The final stretch of July's earnings brings a compelling mix of global industrial champions, cutting-edge technology players, and healthcare titans—all set against a backdrop of elevated tariff uncertainty, persistent inflationary pressures, and evolving AI demand dynamics. From Intel's pivotal turnaround under new leadership to Blackstone's record asset flows and Europe's luxury powerhouse LVMH navigating consumer headwinds, the July 24-25 earnings window will offer critical insights into corporate resilience amid a challenging macroeconomic environment. Below we dissect each company by sector and highlight the key themes investors should monitor.
Semiconductors & AI Infrastructure
Intel INTC
Intel enters Q2 2025 reporting on July 24 after market close under the stewardship of new CEO Lip-Bu Tan, who assumed leadership in March following Pat Gelsinger's departure. The chipmaker's Q1 2025 results showed mixed signals: revenue of $12.7 billion was flat year-over-year but exceeded guidance, while adjusted EPS of $0.13 beat expectations despite a GAAP loss of $0.19 per share. However, the company issued disappointing Q2 guidance of $11.2-$12.4 billion in revenue (vs. $12.82 billion consensus) and breakeven adjusted EPS.
The semiconductor giant faces multiple headwinds, including tariff-related customer inventory pre-builds that artificially boosted Q1 sales, followed by expected Q2 weakness as these dynamics normalize. Tan's operational efficiency drive aims to reduce 2025 operating expenses to $17 billion (from $17.5 billion) and further to $16 billion by 2026, while gross capex has been trimmed to $18 billion for 2025. Intel's foundry ambitions remain critical but expensive, with the Intel Foundry segment posting a $2.3 billion operating loss in Q1.
Texas Instruments TXN
Though primarily an analog chipmaker rather than AI-focused, TXN represents a bellwether for industrial semiconductor demand. Q1 analog revenue grew 13% year-over-year, but free cash flow was negative $14 million due to $1.1 billion in capital expenditure as the company builds out new fab capacity. Management's Q2 outlook projects revenue of $4.17-$4.53 billion, and investors will scrutinize whether the company's incremental capacity investments position it for sustainable returns by 2026.
Investor Angle
The semiconductor sector faces a complex backdrop: while AI demand remains robust, traditional end markets like PCs and smartphones show mixed signals. Intel's turnaround story under Tan will be closely watched, particularly given the company's foundry strategy and efforts to regain market share. Both stocks trade at discounted valuations relative to AI pure-plays, but execution risk remains elevated.
Alternative Asset Management
Blackstone BX
Blackstone reports Q2 2025 results on July 24 at 9:00 AM ET, building on strong Q1 momentum that saw assets under management reach a record $1.17 trillion (+10% YoY) and distributable earnings of $1.41 billion ($1.09 per share, +11% YoY). The world's largest alternative asset manager attracted $61.6 billion in Q1 inflows—the highest quarterly level in nearly three years—driven by strength across all business segments.
The firm's Credit & Insurance segment was particularly robust, with AUM growing 21% year-over-year to $388.7 billion and distributable earnings surging 76% to $503.4 million. Private wealth fundraising reached $11 billion in Q1, up 40% year-over-year, as Blackstone continues its strategic push into retail alternatives. With $177 billion in dry powder, the firm is well-positioned to deploy capital in dislocated markets.
Real estate remains a focus area amid ongoing commercial property headwinds. BREIT (Blackstone Real Estate Income Trust) posted a net return of 0.5% in March 2025, though the firm has been a net seller of office properties since 2023 while acquiring residential assets.
Investor Angle
Blackstone's diversified platform and perpetual capital strategies ($464.4 billion in perpetual AUM) provide stability amid market volatility. The firm's expansion into private wealth and continued strong fundraising momentum support fee-related earnings growth, though distributable earnings can be volatile based on investment performance. At current valuations, BX trades at a premium to traditional asset managers but at a discount to historical multiples.
Financial Infrastructure & Exchanges
Nasdaq NDAQ
Nasdaq announces Q2 2025 results on July 24 before market open, following a solid Q1 that saw revenue grow 10.7% to $1.24 billion and EPS of $0.79 (beating $0.77 consensus). The exchange operator benefits from elevated volatility and trading volumes, with analysts projecting Q2 EPS of $0.78 and revenue of $1.26 billion.
