The fact that some companies are not planning to switch to S/4HANA until 2030 does not mean that they will wait until then to make the switch. Rather, they simply need this time due to the complexity of their system landscapes. I see this as a reflection of the reality in IT departments. Skills shortages, parallel transformation projects, and limited budgets are also causing schedules to be pushed back.
From its IPO in 2016 to its peak in late 2024, the stock gained more than 4,000% as it regularly put up revenue growth of 20% or more, and delivered strong profit margins as well. The stock also benefited from a premium valuation. However, over the last year, The Trade Desk has collapsed. The adtech stock has fallen 83% from its peak in late 2024 as the business has slowed to its weakest growth rate ever, except for a brief dip during the pandemic.
PENN's diversified retail portfolio delivered a solid quarter during which retail adjusted EBITDAR grew year-over-year, after adjusting for poor weather in December. The company's interactive arm, which includes online sports betting and iCasino, hit a milestone in December by generating positive adjusted EBITDA for the month, attributed to rising iCasino activity, tighter expense management, and better sportsbook results after rebranding its U.S. platform to theScore Bet.
Paying dividends for over 100 years is significant because it signals exceptional financial durability across wars, recessions, inflation cycles, and market crashes. Very few companies can sustain profitability, cash flow, and disciplined capital allocation for that long. Hence, a century-long dividend record demonstrates resilient business models, strong management cultures, and consistent shareholder commitment.
Organizations are drowning in dashboards, KPIs, performance metrics, behavioral traces, biometric indicators, predictive scores, engagement rates, and AI-generated forecasts. We have more data than we know what to do with. We pretend that the mere presence of data guarantees clarity. It does not. That's data hubris—the arrogant belief that because something can be measured, it can be mastered.
If GenAI enhances or speeds things up, they should get more value faster and shouldn't pay the same rates. Our customers' buying patterns shifted to favor agile, outcome-based, AI-powered engagements with faster time to value and clear ROI, creating a significant revenue and workload concentration risk in our top revenue cohort.
The Trade Desk said fourth-quarter 2025 revenue rose 14% year over year to $847 million. Highlighting how the company's growth has been decelerating, The Trade Desk's revenue grew 25% in the first quarter of 2025, followed by 19% growth in Q2 and 18% growth in Q3.
2025 was a defining year for Celsius Holdings as we delivered record full-year revenue of $2.5 billion, underscoring the power of our brands and the strength of our growth model. With CELSIUS, Alani Nu, and Rockstar Energy, we're building a scaled Modern Energy portfolio with distinct roles, recruiting new consumers and expanding consumption occasions.
Total Revenue -- $792 million, exceeding the high end of previously issued guidance. Operating Expenses -- $618 million before depreciation, amortization, impairment, and asset gains/losses, which is $5 million below the low end of guidance. Broadcasting Expenses -- Declined by $78 million, or approximately 3%, for the full year compared to 2024.
Lemonade's Q4 2025 earnings revealed the company delivered $228.1M in revenue, up 53% year-over-year, and $17.6M in GAAP free cash flow. For a company that has burned cash since its 2020 IPO, that number matters in a meaningful way. The gross loss ratio dropped to 52%, down 11 percentage points year-over-year, and gross profit expanded 73% to $110.6M.
Total adjusted EBITDA -- $91.1 million, up 16.6% ($13 million), with margin rising to 15.6% from 12.6% year over year. Digital revenues -- $277.5 million, a 5.6% sequential increase and a slight year over year same-store increase, surpassing 47% of total revenue, an all-time high.
Trip.com's Q4 results confirm the company's international expansion is gaining real traction, with its global platform growing at three times the rate of its domestic business. The full-year story is compelling: revenue of $8.925 billion and operating income of $2.257 billion reflect a scaled, profitable travel platform.
Vistra's core business is performing at a level that justifies management's confidence. The record Adjusted EBITDA, locked-in long-term power purchase agreements with hyperscale technology buyers, and a ~30% reduction in share count since November 2021 through roughly $5.9 billion in buybacks paint a picture of a management team allocating capital with conviction.
Scorpio Tankers has moved from $3.1 billion in net debt in 2021 to a net cash position of roughly $332 million as of early 2026. That shift changes what kind of stock this actually is. Reddit sentiment sits at 90.8 out of 100, firmly 'very bullish.' The catch: that score is driven almost entirely by one speculative post, not a broad income thesis.
