Operations Strategy
Case studies on operations strategy.
Strategy Case: 1st Source — Funding the Next Engine of Growth
For 2026 planning, 1st Source’s leadership must recommend where the bank should place its next increment of growth capacity: deepen local commercial and small-business relationships, expand selected national specialty-finance activities, or pace both through explicit line-level hurdles. The recommendation should address credit discipline and state what evidence would change it. Read case
3D Systems: Where Should the Next Incremental Dollar Go?
On August 4, 3D Systems announced that CEO Jeffrey Graves would leave the company and retire from its board when a successor was hired. Graves remained CEO during the search, and the company expected to name a successor later in 2026. The successor was not identified. The announcement did not specify a change in strategy. Read case
4D Molecular Therapeutics: Focus Before the Next Readout?
4D Molecular Therapeutics is approaching a consequential allocation choice. Its lead retinal gene-therapy candidate, 4D-150, is preparing to move from Phase 1/2 evidence toward a planned Phase 3 program in wet age-related macular degeneration (wet AMD). Read case
AAON — Governing Growth Under a New Enterprise Identity
On 21 August 2026, AAON, Inc. announced that it would operate under the trade name The Aaon Group. The company described the identity as a clearer layer above its two differentiated brands, AAON and BASX, and a framework for governance, capital allocation, shared capabilities and future portfolio growth. Read case
AbbVie and Apogee: Who Owns the Next Clinical Decision?
On September 3, 2026, AbbVie completed its all-cash acquisition of Apogee Therapeutics, with an approximately $10.9 billion equity value. Apogee shareholders received $135.11 per share. The transaction added a clinical-stage portfolio focused on inflammatory and immunological diseases, including atopic dermatitis and asthma. Read case
Abeona Therapeutics: Scaling an individualized launch after NTAP
On October 1, a new Medicare hospital payment pathway for ZEVASKYN took effect. Two days later, Abeona Therapeutics had an early launch to assess: Q2 product revenue had risen sequentially, treatment centers were being added, and the company had disclosed a batch that could not be commercially released under its specifications. Read case
Acacia Research: Rules for the Next Dollar
Acacia Research Corporation acquires and operates businesses and intellectual-property assets across industrial, energy, and technology sectors. At the end of Q2 2026, management highlighted $334.6 million in cash, cash equivalents, fair-value equity securities, and loans receivable; it also said the company had no parent-company debt and an active acquisition pipeline. Read case
Acadia Healthcare: Where Should the Next Growth Dollar Go?
Acadia Healthcare had added 322 beds during the first half of 2026 and said it was still ramping occupancy at facilities opened in recent years. At the same time, its second-quarter same-facility revenue was nearly flat, even as admissions and patient days increased. Management lowered its fiscal 2026 capital-spending outlook and raised its operating-cash-flow forecast. Read case
AMD: How Much Capacity Should AMD Commit Before Demand Is Certain?
Advanced Micro Devices (AMD) enters the fall of 2026 with accelerating data-center demand, several large customer deployment announcements and substantial existing supply commitments. The company has signed an agreement to acquire AI research company World Labs, pending closing and regulatory/customary conditions. Read case
Air Products’ Louisiana Bet: Commit, Stage, or Stop?
On June 25, 2026, Air Products and Chemicals (APD) faced a consequential choice about its Louisiana Clean Energy Complex (LCEC). The company had described a potential partnership with Yara International that linked APD’s hydrogen production and industrial-gas capabilities with Yara’s ammonia operations and distribution network. Read case
Akamai: Build for Anthropic—or Preserve Room to Maneuver?
On September 24, 2026, Akamai Technologies announced that Anthropic had committed to purchase $11.6 billion of cloud services over seven years. The agreement supports Anthropic's growing CPU workload needs on Akamai's distributed cloud infrastructure. Read case
Alexandria Real Estate Equities: Capital Recycling Under Pressure
In early October, Alexandria Real Estate Equities (ARE) faced a capital-allocation question as its 2026 property-sale program moved through several stages. At June 30, its annualized net-debt-and-preferred-stock-to-Adjusted-EBITDA ratio stood at 7.0x, above management’s year-end target range. Read case
Alliant Energy: Building Ahead or Waiting for the Next Load?
On August 21, 2026, Alliant Energy's leadership faced a planning question that was growing harder to defer: how much should its operating utilities commit to serve the next wave of large electricity customers, and what evidence should be required before each new commitment? Read case
Alphabet’s next compute allocation
Alphabet’s next infrastructure plan must support two demanding uses of AI compute. Google’s consumer products—including Search, Gemini, and YouTube—need capacity for models, inference, and product improvement. Google Cloud needs capacity to deliver customer workloads, meet commitments, and compete for new enterprise demand. Read case
Amazon — How Much Fulfillment Capacity Should the Company Keep?
On 2 February 2023, Amazon CEO Andy Jassy described a mismatch between capacity decisions made in 2020 for anticipated 2022 demand and demand that later developed. He said Amazon had “more capacity than we needed” in early 2022, and that the company had delayed some builds and mothballed some facilities while reviewing its investment needs. Read case
Ameren Missouri: Advancing West Alton Amid Large-Load Uncertainty
On September 28, 2026, Ameren Missouri filed a new Integrated Resource Plan (IRP). The 20-year plan responded to a sharply higher forecast of electricity demand from large customers. It also called for a large portfolio of gas-fired generation, solar, storage and nuclear resources, alongside continued demand-side programs and planned coal retirements. Read case
AEP: Planning for a Texas load surge
On July 30, 2026, American Electric Power reported that contracted load growth through 2030 had reached 69 gigawatts (GW), after six GW of new signed agreements in the second quarter. Read case
American International Group: The Next Dollar of Capital
At 30 June 2026, AIG reported $7.4 billion of Parent liquidity, including a $3.0 billion committed revolver. It had returned $1.2 billion through common-share repurchases and $504 million through dividends during the first half. AIG repurchased about $195 million more in July; at 31 July, $2.6 billion remained under its Board authorization. Read case
Analog Devices: Setting the Next Capacity Rule
At 7:01 a.m. on August 19, Analog Devices (ADI) reported third-quarter fiscal 2026 revenue of $4.02 billion, up 40% year over year, and forecast fourth-quarter revenue of $4.3 billion, plus or minus $100 million. The company’s call was scheduled for 10:00 a.m. This case uses the release and filings available before the call; it does not use the call or any later information. Read case
Applied Materials: Who Gets the First Look?
Applied Materials sells equipment and services used to manufacture semiconductors and displays. Semiconductor manufacturing depends on tightly linked steps: a tool must work with the materials and processes around it, then meet a chipmaker’s yield, throughput, and reliability requirements at production scale. Read case
Aptiv after EDS: setting a pace for capital return
On April 1, Aptiv completed the spin-off of its Electrical Distribution Systems business into Versigent PLC. Aptiv’s Q2 and first-half reporting presents EDS as discontinued operations for all periods, so the figures below describe continuing Aptiv rather than the old company before separation. Read case
Arch Capital Group: Returning Capital Through a Divided Insurance Market
Arch Capital Group (Arch) repurchased 12.4 million common shares for $1,165.8 million during the second quarter of 2026. The average price was $94.38 per share. At June 30, $2,158.2 million remained under its repurchase authorization. Read case
Archer-Daniels-Midland: How Far to Expand the Crush Network?
On 30 July 2026, Archer-Daniels-Midland Company (ADM) announced targeted oilseed-crush upgrades at four existing U.S. facilities. Management expected the work to add approximately 700,000 metric tons of annual capacity in total, with completion from mid-2028 through early 2029. ADM also said it was evaluating similar enhancements at other North American locations. Read case
Baker Hughes: governing the Chart integration
On July 16, Baker Hughes completed its acquisition of Chart Industries. Twelve days later, the transaction had become an operating-design question. Baker Hughes had described Chart as a third reporting segment while also targeting shared procurement, support functions, manufacturing practices, engineering and commercial coordination, and lifecycle services. Read case
Ball Corporation: What should come next for Aerospace?
