Corbin Advisors Releases Q4’25 Inside The Buy-Side® Earnings Primer®

Survey Finds Investor Headiness for Growth Persists with Expectations Intact for 2026 Expansion; Frothy Valuations, Policy Impact, Geopolitics, and AI Bubble Curb Enthusiasm Somewhat

Investor sentiment remains generally optimistic heading into 2026, ebbing only slightly QoQ, with expectations for strong Q4’25 revenue and earnings prints; executive tone observed as increasingly upbeat executive tone observed, the most upbeat since Dec. 2024
Expectations for 2026 guidance are for Revenue and EPS growth with Margins and FCF tempered somewhat due to anticipated elevated capex and cost
Investors continue to prioritize Growth over Margins – 64% to 36% - roughly in line with last quarter, with views supported by expectations for AI, lower interest rate, and OBBBA benefits
Reinvestment cited as top use by 61%, up from 41% last quarter, followed by buybacks at 44%, while support for debt paydown decreases to its lowest level since December 2021, though leverage thresholds remain conservative
Policy impacts and Geopolitics top the list of unaided concerns while apprehension surrounding Tariffs has eased QoQ
Over half believe tariffs in 2026 will Stay the Same relative to last year with a similar number generally confident in corporate mitigation strategies
AI is the most cited topic of interest for earnings calls, narrowly edging out demand and growth trends

HARTFORD, Conn., Jan. 16, 2026 (GLOBE NEWSWIRE) -- Corbin Advisors, a strategic investor relations and communications advisory firm with a track record of supporting publicly traded clients in creating sustained shareholder value, today released its quarterly Earnings Primer^®, which captures trends in institutional investor sentiment. The survey, which marks the 65^th quarterly issue of Inside The Buy-Side^® Earnings Primer ^®, was conducted from December 2 to January 8, 2026, and is based on responses from 67 institutional investors and sell-side analysts globally, representing ~$2.5 trillion in equity assets under management.

Following last quarter’s survey which found increasing optimism but with tariff impacts and consumer concerns serving as offsets, the Voice of Investor^® captured this quarter reveals a generally consistent outlook as we head into 2026 but with outright bullish sentiment ebbing somewhat. Rate cuts, earnings momentum, and productivity gains drive favorable views, but enthusiasm is tempered by frothy valuations, policy impact, geopolitics, and percolating AI bubble concerns.

Indeed, 50% of surveyed investors characterize sentiment as Neutral to Bullish or Bullish, a modest pullback from 53% last quarter, with nearly one-quarter Neutral to Bearish to Bearish, slightly up. Meanwhile, over 65% of investors characterize executive tone as Neutral to Bullish or Bullish, up QoQ, and the highest level registered since Q4’24. Correspondingly, those observing management as Neutral to Bearish or Bearish executive tone readings have fallen to the lowest level over that same period. This marks the third consecutive year where investors perceive corporate tone at the most upbeat level relative to the prior three quarters.

Rebecca Corbin, Founder and CEO of Corbin Advisors, commented, “After a strong three-year run for equities, investors are entering 2026 with optimism and a hankering for growth, but with a pinch of cautiousness. And rightly so. Our proprietary buy-side surveys show that following similar three-year bull market stretches, as we saw in 2012–2014 and 2019–2021. perceived management tone grows increasingly sanguine ahead of investor sentiment, with the Fed and policy path consistently rising as a recurring fault line in these periods. Notably, sentiment has seen a pullback during those periods within one to two quarters’ time.”

Ms. Corbin continued, “What is different today is the combination of growth momentum and productivity optimism – driven in part by AI, easing interest rates, and on-the-come stimulus – but alongside counterweights, specifically the increasingly tenuous geopolitical environment and policy impacts. Against this backdrop, a responsible level of pragmatism is paramount: investors seek reasonable guides and clear assumptions, comprehensive capital allocation frameworks inclusive of growth capex ambitions, transparency on AI actions and ROI, and practical framing around policy, geopolitics, and tariff uncertainty as they assess which companies can not only sustain performance into 2026 and beyond but also successfully navigate ongoing VUCA. At the same time, our survey finds market fatigue percolating as it relates to AI, with apprehension rising on the potential for a debt-fueled build-out and companies chasing the trend without clear returns.”

