I'm incredibly proud of the firm and what we've accomplished in the last year. We had certainly, the year before, a historic year financially, and this year was also historic in being one of our best financial years in history.
Nike's earnings report showed a revenue of $11.28 billion, beating the expected $11.24 billion, and earnings per share of 35 cents, surpassing the anticipated 28 cents.
Bernstein's analysis suggests that the recent selloff creates an attractive entry point for investors, emphasizing that TurboQuant should have 'zero impact' on hard disk drive demand and 'negligible impact' on NAND demand.
USAC closed 2025 with a record adjusted EBITDA of $613.8 million and a distributable cash flow of $385.7 million, indicating strong financial performance despite high debt levels.
Delta raised its Q1 revenue growth guidance to the high single digits, above its prior 5-7% forecast, while absorbing roughly $400 million in additional fuel costs since the escalation of the Iran conflict.
Revenue $6.40 billion, rising 12% as reported and 11% in constant currency; record for fiscal Q1 performance. GAAP EPS $4.60, growing 11% year over year; Non-GAAP EPS $6.06, growing 19% year over year, both outpacing revenue growth. Operating margins GAAP operating margin of 37.8% and non-GAAP operating margin of 47.4% reported for the quarter.
We are seeing a structural shift toward bundled deals. Both agreements include bundled mortgage and closing products, which the company said are incrementally accretive to unit economics. Our overall pipeline remains robust, up approximately 40% year over year.
Adjusted EBITDA totaled $143 million, a 138% increase from 2024. This was a reflection of improved earnings quality and the benefits of scale across the company's platform. Funded loan volume totaled $2.4 billion in 2025, a 24% increase from 2024, with fourth-quarter funded volume reaching $619 million, up 16% from the same period a year earlier.
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In total, around 50,000 jobs are due to be cut by 2030 across the Volkswagen Group in Germany. The 10-brand group had already struck a deal with unions at the end of 2024 to cut 35,000 jobs by 2030, mostly at its namesake brand, as part of plans to save €15 billion a year.
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Job cuts are reportedly occurring across multiple divisions, including investment banking, trading, investment management and wealth management. Within wealth management, private bankers and back-office support staff were among those affected. Layoffs began last week, with many occurring Wednesday, according to sources cited by WSJ.
AI revenue -- $42,000,000 year to date, ahead of last year's $40,000,000, with company guidance of $45,000,000-$50,000,000 for the full year. Research publishing output -- Submissions increased 26%, article output up 11%, and revenue up 4% excluding AI, outpacing the broader market.
