Earnings Digest - 2025-04-24
GOOG
Alphabet announced Q1 2025 results on April 24, 2025: revenue rose 12% to $90.2 billion, net income increased 46% to $34.54 billion, and EPS grew 49% to $2.81.
Google Cloud revenue jumped 28% to $12.3 billion; Google Services revenue grew 10% to $77.3 billion, with YouTube ad revenue up to $8.93 billion.
Operating income increased 20%, with the margin rising to 34%.
Alphabet raised its quarterly cash dividend by 5% to $0.21 per share and approved $70 billion in additional share buybacks.
On April 23, 2025, Google faced possible fines from EU regulators under the DMA, a UK class action lawsuit for up to £5 billion, and an ongoing US antitrust trial over its search business.
PG
Procter & Gamble reported Q3 2025 earnings on April 24: EPS was $1.54 (below the $1.55 forecast), and revenue was $19.78 billion (below the $20.36 billion estimate).
The company saw 1% growth in organic sales and a 90 basis point rise in core operating margin.
P&G returned $3.8 billion to shareholders this quarter and plans to return $16-17 billion in fiscal 2025 through dividends and buybacks.
Fiscal 2025 guidance: organic sales growth of about 2% and core EPS growth of 2-4%.
On April 8, P&G raised its quarterly dividend to $1.0568 per share.
MRK
Merck reported Q1 2025 financial results on April 24, 2025: sales were $15.5 billion, down 2% year-over-year, but up 1% excluding foreign exchange.
Key product updates: KEYTRUDA sales rose 4% to $7.2 billion, WINREVAIR sales were $280 million, Animal Health sales grew 5% to $1.6 billion, and GARDASIL/GARDASIL 9 sales fell 41% to $1.3 billion.
Q1 2025 GAAP EPS was $2.01; non-GAAP EPS was $2.22. Full-year 2025 non-GAAP EPS guidance was updated to $8.82-$8.97 due to a one-time charge and additional tariff costs.
FDA granted Priority Review to KEYTRUDA for head and neck cancer, with a decision expected by June 23, 2025.
European Commission approved CAPVAXIVE for adult pneumonia prevention, and positive Phase 3 trial results were reported for new HIV and pulmonary hypertension treatments.
PEP
PepsiCo reported first-quarter 2025 earnings on April 24, 2025, with net revenue down 1.8% to $17.92 billion and net income down 10% to $1.84 billion.
Adjusted earnings per share were $1.48, slightly below analyst expectations of $1.49.
The company lowered its full-year 2025 core EPS forecast, now expecting no growth due to higher supply chain costs, tariffs, and economic uncertainty.
Segment results: North America Foods organic revenue fell 2%, Latin America Foods rose 3%, and Asia Pacific Foods revenue declined 1%.
PepsiCo plans to remove artificial colors from brands like Lay's and Tostitos by the end of 2025, aiming for more natural ingredients.
UNP
Union Pacific reported first quarter 2025 earnings on April 24, 2025, with net income of $1.6 billion ($2.70 per share), flat compared to last year.
Operating revenue remained at $6.0 billion, with a 7% increase in carloads offset by lower fuel surcharge revenue, business mix, and leap year impact.
Freight revenue rose 1%, and freight revenue excluding fuel surcharges grew 4%.
Operational improvements included a 6% increase in freight car velocity and 9% higher workforce productivity.
On April 23, 2025, Union Pacific announced a new five-year agreement with the National Conference of Firemen and Oilers (NCFO).
CMCSA
Comcast reported a net loss of 199,000 domestic broadband customers in Q1, which is higher than the estimated 144,000 loss.
Xfinity Mobile launched a new Premium Unlimited plan with gigabit speeds and added benefits.
Comcast introduced a new Xfinity Internet package with a five-year price lock at $55 per month and unlimited data.
As of April 16, 2025, Comcast is expanding its network in Middletown, Delaware, to connect about 13,000 more homes and businesses.
FI
Fiserv reported Q1 2025 earnings on April 24: GAAP revenue grew 5% to $5.13 billion; organic revenue grew 7%.
GAAP earnings per share rose 22% to $1.51; adjusted earnings per share increased 14% to $2.14.
Merchant Solutions segment saw 8% organic growth; Financial Solutions segment saw 6% organic growth.
Clover revenues grew 27%, but growth slowed compared to last quarter; Clover’s annualized GPV increased 8%, down from 14% last quarter.
Fiserv completed acquisitions of Payfare and CCV Group, announced plans to buy Pinch Payments NZ and Money Money in Brazil.
Fiserv and Kansas will open a fintech innovation center in Overland Park, expected to create about 2,000 jobs.
The company appointed a new Chief Operating Officer.
BMY
On April 24, 2025, Bristol Myers Squibb reported Q1 revenue of $11.2 billion, down 6% from last year.
Growth Portfolio revenues rose 16% to $5.6 billion.
GAAP EPS was $1.20; non-GAAP EPS was $1.80.
