As the final quarter of 2025 unfolds, the week of October 27-28 presents a pivotal earnings landscape across diverse sectors spanning healthcare, technology, financial services, and infrastructure. These quarterly reports arrive at a critical juncture where the U.S. economy demonstrates resilience with 3.8% GDP growth in Q2 2025, even as challenges persist from a cooling labor market and persistent inflation hovering at 2.9%. The Federal Reserve's recent rate cut to 4.00%-4.25% signals a shift toward supporting employment while managing price pressures, creating a complex backdrop for corporate earnings. Investors will scrutinize these results for insights into how businesses are navigating this environment and positioning for sustainable growth through year-end and beyond.
The economic climate entering the final stretch of 2025 remains characterized by mixed signals. Following a modest first-quarter contraction, the U.S. economy rebounded strongly with 3.8% GDP growth in Q2, driven primarily by robust consumer spending and exports. However, significant headwinds persist. The Bureau of Labor Statistics' benchmark revision revealed that job growth from March 2024 to March 2025 was overestimated by 911,000 jobs—the largest downward adjustment on record—underscoring considerable cooling in the labor market.
Inflation continues above the Federal Reserve's 2% target, reaching an annual rate of 2.9% in recent readings, fueled by rising shelter, food, and energy costs. This persistent price pressure adds complexity to the Fed's efforts to engineer a soft landing. The central bank's September rate cut of 0.25 percentage points marked a pivot toward addressing employment concerns, with additional cuts potentially coming before year-end.
For Q3 2025, analysts project 8.0% year-over-year earnings growth for the S&P 500—marking the ninth consecutive quarter of expansion. This optimism is heavily driven by technology sector performance, particularly AI-related investments, while other sectors face more modest growth prospects. Companies reporting this week will provide essential clarity on whether these elevated expectations can be met amid the current economic crosscurrents.
Monday: Welltower (WELL)
Welltower enters Q3 2025 earnings from a position of considerable strength, with analysts anticipating earnings per share of $1.30 and revenue of $2.7 billion, representing a substantial 31.1% year-over-year increase. The healthcare REIT has raised its Funds From Operations (FFO) guidance for 2025 to $5.10 per share, driven by strong Net Operating Income growth and an impressive $9.2 billion in acquisitions.
The company's strategic positioning capitalizes on powerful demographic tailwinds. With a diversified portfolio comprising 2,391 in-place properties across senior housing, medical office, and skilled nursing/post-acute care sectors spanning the United States, Canada, and the United Kingdom, Welltower benefits from the accelerating aging of the population and rising healthcare expenditures among older adults. The 80-plus cohort's growing needs create sustained demand for senior housing, while limited new supply fosters a favorable operating environment.
Recent performance has been exceptional, with Q2 2025 producing $1.28 in earnings per share—vastly exceeding the $0.49 estimate by 161%. This marked a year-over-year revenue increase of 39.6% to $2.55 billion. The company's senior housing operating segment has seen significant same-store NOI growth, benefiting from strong occupancy levels and pricing power. Welltower's market capitalization now stands at approximately $119 billion, cementing its status as the dominant player in healthcare REITs.
The upcoming earnings release will reveal how Welltower's major acquisitions, including the purchase of NorthStar Healthcare Income REIT for approximately $900 million, are contributing to portfolio growth. Investors will focus on occupancy trends, same-store NOI expansion, and management's outlook for the remainder of 2025 and into 2026.
Monday: Cadence Design Systems (CDNS)
Cadence Design Systems stands at the epicenter of the AI revolution transforming semiconductor design. The electronic design automation leader is expected to report earnings of $1.79 per share on revenue of $1.32 billion for Q3 2025, representing 9.1% and 5.6% year-over-year growth respectively. Management guidance projects revenues between $1.305 billion and $1.335 billion, with non-GAAP EPS ranging from $1.75 to $1.81.
The company has demonstrated remarkable consistency, beating earnings estimates in each of the trailing four quarters with an average surprise of 6.9%. This performance reflects Cadence's strategic positioning amid unprecedented AI-driven demand. Design activity across data centers, automotive, and hyperscale computing remains robust, with customers significantly increasing R&D budgets in AI-driven automation. The company's Cadence.AI portfolio, powered by autonomous silicon agents and built on the JedAI platform using NVIDIA accelerated compute capacity, positions it to capture substantial value from the AI super cycle.
Recent product launches strengthen Cadence's competitive position. In Q3, the company introduced Cerebrus AI Studio, an agentic AI multi-block and multi-user SoC design platform, alongside the Millennium M2000 AI Supercomputer. These innovations address the escalating complexity of next-generation AI and agentic-AI products. Collaborations with technology giants including Qualcomm, NVIDIA, Taiwan Semiconductor Manufacturing, Intel, and Arm Holdings further cement Cadence's role in advancing semiconductor capabilities.
Two major acquisitions will shape future performance. In September, Cadence signed a definitive agreement to acquire Hexagon AB's Design & Engineering division, including MSC Software, for €2.7 billion (70% cash, 30% stock), expected to close in Q1 2026. Additionally, the August completion of acquiring Arm's Artisan foundation IP business—covering standard cell libraries, memory compilers, and GPIOs optimized for advanced process nodes—strengthens Cadence's design IP portfolio. With a current backlog of $6.4 billion and current-remaining performance obligations of $3.1 billion, the company enters Q3 reporting with considerable revenue visibility.
Monday: NXP Semiconductors (NXPI)
NXP Semiconductors faces a transitional quarter as automotive markets stabilize and communication infrastructure softness persists. Analysts project earnings of $3.12 per share on revenues of $3.16 billion, representing year-over-year declines of 9.6% and 2.8% respectively. Management guidance anticipates Q3 revenues between $3.05 billion and $3.25 billion, with non-GAAP EPS ranging from $2.89 to $3.30.
