Earnings Unscripted: Short & Sharp Insights

Miro Benes
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Earnings Unscripted delivers short, AI-powered earnings call analysis: every episode 15 minutes or less. We cut through corporate language and prepared remarks by comparing what companies say on earnings calls with what the numbers actually show, highlighting insights, omissions, and signals that matter. Designed to be fast, focused, and entertaining, this podcast helps listeners make sense of earnings without spending an hour on the call. * Not financial advice.

  1. 2 DAYS AGO

    Wendy's (WEN) earnings: The stock rally behind the 11% sales drop

    US traffic plummeted and hundreds of stores are closing, yet the stock rallied 5% as investors bet the worst is finally over for Wendy's (WEN) in Q4 FY2025. In ~10 minutes: - The "SpongeBob hangover" sales collapse (-11.3%) - "System Optimization": closing 5-6% of US stores - The quiet retreat from the breakfast wars - Why 2026 is explicitly a "rebuilding year" Management is framing the massive footprint reduction as efficiency, but allowing franchisees to cut breakfast hours signals a strategic withdrawal. The Interim CEO is rebuilding the plane while it nosedives, but the market seems to believe the bottom is in. Wendy's Company (WEN) | Q4 FY2025 AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.

    11 min

  2. 3 DAYS AGO

    Cameco (CCJ) earnings: $1.2B revenue and the missing CEO

    Cameco nearly doubled revenue and turned a massive profit, yet they are buying uranium on the open market rather than ramping up their own frozen mines. In ~10 minutes: - Revenue hit $1.2B (+95% QoQ) on volume flush 🌊 - CEO skipped Q&A for an $80B D.C. meeting - 2026 production guided flat (19.5–21.5M lbs) - Management buying ~3M lbs to meet delivery commits - Westinghouse 5-year outlook deleted due to volatility The "nuclear renaissance" is becoming a construction project—volatile, expensive, and government-dependent. Management calls the supply gap "discipline," but operational constraints at McArthur River tell a different story. Cameco Corporation (CCJ) | Q4 FY2025 AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.

    11 min

  3. 3 DAYS AGO

    Enbridge (ENB) earnings: Meta, AI power, and the "full flight" oil trade

    Enbridge is rebranding from a boring utility to the backbone of the AI internet, securing direct deals with hyperscalers while its legacy oil pipes remain physically maxed out. In ~10 minutes: - Why the Mainline was "oversubscribed" for 9 months - New deals with Meta & the "colorblind" electron strategy - The "voracious" demand for Gulf Coast gas storage - Breaking down the $39B secured backlog Management shrugged off Venezuelan crude risks, proving Canadian heavy oil has a "sticky" hold on Gulf Coast refiners. The stock recovered from early chop to close near highs as the market digested the defensive growth pivot. Enbridge, Inc. (ENB) | Q4 FY2025 AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.

    12 min

  4. 3 DAYS AGO

    Rivian (RIVN) earnings: Sales fell 26% but gross profit quadrupled

    Rivian delivered a paradox in Q4 2025: physical deliveries collapsed as demand softened, yet the company posted its best gross profit ever thanks to the high-margin Volkswagen joint venture. In ~10 minutes: * Deliveries slumped 26% QoQ to just 9,745 vehicles. * Gross Profit hit $120M (9% margin), largely funded by VW cash. * Volkswagen accounted for 60% of all software revenue. * Strategic pivot: LiDAR is officially returning for Gen 3. * Cash burn was ~$1.0B, leaving $6B to bridge the gap to R2. The R1 era is slowing down, turning 2026 into a high-stakes transition year. Management is banking on B2B engineering revenue to keep the lights on while they retool for the mass-market R2 launch. Rivian Automotive, Inc. (RIVN) | Q4 FY2025 AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted

    11 min

  5. 3 DAYS AGO

    American Electric Power (AEP) earnings: The 56GW AI forecast and the $8B bill

    AEP posted a double-digit revenue drop on mild weather, yet the narrative shifted immediately to a massive, unexpected doubling of their data center backlog. In ~10 minutes: * Why the 2030 load forecast jumped to 56 GW in one quarter. * The "Letter of Agreement" mechanism de-risking Texas builds. * A surprise $2.65B pivot to Bloom Energy fuel cells in Wyoming. * The looming question of how to fund $8B in new capex. The hosts break down how a traditional utility is aggressively pivoting to act like a tech infrastructure company, effectively becoming the "plumbing" for the AI revolution. They discuss the tension between signing papers for power and the physical reality of putting steel in the ground, plus the regulatory risks of prioritizing data centers over residential rates. American Electric Power Company, Inc. (AEP) | Q4 FY2025 AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.

    10 min

  6. 3 DAYS AGO

    Anheuser-Busch (BUD) earnings: The zero-alcohol boom vs. a China crash

    The King of Beers is successfully managing a shrinking habit by raising prices and pivoting to sobriety, even as its Asian stronghold hits a wall. In ~10 minutes: - Q4 Revenue $15.6B (+2.5%) while total volumes fell 1.5% 📉 - China EBITDA collapsed 38.7% on a major "inventory reset" - No-alcohol revenue surged 34% (Corona Cero is scaling) - Why North American margins compressed despite Michelob market share gains The market didn't know whether to celebrate the pricing power or fear the volume declines, leaving the stock flat after an early rally. We discuss if the "premiumization" strategy can hold up in a World Cup year. Company: Anheuser-Busch InBev SA (BUD) | Q4 FY2025 AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.

    11 min

  7. 3 DAYS AGO

    Coinbase (COIN) earnings: The $667M loss vs. the $1.7B buyback

    Coinbase reported a headline net loss driven by crypto write-downs, yet management signaled aggressive confidence by buying back nearly three times that amount in stock. In ~10 minutes: * Rev $1.78B (-5% QoQ), Adj. EBITDA $566M 📉 * Net Loss $(667)M driven by unrealized paper losses * Institutional revenue +37% while Consumer volume slowed * Repurchased $1.7B in stock; authorized $2B more * Q1 Outlook: Sub & Services revenue expected to drop ~20% Susie and Miro unpack the "Everything Exchange" pivot as the company tries to diversify away from volatile crypto cycles. They discuss the accounting change classifying USDC as "cash," the legislative risks threatening stablecoin rewards, and Brian Armstrong’s futuristic bet on AI agents using wallets. Coinbase Global, Inc. (COIN) | Q4 FY2025 AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.

    12 min

  8. 3 DAYS AGO

    Applied Materials (AMAT) earnings: The clean room shortage and the $253M legal fix

    Applied Materials posted flat growth, yet the stock rallied 13% after hours as management cleared a massive legal overhang and revealed a unique physical bottleneck. In ~10 minutes: * ✅ Q1 results: $7.01B revenue (-2% YoY) and flat EPS * ⚖️ The $253M settlement that ended the DOJ export investigation * 📈 Q2 guidance ($7.65B) signaling the start of the upcycle * 🏗️ Why 2026 demand is "metered" by physical clean room shortages * 🔄 The subtle reporting shift in the Services (AGS) segment While headline revenue dipped, the "metered" growth narrative suggests backlog is simply sliding into 2027 due to construction delays. We discuss how this shortage creates revenue visibility and why AI data center demand is officially on track to overtake smartphones. Applied Materials, Inc. (AMAT) | Q1 FY2026 AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.

    11 min
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About

Earnings Unscripted delivers short, AI-powered earnings call analysis: every episode 15 minutes or less. We cut through corporate language and prepared remarks by comparing what companies say on earnings calls with what the numbers actually show, highlighting insights, omissions, and signals that matter. Designed to be fast, focused, and entertaining, this podcast helps listeners make sense of earnings without spending an hour on the call. * Not financial advice.

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