2Q25 Revenue: $2.64B, +22.2% YoY, beat estimates by $130M
2Q25 Non-GAAP EPS: $1.85, beat estimates by $0.15
3Q25 Guidance: Expect revenue of $2.75B, plus or minus $100M, with an expected operating margin of 41.5%. The adjusted EPS is anticipated to be $1.92, plus or minus $0.10.
Dividend distributions: Declared $0.99/share quarterly dividend, in line with previous, payable June 18; for shareholders of record June 4.
Comment: Analog Devices delivered strong second-quarter results, surpassing expectations with 22.2% YoY revenue growth and EPS of US$1.85. This strength was driven by the automotive, communications, and industrial sectors, underpinned by robust demand for ADI’s high-performance analog and mixed-signal solutions. Its operational efficiency improved, with gross and operating margins expanding sequentially, and free cash flow reaching US$3.3 billion over the trailing twelve months. The company continues to invest in capacity, technology, and customer engagement, ensuring supply chain resilience and supporting long-term innovation. For the third quarter, Analog devices expect revenue to range around US$2.75bn in revenue and adjusted EPS of approximately US$1.92, it also guided for continued recovery into fiscal 2025. With customer inventories lean and demand accelerating across key sectors, the company expects revenue to have bottomed in 2024 and anticipates a return to sustained growth in fiscal 2025. 3Q25recommended trading range: $200 to $225. Neutral Outlook.
4Q25 Revenue: $1.02B, +6.3% YoY, beat estimates by $10M
4Q25 GAAP EPS: $1.00, beat estimates by $0.39
1Q26 Guidance: Expect net sales to be in the range of $890M to $910M and diluted earnings per share is expected to be in the range of $0.62 to $0.67, excluding any impact from additional share repurchases.
Comment: Deckers reported strong fourth quarter and fiscal 2025 results, with revenue of US$1.02bn and EPS of US$1 for the quarter. Its annual net sales rose 16.3% to US$4.99bn and net income increased to US$966.09mn. Hoka led brand performance with a 23.6% sales jump, while Ugg posted a 13.1% increase. Despite this success, the company issued weaker-than-expected first quarter guidance for fiscal 2026 due to uncertainties surrounding U.S. trade policy under Trump. The company expects net sales to range between US$890mn to US$910mn and diluted EPS to be between US$0.62 and US$0.67. Despite a 6.5% increase in Q4 net sales and strong wholesale growth, direct-to-consumer sales dipped slightly. Deckers refrained from offering full-year guidance for 2026 but remains optimistic about its brand momentum and financial resilience. Near-term uncertainties remain due to macroeconomic challenges and evolving trade policies, which may negatively impact Hoka and Ugg sales. However, Decker’s robust product pipeline and strong balance sheet, positions the company to navigate near-term headwinds and continue expanding its global market presence in the medium-term. 1Q26recommended trading range: $100 to $120. Neutral Outlook.
1Q25 Revenue: $4.98B, +2.5% YoY, beat estimates by $20M
1Q25 GAAP EPS: $1.47, beat estimates by $0.04
2Q25 Guidance: Expect earnings to be in the range of $1.40 to $1.55 per share, which includes a cost impact of $0.11 to $0.16 per share from announced tariffs, compared to analysts’ estimates of $1.65.
FY26 Guidance: Withdrew guidance due to profitability uncertainty from tariff impact.
Dividend distribution: Declared $0.405/share quarterly dividend, in line with previous, payable June 30; for shareholders of record June 10.
Comment: Ross Stores reported modest first-quarter results with sales of US$4.98bn and earnings per share of US$1.47, both slightly above expectations. However, the company withdrew its fiscal 2025 forecast, citing uncertainty from President Trump’s tariff policies and persistent inflation. With over half its merchandise sourced from China, Ross warned of potential price increases and expects second-quarter earnings to be impacted by US$0.11 to US$0.16 per share due to tariffs, it expects earnings to range between US$1.40 to US$1.55 per share. Taking a cautious stance, the company emphasized a conservative approach amid volatile trade and economic conditions. In the short to medium term, macroeconomic headwinds and tariff pressures may weigh on performance, but Ross’ focus on disciplined inventory management and strategic pricing will help to sustain its competitiveness in the off-price retail sector. 2Q25recommended trading range: $130 to $150. Neutral Outlook.
1Q26 Revenue: $2.24B, +12.6% YoY, beat estimates by $20M
1Q26 Non-GAAP EPS: $2.23, beat estimates by $0.22
2Q26 Guidance: Expect subscription revenue of $2.16bn; expects non-GAAP operating margin to be 28.0%. FY26 Guidance: Expect subscription revenue to be $8.80bn; expects non-GAAP operating margin to be 28.5%.
Comment: Workday delivered better-than-expected results but issued cautious guidance for 2Q26, projecting modest growth in subscription revenue amid signs of weakening client spending on its human capital management (HCM) solutions. Management noted that economic uncertainty is leading enterprise customers to rein in tech budgets, putting pressure on demand across the HCM industry. To support shareholder returns, Workday also announced a new $1 billion share repurchase program. However, intensifying competition in both the HCM and financial management software markets may lead to pricing pressure and pose additional challenges. In a further setback, the U.S. Office of Personnel Management—central to Elon Musk’s push to significantly reduce the federal workforce—recently canceled a previously awarded contract with Workday. 2Q26recommended trading range: $235 to $275. Neutral Outlook.
3Q25 Revenue: $7.75B, +15.0% YoY, beat estimates by $190M
3Q25 Non-GAAP EPS: $11.65, beat estimates by $0.74
4Q25 Guidance: Expect revenue to be in the range of $3.72B to $3.76B, midpoint of $3.74bn above consensus of $3.53bn; expects Non-GAAP EPS to be between $2.63 to $2.68, midpoint of $2.66 above consensus of $2.60.
FY25 Guidance: Raised full year guidance.Expect revenue to be in the range of $18.72B to $18.76B, midpoint of $18.74bn above consensus of $18.37bn; expects Non-GAAP EPS to be between $20.07 to $20.12, midpoint of $20.10 above consensus of $19.36.
Comment: Intuit delivered strong results, fueled by an exceptional tax season. The company continues to demonstrate robust momentum, with standout performance across its platform. Leveraging its AI-powered assistant, Intuit Assist, within TurboTax, the company has made tax filing faster and more user-friendly, successfully attracting more customers. Additionally, Intuit stands to benefit from improving business sentiment and easing tariff concerns in the U.S. Looking ahead, the company issued strong guidance for 4Q25, underscoring continued confidence in the industry’s outlook. 4Q25recommended trading range: $690 to $780. Positive Outlook.
