Re-live our live blog coverage of earnings season!
This is the time of year when publicly traded companies report their financial results, giving investors and analysts a glimpse into their performance and future outlook. We'll bring you real-time updates, analysis, and commentary on the latest earnings reports from major companies across various sectors. Stay tuned as we break down the numbers and provide insights into what these results mean for the market.
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Summary
- Microsoft beats estimates, but capital spending surges
- Meta shares crater on earnings miss and raised spending outlook
- Alphabet revenue rises with cloud growth
- Boeing takes $4.9 billion hit as new jets delayed again
- Samsung operating profit soars on strong memory and mobile sales
- Verizon profit rises despite drop in customers
- Coles sales growth outpaces Woolworths
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8:53 am (AEDT):
Good morning! Harlan Ockey here to walk you through today's earnings.
Starting off at the NASDAQ, Microsoft (MSFT) beat estimates on revenue and earnings per share, though shares fell as it reported a surge in capital spending.
Revenue was up 18% year-over-year to US$77.67 billion, above LSEG estimates of $75.33 billion. Earnings per share were $3.72, passing estimates of $3.67.
Its Cloud revenue was $49.1 billion, growing by 26%, while Intelligent Cloud revenue was up 28% to $30.9 billion. Productivity and Business Processes revenue increased by 17% to $33.0 billion, and More Personal Computing revenue climbed 4% to $13.8 billion.
Total capital expenditures were $34.9 billion, exceeding Visible Alpha estimates of $30.34 billion and surging by 74% year-over-year.
Its net income was $27.7 billion, up 12%, as Microsoft recorded a $3.09 billion hit from its investment in OpenAI last quarter. Microsoft has invested $11.6 billion into OpenAI in total, and now has a 27% stake in OpenAI after the company's restructuring.
Operating income rose by 24% to $37.96 billion.
"Our planet-scale cloud and AI factory, together with Copilots across high value domains, is driving broad diffusion and real-world impact," said CEO Satya Nadella. “It’s why we continue to increase our investments in AI across both capital and talent to meet the massive opportunity ahead.”
The company also reported an outage in its Azure and Microsoft 365 services hours ahead of the release, which it has said it is investigating. It expects a recover by 7:20 pm EDT (10:20 am AEDT).
Shares dropped to $519.97 in after-hours trading shortly following a close at $541.55, but recovered to $537.73.
Read Garry West's full story here.
9:30 am (AEDT):
Still with the NASDAQ, Meta (META) missed earnings estimates last quarter and projected an increase in spending, sending shares down 8.0% in after-hours trading.
Earnings per share were US$1.05, sinking 83% year-over-year and well below Bloomberg-compiled estimates of $6.70 due to a $15.93 billion tax charge. Revenue was up 26% to $51.24 billion, beating estimates of $49.59 billion.
Advertising revenue increased by 26% to $50.08 billion. Family of Apps revenue also rose by 26%, reaching $50.77 billion. It expects revenue next quarter will be $56-59 billion.
Meta's costs and expenses surged by 32% to $30.71 billion, while capital expenditures were $19.37 billion.
Operating income was $20.54 billion, up 18%.
Meta also raised its full-year outlook for expenses and capital expenditures. It now projects expenses of $116-118 billion across the year, up from $114-118 billion, and capital expenditures of $70-72 billion, up from $66-72 billion.
“As we have begun to plan for next year, it has become clear that our compute needs have continued to expand meaningfully, including versus our expectations last quarter. We are still working through our capacity plans for next year, but we expect to invest aggressively to meet these needs both by building our own infrastructure and contracting with third party cloud providers,” CFO Susan Li said of the spending increases.
Shares reached a low of $682.91 in after-hours trading after a close at $751.67, before ticking back up to $691.86.
Read Garry West's full story here.
9:53 am (AEDT):
And at the NASDAQ, Alphabet (GOOG) surged past estimates on revenue, driven by strong cloud growth.
Revenue was US$102.35 billion, up from $88.27 billion year-over-year and above LSEG estimates of $99.89 billion. Earnings per share were $2.87, rising from $2.12.
