As markets transition into the final months of 2025, the week of November 24-26 presents a crucial inflection point for investors seeking clarity on corporate performance across pivotal sectors. This earnings week encompasses 14 significant companies reporting quarterly results amid a complex macroeconomic backdrop characterized by lingering trade uncertainties, evolving artificial intelligence adoption, and divergent performance across geographies. From technology giants racing to capitalize on the AI infrastructure boom to industrial manufacturers grappling with weak commodity prices and Chinese EV makers battling intensifying competition, these reports will provide essential insights into how businesses are navigating persistent economic headwinds while positioning themselves for sustained growth.
The global economic environment entering late 2025 remains decidedly mixed, with persistent uncertainties overshadowing moderate growth narratives. In the United States, the economy continues to demonstrate resilience despite earlier predictions of pronounced slowdown. However, several headwinds warrant investor attention. Trade policy uncertainty, particularly surrounding tariff implementations and their impact on cost structures, continues to weigh on corporate guidance and margins across sectors. Additionally, while inflation has moderated from previous peaks, lingering pricing pressures in certain commodities and labor markets remain a concern.
Internationally, China's economic growth has decelerated noticeably, with property sector challenges and consumer spending weakness creating headwinds for both domestic and internationally-exposed companies. This sluggishness particularly impacts the automotive and technology sectors, where Chinese competition has intensified dramatically throughout 2025.
The technology sector has emerged as a clear bifurcation point in markets, with AI-related infrastructure investments driving exceptional momentum for companies positioned to benefit from data center buildouts, while broader enterprise software faces valuation compression amid uncertainty around spending cycles and longer sales processes.
Agilent Technologies enters its Q4 2025 earnings reporting period with significant momentum, having delivered strong Q3 results that showcased the company's successful transformation initiatives. In the company's most recent quarter ending July 31, 2025, Agilent reported revenue of $1.74 billion, representing 10.1% reported growth and 6.1% core growth year-over-year. This marks the fifth consecutive quarter of sequential core-revenue acceleration, demonstrating consistent execution of the company's Ignite Transformation initiative.
All three business segments contributed to this outperformance. The Life Sciences and Diagnostics Markets Group, the company's largest division, reported 14% reported revenue growth to $670 million, reflecting robust demand for pharmaceutical and biotech instrumentation, particularly in downstream quality assurance and quality control applications. The Agilent CrossLab Group delivered 8% reported growth to $744 million, while the Applied Markets Group recorded 7% reported growth to $324 million, buoyed by capital investments in semiconductors and advanced materials.
The company's financial position has strengthened materially. Agilent maintained a strong balance sheet with $1.54 billion in cash and cash equivalents as of July 31, 2025, and returned $552 million to shareholders through buybacks and dividends during Q3. Management raised full-year guidance, now projecting fiscal 2025 revenue between $6.91 billion and $6.93 billion (representing 6.2% to 6.5% reported growth and 4.3% to 4.6% core growth) and non-GAAP EPS of $5.56 to $5.59 per share.
Despite these achievements, investors should monitor several factors heading into the Q4 reporting. Gross margins declined 200 basis points year-over-year in Q3 to 53.1%, primarily due to currency headwinds, tariff impacts, and one-time capacity expansion costs related to the BioVectra facility. While management indicated these costs are largely behind the company, near-term margin pressure may persist. Additionally, cyclical spending patterns in academic and government research markets remain pressured by constrained funding environments in certain geographies.
Keysight Technologies has positioned itself advantageously to benefit from accelerating demand for advanced test and measurement solutions across critical end markets. The company's Q3 fiscal 2025 results, delivered in August, demonstrated the strength of this positioning, with revenue reaching $1.35 billion (up 11% year-over-year, 9% on a core basis) and non-GAAP EPS of $1.72 (up 9% year-over-year), both surpassing guidance.
The company's performance across both business segments underscores broad-based strength. The Communications Solutions Group delivered $940 million in revenue, up 11% year-over-year, benefiting from exceptional demand for AI data center infrastructure testing and aerospace and defense programs. The Electronic Industrial Solutions Group generated $412 million in revenue, also up 11% year-over-year, supported by semiconductor testing demand and industrial equipment applications.
