1Q26 Revenue: $8.77B, -0.9% YoY, miss estimates by $50M
1Q26 Non-GAAP EPS: $1.15, beat estimates by $0.06
2Q26 Guidance: Expects comparable sales growth to be slightly down compared to last year; expects adjusted operating margin to be 3.6%.
FY26 Guidance: Expects revenue to be between $41.1bn to $41.9bn, compared to $41.4bn to $42.2bn previously and above consensus of $41.43bn; expects adjusted EPS to be between $6.15 to $6.30, compared to $6.20 to $6.60 previously, and above consensus of $6.17; expects comparable sales growth of (1.0%) to 1.0%; expects capital expenditure of $700mn.
Comment: Best Buy delivered mixed results and revised its FY26 guidance downward to reflect the impact of tariffs, assuming current tariff levels persist and consumer behavior remains consistent with recent trends. Management noted that electronics sourced from Mexico—such as TVs and appliances—comply with the U.S.-Mexico-Canada Agreement and are therefore exempt from tariffs. However, about half of the company’s China-sourced cost of goods sold is subject to a 20% tariff, affecting categories like computers and mobile phones. Additionally, appliances, gaming consoles, furniture, and other products from China face both a 20% duty and an extra 10% baseline tariff. Goods imported from Vietnam, India, South Korea, and Taiwan are also subject to 10% levies. These tariffs continue to create economic uncertainty for the company. 2Q26recommended trading range: $56 to $76. Neutral Outlook.
1Q25 Revenue: $3.23B, -4.4% YoY, beat estimates by $170M
1Q25 GAAP EPS: -$0.13, beat estimates by $0.09
FY25 Guidance: Reaffirmed FY25 guidance. Expects net sales growth to be between (5.0%) to (7.0%), below consensus of (-4.3%); expects diluted EPS to be between $0.10 to $0.60, midpoint below consensus of $0.49; expects comparable sales growth of (4.0%) to (6.0%), midpoint below consensus of (4.61%); expects operating margin rate to be between 2.2% to 2.6%; expects capital expenditure to be between $400mn to $425mn.
Comment: Kohl’s reported a narrower-than-expected loss and reaffirmed its FY25 outlook, maintaining confidence in its turnaround strategy despite ongoing tariff-related uncertainty. While many peers have cut forecasts to reflect the impact of tariffs, Kohl’s remains relatively optimistic about the remainder of the year. The company continues to streamline operations by closing underperforming stores, redirecting investments toward high-traffic locations and expanding its portfolio of private-label brands to better compete with off-price and online retailers. Management reiterated its commitment to the strategic direction established under former CEO Ashley Buchanan, with no significant deviations anticipated. Kohl’s also highlighted the continued strength of its Sephora partnership, driven by steady demand for premium beauty and skincare products. Additionally, the company plans to introduce more coupon-eligible brands later this year. 2Q25recommended trading range: $6 to $10. Neutral Outlook.
1Q25 Revenue: $603.4M, +81.1% YoY, beat estimates by $11.21M
1Q25 GAAP EPADS: -$1.96, beat estimates by $0.24
2Q25 Guidance: No guidance provided.
Comment: Futu Holdings delivered stronger-than-expected results for 1Q25, driven by robust growth in trading activity and client assets. Total trading volume surged 140.1% year-over-year to HK$3.22 trillion, with U.S. stocks accounting for HK$2.25 trillion and Hong Kong stocks contributing HK$916.0 billion. Total client assets rose to HK$829.8 billion, up 60.2% YoY and 11.6% QoQ, supported by record net asset inflows. The company continued to prioritize product innovation, enhancing the retail investor experience through advanced tools and seamless platform integration. In Hong Kong, Futu launched Futubull AI—its proprietary, AI-powered investment assistant—and introduced a new desktop version featuring more intuitive and sophisticated tools. In Japan, Futu expanded its U.S. equity offerings by introducing fractional share trading in the first quarter, followed by the launch of U.S. options trading in April. These initiatives are expected to continue driving trading volume and asset inflows, further strengthening the company’s growth trajectory. 2Q25recommended trading range: $95 to $125. Positive Outlook.
1Q25 Revenue: $2.5B, +5.9% YoY, miss estimates by $30M
1Q25 Non-GAAP EPS: $1.67, beat estimates by $0.24
2Q25 Guidance: Expects total sales to increase in the range of 5% to 7%, compared to consensus of more than 7%; expects adjusted EBIT margin to be in the range of down 30 basis points to flat YoY; expects adjusted EPS in the range of $1.20 to $1.30, vs consensus of $1.36; expects an effective tax rate of approximately 24%.
FY25 Guidance: Expects total sales to increase in the range of 6% to 8%; expects adjusted EPS in the range of $8.70 to $9.30; expects adjusted EBIT margin to increase in the range of 0 to 30 basis points YoY; expects capital expenditures to be approximately $950mn; expects to open approximately 100 net new stores
Comment: Burlington Stores reported better-than-expected earnings, though both revenue and comparable sales came in below expectations. The company’s guidance for 2Q25 also missed consensus estimates. Looking ahead, management acknowledged that tariffs are expected to place meaningful pressure on merchandise margins. However, they remain confident in the company’s ability to offset this impact—provided tariffs do not rise beyond current levels. While the evolving tariff environment presents both risks and opportunities, Burlington does not believe it will alter the long-term structural dynamics of the retail industry. Notably, several other retailers have also issued weaker-than-expected 2Q25 guidance, underscoring the broader headwinds facing the sector from tariffs and ongoing macroeconomic uncertainty. 2Q25recommended trading range: $205 to $245. Neutral Outlook.
