The Earnings Debate

Vistra Corp. reported its fourth quarter and full year 2025 results, delivering $5.912 billion in adjusted EBITDA for the full year 2025. This included $4.290 billion from the Generation segment and $1.622 billion from the Retail segment. The company also generated approximately $3.6 billion of adjusted free cash flow before growth for the full year. Management noted that the retail segment benefi...

In Q4 2025, Baidu reported total revenues of RMB 32.7 billion, representing a 5 percent increase quarter-over-quarter. For the full year 2025, total revenues were RMB 129.1 billion, decreasing 3 percent year-over-year. Operating income was RMB 1.5 billion in Q4 with an operating margin of 5 percent, while non-GAAP operating income was RMB 3.0 billion. Diluted earnings per ADS for the quarter was R...

Snowflake reported fourth quarter fiscal 2026 product revenue of $1.23 billion, representing 30% year-over-year growth. Remaining performance obligations reached $9.77 billion, with year-over-year growth accelerating to 42%. The company also reported a net revenue retention rate of 125%. For the full fiscal year 2026, Snowflake achieved a non-GAAP product gross margin of 75.8%, a non-GAAP operatin...

NVIDIA Corporation reported Q4 fiscal 2026 financial results, achieving total quarterly revenue of $68 billion, up 73% year-over-year. The Data Center segment generated Q4 revenue of $62 billion, an increase of 75% year-over-year and 22% sequentially. The company generated free cash flow of $35 billion for the fourth quarter and $97 billion for the full fiscal year 2026. GAAP gross margin was repo...

Zoom Communications, Inc. reported its fourth quarter and full fiscal year 2026 financial results, highlighting a 5.3% year-over-year revenue increase in Q4 to $1.25 billion. The Enterprise segment was the primary driver of this growth, with revenue growing 7.1% year-over-year and representing 61% of total Q4 revenue. Non-GAAP income from operations for Q4 grew 4.6% year-over-year to $490 million,...

Salesforce reported "$41.5 billion in revenue up 10% year-over-year" for the full year and "$11.2 billion in revenue for the fourth quarter". The current remaining performance obligation ended the fourth quarter at "$35.1 billion," up approximately 16% year-over-year in nominal currency. The company delivered "60 basis points of expansion" in operating margin for the fiscal year. Management focuse...

Nu Holdings Ltd. reported that "revenues in Q4 '25 reached $4.9 billion, up 45% year-over-year". The company noted that "gross profit in the same period reached nearly $2 billion, up 38% year-over-year". "In the fourth quarter, net income increased 50% year-over-year to $895 million, delivering a record high ROE of 33%". Additionally, the company achieved an "efficiency ratio declined to 19.9% fol...

In Q4 2025, Axon Enterprise, Inc. reported that revenue grew 39% year-over-year to $797 million. Adjusted gross margin came in at 61.1%, which was down sequentially due to the impact of tariffs and an increased mix from Platform Solutions. Adjusted EBITDA grew 46% year-over-year to $206 million, outperforming expectations with an adjusted EBITDA margin of 25.9%. Operating cash flow was $217 millio...

Lowe's Companies, Inc. reported fourth-quarter 2025 sales of $20.6 billion, with comparable sales increasing 1.3%. For the full fiscal year 2025, the company delivered sales of $86.3 billion and positive comparable sales of 0.2%. Fourth-quarter GAAP diluted earnings per share were $1.78, while adjusted diluted earnings per share reached $1.98. The adjusted operating margin rate for the quarter was...

MercadoLibre, Inc. reported its Q4 2025 financial results, highlighting that "Q4 revenues growing at 45% year-on-year," which marked "the 28th consecutive quarter of growth above 30%". Management addressed profitability, noting that deliberate investments generated margin pressure in "a range of between 5 and 6 points". These strategic investments included the "lowering of the shipping threshold t...

Workday reported its Q4 fiscal 2026 results, highlighting Q4 total revenue of $2.53 billion, representing a growth of 15%. Q4 subscription revenue was $2.36 billion, up 16%. For the full year fiscal 2026, total revenue reached $9.55 billion, up 13%. The company reported a Q4 non-GAAP operating income of $774 million with a non-GAAP operating margin of 30.6%, and full-year free cash flow of $2.78 b...

CAVA Group, Inc. reported fourth quarter 2025 revenue of $272.8 million, representing a 21.2% increase year-over-year. Full year 2025 revenue surpassed $1 billion. Fourth quarter same-restaurant sales increased 0.5%, while full year same-restaurant sales grew 4%. The company delivered a fourth quarter restaurant level profit margin of 21.4%, adjusted EBITDA of $25.8 million, and net income of $4.9...