Operating leverage improved notably, with operating margins expanding to 25% (up 60 basis points year-over-year) despite inflationary pressures. Orders grew 7% year-over-year to $1.34 billion, with a strong $2.4 billion backlog providing exceptional visibility into Q4 and beyond. Nine-month revenue totaled $3.96 billion, up 7% year-over-year.
Keysight raised full-year fiscal 2025 guidance, now expecting total revenue of approximately $5.3 billion (representing 7% year-over-year growth). The company's strategic positioning in high-growth markets including AI infrastructure, aerospace and defense, and advanced semiconductor testing positions it well for sustained outperformance, though geopolitical tensions and potential trade restrictions could impact certain end markets.
Symbotic represents a unique investment case built on the foundation of exceptional future revenue visibility provided by its massive backlog. The company is expected to report Q4 2025 earnings (for the quarter ended September 30, 2025) on Monday, November 24, with analyst consensus expecting revenue of approximately $600.2 million (representing 4.1% year-over-year growth) and EPS of $0.07 (up 40% year-over-year).
The company's financial trajectory has improved materially, reflecting enhanced deployment execution and margin expansion. Symbotic maintains a staggering $22.4 billion backlog as of Q3 2025, representing approximately 11% revenue visibility within the next twelve months and 56% within the 13 to 60-month window. This backlog provides unprecedented revenue visibility and enables the company to optimize manufacturing processes and negotiate favorable supplier arrangements.
Financial performance has strengthened as deployment efficiency improved. Gross margins have expanded substantially, and the company achieved positive free cash flow in recent quarters after years of losses. The GAAP net loss has contracted from $122 million in fiscal 2021 to $21 million in Q2 2025, demonstrating a clear trajectory toward profitability. Software licensing and maintenance services, which carry margins exceeding 65%, have doubled year-over-year, providing a crucial diversification toward higher-margin recurring revenue streams.
However, investors should acknowledge several risks. Symbotic's business model depends critically on timely execution of complex warehouse automation deployments, and any delays in system installations could impact revenue recognition and backlog conversion. Additionally, the company remains highly dependent on major customers, with Walmart representing a significant portion of its business. Supply chain disruptions, geopolitical tensions, and potential customer bankruptcy represent tail risks that warrant monitoring.
Zoom Communications enters its Q3 2025 earnings report scheduled for Monday, November 24 (after market close) with a complex narrative. The video conferencing pioneer has demonstrated remarkable consistency in beating revenue expectations, with a historical average beat rate of 1.2% over the past two years. For Q3 2025, analyst consensus expects revenue of approximately $1.21 billion (representing 3.1% year-over-year growth) and EPS of $1.44.
The company's Q2 2025 performance provided modest encouragement for the coming report. Zoom exceeded revenue expectations with $1.22 billion (up 4.7% year-over-year), beating analyst EBITDA estimates and delivering full-year guidance that exceeded expectations. The company added 82 enterprise customers paying more than $100,000 annually to reach a total of 4,274, demonstrating continued penetration in the high-value segment.
However, investors have consistently expressed skepticism regarding Zoom's growth narrative, and the stock reflects this caution, having declined 6.2% over the past month compared to a more modest decline in video conferencing peers. Market concerns center on several issues: sluggish enterprise customer expansion despite strong absolute numbers, elevated market saturation in core conferencing markets, macroeconomic uncertainty dampening corporate IT spending, and the company's historical pattern of issuing cautious forward guidance despite operational outperformance.
For Q3 2025, investors should focus on several key metrics: the trajectory of enterprise customer net additions (expectations remain modest at mid-single-digit percentage growth), any commentary regarding average revenue per user trends (particularly critical as non-GAAP metrics suggest pricing pressure), and guidance clarity for the remainder of fiscal 2025. The company's ability to drive revenue beyond single-digit growth rates through adjacent markets remains a crucial investment consideration.
Alibaba enters its September quarter 2025 earnings report with considerable uncertainty, as the company faces structural headwinds that have not yet translated into analyst consensus revisions. Management will report results before the U.S. market opens on Tuesday, November 25, with a subsequent earnings conference call at 7:30 a.m. U.S. Eastern Time.