As for Q4’25 expectations, 52% expect earnings to come in Better Than consensus, while 44% anticipate In Line results; only 4% expect results to be Worse Than the Street, the lowest level since Q2’21. Regarding KPIs for Q4’25, Revenue, EPS, and FCF are anticipated to Improve, though views are more muted for Margins.

Continuing, Investors and analysts largely expect 2026 annual guides to signal continued strength, with ~60% anticipating Revenue and EPS outlooks will come in Higher than 2025 actuals. Expectations for Operating Margins and FCF are more tempered, skewing In Line to Higher, as investors balance constructive demand expectations against elevated capex and costs.

"The tone of executives is cautious optimism. People think 2026 will be slightly better, tariffs are done, people can get on with growth. AI might help with productivity. Generally, even on the cost side, inflation and rates are known headwinds, yet people are cautiously optimistic. I am more cautious because the valuations are quite stretched and a lot of that is already baked into the share price,” commented a buy side analyst whose firm has over $12 billion in equity assets under management.

Underpinning top-line views, 45% expect 2026 U.S. GDP growth will be Higher than 2025, while 65% do not anticipate the U.S. economy will enter a recession within the next year. All things being equal, investors continue to prioritize Growth over Margins – 64% to 36% – largely consistent QoQ. Respondents cite AI, easing interest rates, and expected OBBBA benefits as tailwinds. Notably, tariff-related concerns eased meaningfully QoQ, with a majority largely confident in corporate mitigation strategies, placing emphasis on pricing power and agility. Still, political uncertainty, geopolitics, consumer health, and sticky inflation persist as headwinds and temper outright optimism.

For upcoming earnings calls, AI leads the list of topics of interest, with investors seeking details on use cases, capex levels, and returns, followed by demand and growth trends, and rounded out by capital allocation.

Notably, capital allocation preferences further underscore the investor mind shift toward growth. Reinvestment is back as the #1 preferred use of cash, cited as a top priority by 61% of respondents, up from 41% last quarter, with Share Repurchases still broadly supported at 44%. Debt Paydown, which has maintained the top spot for 14 out of 20 quarters, since 2021, falls to third most favored use. Notably, over 70% still prefer Net Debt to EBITDA ratios at 2.0x or lower, underscoring the Street’s unwavering focus on balance sheet discipline. While investors remain constructive on bolt-on M&A, wariness for large, transformational deals persists, with overpaying the dominant concern, as well as the looser regulatory environment.

With regard to global views, India continues to see the most positive outlook over the next six months, followed by China and S.E. Asia. Notably, while 66% of investors continue to assign Very High to High risk to companies with business / operation exposure to China, this is down from 79% captured two years prior. As for sectors, Financials and Healthcare surpass Technology on bullish views and while most sectors continue to see more bulls and fewer bears QoQ, negative sentiment on Chemicals and REITs stand out.

About Corbin Advisors

Corbin Advisors is a strategic investor relations and investor communications advisory firm with a track record of supporting our publicly traded clients in creating sustained shareholder value. Our approach leverages decades of Voice of Investor^® (VOI) research and data-driven insights; capital markets expertise and deep best practice knowledge; and a proven playbook and passion for client outperformance. We are a trusted advisor and partner to boards of directors, executive leaders, and investor relations professionals, serving a broad range of companies globally across sectors, sizes, and situations. Through defining the standard of excellence and challenging conventional thinking, we enable our clients to boldly differentiate their equity brand, maximize valuation, and build more durable franchises.

Corbin Advisors. Outperformance Built on Trust^®.

To learn more about us and our impact, visit CorbinAdvisors.com.

Media Contact

Stef Fontanez, Senior Director, Marketing & Communications
stef.fontanez@corbinadvisors.com

Relationship Contact

Michael Becker, Vice President, Head of Sales and Marketing
michael.becker@corbinadvisors.com

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d02c560-6581-4b45-8c31-efceca94e02b

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