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Analyst
Jamie Cook
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 93on tracked calls
- Challenge rate
- 18%17 of 93 questions
- Companies
- 12questioned at least once
- Reporting periods
- 9with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 93 of 93 questions from 12 companies
CMICummins12 questions · 7 reporting periods · 3 of 12 challenging
Calendar 2026 Q2
just given the incremental clarity we have now on EPA 2027, how are you thinking about the setup for 2027?
Show response
Management declined specific 2027 guidance but signaled a smoother transition and strong H2 EBITDA, and explained the distribution margin cut as incentive comp and mix.
Calendar 2026 Q1
on your ability to put up the incremental 25% margin with some of the concerns on tariffs
Show response
Mark deferred detailed incremental margin guidance to Analyst Day on May 21 with targets through 2030. Noted Accelera losses on clear downward trajectory and peak investment period ending.
Calendar 2025 Q4
exiting margins exiting 2025, the fourth quarter with a 15.1% margin, and ending implied 2026 below 14% just does not make a lot of sense
Show response
Smith attributed Distribution margin guide below exit rate to tariff percentage dilution and modest systems upgrade investments in international regions. Confirmed business remains a dollar and percent grower over time.
just two questions, if you could just unpack the margins or implied lack of incremental margins in 2026 for the engine business
Show response
Smith noted no significant pricing in 2026 ex-tariffs, JV income roughly flat, and parallel product launch systems as headwinds. Rumsey added Section 232 engine offset program details still pending, creating uncertainty in margin guide range.
Calendar 2025 Q3
do we need to raise the margin targets in Power Systems?
Show response
Rumsey noted incremental margins touching 50% but cautioned trajectory won't sustain at that pace. Record Q3 orders confirm strong demand. Capacity doubling nearing completion.
Mark, how you're thinking about Engine margins in the fourth quarter and the ability to cover tariff costs
Show response
Smith cited product changeover costs, weaker parts, and sustained engineering spend as headwinds. Tariff recovery improving but volume still declining.
Calendar 2025 Q2
your distribution margins, which I'm assuming is getting the benefit of power. Are margins moving structurally higher there
Show response
Smith cited power gen, strong parts, and positive pricing driving Distribution. Warned Engine/Components margins will come under pressure from Q3 volume declines.
how are you thinking about North America in 2026 and 2027?
Show response
Rumsey noted typical cyclical factors plus atypical tariff/regulatory uncertainty. Optimistic view: clarity in Q3 drives recovery. Pessimistic: drags out longer.
Calendar 2025 Q1
which businesses have the most visibility like where your backlog sits today, and just how you're handling pricing
Show response
Rumsey differentiated: Power Gen has multi-year backlog with strong visibility; aftermarket resilient; Engine/Components sensitive to short-term sentiment with truck orders pausing.
is there any way you can sort of help us quantify the gross or net tariff cost, you know what I mean, that would impact your business
Show response
Smith declined to quantify tariff impact citing evolving nature, noted inevitable lag between cost and recovery. Will share impacts in actual results going forward.
Calendar 2024 Q4
are there any changes in your -- how your terms and conditions or contracts with your customers that if we do get into an environment where tariffs
Show response
Smith confirmed strategy of making products where sold minimizes tariff exposure, and would pass through costs if tariffs are incurred.
the margins mark in Power Systems are very good despite sort of what I would call a muted top line forecast
Show response
Smith cited continued volume scaling, productivity gains, and pricing as margin drivers. Also noted potential upside from smaller gen sets if U.S. economy strengthens.
PCARPaccar12 questions · 7 reporting periods · 2 of 12 challenging
Calendar 2026 Q2
the deliveries surprised to the upside relative to your guide, but U.S. and Canada was down
Show response
Feight disclosed the supplier constraint and undelivered units but did not give the Q3 U.S./Canada delivery split requested.
what you are seeing across TL, LTL, and vocational in terms of, like, the order book
Show response
Feight tied the Q3 mix shift to fleet and truckload demand rather than vocational weakness.