GoDaddy Inc. reported its fourth quarter and full year 2025 financial results. For the fourth quarter, "total revenue grew 7% on a reported and constant currency basis to 1.3billion". The company reported Q4 normalized EBITDA of "431 million" and delivered an expanded margin of "34%". For the full year 2025, revenue was "approximately $5 billion," representing growth of "8%", and free cash flow gr...

The Home Depot reported fourth quarter 2025 total sales of $38.2 billion, representing a decrease of approximately 3.8% compared to the fourth quarter of the prior year. For the quarter, total company comparable sales increased 0.4%, and U.S. comparable sales were positive 0.3%. Operating margin for the fourth quarter was 10.1%, and gross margin was approximately 32.6%. Fourth quarter diluted earn...

Hims & Hers Health, Inc. reported fourth quarter 2025 revenue of $618 million, representing a year-over-year growth rate of 28%. For the 2025 fiscal year, the company generated revenue of $2.35 billion, a 59% year-over-year growth rate. Fourth quarter adjusted EBITDA was $66 million, reflecting an 11% margin, while full year 2025 adjusted EBITDA increased nearly 80% year-over-year to $318 mill...

For the fourth quarter, management reported that "revenue was up 4.9% in constant currency," and "adjusted operating income grew even faster at 10.5%". For the full year, the company noted "adding $35 billion in revenue, with sales exceeding $700 billion for the first time". Full year "operating cash flow of $42 billion" and "growth in free cash flow of 18% in FY '26" were also reported. Additiona...

For the first quarter, "John Deere completed the first quarter with a 5.9% operating margin for the equipment operations". For the quarter, "Net sales and revenues were up 13% to $9.611 billion, while net sales for the equipment operations were up 18% to $8.001 billion". In addition, for the quarter, "Net income attributable to Deere & Company was $656 million or $2.42 per diluted share". Mana...

Palo Alto Networks reported "total revenue was 2.59billion" for the quarter, which "grew 15%. The company delivered diluted non−GAAP EPS of 1.03" and "Q2 adjusted free cash flow was $502 million". Operating performance showed "Q2 operating margin of 30.3%". Management noted that "NGS ARR grew 33% to $6.33 billion", stating that "on an organic basis, NGS ARR was up 28%". Key business updates includ...

Garmin Ltd. reported "record consolidated revenue" for the fourth quarter of 2025, with "consolidated revenue increased 17% to more than $2.1 billion". The company achieved "record fourth quarter operating income of $614 million" and "record pro forma EPS of $2.79". For the full year 2025, Garmin reported "consolidated revenue increased 15% to $7.25 billion" and "operating margin expanded by 60 ba...

Medtronic reported "revenue of $9 billion" for the third quarter of fiscal year 2026, which "grew 8.7% reported and 6% organic". The company delivered "adjusted operating profit of 2.2billion" for the quarter, with an "adjusted operating margin of 24.1.  Adjusted EPS for the quarter was 1.36," which management noted was a "beat of $0.03". Business updates focused on four "generational growth drive...

Enbridge Inc reported "record fourth quarter and full-year EBITDA, DCF, and earnings per share". Management noted that "adjusted EBITDA is up CAD 83 million," "DCF is up CAD 0.06," and "EPS increased CAD 0.13" compared to the fourth quarter of 2024. The company highlighted that its "debt to EBITDA remains within our leverage range of 4.5-5 times". Key business updates included the sanctioning of "...

Cameco reported that "annual revenue increased to about CAD 3.5 billion in 2025" and "Adjusted EBITDA was about CAD 1.9 billion." The company noted that "Adjusted net earnings of just under CAD 630 million" represented a significant improvement. Cameco ended the year with a strong balance sheet, holding "approximately CAD 1.2 billion in cash and short-term investments" and "CAD 1 billion in total...

Moderna reported financial results for the fourth quarter of 2025, stating that "total revenue was $700 million" and the "net loss for the quarter was $800 million". For the full year 2025, "total revenue was $1.9 billion" and "net loss over the year was $2.8 billion". The company "ended the year with $8.1 billion in cash and investments". Management noted that "operating expenses were down $2.2 b...

Airbnb reported Q4 2025 "Revenue" of "$2.8 billion," which "exceeded the high end of our guidance". "Gross booking value grew 16% year-over-year to $20.4 billion". For the quarter, "Net income was $341 million" and the company "generated $786 million of adjusted EBITDA". Airbnb also "generated 529million of free cash flow" in Q4 and "4.6 billion" for the full year 2025. Key business updates focuse...

Rivian Automotive, Inc. reported financial results for the fourth quarter of 2025, stating that "Consolidated revenues were approximately $1.3 billion". Management highlighted that "Consolidated gross profit was $120 million, and our gross profit margin was 9%". For the full year, the company achieved its "first full year of positive gross profit". The company reported that "Adjusted EBITDA losses...