On August 3, 2023, Ball Corporation reported second-quarter results and told investors that it was considering options for its Aerospace business. Management said the options could better position the business to provide value to shareholders and customers. It also emphasized that no formal decision was certain. Read case
Becton Dickinson: Preparing for a Phasix Indication That Has Not Yet Been Proven
Imagine that you advise Becton, Dickinson and Company’s Surgery leadership on October 2, 2026. The question is how much to invest in preparing for possible U.S. prophylactic use of Phasix Mesh while a large clinical trial remains in follow-up. This is a hypothetical resource-allocation decision, not a reported management meeting or an announced BD budget. Read case
Boeing — Sequencing the 737 Ramp
On 3 August 2026, the Federal Aviation Administration issued an amended type certificate and updated Production Limitation Record for Boeing’s 737 MAX-7. The FAA said the amended type certificate confirms compliance with applicable design and safety requirements; the updated production record authorizes Boeing to begin production of the aircraft. Read case
Bristol Myers Squibb: sequencing the growth transition
Bristol Myers Squibb entered 2024 with a portfolio moving in different directions. Total 2023 revenue was $45.0 billion, down 2%. The company’s in-line products grew 3%, and its newer product portfolio grew 77% to $3.6 billion. At the same time, “recent loss-of-exclusivity” products declined 34% to $7.1 billion, including Revlimid, whose revenue fell 39%. Read case
Broadridge Financial Solutions: How to sequence a platform launch?
On 16 September 2024, Broadridge Financial Solutions announced Global Asset Servicing, a platform bringing together more than 18 components across capital markets, wealth management, asset management and global custody. The listed services included tax and performance reporting, cost basis, proxy, class actions, reclaims and global custody. Read case
Brown-Forman: What Should the Board Require If a Proposal Returns?
On July 26, Brown-Forman Corporation said its board had received an unsolicited proposal from Sazerac to acquire the company. The board said it had concluded that the proposal was “not actionable,” taking the view of Wolf Pen Branch into consideration. Neither the proposal’s price nor its form of consideration, financing, conditions, or timing was disclosed. Read case
Calumet Inc.: How Far, How Fast on SAF?
On October 16, 2024, the U.S. Department of Energy's Loan Programs Office (DOE LPO) issued a conditional commitment for a loan guarantee of up to $1.44 billion to Montana Renewables, LLC (MRL), a Calumet subsidiary. Read case
CAMP4 Therapeutics: Sequencing Capital Across a Platform
On May 14, 2025, CAMP4 Therapeutics had three distinct demands on its capital: continue a clinical program for urea cycle disorders (UCDs), advance a newly nominated SYNGAP1 candidate toward toxicology and clinical testing, and sustain the discovery platform and partnership work that could generate future programs. Read case
The Campbell’s Company: Funding a Near-Term Maturity
On September 24, 2026, Campbell’s filed its FY2026 Form 10-K. One financing question remained open: how would the company fund the $500 million of 5.20% senior notes due March 19, 2027? The filing said Campbell expected to repay and/or refinance the notes, naming capital markets, cash, commercial paper (CP) and its revolving credit facility as possible sources. Read case
Camping World Holdings: How Much Inventory Is Enough?
Camping World Holdings, Inc. (CWH) entered the second half of 2026 with a difficult retail balance. New RV demand had weakened, but the company said it had continued to gain new-unit share through May. Used-unit sales were growing, yet margins on both new and used vehicles had fallen. Read case
Canadian Solar: Sell the Project or Keep the Asset?
Canadian Solar’s second-quarter results showed two distinct businesses under one corporate umbrella. Manufacturing sold solar modules and battery energy storage systems; Recurrent Energy developed solar and storage projects, sold some assets, operated a portfolio that generated electricity revenue, and provided power services. Read case
Canton Strategic Holdings: when should a treasury company buy back its shares?
Canton Strategic Holdings, Inc. had recently changed both its business focus and its name. Formerly Tharimmune, the company began trading as CNTN in February 2026 after launching a Canton Coin (CC) treasury strategy in November 2025. Read case
Capricor Therapeutics — Readiness Before Resolution
Capricor Therapeutics was preparing for a potential U.S. launch of Deramiocel, an investigational cell therapy for Duchenne muscular dystrophy (DMD), while the FDA continued reviewing its biologics license application (BLA). Read case
Carnival Corporation & plc — Pricing the Booked Position
On 21 December 2023, Carnival Corporation & plc reported a record FY2023 revenue of $21.6 billion and said it entered 2024 with its best booked position yet for both price and occupancy. Read case
Carvana: How long should the return promise last?
Carvana built its retail model around an online transaction. A customer can search a large inventory, inspect annotated photographs and vehicle details, arrange financing, and have the car delivered or pick it up. Carvana says its high-definition virtual tours show the actual vehicle and visible imperfections. Read case
Caterpillar — Building Capacity for a Power-Hungry World
In its second quarter of 2026, Caterpillar reported a $72.1 billion order backlog that it believed was firm, up $9.4 billion from the prior quarter. The increase spanned its three primary segments, with the largest increase in Power & Energy. Read case
CBRE: One platform, distinct businesses?
On July 29, 2026, CBRE Group filed its second-quarter report. Its Building Operations & Experience segment—BOE—reported $6.686 billion in revenue for the quarter, up from $5.833 billion a year earlier. The segment combines facilities management, property management, critical infrastructure services, and flexible workplace solutions. Read case
C.H. Robinson: Where Should Automation Stop?
This constructed case uses C.H. Robinson’s December 12, 2024 Investor Day as its information boundary and places a hypothetical cross-functional team before a question common to large service networks: how much work should software handle without an employee, and where should experienced judgment remain central? Read case
Chipotle — Which Restaurant Formats Should Scale?
At 4:00:10 p.m. Eastern on 4 February 2020, Chipotle Mexican Grill had a few minutes before its scheduled fourth-quarter and full-year results release. Its newly filed 2019 Form 10-K put digital orders at 18% of revenue. Read case
Cisco’s AI Infrastructure Bet: Where Should It Focus Next?
In late summer 2026, Cisco broadened its AI infrastructure portfolio along two fronts. It announced a rack-scale offer that adds Supermicro compute to its Secure AI Factory with NVIDIA. A few weeks later, it announced an AI POD for Splunk that brings self-managed AI capabilities to customers running on-premises, private-cloud, and air-gapped environments. Read case
Consumers Energy — Reliability at What Pace?
On the morning of 25 April 2024, Consumers Energy CEO Garrick Rochow told investors that the company expected to file its next electric rate case in late May or early June. The filing would include initial spending from the utility's five-year electric Reliability Roadmap. Read case
Coherent Corp. — Sequencing the Datacom Ramp
On 1 March 2024, Coherent’s strategy team is preparing for its next operating review. Read case
Colgate-Palmolive: Turning capacity into Hill’s growth
On September 30, Colgate-Palmolive completed its purchase of three dry pet-food plants from Red Collar Pet Foods. The plants—in Orangeburg, South Carolina; Clinton, Oklahoma; and Washington Court House, Ohio—were expected to join Hill’s Pet Nutrition’s network and make products for Hill’s Science Diet and Prescription Diet. Read case
Comfort Systems USA — Governing Growth Without Losing the Local Edge
On July 1, Craig Sasser’s appointment as chief operating officer took effect at Comfort Systems USA. President Trent McKenna continued in his role, and Briston Blair became chief strategy and innovation officer. Read case
ConocoPhillips — How Should It Adjust the 2020 Operating Plan?
On the evening of 17 March 2020, ConocoPhillips (COP) had to decide whether its 2020 operating plan could still stand. The plan had been issued before two shocks arrived together: the spread of COVID-19 was weakening expected oil demand, and the March 6 OPEC+ meeting ended without an agreement to extend production management. Read case
Constellation Brands: Where Should the Next Investment Go?
Constellation Brands had built a fast-growing Beer business around Mexican brands including Modelo, Corona, and Pacifico, while continuing to operate Wine and Spirits brands such as Meiomi, Kim Crawford, Robert Mondavi, High West, and SVEDKA. Read case
The Cooper Companies — Sequencing Myopia Management
On March 1, 2024, a hypothetical strategy team is asked to advise CooperVision on its next phase of market development. The question is how to sequence work around MiSight 1 day, CooperVision’s myopia-management contact lens, alongside its broader contact-lens products. Read case
Corning: Where should optical communications attention go next?
Corning’s Optical Communications business serves two broad groups. Its carrier network products support communications infrastructure for video, data and voice services. Its enterprise network products are optical networks sold to businesses, governments and individuals for their own use. The company sells fiber, cable, hardware and connectivity solutions across these markets.¹ Read case
CRH and Arcosa: How should integration create value?
