The Earnings Debate

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 c...

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...

Pinterest reported Q4 2025 "global revenue was $1,319,000,000", up "14% year over year", and "adjusted EBITDA of 542,000,000". User growth remained strong, with "global monthly active users" reaching "619,000,000", marking the "tenth consecutive quarter of record high users". Management highlighted the "acquisition of TV Scientific" to monetize "off-platform supply" and the beta launch of "Pintere...

Crocs Inc. reported "revenue of $958 million" for the fourth quarter, "surpassing the forecast" of analysts. For the full year 2025, the company delivered "revenue of over $4 billion" and "adjusted diluted earnings per share of $12.51." The company highlighted its strong cash generation, noting "free cash flow of $659 million," which enabled them to "pay down $128 million in debt" and "repurchased...

Albemarle Corporation reported fourth-quarter "net sales of $1.4 billion, up 16% year over year" and "adjusted EBITDA of $269 million, up 7% year over year." For the full year, the company achieved "net sales of $5.1 billion" and "adjusted EBITDA of $1.1 billion." The company reported a "net loss of $3.87 per diluted share" for the quarter but generated "positive free cash flow of nearly $700 mill...

HubSpot (HUBS) reported financial results for the period, noting that "full year 2025 revenue grew 18.2% to $3.1 billion". For the fourth quarter, "Q4 revenue grew 18% year over year in constant currency, and 20% on an as-reported basis". Management highlighted profitability, stating "operating margin of 22.6% in Q4" and "Net income was $163,000,000, or $3.09 in Q4". Additionally, "Free cash flow...

Birkenstock reported "revenues of €402 million, up 11% on a reported basis and 18% in constant currency". The company delivered "Adjusted EBITDA in the first quarter of €106 million," representing an "Adjusted EBITDA margin of 26.5%". "Adjusted net profit" was "€49 million" and "Adjusted EPS for Q1 was €0.27". Management highlighted that "B2B business outperformed DTC during the quarter," with B2B...

In this episode, we dive deep into Shopify’s Fourth Quarter 2025 earnings call and strategic outlook, exploring how the company is redefining itself for the AI era. President Harley Finkelstein and CFO Jeff Hoffmeister discuss a record-breaking year where revenue topped $11.5 billion and free cash flow exceeded $2 billion. We analyze Shopify's aggressive pivot from logistics to "Agentic Commerce,"...

Episode Summary: In this episode of The Odd Couple , we dissect ServiceNow’s massive Q4 2025 earnings. CEO Bill McDermott claims the company is "playing offense on our tippy toes" as they race toward a trillion-dollar valuation. But is the hype backed by hard cash, or just executive adrenaline? The Bull Case (The Optimist): • The AI Money is Real: "Now Assist" ACV hit $600 million , doubling year-...

In this episode, we break down Datadog’s (DDOG) Q4 2025 earnings and their strategic outlook for 2026. Management revealed a revenue beat of $953 million (up 29% YoY) and a record $1.63 billion in bookings, signaling a massive acceleration in the broader enterprise market outside of just AI-native customers. Key topics covered in this episode: • The Financials: How Datadog maintains "Rule of 40" s...