Live Nation, PTC, AES Lead Busy Earnings and Energy News

Live Nation Entertainment reported fourth-quarter 2025 revenue of $6.31 billion, above consensus estimates of $6.13 billion. For the full year, revenue reached $25.2 billion, a 9% increase from the prior fiscal year. Operating income jumped 52% to $1.3 billion, supported by record results in the concerts division and expanding international margins.

Fan attendance in 2025 rose 5% to 159 million, with international markets drawing more fans than the U.S. for the first time in the company’s history. Live Nation invested $15 billion in artists and shows, reinforcing what management described as a dominant position in the live entertainment ecosystem.

Looking ahead, more than 80% of large-format shows for 2026 are already booked, with North American pacing up double digits. Management expects another year of double-digit operating income and adjusted operating income (AOI) growth in 2026 and plans up to $1.2 billion in capital expenditures to expand its venue portfolio and infrastructure.

PTC Therapeutics posted a fourth-quarter 2025 net loss of $135.0 million, or $1.67 per diluted share, a larger loss than the $0.85 per share a year earlier and wider than the $0.26 loss forecast by analysts. Quarterly revenue declined to $164.7 million from $213.2 million, missing the $256.93 million consensus.

For full-year 2025, PTC’s total revenue more than doubled to $1.73 billion from $806.8 million, largely driven by $998.4 million in collaboration and license revenue related to its votoplam agreement with Novartis (NVS). Product and royalty revenue totaled $831 million, exceeding prior guidance.

The company highlighted the early performance of Sephience (sepiapterin), launched in the second half of 2025. Sephience generated $92 million in Q4 revenue and $111 million for 2025, with 946 patients on commercial therapy by year-end. It received approval in Japan in December 2025 and in Brazil in February 2026, and PTC expects its footprint to reach 20 to 30 countries by the end of 2026. For 2026, PTC guided to total product revenue of $700 million to $800 million, below the $990.3 million analyst consensus, and projected GAAP R&D and SG&A expenses of $775 million to $815 million.

Investor flows in biotech continued, with Braidwell LP disclosing new positions in Kodiak Sciences and Centessa Pharmaceuticals. Braidwell reported a $57.96 million Kodiak stake and a $54.73 million Centessa position at quarter-end, each representing under 2% of its reportable AUM. Both companies are advancing late-stage or pivotal programs, with Kodiak focused on retinal diseases and Centessa on orexin agonists and other specialty indications.

The AES Corporation said BloombergNEF ranked it the top seller of clean energy to corporations in the United States and the Americas in 2025, marking the fifth consecutive year it has held a leading position in corporate power purchase agreement volumes. AES noted that PPAs with corporate customers now represent nearly two-thirds of its contracted backlog, and about 85% of renewables contracts signed in 2025 (excluding storage) were with corporate buyers.

Chemours reported fourth-quarter 2025 net sales of $1.33 billion, slightly below the prior-year period. The company posted a Q4 net loss attributable to Chemours of $47 million, or $0.31 per diluted share, compared with a $11 million loss a year earlier. Adjusted net income was $7 million, or $0.05 per diluted share, versus $14 million, or $0.09 per share, in the prior-year quarter. Adjusted EBITDA came in at $128 million, down from $168 million.

For full-year 2025, Chemours reported net sales of $5.8 billion, flat year over year, and a net loss of $386 million compared with net income of $69 million in 2024. Adjusted net income was $143 million, or $0.95 per share, and adjusted EBITDA was $742 million, modestly below 2024. The company guided to 2026 net sales growth of 3% to 5% and adjusted EBITDA between $800 million and $900 million, with expected free cash flow conversion above 25%.

In the capital markets, First Solar (FSLR) secured a new five-year, $1.5 billion unsecured revolving credit facility led by JPMorgan Chase (JPM), intended to support working capital and general corporate purposes. Amgen (AMGN) raised about $3.96 billion through a multi-tranche senior unsecured notes offering, with maturities between 2031 and 2056, and Cheetah Net Supply Chain Service completed a $40.14 million offshore private placement of Class A shares to non-U.S. investors under Regulation S.

The Federal Motor Carrier Safety Administration finalized 11 of 18 previously proposed rule changes intended to reduce administrative and equipment burdens on truckers. Among the changes, FMCSA clarified that Driver Vehicle Inspection Reports may be created, maintained, and signed electronically, removing ambiguity around paper-based records.

The agency also removed requirements for trucks to carry liquid-burning flares and spare fuses, citing obsolescence or ease of replacement, and eliminated the need for functional license plate lamps on the rear of truck tractors while towing a trailer. It further clarified that tire load markings on sidewalls fall under National Highway Traffic Safety Administration manufacturing standards rather than FMCSA rules. In addition, the “military exception” from commercial driver’s license standards was extended to dual-status military technicians.

Industry groups including the American Trucking Associations and the Owner-Operator Independent Drivers Association characterized many of the changes as “commonsense regulatory reform.” FMCSA stated that, while the reforms should ease compliance and potentially extend the useful life of older equipment, the economic impact of each rule is expected to be small or negligible.