Wall St Engine
$ARM Q4'25 Earnings Highlights
🔹 Revenue: $1.24B (Est. $1.23B) 🟢; +34% YoY
🔹 Adj. EPS: $0.55 (Est. $0.53) 🟢; +53% YoY
🔹 Adj. Oper Income: $655M (Est. $621.8M) 🟢; +68% YoY
FY26 Guide
🔹 Revenue: $3.94B–$4.04B (Est. $4.91B) 🔴
🔹 Adj. EPS: $1.56–$1.64 (Est. $2.03) 🔴
Q1'26 Guidance
🔹 Revenue: $1.00B–$1.10B (Est. $1.10B) 🟡
🔹 Adj. EPS: $0.30–$0.38 (Est. $0.42) 🔴
🔹 Adj. OpEx: ~$625M (vs. $566M in Q4 FY25)
Other Key Metrics:
🔹 Royalty Revenue: $607M (Est. $567.7M) 🟢; +18% YoY
🔹 Licensing & Other Revenue: $634M; +53% YoY
🔹 Adj. Gross Margin: 98.4% (vs. 97.2% YoY)
🔹 Adj. Operating Margin: 52.8% (vs. 42.1% YoY)
🔹 Operating Cash Flow: $258M
🔹 Free Cash Flow (Non-GAAP): $163M
🔹 Cash & Short-Term Investments: $2.83B
🔹 R&D Headcount: +18% YoY (6,943 engineers)
CEO Rene Haas Commentary
🔸 “Arm delivered record-breaking results for both Q4 and the full fiscal year. We surpassed $1B in revenue for the first time in a quarter, driven by broad deployment of our CSS platforms across AI data center, cloud, and mobile.”
🔸 “AI is accelerating demand for energy-efficient compute. Arm is uniquely positioned to lead this shift from cloud to edge, as more software is being written first for Arm-based chips.”
Strategic & Platform Highlights
🔹 Smartphone royalty revenue +30% YoY despite <2% unit growth, driven by armv9 adoption
🔹 major wins: nvidia grace blackwell, google axion, microsoft cobalt 100
🔹 first css license signed in automotive (ev platform)
🔹 flexible access customers: 314 (up from 222 yoy)
🔹 github copilot + arm developer ai extension launched
🔹 over 8b kleidi ai installs
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$ARM Q4'25 Earnings Highlights
🔹 Revenue: $1.24B (Est. $1.23B) 🟢; +34% YoY
🔹 Adj. EPS: $0.55 (Est. $0.53) 🟢; +53% YoY
🔹 Adj. Oper Income: $655M (Est. $621.8M) 🟢; +68% YoY
FY26 Guide
🔹 Revenue: $3.94B–$4.04B (Est. $4.91B) 🔴
🔹 Adj. EPS: $1.56–$1.64 (Est. $2.03) 🔴
Q1'26 Guidance
🔹 Revenue: $1.00B–$1.10B (Est. $1.10B) 🟡
🔹 Adj. EPS: $0.30–$0.38 (Est. $0.42) 🔴
🔹 Adj. OpEx: ~$625M (vs. $566M in Q4 FY25)
Other Key Metrics:
🔹 Royalty Revenue: $607M (Est. $567.7M) 🟢; +18% YoY
🔹 Licensing & Other Revenue: $634M; +53% YoY
🔹 Adj. Gross Margin: 98.4% (vs. 97.2% YoY)
🔹 Adj. Operating Margin: 52.8% (vs. 42.1% YoY)
🔹 Operating Cash Flow: $258M
🔹 Free Cash Flow (Non-GAAP): $163M
🔹 Cash & Short-Term Investments: $2.83B
🔹 R&D Headcount: +18% YoY (6,943 engineers)
CEO Rene Haas Commentary
🔸 “Arm delivered record-breaking results for both Q4 and the full fiscal year. We surpassed $1B in revenue for the first time in a quarter, driven by broad deployment of our CSS platforms across AI data center, cloud, and mobile.”
🔸 “AI is accelerating demand for energy-efficient compute. Arm is uniquely positioned to lead this shift from cloud to edge, as more software is being written first for Arm-based chips.”