The company's Q1 fiscal 2026 results (June quarter 2025) revealed concerning trends beneath headline growth figures. Total revenue reached CNY 247.7 billion (approximately $34.8 billion), representing 2% year-over-year growth that disappointed consensus expectations of CNY 252.9 billion. While this marked a deceleration from previous quarters, more troubling was the divergence between revenue growth and earnings growth in key segments.
China e-commerce, the company's largest profit contributor, generated CNY 140 billion in revenue (up 10% year-over-year), suggesting revenue acceleration. However, adjusted segment earnings plummeted 21% year-over-year, reflecting heavy investments in instant commerce (a competitive response to aggressive competitors like Dou Shan) and intensifying price competition. These dynamics have compressed profitability and raised questions regarding the sustainability of aggressive investment strategies.
Alibaba's cloud business, increasingly critical to long-term growth narratives, decelerated noticeably. Cloud revenue grew only 4.3% sequentially (quarter-over-quarter), totaling approximately CNY 3.1 billion, representing an 18% year-over-year increase but a marked slowdown from prior growth trajectories. While the company continues to invest heavily in AI infrastructure and advanced computing capabilities, near-term monetization has proven challenging amid competitive dynamics.
Cash generation deteriorated materially, with operating cash flow declining 39% year-over-year to CNY 20.7 billion ($2.9 billion) in Q1 FY2026. Free cash flow actually reversed to an outflow of CNY 18.8 billion, compared to an inflow of CNY 17 billion in the prior-year period, reflecting the strain of AI investments and competitive spending initiatives.
For the September quarter earnings, investor focus should center on: revenue growth trends across core commerce and cloud segments, margin progression in competitive markets, cash generation and capital allocation priorities, and management commentary regarding the competitive intensity and path to sustainable profitability.
Analog Devices stands positioned as a significant beneficiary of the enterprise AI infrastructure buildout and broad-based demand recovery across industrial and communications markets. The company is scheduled to report Q4 fiscal 2025 results on Tuesday, November 25, with analyst consensus expecting EPS of $2.22 (representing 32.9% year-over-year growth) and revenue of $3.01 billion (representing 23.2% year-over-year growth).
The company's recent earnings trajectory demonstrates consistent outperformance. In Q3 fiscal 2025 (ended July 31, 2025), Analog Devices reported revenue of $2.88 billion (up 24.6% year-over-year) and non-GAAP EPS of $2.05, beating analyst expectations of $1.95 by $0.10. This represents the fifth consecutive quarter of solid execution in what has been an exceptionally strong cyclical period for analog and mixed-signal semiconductors.
Segment performance reveals balanced growth across multiple end markets. The communications segment has delivered exceptional results, benefiting from data center buildouts and 5G infrastructure investments. The industrial segment continues to expand, driven by increasing capital investments in automation, healthcare systems, aerospace and defense applications, and energy management solutions. The consumer segment, often viewed as the weakest link during cyclical downturns, has demonstrated resilience with expected year-over-year growth of approximately 12.9%, reflecting strength in smartphones, gaming devices, hearables, and wearables.
Management guidance for Q4 fiscal 2025 projects revenue between $2.9 billion and $3.1 billion (compared to consensus of $3.01 billion), with non-GAAP EPS guidance of $2.12 to $2.32 (consensus of $2.22). These ranges suggest management confidence in near-term demand while acknowledging geopolitical uncertainties and potential macro headwinds.
Investors should focus on segment performance disclosure, particularly whether the industrial segment continues to demonstrate the resilience that characterized Q3 results. Additionally, management commentary regarding AI-driven demand, geopolitical risks, and supply chain normalization will provide crucial context for forward guidance.
Dell Technologies enters Q3 fiscal 2026 earnings on Tuesday, November 25 (after market close) as the primary infrastructure beneficiary of enterprise AI spending. The company has delivered exceptional results in fiscal 2026 to date, with record revenue achievements driven by unprecedented AI server demand. Analyst consensus expects Q3 fiscal 2026 EPS of $1.97 (representing 24.68% year-over-year growth) and revenue of $27.29 billion (representing 11.99% year-over-year growth).
