Bloomberg Intelligence Podcast Summary

Episode: BI Weekend: Coca Cola, Hasbro, T-Mobile Earnings
Date: February 13, 2026
Hosts: Paul Sweeney & Scarlet Fu

Episode Overview

This episode dives into recent earnings reports and strategic shifts from major companies including Kraft Heinz, Coca Cola, Hasbro, T-Mobile, CVS Health, and Hilton Worldwide. Bloomberg Intelligence analysts and Bloomberg News reporters join the hosts to provide in-depth research and expert insights on industry trends, financial performance, and company outlooks.

Key Segments & Insights

1. Energy Sector: Transocean & Valeris Merger

[03:16–08:25]

• Story: Transocean announced an all-stock acquisition of Valeris, creating the largest offshore rig contractor by market value.
• Expert Analysis: Scott Levine, Senior Energy Services Analyst
• Key Points:
  • Both Transocean and Valeris are leading offshore drilling firms. Transocean has the largest backlog, while Valeris, resulting from an Ensco and Rowan merger, boasts the largest fleet.
  • The deal aims to accelerate Transocean’s deleveraging, removing the burden of legacy debt from avoiding bankruptcy in 2020–21.
  • Access to Valeris’s “jackup” fleet gives Transocean exposure to shallow water drilling, a market poised for recovery after Saudi Aramco’s recent program cuts.
  • Current offshore drilling recovery is considered “mid-cycle," with growth likely picking up in the second half of 2026.
  • Regulatory approval is expected to proceed smoothly given the competitive and fragmented nature of the sector.
• Memorable Quote:
  • “Transocean’s kind of been saddled with all this debt as a result of not having their balance sheet wiped during a bankruptcy… This deal… will better enable them to capitalize on an upturn in offshore.” (Scott Levine, 04:13)

2. Mobility & Tech: Robotaxis Expansion

[08:45–14:09]

• Story: Analysis of robo-taxi growth and the competitive landscape for automated vehicles in 2026.
• Expert Analysis: Andrew Grant, BNEF Head of Intelligent Mobility
• Key Points:
  • 8,000 robotaxis in operation at the end of 2025, half in the US. By the end of 2026, expected to reach 18,000 globally.
  • Major global players: Waymo (Alphabet), Baidu’s Apollo, WeRide, and Pony AI (all China-based).
  • Expansion targets include Europe, Middle East, and Southeast Asia, with companies racing for market presence.
  • Safety records are broadly comparable to human drivers, sometimes outperforming — though measurement standards are still evolving.
  • High costs are a barrier: Waymo recently raised $16B, Tesla is committing $20B in R&D, with funding coming from big tech and venture capital.
  • Key challenges remain: regulatory approval, capital, and identifying true business use cases.
• Memorable Quote:
  • “At the moment, it’s all of the above… improvements need to be made on all of those [regulation, capital, technology]. But also just finding a business use-case for these services.” (Andrew Grant, 13:08)

3. Consumer Packaged Goods: Kraft Heinz Strategic Pivot

[17:38–21:30]

• Story: Kraft Heinz’s new CEO Steve Kalane halts a planned company split to refocus investment on brands.
• Expert Analysis: Christina Petersen, Bloomberg News Food Industry Reporter
• Key Points:
  • Kalane has been in the role since January and, after portfolio review, concluded underinvestment in brands could be fixed with $600M into R&D, marketing, and price reductions.
  • The split, announced five months prior, is “paused” indefinitely. Goals shifted to long-term growth before reconsidering structural changes.
  • Berkshire Hathaway, major stakeholder, had publicly voiced skepticism about a split.
  • New product launches include healthier options (e.g., Kraft Heinz Mac & Cheese “Power Mac” with protein/fiber) and lowering price points for affordability.
• Memorable Quote:
  • “He came on the job knowing there had been levels of underinvestment in Kraft Heinz’s brands and decided… that there were brands that would respond to more investment.” (Christina Petersen, 18:12)

4. Beverages: Coca Cola Cautious Outlook

[21:34–25:53]

• Story: Coca Cola missed top-line estimates and offered a conservative 2026 sales outlook, shaking investor confidence.
• Expert Analysis: Ken Shea, Senior Consumer Products Analyst
• Key Points:
  • Revenue mix was less favorable; price-mix tailwinds have faded, concerning investors.
  • Company guidance for 4–5% organic revenue and EPS growth, below historic and consensus expectations.
  • Incoming CEO Henrique Braun, with a strong operational background, is expected to focus on marketing, innovation, and broadening the beverage portfolio, catering to new trends (zero sugar, added protein/fiber, functional beverages).
  • Zero Sugar lines posted double-digit volume growth. Marketing will pivot toward social media and targeted promotions.
• Memorable Quote:
  • “The market is being spooked… by the guidance for next year which came in a bit, a little bit light.” (Ken Shea, 22:32)

5. Toys & Gaming: Hasbro’s Digital Transformation

[25:56–29:51]

