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【价值目录】网整理：
May26,202611:12AMGMT
WhatAreCompaniesSaying?
ARecurringPublicationfromUSEquityStrategyFocusedonKeyTopicsofDiscussionfromUSCompanies
MORGANSTANLEYRESEARCH
NicholasJ.Lentini,CFAEquityStrategist
Nick.Lentini@
+1212761-5863
MichaelWilson
ChiefUSEquityStrategist&CIOofMorganStanley
WealthManagementandInstitutionalSecurities
M.Wilson@
+1212761-2532
AndrewPauker
EquityStrategist
Andrew.Pauker@
+1212761-1330
DianeDing,Ph.D.
QuantitativeStrategist
Qian.Ding@
+1212761-6758
Pg.3KeyTakeawaysandChartstoWatch
Pg.14TranscriptMentions:TimeSeriesCharts
Pg.25TranscriptMentions:IndustryBreakdownPg.37CorporateSurveys:TimeSeriesCharts
Pg.45CompanyQuotes
MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanleyResearch.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorin
makingtheirinvestmentdecision.
Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.
MORGAN
STANLEYR.ESEARCH.
2
Pg.3
Pg.14
Pg.25
Pg.37
Pg.45
WhatAreCompaniesSaying?
KeyTakeawaysandChartstoWatch
TranscriptMentions:TimeSeriesCharts
TranscriptMentions:IndustryBreakdown
CorporateSurveys:TimeSeriesCharts
CompanyQuotes
MORGAN
STANLEYR.ESEARCH.
3
KeyTakeaways
RaisingGuidance
WhatAreCompaniesSaying?
OurTake
•Managementteamsareraisingforwardguidancedespitegeopoliticaluncertaintyandtheriseinoilprices.
•20%ofeventtranscriptsmentioned‘raiseguidance’comparedwith10%lastquarter.ThiscoincideswithERBspikingto+24%post1QEPS.
•Weseeaq/qrisein‘orderbooks’andthiscoincideswithanincreaseincompaniesdiscussing‘lowinventories.’
•Transcriptsareanequal-weightedmeasureandsuggesttousthatpositiveearningsbreadthisontracktocontinuethrough2026.
•Weareconstructiveonearningsbreadthonthebackofpositiveoperating
leverage,AIadoption/”runitlean”,
improvingpricingpowerandtheAIcapexcycle.OurbullishS&P500viewisan
earningsstory,notamultipleexpansion
one.SeeMid-YearOutlook:DéjàVuAll
OverAgain...withSomeTwists
Commodity
Headwindsfrom
US/IranWar
•
•
•
•
Weobservedaspikeintranscriptreferencesto“oilshortage”whichcoincidedwithincreasedmentionsof“cost/marginpressures.”
However,mentionsof‘passoncosts’and‘pricingpower’alsoincreased.Managementteamsgenerallyframedoil-relatedpressuresintwoways:
eitherasincrementalcostheadwindsorasacatalystforpriceincreasestoendcustomers,withapproachesvaryingonacompany-by-companybasis.Oilisthemostcitedcostpressurebutshortagesaroundoilderivativesandotherrawmaterialsarealsocreatinginputcostheadwinds.
•
Oilisanactiveriskbutwethinkthepoweroftheearningscyclehasthemarket
lookingthroughtheshock.Historically,
inflationshocks(PPI)arepositively
correlated
torevenuegrowthovertime
whichiswhyequitiesareaninflation
hedge.SeethelatestSOHtrackinghere:
Energy:StraitofHormuz-DailyTracker
#72.
AI&Capex
Strength
Continue
•
•
•
•
•
ThefocusonAIshowsnosignsoflettingupwithcompaniescontinuingtociteproductivityandefficiencyexamplesintranscripts.
Mentionsaround‘datacenters’and‘energy’continuetoriseasitbecomesakeyleverforenablingcorporateefficiency.
Wecontinuetoseecapexstrengthinbothcorporatetranscriptsandfundamentaldatathatwetrackthrough1Qearningsseason.
ThemedianS&P500companyisgrowingcapexby+8%y/ywhiletheSP493havegrowncapexby+12%y/y.