CRH plc has agreed to acquire Arcosa, Inc. The shareholder vote is complete, and the companies describe the expected closing period as the first quarter of 2027, subject to regulatory and other customary conditions. Read case
Crown Castle: Setting the Next Capital-Allocation Policy
In May 2026, Crown Castle completed the sale of its fiber solutions and small-cell businesses. The transaction marked a strategic reset: towers became the company’s sole operating segment. By June 30, the company also reported completing the previously announced $1 billion share repurchase and repaying more than $7 billion of debt. Read case
Darden Restaurants: converting a portfolio, preserving the brands
On February 3, 2026, Darden Restaurants announced that it would close about half of its Bahama Breeze restaurants and convert the rest to other Darden brands. By May 31, one conversion had been completed. Read case
DaVita — Where Should It Add Kidney-Care Capacity?
On 29 September 2020, CMS published the final rule for the End-Stage Renal Disease Treatment Choices (ETC) Model. The mandatory model would change payments for selected dialysis facilities and managing clinicians beginning in 2021. Read case
Deere & Company — Managing the Agricultural Equipment Downturn
Deere & Company entered fiscal 2024 with a mixed picture. Farm conditions had eased from recent record levels, and the company expected lower equipment demand across several major agricultural markets. But the downturn was not uniform. Read case
Dell Technologies — Allocating Scarce Components
Assume a hypothetical Dell operating committee must set rules for next-quarter allocation of scarce memory and other constrained components. The rules will apply across AI servers, traditional servers and networking, and storage, and will govern how customer readiness, order commitment, credit exposure, and supplier commitments affect priority. Read case
Delta Air Lines — Sequencing Premium-Capacity Growth
On March 1, 2024, imagine you are preparing a commercial and network review for Delta Air Lines. Delta has reported faster growth in premium-product ticket revenue than in Main cabin and has announced a firm purchase of 20 Airbus A350-1000 aircraft, with deliveries scheduled to begin in 2026. Read case
Diamondback Energy: Choosing the Next Use of Cash
On August 3, 2026, Diamondback Energy reported second-quarter production above one million barrels of oil equivalent per day, strong cash generation, and lower debt. The company also raised its full-year production guidance while leaving its cash-capital budget unchanged. Its board had recently enlarged the share-repurchase authorization. Read case
Digital Realty Trust — How Much Capacity Should DLR Commit?
Digital Realty Trust (DLR) has expanded its development program while demand for data-center capacity is growing and uncertain. A hypothetical investment committee must set the policy for the next wave of commitments: how much capacity should DLR advance toward full construction before customers have signed leases, and what evidence should be required at each step? Read case
Dollar Tree — What Should It Do With Family Dollar?
On 5 June 2024, Dollar Tree announced a formal review of strategic alternatives for Family Dollar. The company said options could include a sale, spin-off or other disposition, but gave no timetable and made no assurance that a transaction would occur. Read case
Dominion Energy Virginia: Flexibility at the Grid Edge
In fall 2026, Virginia Electric and Power Company (Virginia Power), Dominion Energy’s regulated Virginia utility, is preparing a voluntary Large Load Demand Flexibility (LLDF) program petition due to the Virginia State Corporation Commission (SCC) by January 15, 2027. Read case
Dow Inc.: Cost Discipline and the Path2Zero Commitment
On the morning of January 30, 2025, Dow announced a new $1 billion cost-savings program. The announcement came as the company reported lower full-year sales and operating earnings, weak fourth-quarter margins in its largest segment, and sharply lower operating cash flow than the prior year. Read case
Eaton and Royal Power Solutions: Integrating an Electrification Specialist
On January 5, 2022, Eaton announced that it had completed its acquisition of Royal Power Solutions, a manufacturer of high-precision electrical connectivity components. Assume you are advising a hypothetical integration lead for Eaton as the new owner. Read case
Eli Lilly: How Much Capacity, and When?
On December 5, 2024, Eli Lilly and Company announced a $3 billion expansion of a recently acquired manufacturing facility in Kenosha, Wisconsin. The planned scope included injectable manufacturing, device assembly and packaging across therapeutic areas; construction was expected to begin in 2025. Read case
EQT Corporation — Production Plans Before a Pipeline Opens
Imagine you are supporting an EQT planning review on March 1, 2024. The company has published its 2024 production and capital guidance. Your task is to recommend how the team should handle any request for activity beyond that plan while Appalachian natural-gas prices, pipeline access, and Mountain Valley Pipeline (MVP) timing remain uncertain. Read case
Equinix: Where should the next capacity dollar go?
Equinix has to serve two related but different markets. Its IBX data centers sell retail colocation and interconnection to a broad customer ecosystem. Its xScale facilities are designed for core deployments by a targeted group of hyperscale customers. A hyperscaler can use both, but the company’s disclosures do not show how much value one product creates for the other. Read case
Equity Residential — Building the Operating Model Before the Merger
On July 30, Equity Residential and AvalonBay Communities announced that the company they planned to create would be called Vivmark Residential. The announcement advanced the public identity of a deal that remained pending: each company still needed shareholder approval and other closing conditions had to be met. Read case
Erie Indemnity: Setting the Next Management Fee
Erie Indemnity Company occupies an unusual position in the insurance business. It is a publicly traded stock company and attorney-in-fact for the subscribers of Erie Insurance Exchange. The Exchange writes insurance and is Indemnity’s sole customer. Read case
Everest: How much risk should Annapurna help carry?
Everest Group has recently launched Annapurna Re Ltd., a Bermuda casualty reinsurance sidecar sponsored with Stone Point. Read case
Evergy: How Much Capacity Should the Utility Build Ahead of Demand?
On September 16, Evergy Kansas Central, Inc. issued $350 million of 5.600% first-mortgage bonds due 2034. The filing was made jointly under Evergy, Inc.’s SEC reporting umbrella, but Kansas Central—not the holding company—was the bond issuer and secured obligor. Read case
Everspin Technologies: Where to Place the Next Commercialization Dollar?
Everspin released its FY2024 results on 26 February 2025; it filed its FY2024 Form 10-K the next day, on 27 February. The company had two visible product-development paths. Its 28nm xSPI STT-MRAM family served industrial and embedded applications; its 1Gb DDR4 STT-MRAM was selected for IBM's FlashCore Module 4, a data-storage system. Read case
EVI Industries: Planning GNA’s Systems Transition
On 6 March 2025, EVI Industries had publicly filed an agreement to acquire Girbau North America, Inc. (“GNA”), a commercial-laundry equipment distributor. The stock purchase agreement had been signed on 28 February, but the transaction had not closed. EVI’s filing said closing was expected within 30 days, subject to conditions. Read case
Evolv — Supporting Customers Under a New Constraint
On 23 January 2025, Evolv Technologies Holdings, Inc. issued a business update while a court-entered order gave a defined group of school customers a temporary right to cancel their Evolv Express contracts. The company said no eligible customer had exercised the right as of that date and that the “vast majority” of those rights were scheduled to expire by 14 March. Read case
The E.W. Scripps Company: Evaluating an Unsolicited Proposal
On November 24, 2025, Scripps publicly confirmed that it had received an unsolicited acquisition proposal from Sinclair. Scripps said its Board, in consultation with legal and financial advisers, would review the proposal and decide what course it believed best served the company, shareholders, employees and communities. Read case
Excelerate Energy: Payout While Building
On August 5, Excelerate Energy raised its full-year 2026 outlook for committed growth capital to $380–400 million. It separately forecast $85–95 million of maintenance capital expenditure. Read case
Exelixis: Pacing the Buyback
In May 2026, Exelixis’s Board authorized up to $750 million in additional share repurchases through December 31, 2027. At the period the company labels June 30, about $597.8 million remained under that authorization. The program does not require Exelixis to buy shares and may be changed or suspended at any time. Read case
BGE Case 9888: Defending Reliability While Addressing Affordability
On July 30, 2026, Exelon’s second-quarter filing listed a major Maryland proceeding for its subsidiary Baltimore Gas and Electric. BGE had submitted an application to adjust its electric base rates on July 2. It asked the Maryland Public Service Commission (PSC) to approve a $156.1 million electric revenue deficiency, based on the 12 months ended March 31, 2026. Read case
Expeditors: Automating Customs Without Automating Accountability
In June 2026, Expeditors reorganized Global Technology. By August, management was describing a smaller, more modern technology organization with continuing investment in AI and technology. A hypothetical strategy team is now asked to recommend how the company should scale AI and workflow automation in customs brokerage. Read case
Extra Space Storage — How Local Should Pricing Be?