The company's automotive segment, which drives substantial revenue, confronts mixed dynamics. Slower recovery among European car OEMs and ongoing inventory normalization at Tier 1 customers create headwinds, with revenue from automotive applications estimated around $1.8 billion—essentially flat year-over-year. However, positive demand momentum across China and Asia Pacific regions provides partial offset. NXP's strong positioning in automotive clusters, powertrains, infotainment systems, and radar applications ensures the company remains integral to the automotive electronics ecosystem.
The Industrial & IoT segment faces challenges, with revenues projected at $512 million, down 9.1% year-over-year, reflecting softer global manufacturing PMIs and cautious outlooks from major Western automakers. Communications Infrastructure presents the most significant headwind, with faster-than-expected shifts to gallium nitride products and weaker base station deployments pushing segment revenues to an estimated $411.8 million, down 8.7% year-over-year.
Despite near-term pressures, NXP maintains structural advantages. The 2015 acquisition of Freescale Semiconductor established dominant market share in automotive semiconductors, while the company's high-performance mixed-signal products remain essential across multiple end markets. The company has consistently exceeded EPS and revenue forecasts 88% of the time over the past two years, demonstrating execution capabilities even in challenging environments. Recent analyst activity shows 17 upward EPS revisions and 24 for revenue, suggesting growing confidence as the quarter progresses.
Monday: Celestica (CLS)
Celestica exemplifies the surging demand for AI infrastructure and data center equipment. The electronics manufacturing services provider is expected to report revenues of $4.22 billion with earnings of $1.82 per share for Q3 2025. The company has delivered exceptional performance, with Q2 2025 revenues reaching $4.05 billion—exceeding analyst estimates by $0.31 billion—and earnings of $2.55 per share surpassing forecasts of $1.48 per share by 72%. Following that announcement, shares jumped 2.05%.
The AI boom drives Celestica's momentum. With enterprises, healthcare providers, financial institutions, retailers, and automotive companies rapidly incorporating data-intensive AI applications, demand for power-efficient and highly scalable hardware solutions continues accelerating. Celestica has strategically expanded its offerings through innovation and partnerships with industry leaders including AMD and Broadcom, positioning itself to capture value across the AI value chain. Demand remains particularly robust in Enterprise, Communication, and across the company's hyperscale portfolio.
Geopolitical considerations enhance Celestica's competitive position. With operations spanning 16 countries globally, the company's diversified manufacturing network and resilient supply chain effectively mitigate tariff-related uncertainties and territorial restrictions affecting the worldwide supply chain. This geographical flexibility, combined with robust inventory management practices, provides operational advantages that competitors struggle to match.
During Q3, Celestica introduced the SC6110, a next-generation 2U dual-node, all-flash storage controller engineered to support mission-critical enterprise applications, demonstrating continued product innovation. The company's disciplined capital management, focus on margin expansion, and healthy demand across segments position it to generate strong free cash flow. Analysts have steadily raised projections, with revenue estimates increasing from $15.31 billion to $16.21 billion for full-year 2025, and earnings forecasts rising from $5.67 to $6.86 per share over the past 90 days.
Monday: Waste Management (WM)
Waste Management approaches Q3 2025 earnings as the largest integrated solid and medical waste services provider in the United States, with analysts projecting earnings of $2.01 per share on revenues of $6.5 billion—representing 2.6% and 15.9% year-over-year growth respectively. The company operates 262 active landfills, approximately 506 solid and medical waste transfer stations, and 105 recycling facilities, serving residential, commercial, industrial, and medical end markets with a current market capitalization of $86.47 billion.
Waste Management's competitive advantages center on significant pricing power derived from high barriers to landfill entry and disciplined capital allocation. The company has historically demonstrated the ability to maintain core pricing strength even amid rising labor and fuel expenses. Revenue growth is expected to be particularly strong this quarter due to the recent $7.2 billion acquisition of Stericycle, which opens access to the regulated medical waste sector and supports long-term expansion objectives. Successful integration of this acquisition and achievement of anticipated synergies will be critical for sustaining earnings growth while managing the temporary increase in leverage.
The company's operational metrics reveal steady momentum. Waste Management has demonstrated consistent revenue growth with a 3-year revenue growth rate of 8.9%, while maintaining robust profitability with a 17.88% operating margin and 11.36% net margin. Internal revenue growth is projected at 4.9% as a percentage of total company revenues, demonstrating organic expansion capabilities. The company has surpassed EPS forecasts in 75% of quarters over the past two years, though revenue predictions have been exceeded only 38% of the time.
Strategic investments in sustainability initiatives position Waste Management for future growth. The continued rollout of new recycling facilities and renewable natural gas (RNG) facilities underscores management's push toward higher-margin sustainability services. These investments should help offset persistent cost pressures from rising fuel and labor expenses that challenge margin expansion. Investors will focus intently on whether robust pricing power can continue offsetting inflationary headwinds and whether the Stericycle integration is proceeding according to plan.
Monday: Nucor (NUE)
Nucor Corporation enters Q3 2025 earnings amid challenging conditions for the domestic steel industry. Analysts anticipate earnings of $2.16 per share on revenues of $8.16 billion, reflecting 45.0% and 9.5% year-over-year growth respectively. However, management guidance issued in September projected third-quarter earnings between $2.05 and $2.15 per diluted share, with expectations for declining earnings across all three operational segments compared to the previous quarter.
The U.S. steel market faces significant headwinds. Following the Trump administration's imposition of 25% tariffs on all steel imports in March 2025—subsequently doubled to 50% in early June—hot-rolled coil prices initially spiked near $950 per short ton. However, the anticipated sustained price rally failed to materialize. Cautious buying behavior, weakening overall demand, and surplus steel mill production have driven HRC prices down to approximately $800 per short ton. The steel mills segment is expected to see reduced earnings due to lower production volumes and margin compression, despite relatively stable selling prices estimated around $1,041 per ton.