Strategic & Platform Highlights
🔹 Smartphone royalty revenue +30% YoY despite <2% unit growth, driven by armv9 adoption
🔹 major wins: nvidia grace blackwell, google axion, microsoft cobalt 100
🔹 first css license signed in automotive (ev platform)
🔹 flexible access customers: 314 (up from 222 yoy)
🔹 github copilot + arm developer ai extension launched
🔹 over 8b kleidi ai installs
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Wall St Engine
$AXON Enterprise Q1 Earnings Highlights
🔹 Revenue: $604M (Est. $586M) 🟢; +34% YoY
🔹 Adj. EPS: $1.41 (Est. $1.24) 🟢
🔹 Adj. EBITDA: $155M (Est. $138M) 🟢
FY25 Guidance
🔹 Revenue: $2.65B (Est. $2.62B) 🟢
🔹 Adj. EBITDA: $668M (Est. $660M) 🟢
🔹 CapEx: $160M–$180M
Q1 Business Segment:
🔹 Axon Cloud Revenue: $263M; +39% YoY
🔹 ARR: $1.1B; +34% YoY
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$AXON Enterprise Q1 Earnings Highlights
🔹 Revenue: $604M (Est. $586M) 🟢; +34% YoY
🔹 Adj. EPS: $1.41 (Est. $1.24) 🟢
🔹 Adj. EBITDA: $155M (Est. $138M) 🟢
FY25 Guidance
🔹 Revenue: $2.65B (Est. $2.62B) 🟢
🔹 Adj. EBITDA: $668M (Est. $660M) 🟢
🔹 CapEx: $160M–$180M
Q1 Business Segment:
🔹 Axon Cloud Revenue: $263M; +39% YoY
🔹 ARR: $1.1B; +34% YoY
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Wall St Engine
$CVNA | Carvana Q1'25 Earnings Highlights
🔹 Revenue: $4.23B (Est. $3.98B) 🟢; +38% YoY
🔹 Adj. EBITDA: $488M (Est. $434.3M) 🟢; Margin: 11.5% 🟢
🔹 Retail Units Sold: 133,898; +46% YoY 🟢
Q2'25 Outlook
🔹 Expects sequential increase in: Retail Units Sold & Adj EBITDA
🔹 Guidance implies new all-time company records on both metrics
Q1 Operational Highlights
🔸 All-time record in Retail Units Sold
🔸 Record Net Income and Adjusted EBITDA
🔸 Highest NPS score in nearly 3 years
Strategic Long-Term Target
🔹 New Management Objective: 3 million retail units/year at 13.5% Adjusted EBITDA margin within 5–10 years
CEO Commentary – Ernie Garcia
🔸 “In Q1, Carvana set a new record for retail units while also driving record profitability and hitting our highest customer net promoter score in nearly three years.”
🔸 “We are incredibly well positioned... with very clear visibility to even stronger financial performance, much larger scales, and even better customer experiences.”
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$CVNA | Carvana Q1'25 Earnings Highlights
🔹 Revenue: $4.23B (Est. $3.98B) 🟢; +38% YoY
🔹 Adj. EBITDA: $488M (Est. $434.3M) 🟢; Margin: 11.5% 🟢
🔹 Retail Units Sold: 133,898; +46% YoY 🟢
Q2'25 Outlook
🔹 Expects sequential increase in: Retail Units Sold & Adj EBITDA
🔹 Guidance implies new all-time company records on both metrics
Q1 Operational Highlights
🔸 All-time record in Retail Units Sold
🔸 Record Net Income and Adjusted EBITDA
🔸 Highest NPS score in nearly 3 years
Strategic Long-Term Target
🔹 New Management Objective: 3 million retail units/year at 13.5% Adjusted EBITDA margin within 5–10 years
CEO Commentary – Ernie Garcia
🔸 “In Q1, Carvana set a new record for retail units while also driving record profitability and hitting our highest customer net promoter score in nearly three years.”
🔸 “We are incredibly well positioned... with very clear visibility to even stronger financial performance, much larger scales, and even better customer experiences.”
