Track how companies discuss tariffs and trade policies in their earnings calls, and understand their impact across different industries and regions.
we continue to navigate a complex and often evolving tariff environment.
This result reflects our strategy at its best—an unwavering commitment to disciplined, full-price execution supported and strengthened by sustainable operating efficiencies. This powerful combination, alongside favorable foreign exchange dynamics, allowed us to fully absorb external pressures like higher US import tariffs and still expand our profitability.
During the fourth quarter of 2025, the impact of tariffs and the increase in the price of aluminum on our operating results was modest.
We estimate full year impact of $100 million to $120 million.
we remain prudently provisioned with allowance coverage of gross loans at 99 basis points, including more than $500 million in reserves set aside for ongoing elevated policy and trade uncertainty.
We view the overall backdrop as positive because the administration, the state governments as well as most PJM stakeholders are rightly focused on the same objectives we're focused on, which are getting large loads connected quickly.
we would be lapping next fiscal year.
commercial clients and tariff-impacted sectors and geographies are facing headwinds
Mid ongoing tariff-related headwinds and negotiations, we remain vigilant and proactive in managing our credit portfolios to address both expected and unexpected changes.
Beginning in Q2 2025, CPG and auto companies began navigating a mix of category headwinds such as tariff uncertainty and uneven volumes in addition to persistent inflationary pressures.