Calendar 2026 Q1
can you talk to channel inventory—where PACCAR Inc is sitting versus its peers
Show response
Management reported 2.8 months inventory (up from 2.2 in December), healthy positioning versus industry at over 4 months
Should we think of normalized incremental margins at 15% to 20% or above that
Show response
Management confirmed favorable margin outlook and strong market share but did not provide specific incremental margin guidance range
Calendar 2025 Q4
to what degree are you concerned, you know, the supply chain cannot ramp if things really do improve
Show response
Feight acknowledged supply chain risk in 2H if demand accelerates significantly. Gave suppliers forecast and cadence. If supply tightens, price accelerates.
Calendar 2025 Q3
the 12%, you know, gross margin in the fourth quarter like that should be, you know, the trough for margins
Show response
Feight confirmed positive trending through Q4, continued improvement in 2026. At 250K midpoint market, expects earnings and margin growth.
what are they saying to you in terms of, like, potential incremental market share
Show response
Feight confirmed factory investments provide capacity for share growth. Products are newest and best performing in industry.
Calendar 2025 Q2
any color on how you're thinking about 2026 better than what the flat
Show response
Feight expressed confidence in 2026 driven by regulatory clarity, tariff clarity, and fleet aging. Market should see improvement.
the deliveries pressed in the deliveries exceeded the high end of your expectations. Margins were at the high end
Show response
Feight demonstrated cycle-over-cycle strength: similar delivery volumes producing much higher revenue and profit. Sees Q3 as potential cycle bottom.
Calendar 2025 Q1
There's been talk that the industry has put through an incremental, I think, 4% to 7% price increase
Show response
Feight confirmed price increases in line with industry but noted timing lag between announcement and realization due to existing backlog.
if you could just unpack a little further the margin disappointment relative to
Show response
Feight explained sequential cost up 1% with flat pricing due to partial-quarter tariff impact. Pricing catch-up takes time given existing backlog.
Calendar 2024 Q4
can you speak specifically what price cost was for truck and for parts in the fourth quarter specifically
Show response
Feight gave truck price/cost but not by geography as requested. Parts margins strong at 30.9% in Q4. Expects trending improvement through the year.
ITWIllinois Tool Works11 questions · 7 reporting periods · 4 of 11 challenging
Calendar 2026 Q2
just given the increase in organic growth, I'm surprised we didn't raise our margins
Show response
Quantified the gap directly: incrementals and the 40bp margin drag both traced to price/cost timing, plus Specialty resin exposure.
would it be reasonable to assume more the mid- to high point of the margin range is probably more reasonable
Show response
Signalled the high end absent price/cost but declined to narrow the guided range, leaving the question only partly answered.
Calendar 2026 Q1
can you just give us an update on CBI, the contribution expected for 2026
Show response
CEO highlighted strong CBI momentum across all 7 segments, called out Welding, T&M, Food Equipment, and Automotive specifically. Patent filings remain a leading indicator.
can you just help us understand, I mean, last quarter, it sounds like you were pretty positive on short-cycle momentum
Show response
CFO said confidence is higher than last quarter. Order rates in Welding and T&M meaningfully exceed reported organic growth, though not baked into guidance.
Calendar 2025 Q4
mid to high 40s. That's above your 35 to 40% medium-term target on okay organic growth. So I'm just wondering if there's an underappreciated, you know, margin story
Show response
Michael said portfolio quality from decade of enterprise initiatives and PLS pruning has improved variable/gross margins. Higher-margin CBI products accelerating. $800M invested in growth and productivity, not holding back. Chris added PLS portfolio pruning coupled with improved business model execution fundamentally shifted incrementals from mid-30s to mid-40s.