Imagine joining Extra Space Storage’s portfolio strategy team on March 1, 2024. The company has completed its Life Storage merger and issued separate 2024 same-store outlooks for legacy Extra Space (EXR) and Legacy Life Storage (LSI) pools. You are asked to recommend how the company should organize the next phase of pricing review across the two groups. Read case
ExxonMobil: Capital Allocation Before the Next Plan
On the afternoon of November 15, Exxon Mobil Corporation disclosed that it would present an updated corporate plan on December 6, including capital plans through 2027. The announcement came after the company had signed a large all-stock agreement to acquire Pioneer Natural Resources, while commodity prices, operating cash flows, and regulatory approval remained uncertain. Read case
Fastenal: Where should the next increment of capacity go?
Fastenal began as a fastener distributor and grew into a North American and international industrial-supply network. At year-end 2025, the company reported 1,595 branches in 25 countries, 15 North American distribution centers, additional centers in Asia and Europe, and 24,489 employees. Read case
Federal Realty: Which Retail Tenants Should Receive More Time?
In a June 1-dated COVID-19 business update, Federal Realty Investment Trust (FRT) reported that rent collections varied sharply across property uses and retail categories. The company reported that it had entered into rent deferrals with 15% of tenants by count, representing less than 10% of annualized base rent (ABR), and negotiations were continuing. Read case
FedEx: The Next Network 2.0 Wave
In October 2026, FedEx’s U.S. parcel-network leaders must set the pace and market-selection rules for the next phase of Network 2.0. The company has said it expects to complete the U.S. implementation by the end of calendar 2027. Read case
First Solar, Inc. — Sequencing the Next Expansion
On March 1, 2024, a hypothetical First Solar strategy team is preparing a recommendation on what should follow the company’s current manufacturing buildout. The company has reported an approximately 8 GW expansion in progress, a dedicated U.S. research and development facility under construction, a large contracted backlog, and higher planned production for 2024. Read case
Ford Motor Company: Sequencing the Reset
Ford's July 2026 results carried two messages. The company reported stronger adjusted operating earnings than a year earlier and raised its full-year outlook. Ford Model e, however, still reported a substantial quarterly loss. At the same time, a large charge from unwinding a battery joint venture weighed on GAAP results. Read case
Fortinet: Where Should the Platform Stop?
Fortinet's public filings and product announcements describe a company extending a common security platform in two directions. The first ties network security and secure access more tightly together. The second brings security operations into a cloud-delivered, AI-enabled console. Read case
Fortive: Has the Spin-Off Made the Portfolio More Focused?
Fortive Corporation develops and sells industrial instrumentation, software and services, as well as healthcare workflow products. On June 28, 2025, it separated its Precision Technologies businesses into Ralliant Corporation and distributed Ralliant shares to Fortive shareholders. Read case
GE Vernova: How fast should Stafford scale?
GE Vernova is planning capacity investments as demand for its Electrification products grows. One visible commitment is at its Stafford, UK facilities, which make high-voltage direct-current (HVDC) transformers and valves. GE Vernova has announced a new valve line and a plan to nearly double capacity. Read case
Generac: how fast to build for large-MW demand?
Generac Holdings had entered a new scale of power generation. Its large-megawatt (large-MW) diesel generators, packaging capabilities and service offer were aimed at data centers and other critical-infrastructure customers. In July, the company reported a $1.6 billion data-center product backlog. Read case
General Dynamics: Backlog Is Not Delivery
On July 29, General Dynamics reported second-quarter revenue of $14.1 billion, up 8.1% year over year, and diluted earnings per share of $4.24, up 13.4%. Operating margin expanded 40 basis points to 10.4%. The company also reported a record $136.5 billion backlog and a 1.4-to-1 company-wide book-to-bill ratio. Read case
GE and Alstom: Full Ownership or Shared Control?
General Electric (GE) had already made a binding offer to acquire Alstom's Thermal, Renewables, and Grid businesses. On April 30, GE announced consideration with an enterprise value of $13.5 billion (€9.9 billion), plus €2.5 billion of net cash, for total consideration of €12.35 billion. Read case
Genuine Parts Company — Sequencing the Separation
On September 9, Genuine Parts Company (GPC) announced leadership plans for its intended separation of Automotive and Industrial into two public companies. Court Carruthers was named CEO-elect of Automotive, which is expected to retain the GPC name; he would take office at completion. Read case
Goldman Sachs — Scaling Alternatives with Discipline
On 3 August 2026, Goldman Sachs filed its second-quarter Form 10-Q. Its public ambition for alternatives remained substantial: management expected sustainable annual gross fundraising of $75–100 billion and had set a target of $750 billion in fee-paying alternative assets under supervision (AUS) by the end of 2030. Read case
Halliburton: Choosing where to scale next
Halliburton serves oil and gas producers across the life of a reservoir, from subsurface analysis and drilling through completion, intervention, and production. The company operates in more than 70 countries with over 46,000 employees. Its reported businesses span two segments: Completion and Production (C&P), and Drilling and Evaluation (D&E). Read case
Henry Schein after the cyber disruption
On February 29, 2024, Henry Schein’s leadership had a company with its distribution systems restored, customers still expecting dependable deliveries, and a growth plan that depended on technology and value-added services. The October 2023 cyber incident had interrupted important operations and affected earnings. Read case
Hewlett Packard Enterprise: How much AI demand should supply chain commit to?
Hewlett Packard Enterprise (HPE) had just reported record quarterly revenue and record AI-systems revenue. The results also showed how difficult it could be to convert interest into durable orders: during the quarter HPE booked approximately $1.2 billion in AI-systems orders, then removed a $700 million order over concern about a specific customer. Read case
Hormel Foods: Where to Place the Next Growth Bets?
Hormel Foods is preparing for fiscal 2027. One part of its business has reported consecutive quarters of organic sales growth, while its largest segment faces a steep decline in volume and uneven results across categories. At the same time, the company is simplifying parts of its portfolio and has an announced leadership transition ahead. Read case
Howmet Aerospace: How fast should capacity commitments move?
Howmet Aerospace entered autumn 2026 with strong demand signals in commercial aerospace and gas turbines. In the first half, reported commercial-aerospace revenue was $2.574 billion, up from $2.076 billion a year earlier; gas-turbine revenue was $605 million, compared with $437 million. Read case
Huntington Ingalls Industries: capacity before volume
At the July 30, 2026 cutoff, a hypothetical NNS leadership team faced a strategic implementation question. The Navy had just placed additional Block VI Virginia-class and Build II Columbia-class work into a long production horizon. Read case
Incyte — Where Should the Next R&D Dollar Go?
Incyte had grown from a company built around hematology into a biopharmaceutical portfolio spanning hematology, oncology and dermatology. Its February 2024 year-end results showed $3.696 billion in product and royalty revenue for 2023, up 14%. Of this, $3.165 billion was net product revenue, up 15%. Read case
Intel — Funding the Foundry
At 4:04 p.m. on September 16, Intel CEO Pat Gelsinger sent employees a public update on the company’s next phase. Intel would move toward making its manufacturing operation—Intel Foundry—an independent subsidiary within Intel. The stated aim was to give external customers and suppliers clearer separation while preserving collaboration with Intel’s product businesses. Read case
Intuitive Surgical — Who Gets the First da Vinci 5 Systems?
Intuitive Surgical ended 2023 with a da Vinci installed base of approximately 8,606 systems across hospitals worldwide. Those systems supported approximately 2.286 million procedures during the year, up 22% from 2022. The company placed 1,370 da Vinci systems in 2023: 666 in the United States and 704 outside it. Read case
Iron Mountain: How much data-center capacity should it commit next?
Iron Mountain Incorporated (IRM) built its business around storing and managing physical and digital information. Its global data-center business had become an increasingly visible growth platform. Read case
Jabil — Staging an India AI Infrastructure Alliance
On 15 June 2026, Jabil and Adani Enterprises announced their intent to form a strategic alliance for an AI and data-center infrastructure manufacturing platform in India. The release described broad product ambitions, from AI racks and servers to power and cooling equipment. It also said definitive operating frameworks and formal documentation were still in progress. Read case
J.B. Hunt: Where Should the Next Intermodal Mile Go?
J.B. Hunt Transport Services, Inc. (J.B. Hunt) enters its FY2027 planning cycle with a strong second quarter in Intermodal (JBI), especially in its Eastern network. Read case
Joby Aviation — Scaling Before Certification
On 1 March 2024, Joby Aviation’s leaders faced a sequencing question. The company had announced a large manufacturing plan in Dayton, Ohio, while its electric vertical takeoff and landing aircraft remained in development and FAA certification was still underway. Read case
John B. Sanfilippo & Son: Where should the next equipment dollar go?