The steel products segment faces its own challenges, with expectations for decreased earnings resulting from rising average costs per ton, even as pricing and demand remain stable. The raw materials segment is forecasted to yield lower profits primarily due to diminished profitability in scrap processing activities, which are essential to Nucor's electric arc furnace-based mini-mill model that emphasizes recycling scrap steel into finished products.
Nucor maintains structural competitive advantages despite near-term pressure. As the largest and most diversified steel and steel products producer in North America, the company operates an integrated network of electric arc furnace-based mini-mills, which provides a highly variable cost structure allowing positive free cash flow generation consistently through economic cycles. The company's product offerings span structural shapes, steel plate, sheet and coil, reinforcing bar, steel bars, joists and deck, as well as various fasteners and specialty steel products serving construction, automotive, energy, agriculture, and transportation end markets.
Capital allocation remains disciplined. Through the first nine months of 2025, Nucor generated substantial cash flow despite market challenges, maintaining its commitment to shareholder returns through dividends and strategic investments in operational efficiency. The company continues investing in advanced electric arc furnace technology, digital modeling, and sustainable production practices to meet evolving industry standards and environmental objectives. However, with the stock down 2.1% over the past year compared to a 10.2% increase in the Steel Producers industry, investors are seeking evidence that management's strategic initiatives can drive improved relative performance.
Tuesday: Visa (V)
Visa approaches Q3 fiscal 2025 (ending September 30) earnings following exceptional Q3 performance that established strong momentum. Analysts project earnings of $2.97 per share on revenues of $10.61 billion, representing 10.3% year-over-year growth that moderates from the 11.7% increase recorded in the same quarter last year. Management anticipates adjusted nominal-dollar net revenues growing in the high-single-digit to low-double-digit range, with operating expenses increasing in the double digits.
The global payments technology leader delivered outstanding Q3 fiscal 2025 results, reporting earnings per share of $2.98 that exceeded the Zacks Consensus Estimate of $2.86 by 4.2%, marking 23.1% year-over-year growth. Net revenues reached $10.2 billion, up 14.3% compared to the prior year, surpassing consensus estimates by 3.1%. This robust performance stemmed from rising processed transactions and increased payment and cross-border volumes, though partially offset by heightened operating costs in personnel and general administrative expenses.
Operational metrics demonstrate Visa's sustained global expansion. Payment volumes increased 8% year-over-year on a constant-currency basis in fiscal Q3, driven by growth across the United States, Europe, CEMEA, and LAC regions. Processed transactions reached 65.4 billion, up 10% from the previous year, exceeding both analyst expectations and Visa's internal estimates. Constant-currency cross-border volumes rose 12% year-over-year, or 11% excluding intra-European transactions, contributing significantly to international transaction revenues. Cross-border volume growth remains a critical driver as global commerce increasingly flows across borders.
Revenue diversification strengthens Visa's business model. Service revenues reached $4.3 billion during the June quarter, up 9% year-over-year, driven by increasing payment volumes. Data processing revenues grew 15% to $5.2 billion, while international transaction revenues increased 14% to $3.6 billion, buoyed by higher cross-border volumes. Other revenues hit $1 billion, marking a 32% year-over-year increase. Client incentives, treated as contra-revenue, rose 13% year-over-year to $3.4 billion but remained below analyst expectations.
Looking ahead, management projects low double-digit growth for net revenues on an adjusted nominal-dollar basis for fiscal 2025, with operating expenses experiencing low double-digit growth and EPS anticipated to grow in the low teens. Visa generated $6.7 billion in net cash from operations during fiscal Q3, up 31.1% year-over-year, with free cash flows reaching $6.6 billion. The company returned $6 billion to shareholders through $4.8 billion in share buybacks and $1.2 billion in dividends, with $29.8 billion remaining in its authorized repurchase program as of June 30.
Tuesday: UnitedHealth Group (UNH)
UnitedHealth Group faces one of the most consequential earnings releases of Q3 2025 after a turbulent year marked by extraordinary challenges. Analysts project earnings of $2.87 per share on revenues of $113.19 billion, though these estimates have been revised downward by 4 cents over the past week. This forecast represents a dramatic 60.8% decline from year-ago earnings, while revenues suggest 12.5% year-over-year growth.
The company's Q2 2025 results revealed the magnitude of challenges confronting UnitedHealth. Adjusted earnings per share of $4.08 fell below the prior year due to pricing and medical cost trend factors at UnitedHealthcare and Optum Health. The company lowered its full-year 2025 guidance, now expecting revenues around $448.46 billion (up 12% from 2024) and adjusted EPS of $16.16 (down 41.6% year-over-year), with a medical care ratio of 89.25% plus or minus 25 basis points.
The core issue centers on higher-than-expected medical costs, particularly within the Medicare Advantage segment. UnitedHealth initially priced its 2025 MA offerings assuming a medical cost trend just over 5%, but the full-year trend is now expected to reach approximately 7.5% due to increased intensity and volume of services consumed. This miscalculation resulted in approximately $6.5 billion in unplanned medical costs anticipated for the full year, including $1.2 billion in discrete impacts related to the individual exchange business from acceleration of future losses.
Management has acknowledged operational missteps and implemented a "fundamental reorientation" focused on improving operational and pricing discipline. For Q3, the critical question is whether the company has successfully stabilized medical cost trends and demonstrated effective execution on cost management initiatives. UnitedHealthcare's Q2 revenues grew over $12 billion to $86.1 billion, but operating earnings declined $1.9 billion to $2.1 billion, primarily due to medical trend factors.