The company's Q2 fiscal 2026 results (quarter ended July 31, 2025) established the exceptional momentum entering Q3 reporting. Dell delivered record revenue of $29.8 billion (up 19% year-over-year) and record Infrastructure Solutions Group (ISG) revenue of $16.8 billion (up 44% year-over-year). Most impressively, servers and networking revenue reached $12.9 billion, representing 69% year-over-year growth, driven by $8.2 billion in AI server shipments during the quarter. Combined with Q1 fiscal 2026 AI shipments, Dell shipped $10 billion of AI solutions in the first half of fiscal 2026, already surpassing all AI shipments in fiscal 2025.
The AI order pipeline and backlog provide exceptional visibility. Dell ended Q2 fiscal 2026 with an AI backlog of $11.7 billion, providing strong Q3 visibility, while the AI order pipeline continues to expand with double-digit growth in enterprise and sovereign opportunities across financial services, healthcare, manufacturing, and other verticals.
However, investors should acknowledge near-term margin pressures. ISG operating margin contracted to 8.8% in Q2 from 11% in Q2 FY2025, reflecting aggressive Blackwell GPU deployment pricing, one-time supply chain expenses, and competitive dynamics. While management attributed these pressures to temporary factors and noted that value engineering, scaling benefits, and improved enterprise mix should restore profitability in H2 fiscal 2026, this remains a critical monitoring point.
Management raised full-year FY2026 guidance, now projecting revenue of $105 billion to $109 billion (representing approximately 12% at the midpoint) and raising AI server shipment guidance from $15 billion+ to $20 billion. For Q3, the company guided revenue to $26.5 billion to $27.5 billion (+11% YoY at midpoint) with non-GAAP EPS of approximately $2.45 at midpoint.
Autodesk enters Q3 fiscal 2026 earnings scheduled for Tuesday, November 25 with a strong track record of execution and strategic positioning in high-growth markets. Analyst consensus expects revenue of approximately $1.81 billion (representing 15.07% year-over-year growth) and EPS of $1.403 (representing 10.44% year-over-year growth).
The company's Q2 fiscal 2026 performance (ended July 31, 2025) demonstrated the strength of its AI-driven strategy and cloud platform investments. Autodesk delivered total revenue of $1.763 billion (up 17% year-over-year), non-GAAP EPS of $2.62 (up 22% year-over-year), and billings growth of 36% to $1.678 million, reflecting exceptional subscription renewal strength and multi-year contract commitments.
The Architecture, Engineering, Construction, and Operations (AECO) segment continues as the primary growth driver, delivering $878 million in revenue (up 23% year-over-year), fueled by capital investments in data centers, critical infrastructure, and industrial buildings. This segment's strength reflects broader structural demand for sophisticated design and simulation software in an era of accelerating infrastructure modernization.
Management raised fiscal 2026 guidance to $6.95 billion to $7.05 billion in revenue and $9.80 to $9.98 in non-GAAP EPS, demonstrating confidence in sustained momentum. Recurring revenue represents 98% of total revenue, providing exceptional revenue visibility, while backlog and remaining performance obligations (RPO) grew 24% to $7.297 billion, offering strong forward guidance.
For Q3 earnings, investors should focus on AECO segment trajectory given its outsized contribution to growth, subscription renewal rates and dollar-based net retention metrics (indicative of expansion within existing accounts), and any commentary regarding Project Bernini (the company's generative AI design initiative) and its commercial progress.
Workday enters Q3 fiscal 2026 earnings on Tuesday, November 25 with investor expectations of a continued strong performance in the enterprise human capital management (HCM) software market. Analyst consensus projects revenue of approximately $2.42 billion (representing 11.92% year-over-year growth) and EPS of $0.875 (representing 21.46% year-over-year growth).
Workday's recent quarterly results have demonstrated consistent execution. In Q2 fiscal 2026 (ended July 31, 2025), the company reported non-GAAP EPS of $2.21, meaningfully exceeding analyst expectations of $1.59 by 38.99%, marking yet another quarter of outsized earnings surprise. Revenue growth has remained solid in the mid-teens range, while subscription revenue continues to represent the overwhelming majority of total revenue.
The company has successfully positioned itself as a leader in cloud-native HCM and financial management solutions, capturing exceptional share of enterprise spending as organizations modernize away from legacy systems. The company's strong net retention metrics and expansion revenue indicate successful land-and-expand motions within enterprise accounts.