The company raised its 2025 revenue guidance to $45.8–$46.8 billion and non-GAAP EPS guidance to $6.70–$7.00.
On April 22, 2025, the Phase 3 ARISE trial for Cobenfy in schizophrenia did not meet its main goals.
KDP
Keurig Dr Pepper reported first quarter 2025 financial results on April 24, 2025.
Net sales were $3,635 million, up from $3,468 million last year.
Net income for the quarter was $517 million.
The U.S. Refreshment Beverages segment had double-digit net sales growth.
Two new independent directors were appointed, and Bob Gamgort became Non-Executive Chairman.
AMP
Ameriprise Financial (AMP, NYSE) raised its dividend by 8% and approved a new $4.5 billion share buyback.
The company reported higher revenue but lower net income in its latest results.
AMP Limited (ASX: AMP) released a Q1 2025 business update on April 17, 2025: Platforms net cashflows rose to $740 million from $201 million year-over-year.
Assets Under Management fell to $78.8 billion from $79.8 billion.
AMP Bank deposits grew to $20.7 billion, and AMP Wealth Management NZ invested US$17.4 million in BlackRock’s Global Renewable Power Fund IV.
NDAQ
Nasdaq announced Q1 2025 financial results on April 24, 2025, with net revenue of $1.2 billion, up 11% from Q1 2024 (12.5% on an adjusted basis).
GAAP diluted EPS increased by 69%; Non-GAAP diluted EPS rose by 24%.
Solutions revenue grew 9%, led by a 21% increase in Financial Crime Management Technology, 14% in Index revenue, and 19% in Market Services revenue.
Annualized Recurring Revenue (ARR) reached $2.8 billion, up 8% year-over-year.
Nasdaq's Board declared a quarterly dividend of $0.27 per share, a 13% increase from last quarter.
Nasdaq and AWS launched a partnership for market infrastructure modernization with the new Nasdaq Eqlipse initiative.
TMUS
On April 24, 2025, T-Mobile reported strong Q1 2025 results with record postpaid customer additions and industry-leading net gains in postpaid phone, account, and broadband.
Diluted earnings per share rose 29% year-over-year to $2.58, beating estimates; revenue was $20.89 billion, up from $19.59 billion last year.
Service revenues grew 5% year-over-year to $16.9 billion, while postpaid service revenues increased 8% to $13.6 billion.
Net income increased 24% to $3.0 billion; Core Adjusted EBITDA rose 8% to $8.3 billion; operating cash flow was up 35% to $6.8 billion.
On April 24, 2025, T-Mobile launched its nationwide 5G Advanced network, supporting advanced applications.
On April 22, 2025, T-Mobile and Metro by T-Mobile introduced new simplified plans with a five-year price guarantee and more features.
GILD
Gilead Sciences reported first quarter 2025 results on April 24: product sales fell 1% to $6.6 billion, but HIV product sales rose 6% to $4.6 billion; Veklury sales dropped 45%; non-GAAP diluted EPS was $1.81.
Gilead announced positive Phase 3 trial results on April 21: Trodelvy plus Keytruda improved progression-free survival in patients with previously untreated PD-L1-positive metastatic triple-negative breast cancer.
The FDA accepted Gilead's New Drug Applications for twice-yearly lenacapavir for HIV prevention, with a decision expected by June 19, 2025; Phase 3 trials showed high effectiveness.
Gilead and Merck are moving their once-weekly oral HIV treatment to Phase 3 trials after strong Phase 2 results showed 94.2% of participants maintained viral suppression at week 48.
INTC
Intel reported Q1 2025 earnings on April 24, showing $12.7 billion in revenue (flat year-over-year and at the high end of guidance).
GAAP net loss was $0.8 billion, double last year’s Q1 loss; non-GAAP net income was $0.6 billion, down from $0.8 billion.
Client Computing revenue fell 8% to $7.6 billion, Data Center and AI segment grew 8% to $4.1 billion, and Intel Foundry revenue rose 7% to $4.7 billion (with a $2.3 billion operating loss).
Intel forecasts Q2 2025 revenue of $11.2–12.4billion,GAAPEPSof12.4billion,GAAPEPSof(0.32), and non-GAAP EPS of $0.00.
Intel plans to cut costs by $1.5 billion over two years, reduce capital spending, streamline management, and require employees to work from the office four days a week starting September 1, 2025; reports suggest layoffs impacting over 20% of staff may begin in Q2 2025.
NOW
ServiceNow announced Q1 2025 financial results on April 23, 2025, with subscription revenues of $3,005 million (up 19% year-over-year) and total revenues of $3,088 million (up 18.5% year-over-year), both exceeding guidance.
Current remaining performance obligations (cRPO) reached $10.31 billion as of March 31, 2025, up 22% year-over-year and surpassing guidance.
Completed 72 transactions over $1 million in net new annual contract value (ACV) and ended the quarter with 508 customers exceeding $5 million in ACV, reflecting 20% year-over-year growth in this segment.