Do you think that's more Illinois Tool Works Inc. specific, i.e., CBI is getting more traction, or would you know, say it's probably more just industrial markets getting better
Show response
Michael said broad-based sequential improvement suggests market tailwind, but more pronounced in segments with higher CBI contribution. Polymers & Fluids saw strong CBI in automotive aftermarket and biopharma reagents (up 20%+). T&M semi pickup came through in actual sales.
Calendar 2025 Q3
it sounds like we have at least $0.40 of tailwind. You're lowering your organic growth to the -- sorry, your sales to the lower end
Show response
Michael said FX tailwind is modest, only $0.04/share in Q3 vs prior headwind. Conservative approach with one quarter to go given volatile environment. Q4 tax rate expected at normal 24-25%.
Calendar 2025 Q2
can you help me understand outside of automotive where you're seeing the most success?
Show response
Chris highlighted Welding above 3% CBI, Food Equipment with launches across all categories, and Auto particularly in China. On track for 2.3-2.5% full-year target.
Calendar 2025 Q1
I think last quarter you had a slide in there on CBI and the contribution to revenue for 2025 supposed to contribute 2.3% to 2.5% of growth
Show response
Chris confirmed CBI on track at 2.3-2.5% with every segment contributing. Michael said PLS still targeting 100bps, primarily in Specialty, Auto, and Construction.
Calendar 2024 Q4
If we shift back more to ICE versus EV, just wondering what the potential headwind could be for the auto business
Show response
Chris said content per vehicle and margin profile are similar for ICE vs EV, making ITW agnostic to powertrain mix shifts.
we do get some, you know, criticism that that might be too high or maybe it gets pushed out as we're focused on CBI
Show response
Chris argued CBI is accretive to margins since differentiated new products carry higher margins. Path to 30% is primarily through operating leverage at 35%+ incrementals, not cost cuts.
PHParker Hannifin9 questions · 7 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
you're up 16%. So sort of what were the end market drivers there? And was there any lumpiness?
Show response
Broke down NA Q4 orders (+16% 3-month, +9% 12-month) as broad-based across aero/defense, in-plant, stronger distribution, construction, heavy-duty truck and commercial HVAC.
Calendar 2026 Q1
Anything notable on the cadence of orders throughout the quarter or into April
Show response
Jennifer confirmed strong orders throughout the quarter with more broad-based positivity than earlier in the year. Expressed confidence in guidance and no current concerns.
is there any reason why we should not believe incremental margins could be in the 40% range
Show response
Todd deferred FY2027 specifics to August guide but signaled confidence in the setup. Held to 30-35% internal target while noting actual results have been exceeding that. Redirected focus to compounding segment OI dollars and EPS.
Calendar 2025 Q4
interesting timing may be a complement that it's the first quarter we've seen positive growth in your filtration group business. Wondering that -- what that implies for the acquisition of the Filtr...
Show response
Jenny confirmed Filtration Group's organic growth should also be improving given complementary technologies and shared markets. Highlighted Filtration Group's mid-single-digit pre-COVID CAGR (higher than Parker's filtration) and similar decentralized structure providing upside.
it's the first quarter since June of 2023, where you saw positive organic growth across all three technology platforms. So just wondering, do you think that's something specific to Parker-Hannifin,...
Show response
Jenny attributed positive growth to both Parker-specific factors (aerospace in industrial businesses, Win Strategy) and broader cyclical recovery (off-highway improvement, distribution low single-digit organic growth). Combination of company execution and market improvement.
Calendar 2025 Q2
the North American margins in the quarter struck me like the strength of the margins. I think it's like one of your highest margin quarters despite a decline in sales
Show response
Jenny attributed record NA margins to favorable mix in engineered materials and filtration groups plus Win Strategy execution. On aero risk, said she's not concerned about delivering the guide even at 8% aero growth.
Calendar 2025 Q1
to what degree are you worried that the aftermarket story and the strength in aftermarket is driving the margins that in 2026, I guess that becomes a headwind
Show response
Jenny noted aftermarket is 50% of aerospace (boosted by Meggitt acquisition), expects gradual OEM rate recovery to affect mix but remains confident in continued aerospace margin expansion.