However, investors should acknowledge valuation pressures. Workday currently trades at approximately 45 times trailing earnings, substantially above the industry average of 30 times, reflecting elevated expectations embedded in the current stock price. Additionally, macro uncertainty regarding enterprise software spending cycles and longer sales processes has created investor caution around high-growth SaaS names.
For Q3 earnings, investor focus should center on subscription revenue growth, net retention rates (critical indicators of expansion momentum), customer additions, and any changes to forward guidance that might suggest near-term macro impact.
Zscaler enters Q1 fiscal 2026 earnings scheduled for Tuesday, November 25 (after market close) as a leader in Zero Trust security architecture adoption and cloud-native security service edge (SSE) platforms. Analyst consensus expects revenue of approximately $773.86 million (representing 23.24% year-over-year growth) with mixed earnings expectations reflecting historical profitability challenges.
The company's Q4 fiscal 2025 results, reported in early September 2025, provided remarkable encouragement for continued momentum. Zscaler delivered revenue of $719.23 million (up 21.3% year-over-year), beating consensus expectations of $707.15 million, and non-GAAP EPS of $0.89, substantially exceeding consensus expectations of $0.47 by 89.36%. This represented the company's consistent pattern of operational outperformance.
Zscaler's positioning as a leader in the rapidly expanding Zero Trust security market remains compelling. The company's Zero Trust Exchange platform processes over 500 billion transactions daily, protecting some of the world's largest organizations. Its pure cloud-native architecture, absence of hardware appliances, and "no VPN" positioning resonate strongly with enterprises modernizing security infrastructure toward distributed architectures supporting hybrid workforces.
Industry tailwinds remain powerful. Zscaler reported that 81% of organizations are planning to adopt zero-trust architectures within the next year, while 65% plan to replace legacy VPNs within twelve months. These trends suggest sustained demand visibility for the coming years.
However, investors should note that Zscaler continues to operate under a net loss position on a GAAP basis, despite substantial non-GAAP profitability. Additionally, the company faces intensifying competition from point-solution security vendors and broader enterprise security vendors incorporating Zero Trust capabilities. Valuation multiples, while lower than peak levels, remain elevated relative to broader market metrics.
HP enters Q4 fiscal 2025 earnings on Tuesday, November 25 (after market close) with bifurcated business performance characteristics. Analyst consensus expects revenue of approximately $14.497 billion (representing 6.87% year-over-year growth) and EPS of $0.92 (representing a 1.1% year-over-year decline from prior-year EPS of $0.93).
HP's Q3 fiscal 2025 results revealed the stark contrast between its personal systems business and traditional printing operations. Personal Systems revenue reached $9.9 billion (up 6% year-over-year), driven by robust demand for AI-enabled personal computers and the Windows 11 refresh cycle. The segment benefited from 8% consumer PC growth and 5% commercial PC growth, with AI PC shipments representing approximately 15% of total shipments in early 2025 and projected to reach 25% by year-end. Premium product mix expansion and strong average selling prices supported operating margins of 5.4%.
In contrast, Printing revenue declined 3.8% year-over-year in Q3 fiscal 2025, with consumer printing down 8% and commercial printing down 3%, reflecting structural market saturation, reduced office utilization, and limited demand catalysts in traditional printing hardware markets. Hardware unit shipments fell 9% year-over-year, indicating broadly soft demand across consumer and office segments.
For Q4 fiscal 2025, investors should anticipate seasonal strength in printing operations given year-end purchasing patterns, though absolute printing demand remains soft. Personal Systems should continue to benefit from AI PC adoption and Windows 11 refresh cycles, though consumer economic uncertainty may moderate growth rates.
Full-year free cash flow remains projected between $2.6 billion and $3.0 billion, demonstrating continued cash generation despite operational pressures and tariff-related costs. Management has implemented strategic cost actions, including Vietnam and India production shifts, that have stabilized margins.
NIO enters Q3 2025 earnings reporting before the U.S. market opens on Tuesday, November 25, with notably improved operational dynamics and emerging signs of recovery. The company achieved record vehicle deliveries of 87,071 units in Q3 2025 (ended September 30), representing 40.77% year-over-year growth and 20.84% quarter-over-quarter growth, though deliveries came near the lower end of guidance (87,000-91,000 units).