Southwest's Q4 showed real operational momentum. Operating income grew 40.65% year over year to $391 million, and net income rose 23.75% to $323 million. The airline introduced assigned seating and extra legroom options, launched Getaways by Southwest, expanded distribution through Expedia and Priceline, and rolled out free Wi-Fi for Rapid Rewards members.
Before this data, nobody knew the stock market's total return. People had opinions, but without data almost everyone was just guessing. It turned out the market did better than people imagined. In fact, marketwide performance beat many famous stock pickers. The investment world had been doing it all wrong.
The end user types in the information that needs to go into a contract via Box Doc Gen, which is then sent over to Legal for approval. Once approved, the contract is sent out automatically and signed using Box Sign. The signed contract is then uploaded to the cloud. Given that RWS Global has contracts with thousands of performers, the automation of the contract approval workflow saves many hours in terms of manual processing.
The most violent move came in a single session when Anthropic announced that its Claude Code tool is positioned as an ideal solution for code modernization, including COBOL legacy system work. That announcement hit IBM where it hurts most. A significant portion of IBM's consulting revenue comes from exactly that kind of work: helping large enterprises modernize aging mainframe and legacy codebases.
The Trade Desk has been one of the most punishing holds in tech over the past 12 months. The stock is sitting around $25.14 this morning, down more than 33% just the first trading day of the year. The sell-off accelerated in February after AI disruption fears hit the ad-tech sector, a CFO departure rattled confidence, and broader tariff uncertainty weighed on the whole market.
While most active ETFs fail to keep up with indices, that's not true about every actively managed fund. It turns out there are a few active ETFs that have outperformed the S&P 500 in recent years. Adding these picks to your portfolio can provide additional diversification and possibly boost your returns.
Consumer staples stocks generate reliable income, hold up during downturns, and tend to raise dividends even when growth slows. The iShares Global Consumer Staples ETF (KXI) packages that defensive logic into a single fund, holding 100+ global consumer staples companies with a 0.39% expense ratio and a 2.27% dividend yield.
Nu's Q3 2025 results were difficult to criticize. Revenue reached $4.17 billion, exceeding consensus expectations of roughly $4.04 billion by about $134 million. Revenue grew 46% year-over-year, underscoring continued momentum across its core markets. Net income totaled $783 million, up 39% year-over-year on an FX-neutral basis.
The Las Vegas gaming supplier said Tuesday (February 24) that full-year revenue reached $3.3 billion, a roughly 4% increase from a year earlier. Profit told a different story. Net income for the year fell 18% to $276 million, and the company recorded a $15 million loss in the fourth quarter.
AIRR concentrates specifically on small- and mid-cap U.S. companies that build, move, and maintain physical infrastructure - contractors, electrical services firms, regional freight carriers, and specialty manufacturers that benefit most when domestic industrial activity accelerates.
Costco sells its products with very little markup, choosing instead to make most of its money from membership sales. This business model makes sense: The better deals it has, the more likely people are to want a membership. Memberships at Costco are booming. In the fiscal first quarter of 2026, overall memberships were up 5% year over year to 146 million. And its higher-priced executive memberships were up a stronger 9%.
Avantis U.S. Large Cap Value ETF delivers large-cap value exposure with a profitability overlay. Rather than tracking a static index, Avantis uses a rules-based, factor-driven methodology that weights holdings by both valuation metrics (price-to-book, price-to-earnings) and profitability signals. The fund carries a 0.15% net expense ratio and holds $10 billion in net assets as of February 2026, making it a credible, liquid option in the factor ETF space.
This is not an easy decision to make, but we believe it is the right one. The North American market is challenged. Our portfolio needs some time and investment to make it more competitive. At the same time, we need to invest in our business, specifically in its capacity and capability.
The Value ETF tracks the CRSP US Large Cap Value Index, focusing on large-capitalization value stocks. It holds positions in a diversified set of companies, with recent data indicating around 312 stocks in total. Rather than the large tech stocks found propping up the portfolios of other ETFs, such as the Vanguard S&P 500 ETF or the Vanguard Total Stock Market ETF, its largest positions emphasize traditional value sectors rather than high-growth momentum.
