VZ, DPZ, PM, KO, LMT, NOC, TXN, RTX, GOOGL, TSLA, IBM, T, NOW, CME, HLT | Q2 2025 Earnings Preview: July 21-23, 2025

The third week of July brings one of the most concentrated clusters of blue-chip earnings in the entire summer calendar. From defense primes and semiconductor bellwethers to digital-platform titans and consumer staples stalwarts, the reports slated for July 21-23 will offer investors a rapid-fire health check on U.S. corporate momentum just as the macro picture grows more complicated amid softening growth, tariff uncertainty, and a still-hawkish Federal Reserve. Below we group each company by sector, review the latest operating trends, and outline the key questions heading into Q2 prints.

Telecommunications & Connectivity

Verizon Communications VZ

Verizon delivered industry-leading Q1 wireless service revenue of $20.8 billion, up 2.7% year over year, and generated $3.6 billion in free cash flow despite a $17.5–$18.5 billion cap-ex plan for 2025. Service momentum has been helped by rising fixed-wireless additions (199,000 consumer FWA nets last quarter) and robust enterprise demand for private-5G slices. The July 21 release will reveal whether network densification and premium-plan uptake continued to offset postpaid churn, which ticked higher in Q1. With a 6.6% dividend yield, income-oriented investors will watch cash generation closely.

AT&T T

AT&T posted solid Q1 figures: revenue rose 2% to $30.6 billion, mobility service revenue climbed 4.1%, and fiber broadband revenue jumped 19%. Subscriber metrics remained strong with 324,000 postpaid phone net adds and 261,000 fiber net adds, extending a 21-quarter streak above the 200,000 mark. Q2 earnings on July 23 will test whether AT&T can sustain fiber penetration ahead of its 60 million-premise build-out goal and maintain free-cash-flow momentum needed for the 6%-plus dividend.

Investor Angle

Both telcos trade at depressed multiples relative to historical averages, yet their high payout ratios leave little room for error. Any miss on free cash flow or guidance could spark volatility, making forward comments on cap-ex discipline and pricing strategies pivotal.

Consumer Discretionary: Dining & Lodging

Domino’s Pizza DPZ

Domino’s beat Q1 EPS expectations ($4.33 vs. $4.00 est.) even as revenue missed slightly at $1.11 billion. U.S. same-store sales slipped 0.5%, but international comps rose 3.7% and global retail sales gained 4.7% ex-FX. Management’s “Hungry for MORE” digital-convenience strategy is pulling share from rivals via AnyWare voice and social-ordering channels. Investors will weigh delivery-time KPIs, net store openings, and commodity-basket commentary when DPZ reports July 21.

Hilton Worldwide HLT

Hilton’s Q1 RevPAR advanced 2.5% on a currency-neutral basis, while net income grew to $300 million and adjusted EBITDA hit $795 million. A 32,600-room approval wave pushed the pipeline to 503,400 keys—7% growth year over year. July 23 earnings should clarify 2H RevPAR pacing amid softer U.S. leisure trends and whether Hilton can hit its full-year $3.65–$3.71 billion EBITDA target.

Consumer Staples: Food & Tobacco

Coca-Cola KO

Coke weathered FX headwinds in Q1: organic revenue rose 6%, unit-case volume grew 2%, and operating income jumped 71% on a one-time gain. Guidance implies 5%–6% organic top-line growth for 2025 despite a 2%–3% currency drag. July 22 results will show how emerging-market strength balances North American softness and whether price/mix remains positive as elasticity rises.

Philip Morris International PM

PMI’s smoke-free portfolio now delivers 42% of net revenue and 44% of gross profit. Q1 revenue rose 10.2% organically and adjusted EPS grew 17.3% ex-currency. With IQOS gaining share across Europe and HTU shipments up 14.4%, investors will focus on supply-chain execution and the crucial U.S. launch timetable. Watch updated full-year EPS guidance when PM reports July 22.

Aerospace & Defense

 

Defense primes benefited from heightened geopolitical demand and congressional topline clarity. LMT’s missiles segment grew 13% on long-range programs, while RTX saw commercial-aftermarket strength (+21%) lift segment margins 120 bps. Northrop’s hypersonic awards—such as the $541 million GPI option—position it as MDA’s lead on glide-phase defense. Investors will parse July 23 guidance for any margin pressure tied to labor constraints or supply inflation.

