Category: Uncategorized
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Constellation Software 2Q26 Recap: AI Didn’t Hurt or Help
(Note: This is a Business Recap, which is shorter than our Business Updates. Members can download a PDF here) 2Q26 Update. Constellation Software reported 2Q26 and the stock fell 5% the next day. Revenues grew +17% y/y, but organic growth remained flat at 1%. Their maintenance & other recurring revenues…
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Perimeter 2Q26 Business Recap: Light Fire Safety Earnings, but Strong M&A Execution
(Members can download a PDF of this post here) 2Q26 Update. Perimeter Solutions reported 2Q26 earnings and the stock was down 15% the following day (but has since slightly rebounded). Net revenues were up +31%, but operating income (after adjusting out the Founder’s Advisory Fees) fell -11% y/y to $63mn.…
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Constellation Software 1Q26 Update: AI Strategy
(Note: This is a Business Recap, which is shorter than our Business Updates. Members can download a PDF here) 1Q26 Update. Constellation Software reported 1Q26 and had their first earnings call in 8 years. Revenues grew +20%, but organic growth was only 2%. However, their maintenance & other recurring revenues…
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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…