Weseeindustrieswithhigh-AI
exposureoutpacinglow-AIindustries.Wearealsoseeingincreased
discussionsofquantifiablebenefits
fromAI.ThecaseforAIadoptersis
strengtheningandforwardnetmargins
areincreasing.SeetheAIDisruption
Debate,
AIandEconomicTransition
,
andAIAdoptionandtheFutureof
Work
MORGAN
STANLEYR.ESEARCH.
4
1QTranscriptsConfirmtheFundamentalDataWeHaveBeenMonitoringwithMentionsof‘RaiseGuidance’and‘PricingPower’BothRising
30%
20%
10%
0%
-10%
-20%
-30%
Nov'22Apr'25
S&P500EarningsRevisionBreadth
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
'RaiseGuidance'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Jan'22
Mar'22
May'22
Jul'22
Sep'22
Nov'22
Jan'23
Mar'23
May'23
Jul'23
Sep'23
Nov'23
Jan'24
Mar'24
May'24
Jul'24
Sep'24
Nov'24
Jan'25
Mar'25
May'25
Jul'25
Sep'25
Nov'25
Jan'26
Mar'26
May'26
16%
8%
1%
20%
15%
10%
5%
0%
-5%
-10%
-15%
Russell3000MedianStockEPSGrowth
10%
4%
-10%-11%
-8%
-5%
-5%
-8%
-2%
-1%
2%
2%
0%
3%
5%
7%
'PricingPower'TranscriptMentions
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2021/3Q
2021/4Q
2022/1Q
2022/2Q
2022/3Q
2022/4Q
2023/1Q
2023/2Q
2023/3Q
2023/4Q
2024/1Q
2024/2Q
2024/3Q
2024/4Q
2025/1Q
2025/2Q
2025/3Q
2025/4Q
2026/1Q
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
MORGAN
STANLEYR.ESEARCH.
5
ConcernsaroundanOilShortageareWeighingonCompanies;MentionsaroundCost/MarginPressuresAreUpbutsoAreMentionsof‘PassonCosts’and‘PricingPower’
OilShortage'TranscriptMentions1.8%
1.6%
1.4%
1.2%
1.0%
0.8%
0.6%
0.4%
0.2%
0.0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'PassonCosts'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
'CostPressures'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'MarginPressure'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
MORGAN
STANLEYR.ESEARCH.
6
WeContinuetoSeePositiveSignsontheCapexFrontwithRevisionsMovingHigherandHighCapex/SalesCompaniesBeingRewarded
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
Mag7LTMCapexY/Y(LS)S&P493LTMCapexY/Y(RS)
100%
80%
60%
40%
20%
0%
-20%
-40%
25%
20%
15%
10%
5%
0%
-5%
-10%
201820192020202120222023202420252026
Recession
CEOBusinessConfidenceSurvey:BusinessExecutiveConfidence(50+=Positive)
90
80
70
60
50
40
30
20
OverallMarketFactorPerformance:CapextoSales(Highvs.
Low)
1.2
1.1
1.0
0.9
0.8
200320052007200920112013201520172019202120232025
16%
14%
12%
10%
8%
6%
4%
2%
0%
S&P500MedianStockCapexGrowth15%
2023/1C
2023/2C
2023/3C
2023/4C
2024/1C
2024/2C
2024/3C
2024/4C
2025/1C
2025/2C
2025/3C
2025/4C
2026/1C
11%
8%
8%
4%4%4%
2%
1%1%
6%4%
10%
Source:Compustat,Factset,HaverAnalytics,MorganStanleyResearch.
MORGAN
STANLEYR.ESEARCH.
