1Q25 Revenue: $3.18B, +5.3% YoY, miss estimates by $420M
1Q25 Non-GAAP EPS: $3.37, miss estimates by $0.95
1Q25 Dividend: The company declares $1.2125/share quarterly dividend, in line with previous; forward yield 2.78%; payable June 27; for shareholders of record June 13; ex-div June 13.
FY25 Guidance: Re-affirms FY25 outlook. The company continues to expect full year 2025 comparable sales growth to be in the range of 1.0% to 3.0%; expects net sales of $13.6bn to $13.9bn; full year 2025 earnings per diluted share to be in the range of $13.80 to 14.40.
Comment: DICK’S Sporting Goods reported weaker-than-expected results, but still achieved year-over-year sales growth, driven by sustained consumer interest in active lifestyles. Despite ongoing macroeconomic headwinds, including tariffs, the company reaffirmed its FY25 outlook, underscoring resilient consumer demand and continued momentum in health and wellness trends. In a major strategic move, DICK’S recently announced a $2.4 billion acquisition of Foot Locker. The deal is expected to strengthen its competitive position in the Nike sneaker market, expand its international footprint, and enhance its appeal among younger, urban consumers. Additionally, a rebound in U.S. consumer confidence in May—following five consecutive months of decline—could provide a tailwind for discretionary spending, further supporting DICK’S sales performance. 2Q25recommended trading range: $160 to $205. Positive Outlook.
1Q26 Revenue: $759.04M, +16.7% YoY, beat estimates by $30.61M
1Q26 Non-GAAP EPS: $1.97, beat estimates by $0.12
2Q26 Guidance: Expects total revenues between $766mn and $769mn; Non-GAAP operating income between $335mn and $337mn; Non-GAAP fully diluted net income per share between $1.89 and $1.90.
FY26 Guidance: Raised FY26 guidance. Expects total revenues between $3,090mn and $3,100mn; Non-GAAP operating income of about $1,360 million; Non-GAAP fully diluted net income per share of approximately $7.63.
Comment: Veeva Systems delivered strong quarterly results, with subscription services revenue rising 19% year YoYto $634.8mn. Management called 1Q26 their best first quarter ever, citing strong execution on speed, quality, and innovation across both near-term priorities and long-term initiatives aligned with the company’s core values and 2030 goals. Veeva also surpassed its 2025 revenue run-rate target of $3bn and is now aiming to double that figure by 2030. On the back of this momentum, the company raised its FY26 guidance, signaling confidence in its fiscal 2026 outlook. Management noted that the company is not materially impacted by the current tariff environment. Additionally, an uptick in business activity in May may offer a tailwind, as customers begin to ramp up capital expenditures. 2Q26recommended trading range: $100 to $125. Positive Outlook.
1Q25 Revenue: $271.47M, +10.9% YoY, miss estimates by $31.14M
1Q25 GAAP EPS: –$0.01, beat estimates by $0.11
2Q25 Guidance: No guidance provided.
Comment: Kingsoft Cloud Holdings reported stronger-than-expected earnings, though revenue came in below expectations. Public cloud services revenue rose 14% YoY to RMB1.35 billion, supported by increasing demand for artificial intelligence capabilities. Enterprise cloud revenue grew 4.8% YoY to RMB616.5mn, but declined 25% quarter-over-quarter due to seasonal factors, contributing to an overall 11.7% sequential revenue decline. Gross margin for the quarter narrowed to 16.6%, down from 19.2% in the prior quarter, primarily reflecting increased investments in AI and delays in high-margin enterprise cloud projects. Despite near-term pressures, management remains optimistic about the company’s long-term outlook. They emphasized the growing strategic importance of cloud infrastructure in the AI era. AI-related gross billings surged 228% YoY to RMB525mn, accounting for 39% of public cloud revenue—a sign of accelerating momentum in this segment. 2Q25recommended trading range: $10.5 to $13.5. Neutral Outlook.
1Q26 Revenue: $44.06B, +69.2% YoY, beat estimates by $810M
1Q26 Non-GAAP EPS: $0.81, beat estimates by $0.06
2Q26 Guidance: Expects 2Q26 net sales to be $45.0bn (+/-2%) , below consensus of $45.66bn; expects non-GAAP gross margins to be 72.0%; expects GAAP and non-GAAP operating expenses to be around $5.7bn and $4.0bn respectively.
Dividenddistribution: Declared $0.01/share quarterly dividend, in line with previous, payable July 3, for shareholders of record June 11.
Comment: Nvidia reported strong quarterly results, driven by continued strength in its data center segment, which grew 73% year-over-year to $39.1 billion. Nearly half of that revenue came from large cloud service providers. Management also noted that test shipments of its new Blackwell Ultra GB300 NVL72 AI server were sent to select customers earlier this month, with production shipments expected to begin later this quarter. However, the company faced headwinds from export restrictions on its H20 chip, which resulted in a $2.5 billion revenue loss in the fiscal first quarter and is expected to cost an additional $8 billion in the current quarter—bringing the total six-month impact to $10.5 billion. Consequently, Nvidia issued softer-than-expected guidance for 2Q26. Despite these challenges, management remains confident in the long-term outlook, citing strong global demand for its AI infrastructure as a key growth driver. 2Q26recommended trading range: $135 to $153. Positive Outlook.
