Good morning, CFOs. United Airlines CFO Mike Leskinen on how the airline hits its quarterly guidance; sizing up the economy in Trump’s first year; plus, Paramount’s latest bid.

For United Airlines Chief Financial Officer Mike Leskinen, providing financial guidance is almost philosophical.

Airlines set guidance only to miss their targets, he said at a conference in early 2024, not long after being named to United’s top financial role. “It’s almost like a bad joke,” he said. “And so what I've seen being inside of United is that, we have more ability than we're given credit for to deliver on EPS.”

Leskinen got to work changing how United sets financial expectations soon after becoming finance chief in 2023. United started providing less guidance than many other airlines, focusing on earnings per share instead of breaking out other metrics like capacity and fuel costs. It also began figuring in one major disruptive event, be it an act of God or manmade incident, each time it provides guidance. These can include major storms, geopolitical upheaval or a widespread virus.

The airline hasn’t missed its quarterly guidance in nearly three years. This includes after the government shutdown late last year, which pushed airlines off their financial targets. But for United Airlines, a conservative approach to guidance helped it come in as planned as other major U.S. airlines cut or missed their expectations.

Check out the full details here.

—Jennifer Williams

📆 Earnings

• Agilent Technologies
• Bank of Montreal
• Lowe’s
• Nvidia
• Paramount Skydance
• Salesforce
• Snowflake
• Synopsys
• TJX Cos.
• TKO Group Holdings
• Zoom Communications

State of the Union. Last night’s address gave President Trump a showcase to tout his economic accomplishments. Our WSJ colleagues Konrad Putzier Follow and Drew An-Pham size up the economy in Trump’s first year. Other key coverage:

• Trump Hails an Economic Turnaround Many Voters Don’t See
• Trump Calls Supreme Court’s Tariff Ruling ‘Unfortunate’ as Justices Look On

Work in tech? AI use is no longer optional. While many sectors are still experimenting with AI, here’s the next big trend in tech: tracking workers’ use of AI tools—and enforcing it if they have to.

Key quote: “We are using carrots and sticks,” says Seth Besmertnik, chief executive of Conductor, a 300-person digital marketing startup. “The only way to have a thriving company is if you have all your staff having a high level of competency.”

Paramount launched another salvo in its latest bid to derail rival bidder Netflix, which has a deal to buy Warner Bros. Discovery’s prized studios and HBO Max streaming service, Joe Flint writes.

Warner said Tuesday it has received a revised offer from Paramount to buy the entire company for $31 a share, up from its previous per-share purchase price of $30. Warner said in a statement its board of directors determined Paramount’s revised bid “could reasonably be expected to lead” to a proposal superior to Netflix’s signed agreement.

What’s next? Warner reopened talks last week with Paramount, giving the company a seven-day window to negotiate and telling the hostile suitor to make its “best and final” offer. Paramount is scheduled to release its latest earnings results on Wednesday, and Warner on Thursday.

📰 Other headlines

• Exclusive: Trump Administration Considers Requiring Banks to Collect Citizenship Information
• Exclusive: Bill Gates Apologizes to Foundation Staff Over Epstein Ties
• Blue Owl Fallout Sets Off Retail-Investor Panic. Their Advisers Are Urging Calm.
• Novo Nordisk to Cut U.S. List Prices for Ozempic, Wegovy by Up to 50%
• The Do’s and Don’ts of Using AI to Write Performance Reviews
• How Should Your Suit Fit? A Guide For Men
• The Tax Nerd Who Bet His Life Savings Against DOGE

AI wrap

• Skeptical Investors Are Hunting for Ways to Short the AI Frenzy
• AI-Induced Tech Selloff Spoils the IPO Parade
• Anthropic Dials Back AI Safety Commitments
• Pentagon Gives Anthropic Ultimatum and Deadline in AI Use Standoff
• Breaking Down the Doomsday AI Memo That Spooked Markets

📈 Earnings wrapup

• HP Dials Down Fiscal-Year Expectations as Memory Prices Drive Up Costs
• Cava Fourth-Quarter Sales Rise on Higher Prices, New Restaurant Openings
• Workday Guides for Subscription Revenue Growth to Slow Amid Mounting AI Worries
• Lucid to Cut U.S. Workforce by 12%, Reports Wider Loss
• Boston Beer Posts Lower Fourth-Quarter Revenue
• Planet Fitness Shares Sink on Weak Outlook
• Fresenius Medical Care Shares Drop After Outlook Underwhelms

For more earnings news, click here.

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Chewy, the Plantation, Fla.-based pet-product retailer, named Chris Deppe as the company's new CFO. Deppe, 46 years old, had been the company's vice president of finance since August 2022, Chewy said. Deppe will receive an annual base salary of $450,000 as finance chief, along with an annual bonus with a target of 100% of his eligible earnings. Will Billings, who stepped in as interim principal financial officer last year after David Reeder left to become chief executive of Entegris, will continue to serve as chief accounting officer.

—Colin Kellaher contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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