Optum Health revenues were $25.2 billion in Q2, declining $1.8 billion from last year due to contract adjustments and Medicare funding reductions. However, Optum Insight revenues reached $4.8 billion, up $285 million or 6% year-over-year, while Optum Rx Q2 revenues grew $6 billion or 19% to $38.5 billion, driven by new customer additions and specialty products contributions. The diversification across UnitedHealthcare and Optum segments provides some resilience, but the Medicare Advantage challenges dominate near-term prospects.
Beyond operational challenges, UnitedHealth has confronted extraordinary external pressures this year, including a CEO assassination and a Department of Justice probe, contributing to a 38% decline in share price year-to-date from highs near $631 to current levels around $363. The pending DOJ investigation outcome remains a significant overhang. Investors desperately need evidence that medical cost trends are stabilizing, that pricing strategies for 2026 are properly calibrated, and that the company can return to profitable growth trajectories.
Tuesday: Novartis (NVS)
Novartis enters Q3 2025 earnings riding considerable momentum in its pharmaceutical portfolio, with analysts projecting earnings of $2.28 per share on revenues of $13.87 billion, representing 18.75% and 8.14% year-over-year growth respectively. The Swiss pharmaceutical giant's transformation strategy continues bearing fruit, with the company successfully refocusing on innovative medicines and growth brands following strategic portfolio rationalization.
Q2 2025 results demonstrated Novartis' execution capabilities. Sales increased 11% in constant currency to approximately $14 billion, while core operating income grew 21% in constant currency. The core margin reached 42.2%, representing a 340-basis-point improvement, while core EPS of $2.42 increased 24%. Free cash flow surged 37% in U.S. dollars to $6.3 billion, underscoring the financial strength supporting continued innovation investments and capital return programs.
Key growth brands drive performance. Entresto continues delivering solid growth in the heart failure market. Cosentyx growth moderated to 6%, with mid-single-digit growth expected for the full year, though the recent announcement that Cosentyx met the primary endpoint in the Phase III REPLENISH trial for complex autoimmune diseases provides future upside potential. Kesimpta grew 33%, driven by strong demand for the self-administered B-cell therapy for multiple sclerosis. Pluvicto returned to robust growth, up 30%, driven by the pre-taxane indication approval in the U.S. for prostate cancer treatment.
Emerging blockbusters demonstrate Novartis' pipeline strength. Kisqali grew 64%, achieving TRx leadership in metastatic breast cancer. Leqvio grew 61%, on track to exceed $1 billion in annual sales as adoption accelerates for this PCSK9i that addresses cardiovascular risk. Scemblix grew 79% in constant currency, also tracking toward $1 billion in sales this year for its chronic myeloid leukemia indication. These high-growth products increasingly drive revenue mix toward innovative, patent-protected therapies with strong pricing power and expanding indications.
First-half 2025 sales rose 13% in constant currency, with core operating income up 24% and core margin expanding 370 basis points to 42.1%. Core EPS reached $4.69, up 27%, while free cash flow approached $10 billion. This exceptional performance prompted Novartis to upgrade its full-year bottom-line guidance and announce a new share buyback program, demonstrating confidence in sustained momentum. For Q3, investors will focus on whether key growth brands maintained their trajectories, whether the pipeline continues advancing toward regulatory milestones, and whether management can sustain margin expansion while investing in future growth opportunities.
Tuesday: HSBC Holdings (HSBC)
HSBC Holdings reports Q3 2025 earnings as one of the world's largest banking and financial services organizations, with analysts projecting earnings of $1.70 per share. The British multinational bank's first-half 2025 performance revealed both strengths and challenges, with profit before tax decreasing $5.7 billion to $15.8 billion compared with H1 2024, primarily due to recognition of dilution and impairment losses of $2.1 billion related to associate Bank of Communications Co., Limited (BoCom), plus the non-recurrence of $3.6 billion in net gains from disposals of the Canadian banking business and Argentinian operations in H1 2024.
Excluding notable items, constant currency profit before tax increased $0.9 billion to $18.9 billion compared with H1 2024, demonstrating strong underlying business performance. Revenue rose 6% to $35.4 billion excluding notable items, with each of the four businesses sustaining momentum in earnings growth. The annualized return on tangible equity reached 18.2%, up 1.2% year-on-year on this basis, exceeding the company's financial targets.
Q2 2025 delivered profit before tax of $6.3 billion, down $2.6 billion or 29% compared with Q2 2024, again primarily due to the $2.1 billion BoCom-related losses. Constant currency revenue excluding notable items rose $0.8 billion to $17.7 billion, driven by fee and other income growth in Wealth within the IWPB and Hong Kong business segments supported by higher customer activity, plus gains in Foreign Exchange and Debt and Equity Markets driven by volatile market conditions. The net interest margin of 1.56% decreased 3 basis points compared with Q1 2025, driven by lower margins in Asia.
Business segment performance highlights HSBC's geographical and product diversification. The bank attracted approximately 100,000 new customers per month on average in the first half, with deposit inflows of $6 billion over the quarter on a constant currency basis. International Wealth and Premier Banking attracted $22 billion in net new invested assets during Q2, with $11 billion booked in Asia. Lending revenues grew 4% year-over-year, with mortgages and commercial lending standing out. Trade and Working Capital revenues increased 21% year-over-year, while Global Payments Solutions grew 22%.
HSBC announced a $3 billion share buyback program expected to complete by the Q3 2025 results announcement, demonstrating commitment to capital return despite the BoCom-related charges. Expected credit losses of $1.1 billion in Q2 were $0.7 billion higher than in Q2 2024, including charges related to the Hong Kong commercial real estate sector. For Q3, investors will assess whether revenue momentum across core franchises continues, whether credit quality in Hong Kong CRE stabilizes, and whether the company can maintain its improved return on equity while navigating challenging macroeconomic conditions across multiple geographies.