It also passed estimates on Google Cloud revenue, which rose 34% to $15.15 billion. Google Services revenue was up 14% to $87.05 billion.
Operating income increased by 9% to $31.23 billion. Google Services operating income grew from $30.86 billion to $33.53 billion, while Google Cloud operating income rose from $1.95 billion to $3.59 billion.
"Alphabet had a terrific quarter, with double-digit growth across every major part of our business. We delivered our first-ever $100 billion quarter,” said CEO Sundar Pichai.
The company received a $3.5 billion fine from the European Commission last quarter after it determined that Google violated the European Union's competition policies.
Like Meta, Alphabet raised its full-year capital expenditure outlook, and expects spending from $91-93 billion amid growing cloud demand. It had increased its capital expenditure outlook from $75 billion to $85 billion earlier this year.
Alphabet's share price spiked by 6.0% in after-hours trading.
10:06 am (AEDT):
Continuing with the NASDAQ, Starbucks (SBUX) saw global sales increase for the first time in seven quarters, though it slipped below earnings estimates.
Global comparable store sales were up 1%. This was largely driven by international sales, which rose by 3%, while North America sales remained flat.
Earnings per share were US$0.52, down 35% and below Bloomberg-compiled estimates of $0.55. Revenue was $9.57 billion, up 5% and beating estimates of $9.34 billion.
It reported 107 net store closures, and ended the quarter with 40,990 locations. This included 627 closures scheduled under its ongoing restructuring plan, most of which were in North America.
“We’re a year into our ‘Back to Starbucks’ strategy, and it’s clear that our turnaround is taking hold,” said CEO Brian Niccol. “Our return to global comp growth and the momentum we’re building give me confidence we’re on the right path to deliver the very best of Starbucks for our customers, partners and shareholders.”
Chloe Jaenicke has the full story.
10:39 am (AEDT):
Moving to the NYSE, Boeing (BA) returned to positive free cash flow after almost two years, though it received a $4.9 billion charge as its 777X jets were further delayed.
Revenue was US$23.27 billion, up 30% year-over-year and above LSEG estimates of $21.97 billion. Its loss per share was $7.47, growing from a loss of $10.44 but below estimates of $4.59.
Free cash flow was $238 million, rising from a loss of $1.96 billion one year ago.
Boeing's backlog was $636 billion, which includes more than 5,900 commercial aircraft. It delivered 160 commercial airplanes last quarter, up 38% year-over-year, and Commercial Airplanes revenue rose by 49%.
its Defense, Space & Security segment's revenue increased by 25%.
The first 777X long-range jets will be delivered in 2027, Boeing said. The company's 777X deliveries have been delayed several times since 2021.
"With a sustained focus on safety and quality, we achieved important milestones in our recovery as we generated positive free cash flow in the quarter and jointly agreed with the FAA in October to increase 737 production to 42 per month," said CEO Kelly Ortberg.
"While we are disappointed in the 777X schedule delay, the airplane continues to perform well in flight testing, and we remain focused on the work ahead to complete our development programs and stabilize our operations in order to fully recover our company's performance and restore trust with all of our stakeholders."
Boeing's shares closed 4.4% lower after its earnings release.
11:26 am (AEDT):
Sticking with the NYSE, Caterpillar (CAT) beat estimates on revenue and earnings per share last quarter, driven by higher sales volumes.
Revenue was up 10% to US$17.64 billion, above FactSet estimates of $16.78 billion. Adjusted earnings per share were $4.95, down from $5.17 but passing estimates of $4.53.
The company credited its revenue surge to high sales of equipment to end users.
Revenues were up across segments, with Energy & Transportation seeing the largest increase from $7.19 billion to $8.40 billion. This was due to greater sales of turbines, reciprocating engines used in data centres, and rail services.
Construction Industries revenue rose from $6.35 billion to $6.76 billion, and Resource Industries revenue was up from $3.05 billion to $3.11 billion.
Operating profit dropped 3% to $3.05 billion.