7
TranscriptsMentionsaround‘Inflation’SeeaMoreModestMoveHigherRelativetoCPI
TranscriptMentionsof"Inflation"CPIY/Y(LS)
60%10
50%8
40%6
30%4
20%2
10%0
0%-2
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
8
TheFocusonAIContinuestoIncrease
'AI'TranscriptMentions60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
DataCenters'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
30%
25%
20%
15%
10%
5%
0%
'Efficiency'TranscriptMentions
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'Energy'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
LaborAppearsSteadyinTermsofHiringandLayoffMentions
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
'Hiring'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
%)
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
RecessionNFIB:PercentPlanningtoIncreaseEmployment,Net(SA,
35
30
25
20
15
10
5
0
-5
-10
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
'Layoffs'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
3
Recession
NFIB:NetPercentPlanningtoRaiseWorkerCompensationinNextMonths(SA,%)
35
30
25
20
15
10
5
0
-5
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
θ
10
MentionsofConsumerHealthLookBetterontheMargin
'ConsumerWeakness'TranscriptMentions
5.0%
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
30.0%
29.0%
28.0%
27.0%
26.0%
25.0%
24.0%
23.0%
22.0%
21.0%
20.0%
'ConsumerStrength'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'ConsumerValue'TranscriptMentions
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
11
MorganStanleyResearch’sFourKeyThemeson2025:AlTechDiffusion,Longevity,FutureofEnergy,andlnvestingina(MultipolarWorld’
.LongevityorGLP.1.TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
.Al.TranscriptMentions60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
.Energy.TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
.SupplyChain.TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
12
CorporateTranscriptMentions:SectorHeatMap
CostPressure
Sector
Comm.Services
Cons.Discret.
Cons.
StaplesEnergyFinancials
Health
CareIndustrialsMaterialsRealEstateTech.UtilitiesOverall
41.1%
76.4%
82.3%
70.5%
N/A
82.3%
70.5%
100.0%
11.7%
70.5%
11.7%
70.5%
Inflation
17.6%
29.4%
29.4%
35.2%
11.7%
47.0%
29.4%
64.7%
0.0%
17.6%
0.0%
23.5%
RaisePrice
11.7%
47.0%
17.6%
N/A
N/A
35.2%
52.9%
100.0%
N/A
100.0%
N/A
64.7%
PricingPower
88.2%
52.9%
94.1%
N/A
N/A
N/A
11.7%
100.0%
94.1%
100.0%
N/A
82.3%
LaborShortage
23.5%
5.8%
0.0%
23.5%
11.7%
0.0%
0.0%
0.0%
5.8%
0.0%
N/A
0.0%
LaborCost
5.8%
5.8%
5.8%
23.5%
5.8%
70.5%
0.0%
23.5%
0.0%
11.7%
0.0%
11.7%
tion
Freight/ShippingCost
5.8%
11.7%
41.1%
11.7%
N/A
70.5%
11.7%
70.5%
N/A
58.8%
N/A
17.6%
tMen
MarginPressure
52.9%
70.5%
88.2%
94.1%
17.6%
100.0%
94.1%
88.2%
N/A
76.4%
N/A
76.4%
nscrip
MarginExpansion
100.0%
94.1%
29.4%
100.0%
100.0%
100.0%
70.5%
94.1%
N/A
100.0%
N/A
100.0%
Tra
HigherTaxes
41.1%
82.3%
11.7%
5.8%
82.3%
100.0%
29.4%
76.4%
N/A
70.5%
11.7%
82.3%
HigherRates
35.2%
17.6%
5.8%
41.1%
5.8%
100.0%
11.7%
94.1%
0.0%
35.2%
N/A
52.9%
Buybacks
64.7%
100.0%
76.4%
47.0%
88.2%
100.0%
82.3%
88.2%
76.4%
94.1%
0.0%
94.1%
Capex
29.4%
82.3%
17.6%
35.2%
N/A
100.0%
76.4%
88.2%
23.5%
88.2%
11.7%
88.2%
RaiseGuidance
88.2%
100.0%
47.0%
94.1%
0.0%
100.0%
100.0%
N/A
94.1%
100.0%
N/A
100.0%
AI
100.0%
94.1%
100.0%
100.0%
94.1%
100.0%
100.0%
100.0%
100.0%
94.1%
100.0%
100.0%
FreeCashFlow
100.0%
100.0%
70.5%
88.2%
70.5%
100.0%
58.8%
88.2%
88.2%
76.4%
5.8%
94.1%
LowNumberof
MentionsVs.History
ModerateNumberofMentionsVs.History
ElevatedNumberofMentionsVs.History
Note:N/Arepresentsinsignificantsearchresultsoracategorythatdoesn’trelatetothatsector.