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Wall St Engine
$APP | AppLovin Q1'25 Earnings Highlights
🔹 Revenue: $1.48B (Est. $1.38B) 🟢; +40% YoY
🔹 Adj. EPS: $1.67 (Est. $1.42) 🟢
🔹 Adj. EBITDA: $1.01B; +83% YoY
Strategic Update
🔸 Divestiture: AppLovin entered into a definitive agreement to sell its mobile gaming business to Tripledot Studios for: $400M in cash; ~20% ownership stake in Tripledot common equity; Deal expected to close in Q2 2025, subject to regulatory approvals
Q1 Advertising
🔹 Revenue: $1.16B; +71% YoY
🔹 Adj. EBITDA: $943M; +92% YoY
🔹 Margin: 81%
Apps (Gaming)
🔹 Revenue: $325M; -14% YoY
🔹 Adj. EBITDA: $62M; +9% YoY
🔸 Focus shift continues toward being a pure-play marketing and ad tech platform
Cash Flow & Capital Returns
🔹 Operating Cash Flow: $832M
🔹 Free Cash Flow: $826M
🔹 Share Repurchase: 3.4M shares repurchased in Q1 for $1.2B
🔹 Total Shares Outstanding: 338M (Class A + B)
CEO Commentary (Implied)
🔸 Exceptional growth driven by ad platform strength and margin expansion
🔸 Strategic realignment solidifies AppLovin as a high-growth, high-margin software business post divestiture
🔸 Capital returns reflect strong confidence in long-term trajectory
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$APP | AppLovin Q1'25 Earnings Highlights
🔹 Revenue: $1.48B (Est. $1.38B) 🟢; +40% YoY
🔹 Adj. EPS: $1.67 (Est. $1.42) 🟢
🔹 Adj. EBITDA: $1.01B; +83% YoY
Strategic Update
🔸 Divestiture: AppLovin entered into a definitive agreement to sell its mobile gaming business to Tripledot Studios for: $400M in cash; ~20% ownership stake in Tripledot common equity; Deal expected to close in Q2 2025, subject to regulatory approvals
Q1 Advertising
🔹 Revenue: $1.16B; +71% YoY
🔹 Adj. EBITDA: $943M; +92% YoY
🔹 Margin: 81%
Apps (Gaming)
🔹 Revenue: $325M; -14% YoY
🔹 Adj. EBITDA: $62M; +9% YoY
🔸 Focus shift continues toward being a pure-play marketing and ad tech platform
Cash Flow & Capital Returns
🔹 Operating Cash Flow: $832M
🔹 Free Cash Flow: $826M
🔹 Share Repurchase: 3.4M shares repurchased in Q1 for $1.2B
🔹 Total Shares Outstanding: 338M (Class A + B)
CEO Commentary (Implied)
🔸 Exceptional growth driven by ad platform strength and margin expansion
🔸 Strategic realignment solidifies AppLovin as a high-growth, high-margin software business post divestiture
🔸 Capital returns reflect strong confidence in long-term trajectory
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Quiver Quantitative
BREAKING: The Quiver Quantitative site just made an appearance in Congress.
Jasmine Crockett attacked Marjorie Taylor Greene for Palantir stock purchases.
See here: https://t.co/FEYMEaOZiR
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BREAKING: The Quiver Quantitative site just made an appearance in Congress.
Jasmine Crockett attacked Marjorie Taylor Greene for Palantir stock purchases.
See here: https://t.co/FEYMEaOZiR
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Wall St Engine
$BROS | Dutch Bros Q1'25 Earnings Highlights
🔹 Revenue: $355.2M (Est. $344.4M) 🟢; +29% YoY
🔹 Adj. EPS: $0.14 (Est. $0.11) 🟢
🔹 Oper. Income: $31.1M (Est. $26.8M) 🟢
🔹 Adj. EBITDA: $62.9M; +19.7% YoY
FY25 Guide
🔹 Revenue: $1.555B–$1.575B (Est. $1.584B) 🔴
🔹 Adj. EBITDA: $265M–$275M 🟡
🔹 Same Shop Sales Growth: 2%–4%
🔹 CapEx: $240M–$260M
🔹 Shop Openings: At least 160 total system shops
Q1 Same Shop Sales & Traffic
🔹 System Same Shop Sales: +4.7% YoY
🔹 System Transaction Growth: +1.3% YoY
🔹 Company-Operated Same Shop Sales: +6.9% YoY
🔹 Company-Operated Transaction Growth: +3.7% YoY
Q1 Operational Highlights
🔹 Total Shops Opened in Q1: 30 (25 Company-Operated)
🔹 Company-Operated Revenue: $326.4M; +31.6% YoY
🔹 Company-Operated Gross Margin: 21.9% (flat YoY)
🔹 Company-Operated Contribution Margin: 29.4% (DOWN -40 bps YoY)
🔹 Adj. SG&A: $53.5M (15.1% of revenue) vs. $40.4M YoY (14.7%)
CEO Christine Barone
🔸 “We started 2025 on a high note with 29% revenue growth and accelerating transaction trends. Our brand continues to resonate, and we’re confident in our long-term growth roadmap.”