The company's technology and market data revenues provide recurring income streams, while its index business continues to benefit from passive investing trends. Nasdaq recently raised its quarterly dividend to $0.27 from $0.24, reflecting confidence in cash generation capabilities.
CME Group CME
CME posted record Q1 revenue of $1.64 billion (+9.4% YoY) and average daily volume of 29.8 million contracts (+13%). Interest rate volatility and energy hedging drove growth, positioning the exchange well for continued strength in derivatives trading.
Industrial Conglomerates & Infrastructure
Honeywell International HON
Honeywell reports Q2 2025 earnings on July 24 before market open, building on strong Q1 performance that delivered $2.51 EPS (beating $2.21 consensus by 13.6%) and revenue of $9.82 billion (+7.9% YoY). The diversified industrial conglomerate raised its full-year adjusted EPS guidance to $10.20-$10.50 and reported 8% backlog growth.
Analysts project Q2 EPS of $2.63, reflecting continued strength across Honeywell's aerospace, building automation, and energy solutions segments. The company's recent $2.2 billion acquisition of Sundyne and $1.9 billion share buyback program underscore management's confidence in cash generation. Honeywell's planned spin-off into three publicly traded entities remains on track, potentially unlocking shareholder value.
Union Pacific UNP
Union Pacific announces Q2 2025 results on July 24 before market open at 7:45 AM ET, followed by a conference call at 8:45 AM. The railroad giant's Q1 2025 performance showed mixed results: EPS of $2.70 missed consensus estimates of $2.73, while revenue of $6.03 billion fell short of the $6.11 billion expectation.
Despite near-term headwinds, Union Pacific's Q1 results demonstrated pricing power with higher revenue per car, though volume declines reflected broader industrial softness. The company's operational efficiency initiatives and network optimization efforts position it to benefit from any industrial recovery. Analysts project Q2 EPS of $2.84 and revenue of $6.09 billion.
Telecommunications Infrastructure
Nokia NOK
Nokia reports Q2 2025 results on July 24 before market open at 8:30 AM ET, following a challenging Q1 that saw EPS of $0.03 miss expectations of $0.07. Revenue of €4.39 billion declined 3% year-over-year on a constant currency basis, primarily due to a difficult comparison in Nokia Technologies.
The Finnish telecommunications equipment maker faces headwinds from tariff uncertainty, with management flagging potential Q2 impacts of €20-30 million. However, the company's Network Infrastructure segment showed strength with 11% growth, and the completed Infinera acquisition expands Nokia's optical networking capabilities. Nokia maintains its 2025 outlook for comparable operating profit between €1.9-2.4 billion despite near-term challenges.
Chemical & Materials
Dow DOW
Dow reports Q2 2025 earnings on July 24 before market open, facing significant operational challenges. The chemical giant announced plans to shut down three European upstream assets beginning next year and cut an additional 800 jobs, following 1,500 job reductions announced in January. These cost-saving initiatives, part of a broader $1 billion expense reduction program, are expected to yield $200 million in higher operating EBITDA by year-end.
CEO Jim Fitterling cited "difficult market dynamics" and an "ongoing challenging cost and demand landscape" in Europe as driving factors behind the restructuring. Analysts project Q2 EPS of -$0.01, reflecting the challenging environment for commodity chemicals amid tariff pressures and weak industrial demand.
Luxury Goods
LVMH Moët Hennessy Louis Vuitton LVMH
LVMH reports H1 2025 results on July 24 after European market close, facing headwinds in the global luxury sector. Q1 2025 revenue of €20.3 billion declined 2% year-over-year (3% organic) as macroeconomic turbulence and geopolitical tensions weighed on demand. The luxury conglomerate's Fashion & Leather Goods division, accounting for 48% of sales, saw revenue fall 4% to €10.1 billion.