Source:AlphaSense,MorganStanleyResearch.Pulledfromearningstranscriptsandbasedonanormalizedtrend.“Low”=bottom33%ofhistoricaltrendlevels.“Moderate”=middle33%ofhistoricaltrendlevels.“Elevated”=top33%ofhistoricaltrendlevels.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies.
MORGAN
STANLEYR.ESEARCH.
WhatAreCompaniesSaying?
13
Pg.3
Pg.14
Pg.25
Pg.37
Pg.45
KeyTakeawaysandChartstoWatch
TranscriptMentions:TimeSeriesCharts
TranscriptMentions:IndustryBreakdown
CorporateSurveys:TimeSeriesCharts
CompanyQuotes
MORGAN
STANLEYR.ESEARCH.
CorporateTranscriptMentions:MentionsaroundDemandLookStrongwith‘RaiseGuidance’,‘OrderBooks’,and‘LowInventory’MovingHigher
14
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
'RaiseGuidance'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'OrderBooks'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
'LowerGuidance'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'LowInventory'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
MORGAN
STANLEYR.ESEARCH.
CorporateTranscriptMentions:LittleChangeinTermsofTransitionLanguage
15
'GreenShoots'TranscriptMentions
5.0%
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'TransitionYear'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
'Bottoming'TranscriptMentions
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'Cautious'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
MORGAN
STANLEYR.ESEARCH.
CorporateTranscriptMentions:FewerMentionsof‘ConsumerWeakness’inthePastThreeQuarters
16
5.0%
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
'ConsumerWeakness'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
30.0%
29.0%
28.0%
27.0%
26.0%
25.0%
24.0%
23.0%
22.0%
21.0%
20.0%
'ConsumerStrength'TranscriptMentions
'ConsumerValue'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
'Choiceful'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
MORGAN
STANLEYR.ESEARCH.
CorporateTranscriptMentions:Mentionsaround(lnputCosts’and(CostPressures’spike;lnflationmoveshigherbutinalesssignificantmanner
17
5.0%
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
.Deflation.TranscriptMentions
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
.lnflation.TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
.lnputCosts.TranscriptMentions
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
.CostPressures.TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
MORGAN
STANLEYR.ESEARCH.
CorporateTranscriptMentions:Hiring/FiringMentionsRemainSteadybutMentionsof‘LaborCost’and‘HigherWages’TickHigher
18
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
'Layoffs'TranscriptMentions
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
'Hiring'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'LaborCost'TranscriptMentions
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
'HigherWages'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
MORGAN
STANLEYR.ESEARCH.
CorporateTranscriptMentions:PricingPowerRemainsanImportantTopicasMentionsof‘RaisingPrice’and‘TransportationCosts’Increase
19
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
'PricingPower'TranscriptMentions
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
'HigherPrices'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'RaisingPrices'TranscriptMentions
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
'TransportationCosts'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
MORGAN
STANLEYR.ESEARCH.
CorporateTranscriptMentions:Mentionsof‘MarginPressure’RosethisEarningsSeason
20
'MarginPressure'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
'MarginExpansion'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
MORGAN
STANLEYR.ESEARCH.
CorporateTranscriptMentions:MentionsAroundEconomicConcernsContinuetoFall
21
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
'FederalReserve'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'SoftLanding'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
1.4%
1.2%
1.0%
0.8%
0.6%
0.4%
0.2%
0.0%
'BorrowingCosts'TranscriptMentions
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'Recession'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
MORGAN
STANLEYR.ESEARCH.
CorporateTranscriptMentions:FreeCashFlowsandBuybacksRemainPopularTopics
22
'Capex'TranscriptMentions
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
'FreeCashFlow'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
'M&A'TranscriptMentions
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
'Buybacks'TranscriptMentions
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
MORGAN
STANLEYR.ESEARCH.