Calendar 2024 Q4
is there a reason to believe that incremental margins coming out of this downturn should be better than average because of structural improvements
Show response
Todd said 30% incremental margins remain the target, confirmed FY26 will show continued margin expansion, and noted muted top line makes incremental calcs difficult.
Calendar 2024 Q3
just on the implied incremental margins for the year Todd, 70% up from I think 40% before
Show response
Todd credited Q1's 95% incrementals as the main driver of the raised 70% full-year incremental margin guide, with Aerospace and industrial cost control also contributing.
JJacobs Solutions8 questions · 5 reporting periods · 1 of 8 challenging
Calendar 2026 Q2
why so much variability to $0.10 around the fourth quarter, what would be the drivers
Show response
Venk explained the ~14% Q4 revenue guide includes 6-7% from an extra week, normalizing to 8% organic, with visibility into a 16% EBITDA margin.
Calendar 2026 Q1
I'm just wondering if we're missing the margin opportunity potential
Show response
Nathamuni confirmed Q3 guidance at 15% margin (90bp sequential improvement) implying 16%+ in Q4, with identified investments ramping for Q4 delivery. Continued 75bp/year improvement ahead with PA mix, global delivery, and commercial model drivers.
Calendar 2025 Q4
do you think there's an opportunity to grow the top line at a quicker rate and perhaps operating profit more so versus the margin
Show response
Pragada rejected the choice between top-line and margin growth, stating AI enables both in a resource-constrained market by driving efficiencies while meeting accelerating demand.
what's driving the margin improvement in I and AF in the back half of the year
Show response
Nathamuni outlined margin drivers: operating leverage, global delivery step-up in Q2-Q4, commercial model improvements from life sciences and advanced manufacturing mix, guiding 50-80bp full-year expansion after 110bp in FY2025.
Calendar 2025 Q3
your peer, one of your public peers, came out this week talking about their competitive advantage on AI and what that means for margin for them over the longer term
Show response
Pragada traced AI journey from 2021 Intel foundry work through Palantir water platforms, NVIDIA partnership, Aqua DNA, Streetlight transportation analytics across 26 state DOTs, positioning as growth differentiator and margin driver.
Anything unusual in the margins and how to think about cadence of margins in that segment as in 2026?
Show response
Nathamuni confirmed Q1 seasonal margin dip from fringe costs (medical insurance, health benefits) with recovery and linear progression through Q2-Q4 of FY2026.
Calendar 2025 Q1
given where we are, where earnings came out in the first half of the year, it seems like, I don't know the high end or anything above the midpoint
Show response
Nathamuni expressed comfort with achieving guidance through both revenue growth and margin expansion, while acknowledging macro monitoring.
how are you thinking about the size PA Consulting as we look to 2026? How are you -- what's your appetite for sort of broader M&A
Show response
Pragada confirmed PA timing is on track (not pulled forward) and no appetite for broader M&A, positioning Jacobs as a pure organic execution story with capital returns.
PWRQuanta Services8 questions · 7 reporting periods · 1 of 8 challenging
Calendar 2026 Q2
is there a path, in particular with some of these higher margin acquisitions, for your underground margins to approach the electric business?
Show response
Duke said underground margins can reach electric parity depending on work mix and fabrication, with fungible labor moving across segments, though he wants to reach double digits first.
Calendar 2026 Q1
I'm just wondering if there's parts of the portfolio that aren't meeting financial metrics, where there's an opportunity there
Show response
Duke said they have no issues divesting if returns are right, but noted craft fungibility across segments adds hidden value. Small acquisitions are now $1B businesses.
Calendar 2025 Q4
I'm just wondering if additional customers are coming to you now that you sort of dipped your your foot in this.