• Story: Hasbro beat revenue expectations, largely due to digital gaming — especially Magic: The Gathering.
• Expert Analysis: Lindsey Dutch, Consumer Hardlines Senior Analyst
• Key Points:
  • “Wizards of the Coast” and digital gaming segments grew 45% YoY; Magic: The Gathering up 60% in Q4.
  • Tariff pressures hurt margins but were partially offset by cost efficiency measures; headwinds expected to ease later in the year.
  • Hasbro's consumer toy division is declining, while digital is the growth engine; digital Monopoly ("Monopoly GO") continues to perform well.
  • Announced $1B share buyback, first since 2018, as leverage falls and cash redeployment becomes viable.
• Memorable Quote:
  • “They are pushing into this world of digital games… and they want to be valued as such.” (Lindsey Dutch, 28:14)

6. Telecom: T-Mobile’s Slowdown & Strategy Shift

[33:22–38:04]

• Story: T-Mobile added fewer new subscribers than expected but beat on revenue, signaling industry maturity and competitive pressures.
• Expert Analysis: John Butler, Senior Telecom Analyst
• Key Points:
  • Verizon’s volume-focused strategies have impacted T-Mobile’s subscriber growth.
  • T-Mobile’s strategic pivot is to highlight free cash flow and share buybacks ($5B in Q1), rather than just chasing top-line growth.
  • The company is expanding into adjacent opportunities: broadband (especially fixed wireless), advertising, and fintech.
  • Dividend yield less of a focus compared to share repurchases.
• Memorable Quote:
  • “They’re really pointing investors to that bottom line to get the focus off of revenue growth as things get more promotional and as industry growth slows.” (John Butler, 34:16)

7. Healthcare: CVS Health’s Unchanged Guidance

[38:07–42:06]

• Story: CVS Health repeats its 2026 profit guidance despite sector headwinds, triggering a lukewarm market response.
• Expert Analysis: Jonathan Palmer, Senior Equity Research Analyst
• Key Points:
  • Managed care sector is challenged by government policy, particularly Medicare payment rates.
  • Investors are cautious, waiting for clarity amid regulatory and reimbursement uncertainty.
  • CVS’s core competitor is UnitedHealthcare, but CVS lacks similar technology and provider assets.
  • Expectation is for a “holding pattern” as margin recovery efforts continue.
• Memorable Quote:
  • “There’s been a real hard... era of compression in margin for those businesses and everybody’s trying to build that back up.” (Jonathan Palmer, 40:35)

8. Hospitality: Hilton’s Asset-Light Growth

[42:10–45:32]

• Story: Hilton beat Q4 earnings, driven by network expansion and their asset-light model.
• Expert Analysis: Brian Egger, Senior Gaming & Lodging Analyst
• Key Points:
  • US inbound travel and government travel lagged, but international and leisure groups performed strongly.
  • The asset-light/franchise-focused model allows for higher margins and nimble expansion; downside is loss of potential upcycle property appreciation.
  • Hilton returning capital via buybacks and expanding through brand launches and international conversion opportunities.
• Memorable Quote:
  • “There is real opportunity for growth within their business model. And a lot of that is international. A lot of conversions” (Brian Egger, 44:23)

Notable Quotes (with Timestamps)

• “Transocean’s kind of been saddled with all this debt... this deal will better enable them to capitalize on an upturn.”
  — Scott Levine (04:13)

• “At the moment, it’s all of the above [regulatory, capital, technology]… But also just finding a business use-case for these services.”
  — Andrew Grant (13:08)

• “He came on the job knowing there had been levels of underinvestment in Kraft Heinz’s brands and decided after reviewing all of them that there were brands that would respond to more investment.”
  — Christina Petersen (18:12)

• “The market is being spooked… by the guidance for next year which came in a bit, a little bit light.”
  — Ken Shea (22:32)

• “They are pushing into this world of digital games… and they want to be valued as such.”
  — Lindsey Dutch (28:14)

• “They’re really pointing investors to that bottom line to get the focus off of revenue growth as things get more promotional and as industry growth slows.”
  — John Butler (34:16)

• “There’s been a real hard... era of compression in margin for those businesses and everybody’s trying to build that back up.”
  — Jonathan Palmer (40:35)

• “There is real opportunity for growth within their business model. And a lot of that is international. A lot of conversions.”
  — Brian Egger (44:23)

Key Takeaways

• Across sectors, strategic pivots are underway: Companies are reprioritizing investments, realigning around technology, and responding to regulatory or competitive threats.
• Stakeholder pressure and macro trends are reshaping plans: From Kraft Heinz pausing a split due to activist and board input, to T-Mobile and Hasbro’s focus on cash flow and digital evolution.
• Innovation in products and models is front and center: Coca Cola and Kraft Heinz are innovating products; Hilton and T-Mobile are innovating business models.
• Cautious optimism prevails: Despite lingering macro and regulatory headwinds, most companies express confidence in long-term growth strategies, though timelines are extended and subject to adjustment.

This episode provides a comprehensive look at earnings and strategic moves across key industries, backed by Bloomberg’s data-driven research and expert commentary.