John B. Sanfilippo & Son, Inc. (JBSS) had just reported its fiscal 2026 results. Management had described a multiyear equipment and infrastructure program, while the company’s plants showed different combinations of seasonal bottlenecks and unused capacity. Read case
Johnson & Johnson: Governing a Supply-Network Transition
On September 1, 2026, Tom Cavanaugh became Johnson & Johnson’s executive vice president and worldwide chairman of Innovative Medicine, succeeding Jennifer Taubert. His appointment came after J&J disclosed a new supply-chain restructuring in its second-quarter results. Read case
Johnson Outdoors — Planning for the Next Season
The fiscal year had just ended, but Johnson Outdoors had not yet reported its fourth-quarter or full-year results . The latest operating figures available were for the three and nine months ended 3 July 2026. Sales differed across the company’s three segments: Fishing and Diving were higher year over year, while Camping & Watercraft Recreation was lower. Read case
L3Harris Technologies: A Missile Business at the Market Gate
In July 2026, L3Harris CEO Christopher Kubasik said the company would revisit the potential initial public offering of its missile business in mid-2027. He did not say that an offering would launch then. He said management believed market conditions did not reflect the value it was building. Read case
Labcorp — How to Screen the Next Laboratory Partnerships?
Imagine joining Labcorp’s strategy group on March 1, 2024. The company has publicly emphasized becoming a partner of choice for health systems and local and regional laboratories. How should the group screen and sequence additional opportunities? Read case
Lam Research: funding the next process inflection
Lam Research has spent decades building expertise in deposition, etch, clean and related wafer-fabrication processes. On October 23, 2024, the company reported a second consecutive quarter of revenue growth and told investors it expected wafer-fabrication-equipment spending to rise in calendar 2025. Read case
Las Vegas Sands: How should it pace two resort investment programs?
Las Vegas Sands (LVS) had a near-term planning milestone in Singapore and a longer-dated investment plan in Macao. The company had just reported a strong first quarter, but its proposed Marina Bay Sands (MBS) expansion had no final disclosed cost or project-level return forecast. Read case
Lennar Corporation: Volume, optionality, and the value of pace
Lennar entered the fall of 2026 with a strategic tension. In its latest quarter, orders and gross margin were lower than a year earlier, while management reported faster construction cycles, lower construction cost per square foot, and fewer completed unsold homes per community. Read case
Live Nation: How Much Capacity, How Much Proof?
Live Nation enters its FY2027 planning cycle with strong reported ticketing activity, a large venue pipeline, and continuing uncertainty about project-level returns and the legal terms under which venues and ticketing may operate. A hypothetical strategy team must recommend how quickly to commit to venue expansion. Read case
Lockheed Martin — Turning Backlog into Deliveries
Imagine you advise Lockheed Martin’s leadership on the next increment of production-response investment. The company has a substantial reported backlog, but the public evidence also points to supplier shortages, F-35 delivery delays, longer build times, and risks from labor and supplier costs. Read case
Lowe’s: Sequencing Customer and Omnichannel Investments
On March 1, 2024, Lowe’s leadership team is preparing its next operating review. The latest results show pressure across the home improvement market, while the company continues investments intended to serve both do-it-yourself (DIY) consumers and professional (Pro) customers. Read case
lululemon — Who Owns the Product?
In May 2024, lululemon announced a new structure for its product and brand teams. It would not replace its Chief Product Officer role. Design, Innovation, and Product Development would sit with the Global Creative Director, reporting to CEO Calvin McDonald. Read case
Lumentum: How Much Capacity Before the Orders?
On February 8, 2024, Lumentum's leadership team had a capacity question to resolve. The company had announced production lines in Thailand for advanced datacom transceivers, including 800G and 1.6T products. Management described strong AI-data-center bandwidth demand, traction on new transceiver opportunities and a planned summer capacity ramp. Read case
Marathon Petroleum: How should it manage renewable diesel?
Marathon Petroleum Corporation (MPC) entered the second half of 2026 with renewable-diesel production, joint ventures, feedstock operations and long-standing refining and midstream businesses. Its latest filing presented a striking year-over-year improvement in Renewable Diesel segment results. MPC attributed much of the improvement to higher regulatory-credit values. Read case
Mettler-Toledo — Keeping Precision in Motion
On 8 February 2024, Mettler-Toledo reported that fourth-quarter sales had been affected by approximately $58 million of shipping delays “with a new external European logistics service provider.” Management expected the delayed sales to be largely recovered in the first quarter of 2024. Read case
Microchip Technology: Capacity Choices Through a Downturn
On March 1, 2024, Microchip Technology’s operating and strategy leaders are reviewing how to plan capacity as customers work through excess inventory. Management says most factory expansion activity remains paused, while the company continues selective equipment and facility investment. Read case
Micron Technology: Where to Place the Next Memory Dollar?
On December 18, 2024, Micron Technology reported record quarterly revenue. Its data-center business had become a larger part of the company, and its high-bandwidth memory (HBM) products were part of the hardware supporting artificial-intelligence computing. Read case
Microsoft: Where Should the Next AI Capacity Go?
On April 25, 2024, Microsoft reported another quarter of strong cloud growth while describing a constraint that complicated its next infrastructure decisions. Azure and other cloud services grew 31% year over year. Management attributed seven percentage points of that growth to AI services and described the other 24 points as core Azure. Read case
Moderna — Funding the Platform After the Pandemic
You are advising Moderna’s leadership on how to allocate clinical, manufacturing and commercial capacity while the company works toward a lower operating-cost base. The May 1 update sets 2027 GAAP operating costs at $4.7–$5.0 billion, down $1.4–$1.7 billion from the 2025 estimate, while the company says it is advancing as many as ten products toward approval. Read case
Mondelēz International: Pricing Chocolate Through a Cocoa-Cost Shock
Imagine Mondelēz International’s commercial leadership is preparing its next developed-market chocolate pricing cycle. Cocoa costs have become a source of pressure, while recent reported results show pricing growth alongside weaker volume/mix. The team must choose how to balance shelf prices, pack options, promotions and productivity. Read case
The Mosaic Company: A Strategic Stake on Hold
On April 30, The Mosaic Company announced an agreement to exchange its 25% interest in Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC) for 111,012,433 shares of Saudi Arabian Mining Company, known as Ma’aden. Mosaic described the shares as worth approximately $1.5 billion at announcement. The agreement remained subject to approvals and closing. Read case
NiSource — Building for Load That May Not Arrive
On December 9, 2024, Northern Indiana Public Service Company (NIPSCO) submitted a new Integrated Resource Plan to the Indiana Utility Regulatory Commission (IURC). The plan described a path to retire the utility's remaining coal units, maintain reliable supply under changing MISO capacity rules, and prepare for possible new data-center demand. Read case
Norfolk Southern: Run the railroad, prepare for a merger—or both?
On August 4, Norfolk Southern Corporation (NS) was operating its eastern U.S. freight railroad while a proposed acquisition by Union Pacific (UP) remained before the Surface Transportation Board (STB). The STB had accepted the revised application for consideration in May but paused the proceeding and its environmental review while requiring supplemental information. Read case
Northern Trust: Choosing Where to Build Capacity
In July 2026, Northern Trust Corporation was pursuing growth across two distinct client-facing businesses. Asset Servicing served institutional investors and asset owners through custody, fund administration and related capabilities. Wealth Management served individuals, families and institutions with advice, investment and trust services. Read case
Northrop Grumman: Can a faster B-21 ramp improve the economics?
On October 3, 2026, an investor reviewing Northrop Grumman’s latest public disclosures faces an unusual combination: a strategically important aircraft program, a production-capacity expansion, a large remaining loss accrual, and limited public visibility into the economics of future lots. Read case
Norwegian Cruise Line Holdings: Should Four Ships Move from MOA to Contract?
Norwegian Cruise Line Holdings (NCLH) was working to reduce leverage while pursuing fleet growth. At the cutoff, four proposed Norwegian Cruise Line ships for delivery in 2030, 2032, 2034, and 2036 remained memoranda of agreement (MOAs), subject to Board approval, with financing under negotiation. Read case
NRG Energy: Who Pays for the Next Megawatt?
In August 2026, NRG Energy said it had aligned with a large cloud and AI customer on principal commercial terms for a proposed 1.2-gigawatt (GW) combined-cycle gas plant in Texas. The company called the arrangement “Bring Your Own Power” (BYOP): a customer-backed approach to adding generation alongside a large new load. Read case
NVIDIA: Where Should NVLink Fusion Draw the Platform Boundary?