Show response
Duke acknowledged margin improvement potential but cited 6,000 organic employee growth as pressure. Emphasized compounding over margin percentage improvement.
Calendar 2025 Q3
is this sort of you dipping your toe in power generation and getting more comfortable. To what degree do you think you need to do an acquisition
Show response
Duke confirmed expansion potential but emphasized selectivity. Won't sign up for 10 combined cycles, only strategic partners with total solution opportunities.
Calendar 2025 Q2
are you doing anything internally to prepare for potential short-term slowdown in terms of allocating resources or people to other projects
Show response
Duke emphasized portfolio derisking strategy, noting craft labor is fungible across segments. Company operates at 80% capacity by design.
Calendar 2025 Q1
I don't think you provided an update on Cupertino about how that business is doing versus your expectations for 2025?
Show response
Duke called Cupertino a top-five acquisition, noting less than 5% backlog penetration in the $200B North American technology TAM.
Why wouldn't that create a positive upward momentum on your margins to some degree, even though you might not want to guide there
Show response
Duke cited training costs from scaling workforce as the main margin constraint. Noted return on invested capital will increase with higher material pull-through.
Calendar 2024 Q4
if you could frame, you know, the expectations for backlog growth in 2025 and in particular, can you talk to potential synergies or big awards
Show response
Duke expressed strong confidence in record backlog levels throughout 2025, noting expanding addressable markets and larger project opportunities.
Show 6 more companies
CATCaterpillar Inc.7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
how much of it was like large, chunky, big awards like prime power versus broad based.
Show response
Cook asked about backlog composition and Power & Energy incremental margins; Creed cited broad-based growth across all three segments and strong operating leverage.
Calendar 2026 Q1
Should we assume the variability of margins narrowed relative to, I think, the 400 bps pegged on each revenue cycle
Show response
Joe said no intention of narrowing the margin bandwidth. CAT leads the industry on P&E operating margins. All 3 segments are taking healthy orders. Andrew reminded that absolute OPACC growth is the definition of winning, not margin percentage.
Calendar 2025 Q4
Was there anything sort of one-time in that growth number
Show response
Creed said no significant one-time items in Q4 orders. CI returning to seasonal patterns and RI inherently lumpy with large orders. Backlog is nuanced as shipping more while orders increase is positive even if growth slows. Market leader in power and energy from scale with widest offering below 38 megawatts. Fastest solution for data center customers needing rapid deployment. Expects momentum to continue through 2026.
Calendar 2025 Q3
to what degree do you think the Street should continue to expect backlog to grow
Show response
Bonfield said Q4 tariff estimate of $650-800M represents unmitigated run rate based on tariffs in effect November 1. Timing of mitigation actions depends on certainty including potential pricing. Creed said at early stages of prime power opportunity with significant pipeline. Monthly planning with hyperscalers and colos. Would like to get extended lead times stabilized as capacity comes online. Expects continued momentum but nuance depends on ability to increase output.
Calendar 2025 Q2
to what degree are some of the capacity additions weighing on your sales output and on your margins in 2025
Show response
Creed said E&T seeing positive pricing and increasing throughput. Biggest capacity step change expected end of 2026 heading into '27 but not a cliff event with continuous improvement. Currently not operating at most efficient level while managing capacity investment alongside production. Efficiency should improve as capacity comes online. Inventory levels elevated from balancing demand and construction. Sees tremendous upside in E&T trajectory.
Calendar 2025 Q1
is there a story potentially for Cat where the volatility margins over time should decrease
Show response
Creed confirmed services strategy aims to dampen cyclicality with secular trends in power and data centers providing longer visibility through record backlog. O&E model instills discipline. Bonfield added the 10% to 22% margin range was set on 2010-2016 data and the bottom end is probably no longer valid given improved resilience and end market diversity.