"Solid performance from our team generated strong results this quarter, driven by resilient demand and focused execution across our three primary segments," said CEO Joe Creed. "Our team's continued discipline in a dynamic environment, coupled with a growing backlog, positions us for sustained momentum and long-term profitable growth."
11:49 am (AEDT):
Over to the ETR, Mercedes-Benz (MBG) saw revenue and profit drop last quarter amid low demand in China and United States tariffs, but has affirmed its full-year guidance.
Revenue was down 7% to EU€32.15 billion, below FactSet estimates of €32.27 billion. Net profit was €1.19 billion, falling from €1.72 billion but passing estimates of €1.09 billion.
Adjusted EBIT was €2.10 billion, down from €2.54 billion, which the company credited to a slump in sales volume and tariff-related expenses.
“Our third-quarter results are in line with our full-year guidance. Our biggest product and tech launch program is well on track: The new CLA and GLC mark the beginning of a series of new models across all segments and drive trains, tailored to specific market and customer needs. We remain focused on enhancing customer experience while driving efficiency across our company,” said CEO Ola Källenius.
Its Cars, Vans, and Mobility segments all posted revenue declines. Europe revenue rose by 3.9%, while North America revenue sank by 9.4% and Asia revenue dropped by 22.3%.
The company projects full-year revenue and EBIT will be significantly below 2024's figures of €145.6 billion and €13.6 billion.
12:17 pm (AEDT):
And turning to the KRX, Samsung (005930) reported a surge in operating profit, driven by strong demand for its mobile and memory businesses.
Operating profit was KR₩12.2 trillion (A$13 billion), up 33% year-over-year and passing LSEG estimates of ₩11.25 trillion. Revenue was ₩86.1 trillion, rising from ₩79.1 trillion and above estimates of ₩85.93 trillion.
Gross profit was ₩33.5 trillion, up from ₩30.0 trillion.
Its Device eXperience division, which includes smartphones, televisions, appliances, and medical equipment, saw sales rise by 8% to ₩48.4 trillion. This was driven by a 12% increase in its Mobile eXperience business sales to ₩33.5 trillion.
Device eXperience operating profit was ₩3.5 trillion, growing from ₩3.4 trillion.
Samsung's Device Solutions business, which includes memory, chip, and foundry technologies, recorded a 13% revenue increase to ₩33.1 trillion. Memory revenue was up 20% to a record ₩26.7 trillion, driven by higher AI demand.
Operating profit for Device Solutions was ₩7.0 trillion, rising from ₩3.9 trillion.
Samsung's shares were up 4.2% to ₩104,700 at time of writing.
12:47 pm (AEDT):
Good afternoon, it’s Chloe Jaenicke here to take over the blog for a little while.
Telecommunications company Verizon (NYSE: VZ) reported higher profit and revenue in the third quarter despite losing postpaid phone customers.
Revenue for the third quarter increased 1.5% year-over-year to US$33.8 billion, with total Verizon Consumer revenue rising 2.9% to US$29.1 billion.
The company also reported earnings per share of US$1.17 in Q3 2025, compared to US$0.78 per share at the same time last year..
Net income also grew from US$3.4 billion this time in 2024 to US$5.1 billion.
Despite the mostly positive results, the company also reported 7,000 wireless retail phone net losses compared to 18,000 postpaid phone net additions in Q3 2024.
Verizon’s new CEO Dan Schulman said the company will be making dramatic changes to the company to benefit the customer and return the business to growth.
“These will not be incremental changes,” he said.
“We will aggressively transform our culture, our cost structure, and the financial profile of Verizon in order to put our customers first, compete effectively, and deliver sustainable returns for our shareholders.”
1:15 pm (AEDT):
Staying on the NYSE, CVS (NYSE: CVS) exceeded expectations with its Q3 earnings results.
Revenue soared by 7.8% to a record high of US$102.9 billion and surpassed Wall Street expectations of US$98.85.
The company also reported adjusted earnings per share of US$1.60, which is higher than the expected US$1.37.
However, the company posted a net loss of US$3.99 billion or US$3.13 per share for the third quarter, a steep fall from the net income of US$71 million the same time last year.
