Earnings reports for top 50 corporations

Market & Macroeconomic Environment

• Tariff Volatility: Geopolitical tensions and tariffs remain a significant concern, influencing corporate strategy and performance. P&G estimates a fourth-quarter impact from tariffs between $100 million and $160 million before tax. Tesla noted that the combination of a 70% tariff and a 30% luxury tax in India effectively doubles the price of imported vehicles. JPMorgan Chase's corporate clients show a "wait-and-see attitude" regarding trade policy, shifting focus away from strategic priorities toward optimizing supply chains. ASML is working to mitigate potential direct tariff effects on new systems, parts manufacturing, and field service operations, though the indirect macroeconomic impact remains highly uncertain.
• Consumer Sentiment: Retailers observed mixed consumer trends. Home Depot noted that the number one reason for deferring large home improvement projects is "general economic uncertainty". Home Depot’s Q2 US comparable sales increased 1.4%, marking the strongest broad-based performance in over two years, supported by customer engagement in smaller projects. Coca-Cola’s Q2 Unit Case Volume declined 1%, with volume deceleration observed in June due to adverse weather and specific pockets of consumer weakness globally.
• Global Financial Stability: Bank of America reported its highest ever Net Interest Income (NII) in Q2 2025 at $14.8 billion, reflecting the continuation of NII growth for the fourth consecutive quarter. JPMorgan Chase increased its allowance for credit losses by $973 million in Q1 2025, reflecting higher probability weightings for downside macroeconomic scenarios. Chinese banks generally saw decreases in profitability in Q1 2025: Bank of China's profit attributable to equity holders declined 2.90%, and ICBC's net profit attributable to equity holders decreased 3.99%.

Technology and Innovation Drivers

• AI Infrastructure Demand: TSMC's Q1 2025 Net Revenue in US dollars reached $25.53 billion, up 35.3% year-over-year. The company expects Q3 revenue of $31.8 billion to $33 billion, a sequential increase of 8%. For Edge AI devices, TSMC continues to see a die size increase of about 5% to 10%. Alphabet reported Q1 2025 revenues of $90.234 billion and plans approximately $75 billion in capital expenditures in 2025, anticipating a significant increase in depreciation related to technical infrastructure.
• Software and Cloud Performance: SAP achieved strong Q2 performance with accelerating total revenue growth, supported by sustained customer demand and rigorous cost control. SAP’s Cloud ERP Suite maintained high growth momentum in Q1 2025, increasing 33%. Meta reported Q2 2025 revenue of $47.516 billion, an increase from $39.071 billion in Q2 2024.

Sector-Specific Performance

• Pharmaceuticals: Novo Nordisk reported net sales growth of 18% at constant exchange rates (CER) for Q1 2025. Q2 2025 sales increased 18% at CER. Eli Lilly noted that the competitive CVS formulary decision regarding injectables could present a meaningful impact in Q3, although the company maintains a focus on expanding access and differentiation.
• Luxury Goods: Hermès International reported solid consolidated revenue growth of 7% at constant exchange rates in Q1 2025, with all geographical areas showing growth. LVMH's H1 2025 organic revenue declined 3% due to geopolitical factors, but the company noted a tangible sequential improvement in mainland China in Q2. The deceleration in the Fashion & Leather Goods division in Q2 was largely attributed to weak tourism demand in Japan, linked to currency swings.
• Payment Networks: Mastercard’s Q2 2025 net revenue increased 16% on a currency-neutral basis. Cross-border volume growth remained robust for Visa in Q1 2025, increasing 16% overall.

• Energy: ExxonMobil's Q1 2025 U.S. GAAP earnings were $7.713 billion. Structural cost savings contributed $120 million to the quarter's earnings movement. Chevron reported a Return on Capital Employed (ROCE) of 8.3% in Q1 2025.