Tuesday: NextEra Energy (NEE)
NextEra Energy approaches Q3 2025 earnings as America's largest electric utility and renewable energy producer, with analysts anticipating earnings of $1.04 per share on revenues of $8.12 billion, representing 1.0% and 7.3% year-over-year growth respectively. The company operates through two primary subsidiaries: Florida Power & Light Company (FPL) and NextEra Energy Resources, positioning it uniquely to capitalize on both regulated utility growth and the accelerating renewable energy transition.
FPL demonstrates exceptional operating fundamentals. Florida's robust economic growth continuously drives customer additions each quarter, with the utility providing dependable service while maintaining electricity bills approximately 40% lower than the national average. This strategy effectively attracts and retains customers while gradually reducing fuel costs for consumers by integrating more renewable resources. FPL has established dominant market presence in Florida through long-term franchise agreements with numerous municipalities—exclusive 30-year contracts guaranteeing service rights in designated areas ensure operational security and long-term growth prospects.
Strategic capital investments underpin FPL's growth trajectory. The company's Q2 2025 regulatory capital employed grew nearly 8% year-over-year, with capital expenditures of approximately $2 billion for the quarter. For full-year 2025, FPL's capital investments are expected between $8 billion and $8.8 billion. The company's reported return on equity for regulatory purposes is approximately 11.6%, reflecting constructive regulatory relationships in Florida. Q2 retail sales increased 1.7%, demonstrating steady volumetric growth supporting revenue expansion.
NextEra Energy Resources has been progressively expanding its portfolio to meet surging customer demand driven by data center growth, AI infrastructure requirements, and corporate sustainability commitments. With a backlog of signed contracts exceeding 30 gigawatts—including 8 gigawatts of reliable, cost-effective solar and battery storage committed through 2029—this segment is poised for substantial revenue growth in coming years. Since the last earnings call, the company added 3.2 gigawatts of new projects. Energy Resources' customer supply business increased $0.06 per share in Q2, while the segment overall increased $0.14 per share year-over-year.
Q2 2025 results demonstrated NextEra's execution capabilities. Adjusted earnings per share grew 9.4% year-over-year for the quarter and 9.1% for the first six months. The company beat earnings estimates by $0.04 per share, reporting $1.05 versus the $1.01 consensus. Management projects adjusted EPS of $3.45 to $3.70 for 2025, $3.63 to $4.00 for 2026, and $3.85 to $4.32 for 2027, representing approximately 10% average annual growth through at least 2026 off a 2024 base. The company expects operating cash flow average annual growth to be at or above its adjusted earnings per share compound annual growth rate range from 2023 to 2027.
For Q3, investors will focus on whether FPL continues adding customers at robust rates, whether Energy Resources is successfully executing on its massive contracted backlog, and whether management can sustain its impressive track record of delivering on financial guidance in an environment of moderating economic growth but accelerating electricity demand from AI and data center applications.
Tuesday: Booking Holdings (BKNG)
Booking Holdings enters Q3 2025 earnings as the world's leading provider of online travel and related services, operating through Booking.com, Priceline, Agoda, KAYAK, and OpenTable. Analysts project earnings of $95.97 per share on revenues of $8.71 billion, representing 14.4% and 9.01% year-over-year growth respectively. However, management guidance suggested more tempered expectations, with room night growth projected between 3.5% and 5.5% for the quarter—a significant deceleration from the 8% growth recorded in Q2.
The company confronted tougher year-over-year comparisons entering Q3, particularly for August and September periods, while management noted consistent travel demand trends persisted through July. Gross bookings are expected to rise 8% to 10% in Q3, with approximately two percentage points of this increase attributed to heightened flight ticket demand driven by two major partnership announcements. The late-August agreement with Ryanair enables users of Booking.com, KAYAK Priceline, and Agoda to access Ryanair's flights across over 235 destinations with full price transparency, expanding the company's flight offerings significantly.
Revenue growth expectations of 7% to 9% for Q3 fall below gross bookings growth due to higher proportions of lower-margin flight bookings and increased merchandising contrarevenues. Management anticipated adjusted EBITDA in the range of $3.9 billion to $4 billion, reflecting approximately 9% growth at the upper end, with margins expected to remain comparable to the previous year. Marketing efficiencies are expected to be offset by timing of merchandising expenditures and rising sales and other expenses, including payment processing costs.
Regional dynamics create mixed growth patterns. Asia maintains its status as Booking Holdings' fastest-growing market, with strong momentum supporting revenue expansion. Conversely, the United States lags as the slowest-growing area, with consumers demonstrating shorter booking periods and stays, reflecting ongoing caution. Management observed roughly 1% impact on global growth in June due to geopolitical issues in the Middle East, highlighting continued exposure to international travel disruptions.
Strategic initiatives support long-term growth. Ongoing expansion of alternative accommodations, growth within the Genius loyalty program, and progress on the Connected Trip vision—with transaction volumes growing over 30% year-over-year in Q2—enhance customer engagement and repeat business. The company's accelerated rollout of artificial intelligence capabilities, including a groundbreaking partnership with OpenAI to develop agentic AI commerce capabilities, positions Booking Holdings at the forefront of technological innovation in travel services. However, investors express caution, with the stock down 5% over the past month as earnings approach.
Q2 2025 demonstrated Booking Holdings' fundamental strengths despite decelerating growth. The company reported revenues of $6.80 billion, up 16% year-over-year, exceeding analyst expectations by 3.7%. Room nights booked totaled 309 million, up 7.7% year-over-year. The company has beaten revenue estimates every single time over the past two years by 3.3% on average, with earnings surprises averaging 19.22% over the trailing four quarters. For Q3, the critical question is whether management can navigate the more challenging comparisons while maintaining profitability and demonstrating that strategic investments in technology and partnerships are driving sustainable competitive advantages.