CFO Josh Guenser
🔸 “Strong unit economics and positive transaction momentum position us to navigate macro challenges effectively. Our outlook for revenues and adjusted EBITDA is trending toward the top half of our prior ranges.”
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$BROS | Dutch Bros Q1'25 Earnings Highlights
🔹 Revenue: $355.2M (Est. $344.4M) 🟢; +29% YoY
🔹 Adj. EPS: $0.14 (Est. $0.11) 🟢
🔹 Oper. Income: $31.1M (Est. $26.8M) 🟢
🔹 Adj. EBITDA: $62.9M; +19.7% YoY
FY25 Guide
🔹 Revenue: $1.555B–$1.575B (Est. $1.584B) 🔴
🔹 Adj. EBITDA: $265M–$275M 🟡
🔹 Same Shop Sales Growth: 2%–4%
🔹 CapEx: $240M–$260M
🔹 Shop Openings: At least 160 total system shops
Q1 Same Shop Sales & Traffic
🔹 System Same Shop Sales: +4.7% YoY
🔹 System Transaction Growth: +1.3% YoY
🔹 Company-Operated Same Shop Sales: +6.9% YoY
🔹 Company-Operated Transaction Growth: +3.7% YoY
Q1 Operational Highlights
🔹 Total Shops Opened in Q1: 30 (25 Company-Operated)
🔹 Company-Operated Revenue: $326.4M; +31.6% YoY
🔹 Company-Operated Gross Margin: 21.9% (flat YoY)
🔹 Company-Operated Contribution Margin: 29.4% (DOWN -40 bps YoY)
🔹 Adj. SG&A: $53.5M (15.1% of revenue) vs. $40.4M YoY (14.7%)
CEO Christine Barone
🔸 “We started 2025 on a high note with 29% revenue growth and accelerating transaction trends. Our brand continues to resonate, and we’re confident in our long-term growth roadmap.”
CFO Josh Guenser
🔸 “Strong unit economics and positive transaction momentum position us to navigate macro challenges effectively. Our outlook for revenues and adjusted EBITDA is trending toward the top half of our prior ranges.”
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Wall St Engine
$FTNT | Fortinet Q1'25 Earnings Highlights
🔹 Revenue: $1.54B (Est. $1.54B) 🟡; +14% YoY
🔹 Adj. EPS: $0.58 (Est. $0.53) 🟢
🔹 Billings: $1.60B; +14% YoY
Q2'25 Guidance
🔹 Revenue: $1.59B–$1.65B (Est. $1.63B) 🟡
🔹 EPS: $0.58–$0.60 (Est. $0.58) 🟢
🔹 Billings: $1.685B–$1.765B
🔹 Non-GAAP Operating Margin: 31.5%–32.5%
🔹 Gross Margin: 80%–81%
FY2025 Guidance
🔹 Revenue: $6.65B–$6.85B (Est. $6.76B) 🟡
🔹 EPS: $2.43–$2.49 (Est. $2.47) 🟡
🔹 Service Revenue: $4.575B–$4.725B
🔹 Billings: $7.2B–$7.4B
🔹 Non-GAAP Operating Margin: 31.5%–33.5%
🔹 Gross Margin: 79%–81%
ARR Metrics
🔹 Unified SASE ARR: $1.15B; +26% YoY
🔹 Security Operations ARR: $434.5M; +30% YoY
Other Key Q1 Metrics:
🔹 Product Revenue: $459M; +12% YoY
🔹 Service Revenue: $1.08B; +14% YoY
🔹 GAAP Operating Margin: 29% (Record Q1)
🔹 Non-GAAP Operating Margin: 34% (Record Q1)
🔹 Free Cash Flow: $783M; +29% YoY
Profitability
🔹 GAAP Net Income: $433.4M (vs. $299.3M YoY)
🔹 Non-GAAP Net Income: $452.3M (vs. $333.9M YoY)
🔹 GAAP EPS: $0.56 (vs. $0.39 YoY)
🔹 Non-GAAP EPS: $0.58 (vs. $0.43 YoY)
Cash Flow
🔹 Operating Cash Flow: $863M
🔹 Free Cash Flow: $783M
CEO Commentary – Ken Xie
🔸 “Non-GAAP operating margin hit a Q1 record of 34%. We’re accelerating investments into Unified SASE and Security Operations while strengthening our Secure Networking leadership. Our AI-driven innovation and FortiOS integration continue to drive differentiation.”