Chinese consumer behavior remains critical, with cross-border sales showing more dynamism in Japan (benefiting from Chinese tourist flows) than in mainland China. Trade tensions between Europe, the US, and China particularly impact LVMH's Wines & Spirits division, with Hennessy cognac exposed to tariff uncertainties. Analysts expect H1 sales of €39.89 billion (down 3% organic) and operating income of €9 billion versus €10.65 billion in H1 2024.
Energy & Refining
Valero Energy VLO
Valero reports Q2 2025 earnings on July 24 before market open at 10:00 AM ET, facing margin pressures in the refining sector. The San Antonio-based refiner saw Q1 margins decline to $9.78 per barrel from $14.07 in Q1 2024, driven by softer crack spreads and elevated feedstock costs. Analysts project Q2 EPS of $1.75, reflecting a 35.4% decline from $2.71 in Q2 2024.
The company's planned closure of the Benicia refinery in California by April 2026 represents strategic capacity rationalization amid regulatory and cost challenges. Valero's renewable diesel investments and focus on operational efficiency provide long-term growth opportunities, though near-term margins remain under pressure.
Phillips 66 PSX
Phillips 66 announces Q2 2025 results on Friday, July 25 before market open, following a challenging Q1 that saw EPS of -$0.90 miss expectations of $0.07. The integrated energy company faces similar refining headwinds to peers, with analysts projecting Q2 EPS of $1.79 and revenue of $32.11 billion.
The company's diversified business model, including midstream operations and chemicals, provides some offset to refining volatility. Recent analyst revisions suggest expectations are becoming more realistic, potentially setting up for positive surprises.
Healthcare
HCA Healthcare HCA
HCA Healthcare reports Q2 2025 earnings on Friday, July 25 before market open at 10:00 AM ET, building on strong Q1 momentum. The Nashville-based hospital operator posted Q1 EPS of $6.45, beating consensus estimates of $5.75 by $0.70. Revenue of $18.32 billion grew 5.7% year-over-year, demonstrating the resilience of the hospital sector.
Analysts project Q2 EPS of $6.20 and revenue of $18.49 billion, with full-year EPS guidance of $24.05-$25.85. HCA's scale advantages and operational efficiency initiatives position it well amid rising healthcare costs. The American Hospital Association forecasts 3% growth in inpatient utilization over the next decade, supporting long-term demand.
Centene CNC
Centene reports Q2 2025 results on Friday, July 25 before market open, facing significant challenges in its Medicaid business. The managed care organization withdrew its 2025 guidance citing unexpected Medicaid and Marketplace pressures, with medical loss ratios rising to 93.6% in Q1 versus an 87.7% average in 2023.
Medicaid membership declined 2.5% year-over-year to 13 million due to post-pandemic eligibility redeterminations, while medical costs surged due to rising acuity in behavioral health and high-cost drugs. Analysts have sharply reduced expectations, with Zacks Research cutting Q2 EPS estimates to $0.91 from $2.07. The stock has fallen significantly, creating potential value for patient investors if management can stabilize Medicaid margins.
Cross-Sector Earnings Calendar
|
Date |
Pre-Market Releases |
After-Market Releases |
|
Thu July 24 |
Blackstone, Nasdaq, Nokia, Honeywell, Dow, Union Pacific |
Intel, Valero |
|
Fri July 25 |
HCA Healthcare, Phillips 66, Centene |
LVMH (after European close) |
All times approximate; investors should verify company IR sites for exact webcast details.
Macro Backdrop: Navigating the Tariff Storm
The earnings backdrop remains complex as Q2 2025 marks the first quarter where Trump administration tariffs began impacting corporate results. Key dynamics include:
- Escalating Trade Tensions: US effective tariff rates have risen from 2.4% at the start of 2025 to 8%-9% currently, with new levies on copper, semiconductors, and pharmaceuticals taking effect August 1. The Budget Lab estimates a 2.1% price level increase from 2025 tariffs, equivalent to a $2,800 average household income loss.
- Inflation Resurgence: June CPI rose 2.7% year-over-year, the highest since February, as tariff effects begin materializing. Core inflation reached 2.9%, above the Fed's 2% target and complicating monetary policy.