Tuesday: American Tower (AMT)
American Tower Corporation approaches Q3 2025 earnings as the leading independent owner, operator, and developer of multitenant communications real estate, with analysts projecting adjusted funds from operations (AFFO) per share of $2.64 on revenues of $2.65 billion. The company's diverse portfolio of communication infrastructure spans multiple geographic regions, positioning it to capitalize on accelerating wireless network investments driven by 5G rollouts, spectrum auctions, and growing data consumption.
The REIT's Q2 2025 performance revealed continued momentum. Consolidated property revenue grew 1.2% year-over-year, or over 3% excluding noncash straight-line revenue. Adjusted EBITDA increased 1.8%, approximately 4.5% when excluding noncash net straight line. Property revenue and EBITDA declined 6.7% and 6.8% respectively primarily due to prior year revenue reserve reversals in India, though underlying business trends remained positive. AFFO per share of $2.60 met analyst expectations, demonstrating steady execution.
Business segment results highlight American Tower's geographic and product diversification. U.S. and Canada property revenues declined 0.5% but grew approximately 3% excluding noncash straight-line revenue. International property revenues increased 1% year-over-year, approximately 3% when excluding foreign currency fluctuations. The Services segment experienced near-record activity, while the CoreSite data center business delivered exceptional 13% revenue growth, driven by surging demand for colocation and interconnection services supporting cloud computing, Internet of Things deployments, and AI workloads.
Strategic investments support future growth. Management raised its outlook for property revenue by $165 million compared to prior expectations, now projecting approximately 5% consolidated growth. The AFFO guidance increased $120 million at the midpoint, or $0.12 on a per-share basis, to $10.56, representing approximately 6% growth on an as-adjusted basis. The company expects to deploy approximately $1.7 billion in new site acquisition and build-to-suit capital expenditures, down $20 million from prior outlook but still representing substantial investment in expanding the portfolio.
Capital allocation remains disciplined. American Tower prioritizes 75% of capital deployment in developed markets, rising to over 85% including acquisition capital. In September, the company issued €500 million in senior unsecured notes at 3.625%, primarily to refinance existing debt and maintain financial flexibility. The company returned $3.2 billion to shareholders as common dividends over the trailing twelve months, maintaining its commitment to shareholder returns while funding growth initiatives.
For Q3, investors will assess whether leasing momentum continues, whether the data center segment maintains its exceptional growth trajectory, and whether management can sustain guidance despite some headwinds from U.S. and Canada property segment turnover. The accelerating deployment of 5G networks by wireless providers, combined with spectrum auctions and network densification requirements, should provide sustained tailwinds. The Zacks Consensus Estimate for Total Property segment revenues stands at $2.59 billion, up 5.1% from the previous year, with Services segment revenues anticipated at $58.2 million, up 11.9%, and Data Centers expected at $268 million versus $234 million last year.
Tuesday: Royal Caribbean Group (RCL)
Royal Caribbean Group navigates Q3 2025 earnings riding exceptional momentum in the cruise industry, with analysts projecting earnings of $5.67 per share on revenues of $5.16 billion, representing 9% and 5.7% year-over-year growth respectively. Management guidance anticipated Q3 adjusted EPS ranging from $5.55 to $5.65, reflecting continued earnings momentum and strong execution across the company's global portfolio.
The cruise vacation provider's top line is expected to have increased year-over-year driven by resilient consumer demand, strong pricing trends, and continued strength across onboard revenue streams. Robust booking activity, particularly for close-in sailings, combined with steady load factors supported revenue growth in the quarter. Management anticipated net yield growth of 2-2.5%, fueled by like-for-like performance from the existing fleet and solid contributions across Caribbean, European, and Alaskan itineraries. Healthy pre-cruise purchases, along with increased spending from loyalty members, likely bolstered onboard revenue momentum.
Operational metrics demonstrate Royal Caribbean's pricing power. Model estimates project Q3 passenger ticket revenues rising 5.1% year-over-year to $3.6 billion, with onboard and other revenues increasing 6.3% to $1.5 billion. Net yields are estimated at $301.3 million on a reported basis and $300.8 million on a constant-currency basis, reflecting the company's ability to extract increasing value per passenger. Strong performance at private destinations, including Perfect Day at CocoCay—one of the cruise industry's most successful private island developments—and progress toward launching the Royal Beach Club Paradise Island enhanced yields.
Q2 2025 results established a high bar for continued performance. The company reported revenues of $4.54 billion, up 10.4% year-over-year, meeting analyst expectations precisely. Adjusted EPS of $4.38 exceeded the $4.04 consensus estimate by $0.34, demonstrating operating leverage. Passenger cruise days totaled 14.28 million, up 7.9% year-over-year, with the company achieving record 497,099 vehicle deliveries in the automotive-focused quarter.
Elevated costs tied to new ship deliveries and deferred spending weighed on margins in Q3. Management expected net cruise costs excluding fuel to increase 6-6.5% year-over-year, with roughly 230 basis points of the rise attributable to the delivery of Star of the Seas and cost timing shifts from the previous quarter. Model estimates project Q3 net cruise costs excluding fuel per available passenger cruise day at $126.2 million on a reported basis and $125.7 million on a constant-currency basis. Despite these headwinds, solid yield growth and sustained onboard revenue strength likely offset most cost pressures.
Looking ahead, Royal Caribbean maintains robust momentum. The company has raised full-year 2025 guidance multiple times throughout the year, reflecting operational outperformance. For fiscal 2025, the company projects adjusted EPS between $14.85 and $15.05, demonstrating confidence despite elevated cost pressures. The stock has underperformed recently, down 3% over the past month compared to flat performance across the broader travel and vacation providers segment, potentially creating an attractive entry point ahead of earnings if results meet or exceed expectations. The company has missed Wall Street's revenue estimates five times over the last two years, though recent quarters have shown improved forecasting accuracy.