NVIDIA has announced a way for partners and customers to connect custom compute silicon to NVLink and NVIDIA rack-scale systems. It has also expanded its relationship with Marvell and invested $2 billion in the company. Read case
NVR: Controlling Finished Lots Through the Housing Cycle
On March 1, 2024, NVR’s strategy team is preparing to review the company’s land and community approach. NVR generally buys finished lots from third-party developers under fixed-price lot purchase agreements (LPAs), rather than directly owning and developing land. It also has limited joint-venture (JV) and directly owned land positions. Read case
NXP Semiconductors: Building a Singapore Supply Option
At 8:30 a.m. Central European Summer Time on 5 June 2024, NXP Semiconductors and Vanguard International Semiconductor (VIS) announced a plan to establish VisionPower Semiconductor Manufacturing Company (VSMC), a joint venture that would build a 300-mm wafer fab in Singapore. The announcement called for VIS to own 60% and operate the facility, while NXP would own 40%. Read case
O’Reilly Automotive: Where should the next stores go?
On April 24, 2024, O’Reilly Automotive reported first-quarter comparable-store sales growth of 3.4%, following 10.8% in the year-earlier quarter. The company reaffirmed its plan to open 190–200 net new stores during 2024. Read case
Old Dominion Freight Line: How Much Capacity, and When?
Old Dominion Freight Line (ODFL) entered the second half of 2026 with an enlarged capital-spending forecast and mixed operating signals. On August 5, its second-quarter filing raised the estimated FY2026 capital expenditure plan from the $265 million disclosed in its 2025 annual report to approximately $380 million. Read case
Omnicell: Connecting the Pharmacy—at What Pace?
On December 12, 2024, Omnicell's leadership team was closing out the American Society of Health-System Pharmacists (ASHP) Midyear Clinical Meeting in New Orleans. Three days earlier, the company had announced OmniSphere, a cloud-native workflow engine and data platform intended to connect its automation and medication-management products. Read case
onsemi: How fast to scale silicon-carbide capacity?
By 6 February 2024, ON Semiconductor Corporation (onsemi) had published its 2023 results and annual report. The company had reported a fourfold year-over-year increase in silicon-carbide (SiC) revenue, record automotive revenue, and more than $1.5 billion of capital expenditures in 2023. Read case
Once Upon a Farm: Where Should the Next Growth Dollar Go?
Once Upon a Farm PBC had just reported second-quarter 2026 net sales of $85.4 million, up 42.3% from a year earlier. Gross margin, however, had declined to 35.9% from 40.7%. Adjusted EBITDA was a loss of $1.7 million, while the company reported a $5.0 million GAAP net loss. Read case
One Liberty Properties: how fast to keep shifting toward industrial?
One Liberty Properties had made industrial buildings the center of its portfolio. By June 30, 2026, industrial properties generated about 85% of base rent. Earlier in the year, the company bought ten industrial properties for $56.7 million and sold several non-core retail properties. Management described the portfolio shift as continuing. Read case
One Stop Systems — From Design-In to Delivery
One Stop Systems, Inc. (OSS) designs and manufactures rugged, high-performance computing, switching, and storage systems for edge applications such as sensor processing, autonomy, and AI. Its products operate in demanding environments on aircraft, ships, vehicles, and mobile command systems, as well as in commercial applications. , Note 1, lines 525–533; MD&A, lines 1068–1076. Read case
OneSpaWorld: Where to Put the Next Operating Push?
On July 29, 2026, OneSpaWorld Holdings Limited reported a record second quarter. Revenue rose 9% year over year to $261.2 million, and Adjusted EBITDA rose 13% to $34.4 million. The company had operated wellness centers on 208 cruise ships by quarter-end. Read case
OneWater Marine — Stocking for a Softer Season
At 30 June 2026, OneWater Marine had $485.5 million of inventory and $68.7 million of unrestricted cash. The late-July Q3 release showed a mixed picture: reported revenue and same-store sales declined, while gross margin and operating income improved. Read case
OnKure Therapeutics: how fast to advance two programs?
OnKure Therapeutics was preparing two preclinical programs for planned Investigational New Drug (IND) submissions in the first half of 2027. At June 30, it reported $176.4 million in cash, cash equivalents and marketable securities, and management expected that balance to fund operations into 2029. Read case
Oracle: Turning AI cloud commitments into durable returns
On September 11, 2026, Oracle filed its first-quarter report for fiscal 2027. The quarter ended August 31. The filings and earnings release showed a cloud business growing quickly, a record book of remaining performance obligations, and an expanding infrastructure base. Read case
Otis Worldwide: Where Should the Next Increment of Capacity Go?
At a midyear strategy review, Otis Worldwide's leadership team must decide where to place its next increment of commercial and operating capacity. Should it support modernization growth, protect and expand the maintenance portfolio, or stage capacity across both? Read case
PACCAR: How Fast Should the Line Run?
PACCAR's executive team is preparing its hypothetical FY2027 North American Class 8 production plan. Orders have strengthened, freight rates have improved, and management says most 2026 build slots are full. Read case
Packaging Corporation of America — Where Should the Next Investment Go?
You are advising the strategy team at Packaging Corporation of America (PCA) as it considers priorities for its next planning cycle. The company has an active investment program that includes converting a paper machine to produce linerboard. Read case
Palantir: Where Should the Next Deployment Team Go?
Palantir Technologies has two large, fast-growing customer markets. U.S. commercial revenue is accelerating amid customer interest in its Artificial Intelligence Platform (AIP), while government programs continue to account for slightly more than half of company revenue. Read case
Paramount Skydance: One Portfolio, Several Windows
On August 7, 2025, Skydance Media and Paramount Global completed a transaction that formed Paramount Skydance Corporation. The new public company brought together Paramount’s television and film studios, CBS and other broadcast and cable networks, Paramount+ and Pluto TV, and Skydance’s film, television, animation, interactive and sports operations. Read case
Parker-Hannifin: Where Should the Next Increment of Capacity Go?
Parker-Hannifin closed fiscal 2024 with record sales, higher reported segment margins, and a portfolio reshaped by the 2022 acquisition of Meggitt. Its two reporting segments were sending different signals. Aerospace Systems had higher sales, margin, orders, and backlog. Read case
Phillips 66: Governing the Refining Project Portfolio
On March 1, 2024, Phillips 66’s Refining leadership team is preparing to review execution within its 2024 project program. The company says it is implementing 10–15 projects annually to improve reliability and market capture and has a target to increase market capture by 5% by 2025. Read case
Pool Corporation: Where should the next unit of network investment go?
Pool Corporation (POOL) had built a large distribution network serving an industry with two different rhythms. Pool professionals needed dependable access to parts and technical support throughout the year. New pool construction and discretionary remodeling, by contrast, could move with consumer confidence, financing costs and local conditions. Read case
PPG Industries: What should the coatings business become?
In February 2024, PPG Industries announced a strategic review of its U.S. and Canada architectural coatings business. Eight months later, the company had reported third-quarter results, but its public disclosures still did not provide the business's standalone profit, cash flow, capital requirements, or separation economics. Read case
Quanta Services: Where Should the Next Crew Go?
On July 30, Quanta Services reported $53.4 billion of backlog as of June 30, 2026. The company had raised its 2026 expectations and described demand across utility infrastructure, power generation, renewables, and large-load projects. Read case
Quest Diagnostics: How Far Should Integration Go?
On October 23, 2024, Quest Diagnostics had just reported a year of rapid expansion. In less than ten months, it had acquired laboratory businesses or selected assets in several markets and specialties. One day earlier, CEO Jim Davis said Quest was on track to complete eight acquisitions by year-end. Read case
ResMed — Where Should the Next Capacity Go?
At the close of business on 26 October 2023, ResMed had just released results for the first quarter of fiscal 2024. Its sleep and respiratory devices and masks remained central to the business. It also operated several software businesses and digital-health tools whose relationships to those products varied considerably. Read case
Ross Stores: How fast, and where, should the network grow?
On May 23, 2024, Ross Stores reported first-quarter results. Its March 11 release had set a fiscal-year plan to open approximately 90 stores: about 75 Ross Dress for Less and 15 dd’s DISCOUNTS. Eighteen locations had already opened by that March update. Read case
Royal Caribbean Group: What comes after Mahahual?
In late July 2026, Royal Caribbean Group was still telling investors it expected its private-destination portfolio to expand from three locations to eight by 2028. But its most prominent planned Mexican destination had encountered a regulatory impasse. Read case
RTX Corporation: Where Should Pratt & Whitney Add Capacity?