Calendar 2024 Q4
delays in shipments, I think in the fourth quarter
Show response
Umpleby said 125% large engine capacity expansion takes time over four-year period and did not expect impact in 2024. Could ship more if could build more. Bonfield said most Q4 impact was services in oil and gas timing. OE delays were international locomotives expected to ship in first half 2025. E&T sales growth expected in 2025.
DEDeere & Company7 questions · 7 reporting periods · 2 of 7 challenging
Calendar 2026 Q3
on the setup for 2027. How are we thinking about production versus retail by region?
Show response
Management said it is modestly underproducing PPA and C&F this year and is pricing to cover inflation across the EOP portfolio.
Calendar 2026 Q1
To what degree do you want to limit production, I guess, in 2026 to set yourself up for a better 2027 in terms of how you're managing things?
Show response
Combine production locked for year from EOP, level through remainder. Tractor order book into Q4 with back-half production increases based on actual orders. SA softening offsets some NA mix improvement on PPA margins, keeping range largely unchanged. Still below trough production levels for PPA overall.
Calendar 2025 Q4
just on a 7% sales decline, the implied decrementals, I think, are approaching 60%. So just trying to understand that. I mean, I'm assuming a good portion of that is tariffs. So how much is allocat...
Show response
PPA implied decrementals ~60% for FY2026. Backing out tariff margin impact reduces to low-to-mid 50s. Remaining elevation driven by geographic mix with North America large ag (most profitable market) declining most. Profitability improved globally but NA still highest margin.
Calendar 2025 Q3
just wondering what your thoughts are in terms of implications for tax, for cash flow and just any early indications you're hearing from customers
Show response
R&D expensing vs capitalization a positive over time. Bonus depreciation beneficial for C&F demand. Large crop expected to drive harvest equipment needs and year-end tax buying.
Calendar 2025 Q2
Your approach as we enter in 2026 in terms of the early order program, whether there'll be any change there in pricing?
Show response
EOP structure similar with optionality built into phases for price flexibility as tariffs evolve. Sprayers launched, Planters forthcoming June. New inventory well-positioned for retail-aligned production in FY2026.
Calendar 2025 Q1
your view on Deere's performance, margin performance given where we are in the cycle relative to the 20% sort of mid-cycle target
Show response
Management noted current trough margins (~14.5%) exceed peak of last cycle in 2013, demonstrating structural improvement. Focused on controllables rather than predicting 2026.
Calendar 2024 Q4
with North America down 30%, can pricing be positive in that region? And then just a follow-up, I know you said equipment operations would be 80% of mid-cycle
Show response
Confirmed positive North American pricing enabled by tight inventory (220hp+ at 10% I/S, combines at 4%). Incentive increases directed to used/pool funds. Brazil pricing expected to turn positive in FY2025.
URIUnited Rentals7 questions · 5 reporting periods · 3 of 7 challenging
Calendar 2026 Q2
if you could update us on your thoughts on setup for incremental margins this cycle.
Show response
Ted walked the margin bridge (reported +70bps, ex-gain -40bps, ex outsized ancillary +40bps) and reaffirmed underlying margin expansion as the goal.
Calendar 2026 Q1
it was the first quarter in a while I think we've seen the gen rent margins improve year-on-year. So any way -- I mean, should we -- how should we think about the gen rent margins as we progress th...
Show response
Ted attributed 150bp gen rent margin gain equally to labor, delivery, and depreciation leverage. R&M also positive. Matting project not yet fully kicked off but assets being delivered. Goal remains flat full year EBITDA margins ex H&E. Guidance raise reflects Q1 strength plus raised CapEx contribution.
Calendar 2025 Q3
To what degree do you think we can start to push through higher rental rates. Is the market strong enough that they could absorb that
Show response
Ted walked through each margin dynamic for 2026: ancillary will persist, cold start investments are sound, inflation management ongoing, delivery being actively addressed. Core focus is profitable growth.
Calendar 2025 Q2
do you still think the environment is robust enough that CapEx, as we look to 2026, could be, I guess, healthier than what your peers are talking about?