1Q26 Revenue: $1.9B, +63.8% YoY, beat estimates by $20M
1Q26 Non-GAAP EPS: $0.62, beat estimates by $0.01
2Q26 Guidance: Expect revenue to be $2B, plus or minus 5% compared with analysts’ average estimate of $1.98B.
Comment: Marvell Technology reported first-quarter revenue of US$1.9bn and EPS of US$0.62, surpassing estimates, driven by robust demand for custom AI chips and strong order momentum in networking and electro-optics. The company sees AI-related demand from hyperscalers, sovereign data centers, and emerging market players as key growth drivers. It expects second-quarter revenue of around US$2bn, above Wall Street forecasts of US$1.98bn. Despite strength in AI, its consumer and industrial segments showed weakness, with revenue declines driven by gaming seasonality and industrial softness. Looking ahead, Marvell expects to capitalize on strong AI tailwinds and growing demand for custom silicon, positioning it for sustained growth in data centers and networking infrastructure. However, Marvell’s consumer and industrial markets may remain challenged in the near term, the company would need to rely on its leadership in AI, strategic partnerships, and upcoming product launches to expand its customer base and drive long-term revenue growth. 2Q26recommended trading range: $60 to $70. Neutral Outlook.
3Q25 Revenue: $63.2B, +8.0% YoY, beat estimates by $100M
3Q25 GAAP EPS: $4.28, beat estimates by $0.05
FY25 Guidance: No guidance provided
Comment: Costco reported mixed third-quarter results, with revenue of US$63.21bn slightly missing expectations while adjusted EPS of US$4.28 beat forecasts. Same-store sales rose 8% globally, led by strong growth in fresh foods, discretionary goods, and e-commerce. Facing uncertainty from the Trump administration’s tariffs, Costco has proactively rerouted goods, leaned on its popular Kirkland Signature brand and sought efficiencies to avoid raising prices on essential items. While muted consumer sentiment and supply chain shifts present challenges, Costco’s competitive pricing and bulk discount model continue to drive strong traffic and membership renewals. Looking ahead, Costco is well-positioned to navigate the evolving tariff landscape and macroeconomic uncertainties by leveraging its scale, value-driven product mix, and loyal membership base. Its proactive supply chain strategies, continued focus on private-label growth, and competitive pricing power are expected to support steady expansion and continued sales growth in the coming quarters. 4Q25recommended trading range: $1,000 to $1,030. Neutral Outlook.
1Q26 Revenue: $23.38B, +5.3% YoY, beat estimates by $190M
1Q26 Non-GAAP EPS: $1.55, miss estimates by $0.14
2Q26 Guidance: Expect revenue to be between $28.5B and $29.5B, above analysts’ average estimate of $25.05B and an adjusted profit forecast of $2.25 per share, also above estimates of $2.09.
FY26 Guidance: Raised annual adjusted profit to be $9.40 per share, compared with its prior forecast of $9.30 per share. The company also reiterated its annual revenue outlook of revenue between $101B to $105B.
Comment: Dell reported first-quarter revenue of US$23.38bn beating estimates, but adjusted profit of US$1.55 per share slightly missed expectations. Revenue from its infrastructure solutions group rose 12%, while the client solutions group grew 5%, driven by signs of a PC refresh cycle linked to AI PCs and Windows 11 upgrades. The company raised its annual profit forecast to US$9.40 per share, up from US$9.30, on the back of strong demand for its AI-powered servers equipped with Nvidia chips. Orders for these servers surged to US$12.1bn this quarter, with US$14.4bn in backlog. Despite near-term margin pressures from competition and tariffs, Dell’s second-quarter revenue forecasts of US$28.5bn to US$29.5bn and adjusted profit forecasts of US$2.25 per share surpassed Wall Street expectations. Looking ahead, Dell is well-positioned to capture a larger share of the AI-driven server market and further support customers’ digital transformation journeys, especially with new supercomputing initiatives and the growing adoption of AI-powered PCs. By leveraging its innovative AI offerings and strong demand momentum, Dell aims to sustain growth while managing margin pressures from competitive and macroeconomic factors. 2Q26recommended trading range: $114 to $124. Neutral Outlook.
3Q25 Revenue: $678.03M, +22.6% YoY, beat estimates by $10.93M
3Q25 Non-GAAP EPS: $0.84, beat estimates by $0.08
FY25 Guidance: Raised revenue expectations to be between $2.659B and $2.661B, up from its prior projection of $2.640Bto $2.654B, compared to analysts’ expectations of $2.649B. It expects annual earnings between $3.18 and $3.19 per share, from its earlier forecast of $3.04 to $3.09 per share.
Comment: In the latest quarter, Zscaler delivered revenue of US$678mn, beating estimates and adjusted EPS of US$0.84, surpassed the projected US$0.75. It has appointed Kevin Rubin as its new CFO and raised its full-year revenue and earnings forecasts, driven by robust demand for cybersecurity solutions as enterprises tackle growing online threats and data protection needs. The company now expects fiscal 2025 revenue between US$2.659bn and US$2.661bn, slightly above analyst expectations, and annual adjusted earnings between US$3.18 and US$3.19 per share. Looking ahead, Zscaler is well-positioned to capitalize on the accelerating demand for data protection and AI-powered security solutions as enterprises face rising cyber threats. With a new CFO onboard and continued product innovation, Zscaler aims to sustain its growth trajectory and strengthen its leadership in cloud security. 4Q25recommended trading range: $250 to $270. Positive Outlook.
