Category: Uncategorized
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Perimeter 4Q25: Business Recap
(Members can download a PDF of this post here) 4Q25 Business Update. Perimeter Solutions reported 4Q and stock dropped 9%. While revenues were up 19%, operating income (adjusting out the Founder’s Advisory Fees were roughly flat). For the full year net sales increased 16% y/y with the Fire Safety Segment…
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Airbnb 4Q25 Business Update: Growth Reaccelerates with AI on the Horizon
(Members can find an extended version of this post here and a PDF here). 4Q25 Update. Airbnb reported 4Q25 and the stock was up 4% in afterhours trading. Revenues grew +12% y/y to $2.8bn for 4Q, reaccelerating 100bps sequentially. This marks the second time in the past year that revenues…
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Constellation Software 3Q25 Update: AI Narrowing the Moat?
(Note: This is a Business Recap, which is shorter than our Business Updates. Members can download a PDF here) 3Q25 Update. Constellation Software has had its largest draw down in their history, dropping over 37% from peak. While it is always hard to attribute reasons to a stock’s movement, many…
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ABNB 3Q25 Business Update: Growth Reaccelerates, but New Chatbot Risk
(Members can find an extended version of this post here and a PDF here) 3Q25 Update. Airbnb reported 3Q25 results and the stock was down -2% the next day, however it is now flat since reporting. Shares are -6% YTD and -12% since IPOing at the end of 2020. Revenues…
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Perimeter Solutions 3Q25 Business Update: Deepening the Moat
(Members can read an extended version of this post here or a PDF version of this post here) 3Q25 Update. Perimeter Solutions reported 3Q25 and the stock jumped +26%. YTD the stock is now +112%. While the results were good, it was not clear what would warrant such a large move.…
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CoStar 3Q25 Business Recap: 47% Core Margins, But Still Posting Losses
3Q25 Business Recap. CoStar reported 3Q25 and revenues were +20% y/y. This figure includes the acquisition of Domain. Backing out Domain’s revenue contribution for the quarter, revenue growth was +16.5% y/y, still an acceleration from last quarter and higher than in recent quarters. Growth was broad based with their two…
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CPRT: 4Q25 Business Recap (Calendar 2Q25)
Note: We just wanted to provide a short update on CPRT, but big picture not much has changed from our update last quarter. You can find a PDF here. 2Q25 Summary. Copart reported fiscal 4Q25, and the stock dropped -3% the following day. The stock is now down -23% from…
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Constellation Software: 2Q25 Business Recap
Note: We just wanted to provide a short update on CSU, but big picture not much has changed! We provide some commentary on the quarter and their business developments below. We will provide a longer update once there is more to talk about, or at the end of the year…
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Perimeter 2Q25: Platform Acquisition Ahead of Expectations
(Members can download a PDF of this post here) 2Q25 Business Update. Perimeter reported 2Q25 and their revenues were up +28% y/y to $163mn. Their Fire Safety Segment grew +22% y/y to $120mn, with their Specialty Products Segment growing even more at 47% y/y to $42mn. EBITDA growth was even…
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Airbnb 2Q25 Business Update: Core Slows (Again)
(Members can find an extended version of this post here and a PDF here) 2Q25 Update. Airbnb reported 2Q25 results and the stock fell -8% the next day, citing hard comps in 3Q and 4Q. Revenues grew+13% y/y in 2Q25. This was a slight acceleration from +11% y/y last quarter,…