Show response
Matt would be surprised at a CapEx cut given continued tailwinds. Biggest spend is replacement fleet, critical for customer value prop. Will update in January.
should we start to think about United Rentals as more of an EBITDA story and sort of take the 50% to 60% incremental margin target off the table
Show response
Ted maintained commitment to driving underlying margin expansion. Flow-through depends on multiple factors including ancillary mix. Expects fixed cost absorption improvement when growth accelerates.
Calendar 2025 Q1
your confidence in the 50% to 60% through-cycle incremental margin for United Rentals, just given where the incrementals have been
Show response
Ted maintained confidence in through-cycle targets, citing slower growth phase and inflationary environment as temporary. Expects acceleration with more accommodative Fed.
what you're seeing on the M&A front with the H&E deal falling through. Wondering, given the uncertainty in the market, is there opportunities for you guys
Show response
Matt confirmed pipeline remains robust. Focus on new products/services and specialty capacity where white space exists. At 1.7x leverage, plenty of dry powder.
AMEAmetek4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2025 Q4
can you just, you did FARO, you did Kern, just sort of an update on how you're thinking about the M and A pipeline in 2026?
Show response
Core margins up 100bp in Q4, core incrementals 45%. 2026 guide: 35% reported incrementals, 30bp margin expansion (prudent vs 2025 actuals). FARO dilutes reported margins but core expanding. $5B capital deployment capacity while maintaining investment grade. Pipeline strong with more larger deals than usual.
Calendar 2025 Q2
I'm just trying to understand the puts and takes and I guess, level of conservatism in the guide because you're saying FARO adds a couple of pennies
Show response
Tariff headwind fully mitigated. OpEx savings raised to $155M ($25M from start of year). Bit of conservatism in Q3 guide. EMG margin expansion expected to continue in H2.
Calendar 2025 Q1
how do we think about the margin trajectory for that business? I guess that's my first question. And my second question, obviously, acquisitions is your specialty
Show response
No Q2 guidance due to China shipment uncertainty. Paragon margin upside expected in H2. M&A pipeline remains robust despite tariff-related delays on some deals.
Calendar 2024 Q4
there's some concern out there from investors that the improvement we're seeing in the industrial economy was more of a pre buy based on concerns post election
Show response
Zapico said order cadence was typical with December strongest month, and positive momentum continued into January. Acknowledged uncertainty but not seeing evidence of pre-buying.
FTVFortive4 questions · 3 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
the EBITDA margin expansion this year should probably be more like, I think, at the lower end of 50 basis points.
Show response
Reaffirmed the 50 to 100 basis point framework for 2026 and 2027 but declined to confirm the low end specifically.
I am just wondering when we start to see the payoffs of that and just sort of set up for 2027 on margins.
Show response
Pushed back on the premise, arguing the mix effect was demand-driven and that new products such as CertiFiber Max carry fleet-level or better margins.
Calendar 2025 Q3
if there's opportunity for upside, you know, on the top line as some of these initiatives go through
Show response
Fortive Accelerator initiatives give confidence in 2026-2027 financial framework (3-4% organic, 100bps margin, high-single-digit+ EPS growth). $63.6M other operating cost was predominantly separation-related stock compensation, FMV adjustments and acceleration of executive transition comp.
Calendar 2024 Q4
within PT, I think last quarter you noted some improvement in semi. Can you just talk about what you saw specifically in the fourth quarter
Show response
High-speed compute and hyperscaler semi strong; discrete consumer products weak with green shoots. Inbound offers for PT effectively put to bed, proceeding with spin.
ZBRAZebra Technologies4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2025 Q3
the margin divergence between the 2 segments, Asset Intelligence and Tracking, the margins seem to be doing better this year
Show response
Winters attributed margin divergence to mix, strong AIT volume leverage from printing and RFID growth, while EVM faced data capture decline which has a nice margin profile. Expects full tariff mitigation by Q2 2026, primarily benefiting AIT since EVM has the electronics exemption on mobile computing.