Management guided Q3 2025 revenue between RMB 21.81 billion ($3.05 billion) and RMB 22.88 billion ($3.19 billion), representing 16.8% to 22.5% year-over-year growth compared to the prior year. This revenue guidance at current vehicle deliveries suggests stable to potentially improving average selling prices, a crucial metric in China's brutally competitive EV market.
Particularly encouraging has been the performance of NIO's new product initiatives. The company's newest ES8 SUV, launched on September 20, 2025, achieved a remarkable 10,000 deliveries in just 41 days, establishing a new record for pure-electric vehicles priced above CNY 400,000 ($56,200) in China. The company raised ES8 production capacity by 70% for November and expects to reach 15,000 units per month by December, suggesting sustained demand traction.
NIO's organizational restructuring has also improved execution. The company now operates multiple brand portfolios—Nio main brand, Onvo (mass-market), and Firefly (ultra-affordable)—each targeting distinct market segments. In Q3 2025, Onvo contributed 37,656 units (exceeding Nio main brand deliveries of 36,928 units for the first time), while Firefly delivered 12,487 units, demonstrating successful portfolio diversification.
Management previously indicated confidence in achieving first quarterly non-GAAP profitability in Q4 2025, contingent on achieving approximately 50,000 vehicles per month. Recent deliveries and production capacity expansions suggest this target remains achievable, though China's macro environment and competitive dynamics warrant caution.
For Q3 earnings, investors should focus on: average selling price progression (indicating whether NIO can maintain pricing power despite competitive discounting), gross margin metrics, cash burn rates, and any updated profitability guidance for Q4.
Li Auto enters Q3 2025 earnings reporting before the U.S. market opens on Wednesday, November 26, with substantially weakened fundamentals and significant operational challenges. The company delivered 93,211 vehicles in Q3 2025 (within guidance of 90,000-95,000 units), but this represented 39.01% year-over-year decline and 16.08% quarter-over-quarter decline, continuing a deteriorating trend throughout 2025.
Management guided Q3 2025 revenue between RMB 24.8 billion ($3.5 billion) and RMB 26.2 billion ($3.7 billion), representing 42.1% to 38.8% year-over-year decline compared to the prior year quarter. This guidance reflects both lower vehicle volumes and potential average selling price pressure amid intense competitive dynamics.
Li Auto's challenges have multiplied across multiple dimensions. October 2025 deliveries declined 38.25% year-over-year to 31,767 units, marking five consecutive months of significant year-over-year declines. All four of Li Auto's extended-range electric vehicle (EREV) models experienced monthly deliveries plummeting over 60% year-over-year in October, despite new model launches (Li i6 and Li i8).
A significant operational challenge emerged with the company's recall of 11,411 units of 2024 Li Mega MPVs due to battery fire risks. Analysts estimated this recall could reduce profits by approximately RMB 1.14 billion (approximately $160 million), with the negative impact potentially extending into Q4 2025 and Q1 2026 as customer sentiment deteriorated.
Additional headwinds include new Chinese export licensing requirements effective January 1, 2026, that require EV makers to obtain explicit export authorization, potentially constraining Li Auto's international expansion strategy. Furthermore, China's macro environment remains characterized by weak consumer sentiment and aggressive price competition, with leading competitor Xiaomi aggressively undercutting rivals in the EV market.
For Q3 earnings, investors should focus on: average selling price trends, gross margin metrics, any updates to full-year guidance, profitability trajectory, and management commentary regarding Q4 2025 and international expansion strategy.
Deere & Company enters Q4 fiscal 2025 earnings scheduled for Wednesday, November 26 (before market opening at 6:25 a.m. ET) amid persistent headwinds in agricultural and construction equipment markets. Analyst consensus expects EPS of approximately $3.83 to $3.96 (representing 12.9% to 15.73% year-over-year decline) and revenue of approximately $9.81 billion to $9.99 billion (representing 5.75% to 7.7% year-over-year growth).
Deere's Q3 fiscal 2025 results (ended July 31, 2025) provided a cautionary note regarding profit trajectory. The company reported net income of $1.29 billion or $4.75 per share (down from $1.73 billion or $6.29 per share in Q3 FY2024), as Q3 revenue declined 9% year-over-year to $12.01 billion. While results exceeded consensus expectations, the bottom-line deterioration reflected significant pressure across the company's portfolio.