In July 2026, Pratt & Whitney (P&W) was managing two time-sensitive demands on its GTF engine family. Airlines needed engines returned to service as powder-metal inspections and shop visits continued to pressure the PW1100-powered A320neo fleet. At the same time, P&W had a large GTF backlog, new orders, and a certified GTF Advantage specification moving toward production. Read case
Seagate — Scaling HAMR Without Losing the Ramp
Seagate Technology Holdings has entered a new phase in its transition to heat-assisted magnetic recording (HAMR). Its Mozaic 4+ platform can support drives of up to 44 terabytes (TB), and Seagate said in March 2026 that the product was qualified and in production with two hyperscale cloud providers. More qualifications were underway. Read case
Sempra: SDG&E’s Next Wildfire-Mitigation Sequence
San Diego Gas & Electric (SDG&E), a Sempra subsidiary, already has an approved 2023–2025 Wildfire Mitigation Plan (WMP). On October 13, 2023, California’s Office of Energy Infrastructure Safety (Energy Safety) approved the plan. Read case
SLB at the Data-Center Edge: Can Kelvion Make the Offer More Strategic?
On August 31, 2026, SLB announced an agreement to acquire Kelvion, a global provider of thermal-management and heat-exchange technologies. The transaction would add cooling capabilities to SLB’s growing Data Center Solutions (DCS) business. Read case
Smurfit Westrock: How should a five-year growth-capex plan be governed?
On the morning of July 29, 2026, Smurfit Westrock plc (SW) had just released its second-quarter results. The company was in the middle of a five-year plan to expand earnings, improve returns and generate cash. That plan included roughly $4 billion of growth capital expenditure over 2026–2030. Read case
SoFi’s Next Loan: Keep It, Place It, or Pass?
On May 6, 2025, SoFi Technologies filed its first-quarter report showing another record quarter for personal-loan originations. The report also showed how much the company’s lending model was changing: a growing share of the loans were being originated for institutional partners rather than held on SoFi’s own balance sheet. Read case
Solaris Energy Infrastructure: How fast should the fleet grow?
On November 7, 2024, Solaris Energy Infrastructure filed its third-quarter report. The company had spent the previous year moving beyond its oilfield-services roots. In July it agreed to acquire Mobile Energy Rentals (MER), a mobile power-generation business. Read case
Solid Biosciences: Choosing the Next DMD Gene-Therapy Bet
By September 2022, Solid Biosciences had two Duchenne muscular dystrophy (DMD) gene-therapy programs at very different stages. SGT-001 had already been dosed in people and had generated encouraging but small, uncontrolled interim observations alongside a serious safety history. Read case
Solid Power — How Much Cell Capability to Keep In-House?
On 28 February 2024, Solid Power filed its 2023 annual report. It described a strategy built around selling sulfide solid electrolyte and licensing cell designs and manufacturing processes. The company said it did not intend to manufacture cells over the long term or build gigafactories; its pilot lines were expected to support development and research. Read case
Solstice Advanced Materials: When to Commit to More Uranium Conversion Capacity?
On 10 February 2026, Solstice Advanced Materials said it expected uranium hexafluoride (UF6) production at Metropolis Works to exceed 10,000 metric tonnes in 2026, about 20% above its planned 2024 output. The company attributed the increase to debottlenecking work already under way. Read case
Soluna Holdings: What Should the Next Kati 2 Commitment Require?
Soluna Holdings had a clear development ambition for Project Kati 2: develop a large AI and high-performance computing campus beside wind generation in South Texas. By the end of September 2026, the company had formed a joint venture with Metrobloks, advanced design, engaged a prospective tenant and signed supplier letters of intent. Read case
Case: Somnigroup and Leggett & Platt — Integrating the Spring
On August 26, Somnigroup International completed its all-stock acquisition of Leggett & Platt, a diversified component manufacturer and long-time Somnigroup supplier. Read case
Sonic Automotive: How Fast Should EchoPark Grow?
On September 9, Sonic Automotive announced a record sales result at the Sturgis Motorcycle Rally. Sonic Powersports said it sold 1,135 motorcycles during the event, including 511 new Harley-Davidsons, across five Black Hills locations. More than 550 teammates had been deployed, and the company assembled over 1,200 motorcycles for the rally. Read case
Sonoco: When Is High Utilization Enough?
Sonoco Products Company had spent several years reshaping its portfolio. It had acquired Eviosys, sold TFP and ThermoSafe, and reorganized consumer packaging operations. Read case
Sotera Health: Where Should the Next Growth Dollar Go?
In May 2026, Sotera Health appointed Alton Shader chief executive, effective May 26, with former CEO Michael B. Petras, Jr. becoming executive chairman. The company’s second-quarter filing described a familiar corporate task: its chief executive also serves as chief operating decision maker and evaluates the company’s three businesses using segment revenue and segment income. Read case
Southern Copper: What Comes Next at El Pilar?
Southern Copper Corporation (SCCO) entered October with two very different project positions. Tía María, in Peru, was already under construction. Read case
Southwest Airlines — Rebuilding the Seat Experience
Southwest Airlines had spent more than fifty years letting passengers choose any open seat after boarding. On 25 July 2024, the company announced that it would adopt assigned seating and offer premium seats with extra legroom. Read case
Stanley Black & Decker: funding the next phase
Assume SWK’s executive team meets on October 2 to decide how to govern the next dollars available for discretionary use. Consolidated Aerospace Manufacturing (CAM) has been sold. A definitive agreement to sell Excel Industries has been signed, but the deal has not closed. SWK has reduced debt and repurchased shares while announcing a multiyear U.S. investment plan. Read case
Starbucks: testing technology for the green apron
Starbucks entered 2024 with a broad reinvention agenda. Its November 2023 “Triple Shot” strategy named three priorities—elevate the brand, scale digital capabilities and expand globally—supported by two “pumps”: operating efficiency and partner culture. The company described technology as one part of the plan. Read case
Steel Dynamics — Qualifying the Columbus Mill
Steel Dynamics, Inc. (SDI) was building a recycled-aluminum flat-rolled mill in Columbus, Mississippi. The company expected operations to begin in mid-2025. The mill was designed for 650,000 tonnes of annual finished-product capacity, serving beverage packaging, automotive and common-alloy industrial markets. Read case
STERIS: Governing the Mentor manufacturing transition
On May 11, STERIS announced that it would invest approximately $60 million over two years in a new sterility-assurance manufacturing plant in Mentor, Ohio. The plant is intended to consolidate existing U.S. production and was expected to be operational in late calendar 2027. The investment is announced; the operating transition still has to be designed. Read case
Synchrony Financial — Financing the Next Checkout
At 6:00:43 a.m. Eastern Time on 24 October 2023, the SEC accepted Synchrony Financial's third-quarter results filing. The company had scheduled its results call for 8:00 a.m. Its results showed a business growing in purchase volume and receivables while credit costs and funding expense were rising. Read case
Sysco — Filling the Route, Protecting the Margin
In October 2024, Sysco faced a familiar distribution question in an unusually visible form: where should the next increment of attention and operating capacity go? The company wanted to grow its local customer business, while keeping a large delivery network productive and improving profitability. Read case
T-Mobile US: How Far Should Home Internet Grow?
At the end of February 2024, T-Mobile’s High Speed Internet (HSI) service had become a visible part of the company’s customer-growth story. The fixed-wireless service uses T-Mobile’s nationwide 5G network and is offered to households in locations where the company says excess capacity is available. Read case
Tapestry — Integrating Capri Without Flattening Its Brands
On 10 August 2023, Tapestry announced an agreement to acquire Capri Holdings for $57 per share in cash, at an enterprise value of approximately $8.5 billion. The companies expected closing in calendar 2024, subject to shareholder and regulatory approvals and customary conditions. One week later, Tapestry filed its FY2023 results and annual report. Read case
Targa Resources: How fast should the next capacity tranche move?
On May 7, 2026, Targa Resources raised its full-year adjusted EBITDA outlook while leaving its expected growth-capital spending unchanged. The company reported record Permian inlet volumes, a 19% year-over-year increase in first-quarter adjusted EBITDA and several projects already announced or underway. Read case
Target Corporation — Rebuilding the Store Around the Guest
On March 3, Target announced more than $2 billion of incremental investment for 2026: more than $1 billion in additional capital expenditure and $1 billion in operating investment. The plan emphasized merchandise authority, guest experience, technology, and the team and communities. Management described store payroll, training, reliability and technology as parts of the effort. Read case
Teledyne Technologies — Cash After a Forecast Reset
On April 24, Teledyne Technologies reported first-quarter sales of $1.350 billion, down 2.4% from a year earlier. Orders rose 7.8% to $1.433 billion, and company-defined free cash flow (FCF) was $275.1 million. At the same time, management cut its full-year 2024 earnings outlook. Read case
Tesla, Inc. — The Next Vehicle, or the Autonomous Future?