The company said the loss reflects the goodwill impairment charge of US$5.7 billion related to the health-care services segment’s health-care delivery reporting unit.
The company has also made several changes to the segments management team and finalised strategic changes.
The company has also hiked its outlook for the third quarter in a row from US$6.30 to US$6.40 per share to US$6.55 to US$6.65 per share.
These results come at the end of CEO David Joyner’s first full year in the top role, where he has been executing aggressive efforts to turn the flailing drugstore around which have caused shares to soar more than 85% for the year.
“Our leadership team has stabilised operations and is focused on businesses and markets where we can succeed,” Joyner said.
“As a result, we are making progress on our journey to be America’s most trusted health care company.”
1:30 pm (AEDT):
E-commerce giant eBay (NASDAQ: EBAY) has exceeded expectations in its third-quarter results.
The company reported earnings per share of US$1.39, surpassing the Zacks consensus estimate of US$1.33 per share.
Revenue for the company was also up by 9% from the same time last year to US$2.8 billion, beating the Zacks consensus estimate of US$2.58 billion.
eBay said it returned US$757 million to stockholders in Q3, including US$625 million of share repurchases and US$132 paid in cash dividends.
eBay CEO Jamie Iannone said it was another strong quarter for the company and that it plans to continue growing with new innovations.
“We’re transforming the eBay experience through AI built on 30 years of unique insights, while enhancing trusted programs in shipping, live commerce and circular fashion,” he said.
“These innovations are deepening engagement with enthusiasts and positioning eBay for continued success as we reinvent the future of e-commerce.”
2:20 pm (AEDT):
Thank you, Chloe! Harlan Ockey back for the afternoon.
Turning to the EPA, Airbus (AIR) beat revenue estimates last quarter due to growth in its defence and space unit.
Revenue was EU€17.83 billion, up 14% and above Bloomberg-compiled estimates of €17.5 billion, Earnings per share were €1.41, also rising 14%.
Airbus revenue was up across all segments. Defence and Space revenue increased by 17% to €3.06 billion, while its main Airbus segment's revenue was up 12% to €13.06 billion and Helicopters revenue rose 16% to €1.96 billion.
Adjusted EBIT grew by 42% to €1.94 billion.
The company's full-year outlook projects around 820 commercial aircraft deliveries and adjusted EBIT of about €7.0 billion, including the projected impact of U.S. tariffs. It delivered 507 aircraft in the year's first nine months.
“Deliveries remain backloaded amid a complex and dynamic operating environment. Meanwhile, we continue to expand our industrial capacity to support the commercial aircraft ramp-up. In space, we are making progress in the consolidation of our activities together with Leonardo and Thales to create a new European leader in that market,” said Airbus CEO Guillaume Faury.
2:42 pm (AEDT):
And back to the NASDAQ, e-commerce platform MercadoLibre (MELI) posted mixed results, as revenue surged past estimates while expenses rose.
Revenue was up 39% year-over-year to US$7.41 billion, beating estimates of $7.2 billion. Diluted earnings per share were $8.32, growing from $7.83.
Operating expenses increased to $2.49 billion, compared with $1.88 billion one year ago.
Net income was $421 million, rising from $397 million, but below LSEG estimates of $481 million.
The platform's gross merchandising volume was $16.54 billion, up from $12.91 billion. Payment volumes grew from $50.69 billion to $71.22 billion.
"We are pleased to report another strong quarter, demonstrating that our investments are delivering results across our ecosystem. From widening access to credit and payments to strengthening our marketplace value proposition and reducing the frictions of shopping online, our investments underpin the rapid growth of our key operating metrics," the company wrote in a letter to shareholders.
Shares dropped to a low of $2,210.00 in after-hours trading following a close at $2.295.92, before ending the session at $2.245.00.
3:23 pm (AEDT):
Turning to the NYSE, Chipotle (CMG) shares plummeted by 16.5% in after-hours trading as the company cut its full-year guidance.
Earnings per share were US$0.29, up from $0.27 year-over-year and in line with LSEG estimates. Revenue was $3.00 billion, up from $2.79 billion but missing estimates of $3.03 billion.