CorporateTranscriptMentions:AIandEfficiencyRemaininFocus
23
'Efficiency'TranscriptMentions
70.0%
68.0%
66.0%
64.0%
62.0%
60.0%
58.0%
56.0%
54.0%
52.0%
50.0%
'AI'TranscriptMentions60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
DataCenters'TranscriptMentions
30%
25%
20%
15%
10%
5%
0%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Source:AlphaSense,HaverAnalytics,MorganStanleyResearch.Searchesareinclusiveofsynonyms.UniverseisUSpubliccompanies,excludingFinancials.
MORGAN
STANLEYR.ESEARCH.
WhatAreCompaniesSaying?
24
Pg.3
Pg.14
Pg.25
Pg.37
Pg.45
KeyTakeawaysandChartstoWatch
TranscriptMentions:TimeSeriesCharts
TranscriptMentions:IndustryBreakdown
CorporateSurveys:TimeSeriesCharts
CompanyQuotes
MORGAN
STANLEYR.ESEARCH.
CorporateTranscriptMentions:SectorHeatMap
CostPressure
Sector
Comm.Services
Cons.Discret.
Cons.
StaplesEnergyFinancials
Health
CareIndustrialsMaterialsRealEstateTech.UtilitiesOverall
41.1%
76.4%
82.3%
70.5%
N/A
82.3%
70.5%
100.0%
11.7%
70.5%
11.7%
70.5%
Inflation
17.6%
29.4%
29.4%
35.2%
11.7%
47.0%
29.4%
64.7%
0.0%
17.6%
0.0%
23.5%
RaisePrice
11.7%
47.0%
17.6%
N/A
N/A
35.2%
52.9%
100.0%
N/A
100.0%
N/A
64.7%
PricingPower
88.2%
52.9%
94.1%
N/A
N/A
N/A
11.7%
100.0%
94.1%
100.0%
N/A
82.3%
LaborShortage
23.5%
5.8%
0.0%
23.5%
11.7%
0.0%
0.0%
0.0%
5.8%
0.0%
N/A
0.0%
LaborCost
5.8%
5.8%
5.8%
23.5%
5.8%
70.5%
0.0%
23.5%
0.0%
11.7%
0.0%
11.7%
tion
Freight/ShippingCost
5.8%
11.7%
41.1%
11.7%
N/A
70.5%
11.7%
70.5%
N/A
58.8%
N/A
17.6%
tMen
MarginPressure
52.9%
70.5%
88.2%
94.1%
17.6%
100.0%
94.1%
88.2%
N/A
76.4%
N/A
76.4%
nscrip
MarginExpansion
100.0%
94.1%
29.4%
100.0%
100.0%
100.0%
70.5%
94.1%
N/A
100.0%
N/A
100.0%
Tra
HigherTaxes
41.1%
82.3%
11.7%
5.8%
82.3%
100.0%
29.4%
76.4%
N/A
70.5%
11.7%
82.3%
HigherRates
35.2%
17.6%
5.8%
41.1%
5.8%
100.0%
11.7%
94.1%
0.0%
35.2%
N/A
52.9%
Buybacks
64.7%
100.0%
76.4%
47.0%
88.2%
100.0%
82.3%
88.2%
76.4%
94.1%
0.0%
94.1%
Capex
29.4%
82.3%
17.6%
35.2%
N/A
100.0%
76.4%
88.2%
23.5%
88.2%
11.7%
88.2%
RaiseGuidance
88.2%
100.0%
47.0%
94.1%
0.0%
100.0%
100.0%
N/A
94.1%
100.0%
N/A
100.0%
AI
100.0%
94.1%
100.0%
100.0%
94.1%
100.0%
100.0%
100.0%
100.0%
94.1%
100.0%
100.0%
FreeCashFlow
100.0%
100.0%
70.5%
88.2%
70.5%
100.0%
58.8%
88.2%
88.2%
76.4%
5.8%
94.1%
LowNumberof
MentionsVs.History
ModerateNumberofMentionsVs.History
ElevatedNumberofMentionsVs.History
Note:N/Arepresentsinsignificantsearchr
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