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$FTNT | Fortinet Q1'25 Earnings Highlights
🔹 Revenue: $1.54B (Est. $1.54B) 🟡; +14% YoY
🔹 Adj. EPS: $0.58 (Est. $0.53) 🟢
🔹 Billings: $1.60B; +14% YoY
Q2'25 Guidance
🔹 Revenue: $1.59B–$1.65B (Est. $1.63B) 🟡
🔹 EPS: $0.58–$0.60 (Est. $0.58) 🟢
🔹 Billings: $1.685B–$1.765B
🔹 Non-GAAP Operating Margin: 31.5%–32.5%
🔹 Gross Margin: 80%–81%
FY2025 Guidance
🔹 Revenue: $6.65B–$6.85B (Est. $6.76B) 🟡
🔹 EPS: $2.43–$2.49 (Est. $2.47) 🟡
🔹 Service Revenue: $4.575B–$4.725B
🔹 Billings: $7.2B–$7.4B
🔹 Non-GAAP Operating Margin: 31.5%–33.5%
🔹 Gross Margin: 79%–81%
ARR Metrics
🔹 Unified SASE ARR: $1.15B; +26% YoY
🔹 Security Operations ARR: $434.5M; +30% YoY
Other Key Q1 Metrics:
🔹 Product Revenue: $459M; +12% YoY
🔹 Service Revenue: $1.08B; +14% YoY
🔹 GAAP Operating Margin: 29% (Record Q1)
🔹 Non-GAAP Operating Margin: 34% (Record Q1)
🔹 Free Cash Flow: $783M; +29% YoY
Profitability
🔹 GAAP Net Income: $433.4M (vs. $299.3M YoY)
🔹 Non-GAAP Net Income: $452.3M (vs. $333.9M YoY)
🔹 GAAP EPS: $0.56 (vs. $0.39 YoY)
🔹 Non-GAAP EPS: $0.58 (vs. $0.43 YoY)
Cash Flow
🔹 Operating Cash Flow: $863M
🔹 Free Cash Flow: $783M
CEO Commentary – Ken Xie
🔸 “Non-GAAP operating margin hit a Q1 record of 34%. We’re accelerating investments into Unified SASE and Security Operations while strengthening our Secure Networking leadership. Our AI-driven innovation and FortiOS integration continue to drive differentiation.”
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Wall St Engine
Trump’s teased “very big announcement” looks to be a Medicare drug pricing overhaul. Per Politico, he's planning to revive the "most favored nation" model—tying U.S. drug costs to lower international prices. Could be a major swing at Big Pharma ahead of Monday’s reveal. https://t.co/rwXwV8uVTA
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Trump’s teased “very big announcement” looks to be a Medicare drug pricing overhaul. Per Politico, he's planning to revive the "most favored nation" model—tying U.S. drug costs to lower international prices. Could be a major swing at Big Pharma ahead of Monday’s reveal. https://t.co/rwXwV8uVTA
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Dimitry Nakhla | Babylon Capital®
MercadoLibre $MELI Reports a Strong Q1 🎯
✅ Rev: $5.93B vs $5.52B (est) | +37% YoY
✅ EPS: $9.74 vs $8.27 (est) | +44% YoY
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🏷️ GMV: $13.3B | +17% YoY
🧾 Items Sold: 492.2M | +28% YoY
💸 Total TPV: $58.3B | +43% YoY
📲 Fintech MAU: 64.3M | +31% YoY https://t.co/kNTMzECQOj
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MercadoLibre $MELI Reports a Strong Q1 🎯
✅ Rev: $5.93B vs $5.52B (est) | +37% YoY
✅ EPS: $9.74 vs $8.27 (est) | +44% YoY
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🏷️ GMV: $13.3B | +17% YoY
🧾 Items Sold: 492.2M | +28% YoY
💸 Total TPV: $58.3B | +43% YoY
📲 Fintech MAU: 64.3M | +31% YoY https://t.co/kNTMzECQOj
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Wall St Engine
RT @wallstengine: Happy FOMC Day to those who celebrate!
The Fed’s widely expected to stay put at 2PM ET, and they'll probably do their best not to stir up any headlines during the 2:30PM press conference. https://t.co/Bmkq4DUJoK
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RT @wallstengine: Happy FOMC Day to those who celebrate!
The Fed’s widely expected to stay put at 2PM ET, and they'll probably do their best not to stir up any headlines during the 2:30PM press conference. https://t.co/Bmkq4DUJoK
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