Tesla’s October 23, 2024, quarterly update placed two ambitions side by side. The company remained on track to begin launching more affordable vehicles in the first half of 2025. It also described autonomous transport as a long-term goal and had unveiled a purpose-built Cybercab concept earlier in October. Read case
Texas Instruments: When Should Modular Capacity Become Installed Capacity?
In October 2026, Texas Instruments (TI) was entering a new phase of its manufacturing program. The company had spent heavily on U.S. fabrication sites and was now describing a more modular approach: build or prepare the physical space, then install equipment and ramp production as customer demand justified it. Read case
Texas Pacific Land: Where Should the Next Water-Service Effort Go?
Texas Pacific Land Corporation (TPL) is a landowner and owner of oil-and-gas royalty interests in West Texas. Its Water Services and Operations business, conducted through Texas Pacific Water Resources (TPWR), provides water sourcing, produced-water treatment, infrastructure development and disposal solutions to operators in the Permian Basin. Read case
Textron’s Bell: Where Should the Talent Go After FARA?
The Army had ended development of the Future Attack Reconnaissance Aircraft (FARA) after the current prototyping phase. It planned to continue the Future Long Range Assault Aircraft (FLRAA), with a first operational unit then planned for fiscal 2030. For Bell, the two programs represented different demands on engineering and program-management capacity. Read case
The Trade Desk — Where Should the Next Capacity Go?
At 12:10 p.m. Eastern on February 15, The Trade Desk (TTD) had filed its FY2023 Form 10-K just minutes earlier. You advise a hypothetical product leadership team deciding where the next increment of fixed FY2024 engineering and partner-enablement capacity should go. The company has not disclosed a fixed budget or a choice among the initiatives below. Read case
Travelers — Scaling AI Without Losing the Judgment
By the end of June 2026, Travelers had launched an AI voice assistant for auto claim intake, an AI claims-intelligence feature for commercial risk managers, employee assistants developed with Anthropic, and an insurance-focused large language model trained on internal documents. Read case
Trimble Inc. — Sequencing the AGCO Joint-Venture Interfaces
On September 28, 2023, Trimble and AGCO signed an agreement to combine much of Trimble’s precision-agriculture business with AGCO’s JCA Technologies business in a joint venture. Trimble agreed to contribute its precision-agriculture business, excluding certain GNSS and guidance technologies, and AGCO agreed to contribute JCA. AGCO would own 85% and Trimble 15% after closing. Read case
Tyson Foods — Where Should the Next Discretionary Dollar Go?
Tyson Foods entered the final quarter of fiscal 2026 with sharply different conditions across its segments. Its latest filing showed a GAAP Beef operating loss of $142 million for the third quarter and $701 million for the first nine months. Chicken and Prepared Foods reported GAAP operating income of $389 million and $312 million, respectively, in the quarter. Read case
Uber: How Deep Should the Platform Go in Autonomous Mobility?
Uber had spent years building a marketplace that connected riders with independent drivers. Autonomous vehicles (AVs) introduced a different kind of supply: vehicles and software supplied by partners, often with their own capital needs, operating requirements and customer relationships. Read case
Union Pacific: How Should It Balance Reliability and Productivity?
In October 2023, Union Pacific (UP) reported a quarter in which several service measures improved while revenue, earnings and reported operating ratio moved in the opposite direction. CEO Jim Vena, who had recently taken the role, described the company’s focus as safety, service and operational excellence to drive growth. Read case
United Airlines: Where Should the Next Dollar Go?
On July 18, 2024, United Airlines Holdings, Inc. (UAL) had released its second-quarter results and filed its quarterly report. The quarter was profitable, demand was strong in several customer segments, and cash generation had improved United's flexibility. Read case
UPS: What should a global operating model standardize?
On August 31, 2026, UPS announced a global operating model effective the next day. A new Chief Global Operations Officer would oversee global air and gateways, surface operations, buildings and engineering, and the Intelligent Network. A Chief U.S. Domestic Officer would lead U.S. domestic operations. Read case
Universal Health Services — Turning 144 Planned Beds into Staffed Behavioral-Health Capacity
On 13 February 2023, Universal Health Services (UHS) and Lehigh Valley Health Network (LVHN) announced a joint venture to build a 144-bed behavioral-health hospital in Hanover Township, Pennsylvania, across from LVHN-Muhlenberg. At the time, the partners projected a spring 2024 groundbreaking and fall 2025 opening. The planned facility was 97,000 square feet. , lines 216–219. Read case
Diamond Green Diesel: Choosing What Port Arthur Can Make
Diamond Green Diesel (DGD), a 50/50 joint venture of Valero Energy and Darling Ingredients, had an unusual choice at its Port Arthur, Texas, renewable-fuels facility. The plant could make renewable diesel (RD), and an upgrade that began operating in late 2024 gave it the capability to convert part of that capacity to neat sustainable aviation fuel (SAF). Read case
Vertex Pharmaceuticals: Organizing for Several Commercial Models
By early 2024, Vertex was preparing to commercialize products that would reach patients through different channels. Its established cystic fibrosis (CF) medicines moved primarily through a limited number of specialty pharmacies and distributors, supported by a small U.S. field-based commercial team focused on a relatively small prescriber group, many at accredited CF centers. Read case
Vertiv: How Fast Should Capacity Grow?
On August 1, 2024, Vertiv Holdings Co. had just filed its second-quarter Form 10-Q. Orders had accelerated sharply, and management had raised its full-year outlook. June backlog stood at $7.0 billion. Read case
Visa: Where Should the Next Increment of Attention Go?
Visa’s card network was still growing. In the quarter ended June 30, 2026, payments volume rose 10% in constant dollars and Visa processed 71.7 billion transactions, up 10% from a year earlier. Read case
Vistra: Turning Power Demand into Durable Returns?
This case is a fictional outside-investor exercise based on public information available by the cutoff. It does not describe an undisclosed Vistra management meeting or decision. Read case
Vulcan Materials: Where Should the Next Growth Dollar Go?
At 10:59 a.m. Eastern on October 26, Vulcan Materials Company was about to begin its third-quarter earnings call. Its results release, filed that morning, showed aggregates shipments down 2% year over year, freight-adjusted prices up 15%, and freight-adjusted cash unit costs up 12%. Management described 2024 as another year of earnings growth and strong cash generation. Read case
W. R. Berkley: Where should underwriting capacity go next?
In the first weeks of 2026, W. R. Berkley Corporation (Berkley) faced a question that did not appear in its group-wide premium growth number: where should the next dollar of underwriting capacity go? Read case
West Pharmaceutical Services — Capacity Before the Rebound?
West Pharmaceutical Services had maintained its 2023 capital-spending guidance at $350 million. That plan included incremental capacity expansions at existing high-value product (HVP) facilities. Through September, the company had spent $253.3 million on capital expenditures. Read case
Williams: What should a pipeline proposal have to prove?
Williams had built its strategy around natural-gas infrastructure: gathering gas from producing areas, processing it, and moving it through interstate pipelines to utilities, power generators, industrial users, and export-related markets. At year-end 2023, the company reported nearly 18 Bcf/d of gathering volumes and 32.3 Bcf/d of contracted transmission capacity. Read case
Wynn Resorts: How Much Confidence Belongs in the Al Marjan Strategy?
Wynn Resorts has built a business around luxury integrated resorts: hotels, casinos, restaurants, entertainment, retail and meetings operated as parts of a single destination. The company is now developing Wynn Al Marjan Island in Ras Al Khaimah, United Arab Emirates, with local partners. Read case
Zebra Technologies — Owning the Workflow Stack?
Zebra Technologies sells devices and software used to identify, locate, track, and manage people, products, and assets. Its products operate in retail, transportation and logistics, manufacturing, healthcare, and other frontline settings. Read case
Zimmer Biomet: Sequencing ROSA Shoulder
On March 1, 2024, Zimmer Biomet’s strategy team is preparing for the expected U.S. availability of ROSA Shoulder in the second half of 2024. FDA has granted 510(k) clearance. Read case
After the Raise: Sequencing Zura Bio’s Clinical Portfolio
On May 9, Zura Bio reported that it had closed an oversubscribed private placement for approximately $112.5 million in gross proceeds. Cash and cash equivalents had been $89.817 million at March 31. Management said the placement, together with its current plans, should support operations through 2027. Read case