Reported GAAP EPS was $2.31 and non-GAAP operating margin was 30.9%.
Announced plans to acquire Logik.ai and Moveworks ($2.8 billion), and formed new strategic partnerships with Vodafone Business, Devoteam, Aptiv, and expanded collaboration with 3CLogic to boost AI and CRM capabilities.
HAS
Hasbro reported first quarter 2025 earnings on April 24, 2025, with net revenue rising 17% year-over-year to $887 million.
Revenue growth was mainly driven by the Wizards of the Coast and Digital Gaming segment, which jumped 46% thanks to MAGIC: THE GATHERING and digital games like Monopoly Go! ($39 million revenue).
Adjusted operating profit rose 50% to $222 million, and adjusted earnings per share increased 70% to $1.04.
The Board declared a $0.70 per share dividend, payable June 4, 2025.
Hasbro extended its partnership with Disney for Star Wars and Marvel products and is maintaining its full-year guidance due to tariff uncertainty.
TXN
Texas Instruments reported Q1 2025 results on April 23, 2025, with revenue of $4.07 billion and EPS of $1.28, both beating analyst estimates.
Consolidated revenue rose 11.1% year-over-year, the first increase since Q3 2022, and grew 1.5% from the previous quarter.
All end markets except personal electronics grew sequentially in Q1.
For Q2 2025, the company expects revenue between $4.17 billion and $4.53 billion and EPS between $1.21 and $1.47.
On April 17, 2025, the board declared a $1.36 per share dividend, payable May 13, 2025, to shareholders of record as of April 30, 2025.
IBM
IBM reported Q1 2025 results on April 23: revenue was $14.54 billion (up 0.6% year-over-year), beating estimates; operating EPS was $1.60, above the $1.42 estimate; free cash flow reached $1.96 billion, the highest Q1 in years.
Software revenue grew 11% to $6.34 billion, driven by generative AI and strong Red Hat performance (Red Hat OpenShift annual recurring revenue rose 25% to $1.5 billion); consulting revenue was flat at $5.07 billion; infrastructure revenue fell 6% to $2.89 billion.
IBM disclosed that 15 federal contracts worth about $100 million were suspended due to U.S. government cost cuts; federal consulting is less than 10% of IBM’s consulting business.
IBM maintained its 2025 outlook: at least 5% constant currency revenue growth and about $13.5 billion in free cash flow; Q2 revenue expected between $16.4 billion and $16.75 billion.
BA
On April 23, 2025, Boeing reported a first-quarter GAAP loss per share of ($0.16) and a core loss per share of ($0.49), with $19.5 billion in revenue from 130 commercial airplane deliveries.
Operating cash flow was ($1.6) billion and free cash flow was ($2.3) billion; backlog grew to $545 billion, including over 5,600 commercial airplanes.
On April 22, 2025, Boeing agreed to sell parts of its Digital Aviation Solutions business to Thoma Bravo for $10.55 billion, expecting to close by end of 2025.
Trade tensions with China are affecting Boeing's deliveries; Chinese airlines have been told to stop accepting Boeing aircraft due to tariffs, with 41 planes built for China now needing new buyers.
Boeing was chosen by the U.S. Air Force for the next-generation F-47 fighter contract and delivered its 100th 767-300 Boeing Converted Freighter.
SNY
Sanofi announced Q1 2025 earnings on April 24, 2025: business net income was €2,212 million, up 15.9%, and business EPS rose to €1.79, up 17%.
Net sales for Q1 reached €9,895 million, a 10.8% increase; exchange rates added a 1.1% boost to sales growth.
Dupixent sales grew 20% to €3.5 billion, with US sales up 18%; new product launches contributed €1.1 billion (11% of total sales).
Sanofi confirmed its 2025 guidance and expects to close the €10 billion Consumer Healthcare (Opella) transaction soon, retaining a significant stake.
On April 18, Dupixent was approved in the US for chronic spontaneous urticaria; Sanofi also announced new asthma data and a COPD clinical study.
PFE
ACIP recommended Pfizer's RSV vaccine, ABRYSVO®, for adults aged 50-59 at increased risk.
Pfizer will not move forward with Phase 3 trials of its twice-daily oral GLP-1 drug, Danuglipron, due to side effects, and will focus on a once-daily version instead.
Pfizer declared a dividend for the second quarter of 2025.
The company announced plans to present its cancer care vision at the ASCO 2025 Annual Meeting.
FHI
Federated Hermes reported Q1 2025 earnings on April 24, 2025, with EPS of $1.25, beating estimates and up 40% from last year.
Revenue for Q1 2025 was $423.54 million, up 7% from Q1 2024 and slightly above expectations.
Net income rose 35% year-over-year to $101.1 million.
Total managed assets hit a record $839.8 billion, up 8% from a year ago; money market assets also reached a record $637.1 billion, up 10%.
The company raised its quarterly dividend to $0.34 per share (up 9.7%) and repurchased over 3 million shares for $120.1 million.