Comparable restaurant sales increased by 0.3%. Food and beverage revenue grew from $2.78 billion to $2.99 billion.
Income from operations was $477.17 million, up from $473.26 million. Net income declined from $387.39 million to $382.10 million.
Chipotle opened 84 company-owned restaurants during the quarter. Restaurant level operating margins fell from 25.5% to 24.5%.
"While we continue to see persistent macroeconomic pressures, our extraordinary value proposition and brand strength remain strong," said CEO Scott Boatwright. “Our best-in-class teams are focused on doubling down on restaurant execution, sharpening our marketing message, accelerating menu innovation and creating more engaging digital experiences to ensure we emerge stronger and get back to driving positive transaction growth.”
Chipotle's full-year outlook projects a low single digit percentage drop in comparable restaurant sales, and 315 to 345 new company-owned restaurant openings. This is the third consecutive quarter where it has lowered its guidance, having initially projected low to mid single digit percentage comparable sales growth in February.
Customers earning less than $100,000 have been dining out less often due to economic pressures, according to Boatwright, and those aged 25 to 35 have lowered their spending.
3:58 pm (AEDT):
Sticking with the NYSE, enterprise software company ServiceNow (NOW) beat estimates on revenue and earnings per share with a strong increase in subscription revenue.
Revenue was up 22% year-over-year to US$3.41 billion, beating LSEG estimates of $3.35 billion. Earnings per share were $4.82, passing estimates of $4.27.
Subscription revenue was $3.30 billion, rising 21.5% and surpassing StreetAccount estimates of $3.26 billion.
Current remaining performance obligations were $11.35 billion, up 21%.
Income from operations rose by 17% to $572 million.
“Q3 was an exceptional quarter, with standout performances across the board,” said president and CFO Gina Mastantuono. "Massive platform demand, combined with AI‑driven efficiencies, not only fueled fantastic results but also reinforced our ability to scale with accelerating margin expansion.”
Its fourth quarter outlook projects $3.42-3.43 billion in subscription revenue, and 23% growth in current remaining performance obligations.
4:26 pm (AEDT):
At the NYSE, location services company Garmin (GRMN) saw shares drop by 11.5% as operating expenses surged.
Earnings per share were US$1.99, stable from one year ago and beating LSEG estimates of $1.96. Net sales were $1.77 billion, up 12%.
Fitness, its largest segment, recorded a 30% revenue increase to $601.01 million, while Aviation was up 18% and Marine was up 20%. Outdoor, its second-largest, fell by 5% to $497.60 million, and Auto OEM was down 2%.
Total operating expenses increased by 15% to $590 million. Research and development expenses were up 15%, while selling, general, and administrative expenses grew by 14%. The company credited this to personnel-related costs.
Gross profit was up 10% to $1.05 billion, while operating income rose 4% to $456.80 million.
"We achieved another quarter of strong financial results with growth in both consolidated revenue and operating income, and we experienced strong double-digit revenue growth in three business segments reflecting the strength of our unique, diversified business model," said CEO Cliff Pemble.
The company raised its full-year guidance, and projects revenue around $7.10 billion and earnings per share of $8.15. Its previous earnings per share guidance was $8.00.
4:46 pm (AEDT):
And finishing with the ASX, Coles (COL) sales rose by 3.9% year-over-year last half, outpacing rival Woolworths.
Coles' sales revenue was A$10.96 billion. Woolworths' revenue was up 2.7%, it said yesterday.
While Supermarkets revenue was up 4.8% to $9.97 billion, Liquor revenue declined by 1.1% to $842 million.
“We are pleased with our performance over the quarter with Supermarket sales growth reflecting the focus we have had on value, quality and the customer experience. We continue to see positive results from our major transformation projects with availability reaching its highest levels since pre-COVID and eCommerce sales penetration reaching 13.3%," said CEO Leah Weckert.
Garry West has the full story.
Thank you for joining us today. Tomorrow, we'll see earnings from companies like Apple, Amazon, and Mastercard. See you next time!