Any thoughts on Elo as you're thinking about 2026
Show response
Burns said Elo performing as expected since early Q4 close. Continued POS rollout at a very large retailer. New wins in self-serve kiosks at major quick-serve restaurants. Revenue and cost synergy work progressing as expected in early days. Similar growth and value proposition to Zebra.
Calendar 2025 Q1
did you see a change in demand throughout the quarter or going into April? And what are your clients sort of saying customers are saying
Show response
Burns confirmed demand stayed strong through April with no change in customer behavior. Capital budgets remain intact despite tariff uncertainty weighing on conversations.
Can you just go into a little more detail about what actions you're planning on taking
Show response
Burns provided high-level overview of supply chain diversification but noted they need policy clarity before committing to specific next moves.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| CMI Cummins | 12 | 25%3 of 12 questions |
| PCAR Paccar | 12 | 17%2 of 12 questions |
| ITW Illinois Tool Works | 11 | 36%4 of 11 questions |
| PH Parker Hannifin | 9 | 0%none of 9 questions |
| J Jacobs Solutions | 8 | 13%1 of 8 questions |
| PWR Quanta Services | 8 | 13%1 of 8 questions |
| CAT Caterpillar Inc. | 7 | 0%none of 7 questions |
| DE Deere & Company | 7 | 29%2 of 7 questions |
| URI United Rentals | 7 | 43%3 of 7 questions |
| AME Ametek | 4 | 25%1 of 4 questions |
- CMICummins · 12 questions25%3 of 12 questions
- PCARPaccar · 12 questions17%2 of 12 questions
- ITWIllinois Tool Works · 11 questions36%4 of 11 questions
- PHParker Hannifin · 9 questions0%none of 9 questions
- JJacobs Solutions · 8 questions13%1 of 8 questions
- PWRQuanta Services · 8 questions13%1 of 8 questions
- CATCaterpillar Inc. · 7 questions0%none of 7 questions
- DEDeere & Company · 7 questions29%2 of 7 questions
- URIUnited Rentals · 7 questions43%3 of 7 questions
- AMEAmetek · 4 questions25%1 of 4 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 1 | 0%none of 1 question | 1 |
| 2024 Q4 | 11 | 27%3 of 11 questions | 9 |
| 2025 Q1 | 17 | 18%3 of 17 questions | 11 |
| 2025 Q2 | 12 | 8%1 of 12 questions | 9 |
| 2025 Q3 | 14 | 7%1 of 14 questions | 10 |
| 2025 Q4 | 13 | 23%3 of 13 questions | 9 |
| 2026 Q1 | 12 | 25%3 of 12 questions | 9 |
| 2026 Q2 | 12 | 25%3 of 12 questions | 9 |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q411 questions · challenge rate 27% (3 of 11 questions) · 9 companies
- 2025 Q117 questions · challenge rate 18% (3 of 17 questions) · 11 companies
- 2025 Q212 questions · challenge rate 8% (1 of 12 questions) · 9 companies
- 2025 Q314 questions · challenge rate 7% (1 of 14 questions) · 10 companies
- 2025 Q413 questions · challenge rate 23% (3 of 13 questions) · 9 companies
- 2026 Q112 questions · challenge rate 25% (3 of 12 questions) · 9 companies
- 2026 Q212 questions · challenge rate 25% (3 of 12 questions) · 9 companies
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Margin51
- Demand27
- Guidance Reliability14
- Competitive Dynamics12
- Trade Tariffs12
- M&A11
- Pricing9
- Capex Investment8
- Innovation & R&D8
- Revenue Growth8
Show all 20 topics
- Macroeconomic5
- Cost Pressure4
- Supply Chain4
- Cloud & AI4
- Capital Allocation3
- Product Launch2
- Regulation Policy2
- Inventory1
- Fx1
- Labor Market1