Ironvine’s Q4 2025 Letter Sets Mid-Teens 2026 Earnings Outlook

Overview

• Ironvine reported 2025 results with the Concentrated Equity Composite up 11.27% and the Core Equity Composite up 9.68%, trailing the S&P 500’s 17.88%.
• Management expects another year of mid‑teens earnings growth across portfolio companies in 2026, citing secular drivers in AI‑related datacenters, aerospace maintenance, digital payments, resilient credit markets, and risk‑management software, while acknowledging regulatory and cyclical risks.
• HEICO is highlighted as gaining share as post‑pandemic supply‑chain constraints push airlines to rely on existing fleets, lifting maintenance needs and favoring trusted second‑source parts suppliers.
• S&P Global is described as an entrenched credit‑ratings leader whose U.S. and EU regulatory recognition helps maintain industry‑standard status and strong, low‑capital cash generation.
• Visa is cited for durable network effects that support low‑cost, high‑scale transaction processing for billions of cardholders and more than 150 million merchants.