no downward adjustments in the last two months and three upward revisions. This combination of technical momentum and fundamental strength suggests that SWK could experience further gains.
Stanley Black & Decker, Inc. (NYSE:SWK) Q4 2025 Earnings Call Transcript
Stanley Black & Decker, Inc. (NYSE:SWK) reported its Q4 and full-year 2025 earnings, exceeding EPS expectations with $1.41 against an anticipated $1.27. The company highlighted strong free cash flow, significant progress in gross margin expansion, and a strengthened balance sheet, including the completion of a global cost reduction program and a definitive agreement to sell its aerospace fasteners business to reduce debt. Looking ahead to 2026, SWK anticipates low single-digit revenue growth and expects adjusted EPS between $4.90 and $5.70, while continuing to invest in core brands like DEWALT, Stanley, and Craftsman, and navigating market volatility from tariff and pricing adjustments.
What Are Wall Street Analysts' Target Price for Stanley Black & Decker Stock?
Stanley Black & Decker (SWK) has underperformed the broader market over the past year, but its recent fourth-quarter earnings report showed promising results, with adjusted EPS exceeding expectations. The company is projecting strong growth for 2026, and analysts maintain a "Moderate Buy" consensus rating, with a high target suggesting significant upside potential.
SWK Q4 Deep Dive: Margin Expansion and Tariff Mitigation Amid Revenue Pressures
Stanley Black & Decker (SWK) reported Q4 CY2025 revenues that missed analyst expectations but non-GAAP profit and adjusted EBITDA that beat estimates, driven by cost reductions and operational improvements. The company faces revenue pressures from soft retail demand and consumer pricing sensitivity, especially in North America, but is focusing on margin expansion through tariff mitigation, supply chain transformation, and portfolio simplification. Management anticipates revenue volatility but expects new product launches and brand investments to drive future growth and sustained profitability.
Stanley Black's Q4 Earnings Beat Estimates, Revenues Miss
Stanley Black & Decker (SWK) reported adjusted earnings of $1.41 per share for the fourth quarter of 2025, surpassing analyst estimates, but its net sales of $3.68 billion missed projections and declined year-over-year. For the full year 2025, revenues also decreased, though the company improved its gross margin and adjusted EBITDA. SWK recently announced the divestiture of its Consolidated Aerospace Manufacturing LLC unit and provided a 2026 guidance anticipating adjusted earnings between $4.90-$5.70 per share and strong free cash flow generation.
Stanley Black & Decker Inc (SWK) Q4 2025 Earnings Call Highlights: Navigating Challenges ...
Stanley Black & Decker Inc (SWK) reported mixed results for Q4 and full-year 2025, with a slight organic revenue decline but improvements in adjusted gross margin and EPS. The company successfully executed a cost reduction program and plans to sell its aerospace fasteners business to reduce debt. While facing challenges like volume pressure and price sensitivity, SWK is optimistic about 2026, forecasting low-single-digit revenue growth and further margin expansion.
Stanley Black's Q4 Earnings Beat Estimates, Revenues Miss
Stanley Black & Decker (SWK) reported its fourth-quarter 2025 earnings, with adjusted earnings of $1.41 per share surpassing the Zacks Consensus Estimate of $1.27, despite a 5.4% year-over-year decrease. However, net sales of $3.68 billion missed the consensus estimate and declined 1% from the prior year. The company expects 2026 adjusted earnings to be between $4.90 and $5.70 per share and anticipates generating $700-$900 million in free cash flow.
Stanley Black's Q4 Earnings Beat Estimates, Revenues Miss
Stanley Black & Decker, Inc. (SWK) reported adjusted earnings of $1.41 per share for the fourth quarter of 2025, surpassing the Zacks Consensus Estimate of $1.27, although net sales of $3.68 billion missed the estimated $3.76 billion. The company's full-year 2025 net revenues were $15.1 billion, a 2% decrease year-over-year, with adjusted earnings of $4.67 per share, down 7.1%. SWK also announced the divestiture of its Consolidated Aerospace Manufacturing LLC unit for approximately $1.8 billion, aiming to streamline its focus and reduce debt.
Stanley Black & Decker Q4 2025 Financial Results Analysis
Stanley Black & Decker reported Q4 2025 net sales of $3.684 billion, below analyst expectations, primarily due to weak North American retail demand, but showcased improved gross margin and strong cash flow. The company also announced the divestiture of its Consolidated Aerospace Manufacturing business for $1.8 billion to reduce debt and strengthen its balance sheet. Analysts have a moderate buy rating on SWK, with an average 1-year price target of $84.89, supported by effective cost management and strategic asset sales.
Stanley Black's Q4 Earnings Beat Estimates, Revenues Miss
Stanley Black & Decker (SWK) reported adjusted earnings of $1.41 per share for Q4 2025, surpassing the Zacks Consensus Estimate, despite a 5.4% year-over-year decrease. Net sales of $3.68 billion missed estimates and declined 1% from the prior year. The company provided 2026 guidance, expecting adjusted earnings of $4.90-$5.70 per share and anticipates generating $700-$900 million in free cash flow.
People moves: Jonathan Kuai promoted to legal chief at Korn Ferry
Jonathan Kuai has been promoted to chief people and legal officer at Korn Ferry, having previously served as general counsel and corporate secretary. The article also details several other significant legal appointments, including Francesca Campbell as SVP, general counsel, and corporate secretary at Stanley Black & Decker, Eve Konstan as EVP, chief legal officer, and secretary at SiriusXM, and Maria Varsellona as chief legal officer at Rolls-Royce. Additionally, Tyler Badgley was appointed general counsel for the CFTC, Demetrios Logothetis became chairman of the PCAOB, and Silvia Merino-Topley was promoted to SVP and chief compliance officer at Kearny Bank.
Stanley Black & Decker (NYSE:SWK) Releases Earnings Results, Beats Estimates By $0.14 EPS
Stanley Black & Decker (NYSE:SWK) announced its earnings results, reporting Q4 EPS of $1.41, surpassing analyst estimates by $0.14. Despite a 1% year-over-year dip in quarterly revenue and projected top-line pressure for Q1 2026, the company achieved significant cost reductions, expanded its adjusted gross margin, and generated substantial free cash flow. Additionally, the sale of its CAM aerospace fasteners business for approximately $1.8 billion is expected to materially reduce debt.
Stanley Black & Decker, Inc. (NYSE:SWK) Q4 2025 earnings call transcript
The article is a Q4 2025 earnings call transcript for Stanley Black & Decker, Inc. (NYSE:SWK). It provides a detailed record of the company's financial performance discussions during the call. The content is an earnings call transcript for the fourth quarter of 2025.