Tuesday: Corning (GLW)
Corning Incorporated enters Q3 2025 earnings positioned at the intersection of multiple high-growth technology trends. Analysts project earnings of $0.66 per share on revenues of $4.24 billion, with management guidance anticipating revenues of $4.2 billion and EPS ranging from $0.63 to $0.67. The advanced glass substrates manufacturer has demonstrated consistent execution, beating earnings estimates in each of the trailing four quarters with an average surprise of 4.73%, including a 5.26% surprise in the most recently reported quarter.
Q2 2025 results showcased Corning's operational excellence. Sales grew 12% year-over-year to $4 billion, while earnings per share of $0.60 grew more than double the rate of sales, demonstrating significant operating leverage. Operating margin expanded 160 basis points to 19%, while return on invested capital grew 210 basis points to 13.1%. Free cash flow increased 28% to $451 million, underscoring the cash-generative nature of the business model. Full-year EBITDA grew 24%, adding more than $3 billion to the annualized run rate.
The Optical Communications segment drives exceptional growth. Q2 sales surged 41% year-over-year to $1.6 billion, led by AI products in the enterprise space that increased 81% year-over-year. Net income reached $247 million, up 73% year-over-year. This performance reflects surging demand for Corning's fiber optic cables, connectors, and related equipment as data centers rapidly expand capacity to support AI workloads and cloud computing growth. The company's leadership in optical connectivity positions it as a critical enabler of the AI infrastructure buildout.
During Q3, Apple revealed a $2.5 billion investment commitment to produce cover glass for both iPhone and Apple Watch at Corning's manufacturing facilities in Kentucky. This initiative forms part of Apple's broader $600 billion multiyear investment strategy in the United States, positioning Corning as a key contributor. The company is establishing a cutting-edge glass production line in Kentucky to meet Apple's specifications, which should enhance sales growth within the Specialty Materials segment. Q2 Specialty Materials sales increased 9% year-over-year, driven by Gorilla Glass demand, with net income surging 29% to $81 million.
Additional business segments show mixed but generally positive trends. Display sales were $898 million with net income of $243 million in Q2, consistent with Q1, with management projecting the segment between $900 million and $950 million range for Q3 and margin at least 25%. Automotive sales were $460 million, down 4% year-over-year due to weaker markets in Europe and North America, though net income grew 11% to $79 million through improved mix and productivity. Life Sciences sales remained consistent with the prior year while net income grew 6%. Hemlock and Emerging Growth Businesses sales increased 31% year-over-year, driven by increased solar and semiconductor polysilicon volume.
Strategic partnerships enhance future prospects. In Q3, Corning partnered with GlobalFoundries to develop a detachable glass connector solution for GF's photonics platform. This collaboration utilizes Corning's OptiTap Bridge solution, a glass waveguide-based edge-coupler designed to meet the high bandwidth demands of AI data centers. These innovations position the company to capture incremental value as data center architectures evolve. Management upgraded the company's Springboard plan, anticipating continued growth through 2026 and beyond, with significant opportunities in GenAI, solar, and leveraging its U.S. manufacturing footprint. For Q3, investors will assess whether the Optical Communications segment maintained its torrid growth pace, whether Specialty Materials revenue accelerated on the Apple partnership, and whether management can continue expanding operating margins toward the 20% target while investing in future growth.
Tuesday: Seagate Technology (STX)
Seagate Technology approaches Q3 fiscal 2025 (calendar Q2) earnings following exceptional recent performance, with analysts projecting earnings of $2.40 per share on revenues of $2.55 billion, representing 17.7% revenue growth that decelerates from the 49.1% growth recorded in the corresponding quarter last year. The data storage manufacturer reports on a shifted fiscal calendar, with fiscal Q4 2025 (ending in June 2025, calendar Q2) most recently reported in July.
Fiscal Q4 2025 results demonstrated Seagate's strong momentum. The company reported revenues of $2.44 billion, up 29.5% year-over-year, exceeding analyst expectations of $2.40 billion. Adjusted EPS of $2.59 topped the $2.45 consensus estimate by $0.14, showcasing operating leverage. GAAP diluted earnings per share reached $2.24, while non-GAAP diluted EPS hit $2.59. This performance marked a substantial improvement from fiscal Q4 2024, when revenues were $1.89 billion and EPS significantly lower.
The company's performance underscores structural enhancements to its business model and a healthy supply/demand environment for mass-capacity storage. Management emphasized focus on executing the HAMR (Heat-Assisted Magnetic Recording) product ramp to support ongoing cloud customer demand. HAMR technology represents a breakthrough in hard disk drive areal density, enabling substantially higher capacity per drive—critical for hyperscale data center operators managing exponential data growth driven by AI training, video streaming, and cloud storage applications.
Throughout fiscal 2025, Seagate demonstrated remarkable financial improvement. Fiscal Q3 2025 (ending March 28, 2025) revenues reached $2.16 billion compared to $1.655 billion in fiscal Q3 2024, while non-GAAP diluted EPS increased from $0.33 to $1.90. Gross margins expanded from 26.1% to 36.2%, while operating margins surged from 11.1% to 23.5%, demonstrating significant operating leverage as revenues recovered. The company generated $259 million in cash flow from operations and $216 million in free cash flow during fiscal Q3, while reducing outstanding debt by $536 million.
Capital allocation priorities balance growth investment with shareholder returns. The Board declared a quarterly cash dividend of $0.72 per share, reflecting confidence in sustained cash generation. As of fiscal Q3 end, cash and cash equivalents totaled $814 million, with total debt of $5.1 billion and 212 million ordinary shares outstanding. The company's inventory management improved significantly, addressing prior concerns about excess supply that had pressured pricing and margins in earlier periods.