The company faces a constellation of challenging factors. Farmer profitability has deteriorated markedly due to persistently low commodity prices, elevated input costs, and tighter margins, creating significant demand headwinds for new equipment purchases. Elevated metal tariffs are reducing company profitability by hundreds of millions of dollars annually. Interest rates remain elevated, constraining farmer access to capital for equipment purchases. Additionally, elevated used equipment inventory levels continue to suppress new equipment demand as farmers pursue less capital-intensive strategies.
Management previously guided full-year fiscal 2025 net income to be in the range of $4.75 billion to $5.25 billion, representing a material decline from prior-year guidance. The Production & Precision Agriculture segment, Deere's largest, faces particular headwinds, with analyst consensus projecting Q4 revenue to decline 0.8% year-over-year as price realization gains offset by rising production costs and reduced shipment volumes. The Small Agriculture & Turf segment, meanwhile, is expected to decline 8.6% year-over-year with operating profit projected to fall 46.9%.
However, Deere maintains competitive differentiation through premium technology, strong dealer relationships, and diversified end markets. The Construction & Forestry segment is projected to deliver 23.7% revenue growth in Q4, providing some earnings offset. Management emphasized that Q3 results exceeded expectations, continuing a pattern of outperformance versus analyst consensus.
For Q4 earnings, investors should focus on: segment performance trends, any commentary regarding farmer sentiment improvement or deterioration, tariff impact quantification, and full-year guidance revision likelihood.
Tickeron is a financial technology company specializing in the development of AI-powered trading tools designed to enhance market analysis and decision-making processes. Founded by a team of Ph.D. mathematicians and quantitative analysts, Tickeron integrates artificial intelligence with traditional financial analysis to provide a comprehensive suite of tools for traders and investors.
Key offerings include:
Tickeron's platform also features Virtual Accounts, which allow users to simulate trading strategies with advanced risk management features, such as adjustable position sizing and hedging options. These tools are designed to accommodate various trading styles, from day trading to long-term investing.
By combining AI technology with financial expertise, Tickeron aims to provide accessible and sophisticated trading solutions that support informed decision-making in dynamic market environments.
The earnings week of November 24-26, 2025, encompasses a diverse collection of companies experiencing vastly different cyclical and structural conditions. Several clear thematic patterns emerge that warrant careful investor consideration.
AI Infrastructure Strength Persists: DELL, ADI, and KEYS continue to benefit from exceptional enterprise demand for AI infrastructure, with backlogs and order pipelines providing multi-quarter visibility. This strength appears durable given the fundamental competitive dynamics driving enterprise AI investments and the geographically distributed nature of demand.
Technology Software Showing Bifurcation: While ADSK benefits from infrastructure modernization in AECO markets and WDAY maintains HCM software strength, valuation compression in the sector and macro uncertainty are beginning to impact investor sentiment. ZS benefits from strong structural trends in Zero Trust adoption despite profitability challenges.
Industrial and Agricultural Cyclical Weakness: DE faces significant headwinds from weak farmer confidence, low commodity prices, and tariff impacts, suggesting near-term earnings pressure and potentially muted growth. However, tariff pricing power and construction segment strength provide modest offset.
Chinese Markets Under Pressure: Both BABA and Chinese EV makers NIO and LI face intense competitive dynamics, margin pressure, and macro weakness. While NIO shows tentative signs of recovery, LI faces mounting operational challenges.
Momentum Continues in Secular Growth Names: A and SYM demonstrate resilience and execution excellence, though ZM faces investor skepticism despite strong operational performance.
The November 24-26, 2025 earnings week represents a critical juncture for understanding corporate adaptation to a complex macroeconomic environment. Success will likely be determined by companies' ability to maintain pricing discipline while managing cost pressures, capitalize on structural secular trends (particularly AI infrastructure and software transformation), and navigate geopolitical uncertainties affecting supply chains and end-market demand. Investors should approach the week with differentiated expectations across these companies, recognizing that divergent outcomes will likely emerge reflecting fundamentally different competitive dynamics, cyclical positioning, and strategic execution capabilities.