1Q26 Revenue: $9.83B, +7.7% YoY, beat estimates by $80M
1Q26 Non-GAAP EPS: $2.58, beat estimates by $0.03
FY26 Guidance: Expect revenue to be between $41B and $41.3B, compared with its prior forecast range of $40.5B to $40.9B. Raised its full-year forecast for adjusted earnings per share to a range of $11.27 to $11.33, compared to its previous forecast of $11.09 to $11.17 per share.
Comment: Salesforce raised its fiscal 2026 revenue and adjusted earnings forecasts, driven by strong enterprise cloud spending and momentum in monetizing its AI agent platform, Agentforce. Despite slower-than-expected initial monetization of Agentforce, over 8,000 deals have been closed since launch, with half already paid, and Data Cloud and AI annual recurring revenue surpassing US$1bn. The acquisition of Informatica for US$8bn marks Salesforce’s return to major M&A after a period of organic growth, though it has sparked concerns about dependence on acquisitions. Salesforce reported Q1 revenue of US$9.83bn and EPS of US$2.58, beating expectations, and highlighted internal productivity gains from AI that have reduced hiring needs. At the same time, Salesforce is expanding its sales team by 22% to drive growth. For the full-year, the company raised revenue expectations to be between US$41.0bn to US$41.3bn and adjusted EPS to range from US$11.27 to US$11.33. Looking ahead, Salesforce is well-positioned to benefit from resilient cloud spending and increased demand for AI-powered solutions, supported by its strategic focus on monetizing Agentforce and Data Cloud offerings. While integration of Informatica and competition from other AI players present challenges, Salesforce’s increased sales headcount and cost efficiencies from AI adoption should help it achieve its updated growth targets for fiscal 2026. 2Q26recommended trading range: $275 to $300. Positive Outlook.
4Q25 Revenue: $108.72M, +25.5% YoY, beat estimates by $1.02M
4Q25 Non-GAAP EPS: –$0.16, beat estimates by $0.04
1Q26 Guidance: Expect revenue to be between $100M and $109M
FY26 Guidance: Expect revenue of $447.50M-$484.50M versus the analyst consensus of $466.00M.
Comment: C3.ai delivered results above estimates with fourth quarter revenue up 26% YoY to US$108.7mn and full-year revenue reaching US$389.1mn, a 25% YoY increase, marking accelerating growth for the third consecutive year. The company renewed its pivotal Baker Hughes partnership, extended through 2028, which has driven more than US$500mn in cumulative revenue from oil/gas giants like Shell and ExxonMobil. It also diversified into manufacturing, life sciences, and government sectors, displaying a 48% YoY non-oil/gas growth. Its federal business flourished, including a US$450mn U.S. Air Force contract for predictive maintenance AI, and government revenue surged more than 100%. C3.ai’s generative AI revenue grew over 100% in FY25, with 66 deployments, and its patented Agentic AI solutions gained traction across industries. Partner-driven deals, made up about 73% of agreements, with Microsoft, AWS, and McKinsey amplifying scalability. For FY26, C3.ai projects revenue of US$447.5mn to US$484.5mn and targets non-GAAP profitability by 2H27, citing disciplined cost control and accelerating demand for enterprise AI applications. C3.ai is poised to capitalize on its first-mover advantage in enterprise AI, with its vertically tailored solutions and robust partner ecosystem driving scalable growth. However, its near-term margins may face pressure from deployment costs, as its profitability hinges on leveraging existing contracts and OEM expansion. 2Q26recommended trading range: $25 to $27. Neutral Outlook.
1Q25 Revenue: $4.6B, -5.0% YoY, beat estimates by $170M
1Q25 Non-GAAP EPS: $0.16, beat estimates by $0.01
FY25 Guidance: Reduced its adjusted earnings per share to $1.60 to $2, down from its previous forecast of $2.05 to $2.25. Reaffirmed its full-year sales guidance of between $21 billion and $21.4 billion, which would be a decline from $22.29 billion in the most recent full year.
Comment: Macy’s beat Wall Street expectations for its fiscal first quarter earnings, reporting revenue of US$4.6bn and adjusted EPS of US$0.16. However, the company cut its full-year EPS outlook to US$1.60 to US$2.00, down from US$2.05 to US$2.25, citing tariffs, more promotions, and softer discretionary spending. It also anticipates potential tariffs impact on earnings by US$0.15 to US$0.40 per share, with Macy’s raising some prices and removing certain products to offset the cost. The company reaffirmed full-year sales guidance of US$21.0bn to US$21.4bn despite ongoing store closures and competitive challenges. Macy’s is focusing on higher-performing luxury brands like Bloomingdale’s and Bluemercury, while investing in store revitalization initiatives for its core namesake locations. While Macy’s faces near-term headwinds from tariffs and macroeconomic uncertainty, its strategic focus on luxury retail growth, selective store investments, and a nimbler pricing approach should help mitigate risks. As consumer spending stabilizes and Macy’s “First 50” and expanded store refresh efforts begin to bear fruit, we expect gradual sales recovery and improved profitability in the latter half of 2025. 2Q25recommended trading range: $12 to $14. Neutral Outlook.