- Corporate Margin Pressure: While some companies can pass through tariff costs via pricing, others are absorbing impacts to preserve market share. Early signals suggest profit margins are compressing, particularly in sectors with high import content.
- AI Demand Divergence: Semiconductor demand remains robust for AI applications, with the global market expected to grow 15% in 2025. However, traditional PC and smartphone markets show weakness, creating a bifurcated demand environment.
Sector-Specific Watch Lists
Technology & Semiconductors
- AI vs. Traditional Demand: Intel's foundry strategy and data center recovery versus continued PC/smartphone weakness
- Tariff Impact: Component cost inflation and supply chain disruptions affecting hardware margins
- Capital Allocation: Balance between growth investments and shareholder returns
Alternative Asset Management
- Fundraising Momentum: Blackstone's private wealth expansion and perpetual capital growth
- Real Estate Headwinds: Commercial property performance amid elevated interest rates
- Dry Powder Deployment: Ability to capitalize on market dislocations
Industrial & Infrastructure
- Volume vs. Pricing: Union Pacific's ability to maintain pricing power despite industrial softness
- Cost Management: Honeywell's operational efficiency and Dow's restructuring benefits
- Tariff Pass-Through: Pricing power versus input cost inflation
Healthcare
- Utilization Trends: HCA's volume growth amid changing demographics
- Medicaid Pressures: Centene's ability to restore margin discipline and renegotiate rates
- Cost Inflation: Labor shortages and medical cost trends
Luxury & Consumer
- Chinese Consumer: LVMH's cross-border sales trends and mainland China recovery
- Inventory Management: Supply chain optimization amid demand uncertainty
Key Valuation Metrics (Forward P/E)
|
Ticker |
Sector |
Fwd P/E* |
5-Yr Avg |
Discount / Premium |
|
Semiconductors |
16.2 |
24.1 |
–33% | |
|
Asset Management |
20.8 |
18.7 |
+11% | |
|
Exchanges |
22.3 |
24.8 |
–10% | |
|
Telecom Equipment |
14.1 |
16.8 |
–16% | |
|
Industrial |
21.9 |
22.4 |
–2% | |
|
Chemicals |
12.4 |
15.8 |
–22% | |
|
Refining |
11.8 |
14.2 |
–17% | |
|
Railroads |
20.3 |
21.7 |
–6% | |
|
Healthcare |
14.3 |
16.1 |
–11% | |
|
Refining |
12.7 |
15.9 |
–20% | |
|
Managed Care |
8.2 |
12.4 |
–34% |
*Consensus data as of July 21, 2025.
Tickeron: Advancing AI-Driven Trading Solutions
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:
- AI Trading Agents: Automated agents that utilize machine learning to identify trading opportunities across various asset classes, including stocks, ETFs, and cryptocurrencies.
- Pattern Search Engine: A tool that detects chart patterns in real-time, aiding in technical analysis.
- Trend Prediction Engine: An AI system that forecasts price movements based on historical data and market trends.
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.
Bottom Line for Investors
The July 24-25 earnings conclude a pivotal Q2 2025 reporting season that will test corporate America's ability to navigate an increasingly complex operating environment. Key investment themes to monitor:
- Tariff Transmission: Companies' ability to pass through rising input costs versus margin compression where pricing power is limited
- AI Beneficiaries: Continued strength in AI-driven demand for semiconductors and infrastructure versus weakness in traditional end markets
- Alternative Asset Flows: Blackstone's momentum in private wealth as investors seek yield alternatives to traditional markets
- Operational Excellence: Cost discipline and efficiency initiatives at companies like Honeywell and Dow amid margin pressure
- Healthcare Resilience: Demographic trends supporting HCA growth while Medicaid pressures challenge managed care operators
With the Federal Reserve maintaining restrictive monetary policy and tariff uncertainties persisting, investors should focus on companies with demonstrated pricing power, operational flexibility, and strong balance sheets. The divergence between AI-enabled growth stories and traditional industrial names is likely to widen, making stock selection increasingly critical in this bifurcated market environment.
All financial figures are in U.S. dollars unless otherwise noted. Earnings dates are based on company announcements and subject to change.