For the upcoming report (fiscal Q1 2026, calendar Q3 2025), investors will focus on whether cloud customer demand for high-capacity drives remained robust, whether HAMR product ramp is proceeding according to plan, and whether the company can sustain the substantial margin improvements achieved over the past year. The broader storage industry faces questions about whether demand can match supply over the next four years, though emerging technologies—particularly AI's insatiable appetite for storage capacity—provide structural tailwinds. Seagate shares have surged 81% over the past year, reflecting growing confidence in the recovery narrative, though recent performance has been more volatile.
The October 27-28 earnings reports will significantly influence market sentiment and sector-specific investment trends heading into year-end. Several overarching themes warrant particular investor attention across this diverse group of reporters.
Technology and AI Infrastructure: Companies positioned in the AI value chain—Cadence Design Systems, NXP Semiconductors, Celestica, American Tower, Corning, and Seagate Technology—face elevated expectations driven by continued enthusiasm for generative AI applications and data center expansion. Strong performances validating these investment theses could reinforce confidence in digital transformation trends and sustain momentum in technology sectors. Conversely, any signs of demand moderation or margin pressure could trigger reassessments of premium valuations. Investors should focus on forward guidance and commentary regarding sustained AI-driven demand visibility.
Healthcare Resilience: Welltower and Novartis represent defensive healthcare exposure with demographic tailwinds, while UnitedHealth Group confronts operational challenges requiring evidence of stabilization. Healthcare REITs benefit from aging population dynamics and limited supply, providing recession-resistant growth opportunities. Pharmaceutical innovation at Novartis demonstrates the sector's ability to generate growth through R&D productivity. However, UnitedHealth's Medicare Advantage challenges highlight execution risks even in structurally attractive markets. Strong results from Welltower and Novartis combined with evidence that UnitedHealth is successfully implementing corrective actions could support broader healthcare sector allocations.
Financial Services and Payments: Visa and HSBC Holdings provide insights into global commerce trends and financial system health. Visa's cross-border volume growth and processed transaction increases serve as proxies for global economic activity and consumer spending patterns. HSBC's performance across diverse geographies offers perspectives on regional growth divergences. Strong results would suggest continued resilience in consumer spending and business activity despite macroeconomic uncertainties, supporting allocations to financial services. Weakness could signal broader economic deceleration ahead.
Cyclical Exposure: Waste Management, Nucor, and Royal Caribbean provide exposure to economic cycles through industrial services, steel production, and consumer discretionary leisure spending. Waste Management's pricing power and Stericycle integration, Nucor's navigation of challenging steel market conditions, and Royal Caribbean's sustained cruise demand all test whether cyclical sectors can maintain profitability and growth amid moderating economic conditions. Companies demonstrating pricing discipline and operational efficiency even in challenging environments warrant continued attention.
Energy and Utilities: NextEra Energy exemplifies the intersection of regulated utility growth and renewable energy transition. With electricity demand accelerating from AI and data center applications while the clean energy transition continues, NextEra offers exposure to secular growth trends with regulated utility downside protection. Strong execution on its massive contracted renewable energy backlog combined with continued FPL customer growth would validate the investment thesis for energy transition leaders.
Travel and Hospitality: Booking Holdings faces decelerating growth but maintains market leadership in online travel. The company's ability to navigate tougher comparisons while maintaining profitability and market share tests whether travel demand remains resilient as economic growth moderates. Regional divergences—with Asia strength and U.S. weakness—highlight the importance of geographic diversification.
Across all reporters, investors should focus on several key questions: Can companies maintain pricing power amid persistent inflation? Are operational efficiency initiatives successfully offsetting cost pressures? Does forward guidance reflect management confidence or increasing caution? Are balance sheets positioned to weather potential economic softening while continuing to invest in growth? Are companies generating adequate returns on capital employed?
The current environment rewards companies with strong competitive positions, disciplined capital allocation, adaptive strategies, and visible growth drivers. Success will favor businesses demonstrating operational excellence, strategic foresight, and the ability to capitalize on emerging opportunities including AI adoption, demographic shifts, infrastructure modernization, and the energy transition while managing persistent challenges from inflation, labor costs, and geopolitical uncertainties.
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The October 27-28, 2025 earnings week represents a critical assessment point for investors seeking clarity on corporate performance as 2025 enters its final stretch. Spanning healthcare real estate and pharmaceuticals, semiconductor design and manufacturing, industrial services and materials, global payments and banking, renewable energy and utilities, online travel, telecommunications infrastructure, leisure travel, and technology hardware, these reports provide comprehensive insights into how diverse businesses navigate the current challenging yet opportunity-rich environment.
The macroeconomic backdrop—characterized by moderating but positive growth, persistent inflation above central bank targets, cooling labor markets, and evolving Federal Reserve policy—creates both opportunities and risks. Companies capable of maintaining pricing power while managing costs, executing strategic initiatives while preserving financial flexibility, and capturing secular growth trends while navigating cyclical pressures will likely outperform. Those struggling with operational challenges, market share losses, margin compression, or strategic missteps face potential deratings.
Technology companies benefit from the AI investment super cycle but must demonstrate that massive capital expenditures translate into sustainable competitive advantages and profitable growth. Healthcare businesses leverage favorable demographics but must navigate regulatory complexities and operational execution challenges. Financial services firms capitalize on global commerce growth but face margin pressures from competition and regulation. Industrial and materials companies demonstrate essential service positioning but must manage cyclical exposure. Energy and utility providers benefit from electricity demand growth and energy transition trends but require disciplined capital allocation. Travel and consumer discretionary businesses test discretionary spending resilience amid economic uncertainty.
Investors approaching this earnings season should maintain disciplined frameworks focused on business quality, management execution, competitive positioning, financial strength, and valuation. The week ahead will separate companies successfully navigating 2025's challenges from those struggling to adapt, providing essential inputs for portfolio positioning as markets look toward 2026 and beyond.