For TXN, although defense is a modest end-market, analog components remain mission-critical. Q1 analog revenue rose 13%, but free cash flow was a modest –$14 million due to $1.1 billion cap-ex. Management’s Q2 outlook (revenue $4.17–$4.53 billion) must convince investors that incremental fab capacity will generate returns by 2026.

Technology Platforms & AI

Alphabet GOOGL

Alphabet’s Q1 revenue grew 12% to $90.2 billion, and EPS surged 49% to $2.81. Google Cloud revenues climbed 28% to $12.3 billion on AI-infrastructure demand. Management flagged constrained data-center capacity until Q4 despite a $75 billion 2025 cap-ex plan. July 23 earnings will test whether Search resilience and YouTube monetization offset FX and TAC pressures while AI Overviews roll out to 1.5 billion users.

Tesla TSLA

Tesla’s Q1 revenue fell 9% to $19.3 billion as automotive sales slid 20%, but energy-storage revenue jumped 67% to $2.73 billion. EPS missed at $0.27, yet shares popped on AI-robotics commentary and cost-road-map confidence. Analysts will dissect July 23 margin trends after Model Y retooling and look for updates on the affordable-EV launch slated for H1 2026.

International Business Machines IBM

IBM beat Q1 revenue consensus at $14.5 billion (+2% cc) and lifted gross margin 190 bps thanks to Software growth (+9% cc) in Automation and Hybrid Cloud. The HashiCorp deal accelerates multi-cloud automation, while the z17 mainframe (GA mid-2025) should reinvigorate Infrastructure later this year. July 23 will reveal AI bookings momentum—now over $6 billion inception-to-date—and comment on federal spending delays.

ServiceNow NOW

Q1 subscription revenue grew 19% to $3.0 billion and cRPO rose 22% to $10.3 billion as Now Assist AI modules drove deal sizes. The platform crossed 508 customers above $5 million ACV. July 23 results will spotlight large-deal linearity and any uplift in Pro-Plus AI upsells amid tight CIO budgets.

Exchanges & Market Infrastructure

CME Group CME

CME posted record Q1 revenue of $1.64 billion (+9.4% YoY) and ADV of 29.8 million contracts (+13%). Interest-rate volatility, energy hedging, and global E-mini equity demand powered growth. Management’s July 23 call will update on rate-product RPC, BrokerTec Chicago roll-out, and cross-margining initiatives aimed at sustaining double-digit revenue momentum.

Cross-Sector Earnings Calendar

 

All times approximate; investors should verify company IR sites for exact webcast details.

Macro Backdrop

1. Tariff Uncertainty: Newly enacted incremental U.S. and non-U.S. tariffs have not yet been baked into many 2025 outlooks (RTX excluded them entirely). Any revised cost guidance could ripple across supply chains, particularly for electronics and autos.
2. Fed Signaling: Markets now price in one 25-bp cut by December. Higher-for-longer rates raise discount-rate pressure on high-multiple tech names while aiding rate-sensitive exchanges like CME.
3. Consumer Softness: U.S. retail sales growth has decelerated to an annualized 1.6% pace (May data), raising concerns for discretionary spenders such as Domino’s and Hilton. Conversely, staples pricing power remains intact for Coca-Cola and PMI.

Sector-Specific Watch Lists

Telecommunications

• Fixed Wireless ARPU Trajectory: Can Verizon and AT&T preserve premium pricing as fixed-wireless subs mix higher?
• Fiber Penetration vs. Cap-Ex: AT&T hit 29.5 million locations passed; Verizon trails at ~9 million. Investors want evidence of returns before incremental builds.

Consumer & Travel

• Menu Inflation vs. Traffic: Domino’s saw food-basket pricing +4.8% in Q1. How elastic is Q2 demand?
• Leisure/Group Mix: Hilton’s group revenue was flat last quarter; any RevPAR deceleration could hurt margins.

Defense & Industrial Tech

• Backlog Conversion: Record orders are positive, but execution remains paramount. Investors need clarity on labor constraints and supply disruptions.
• Hypersonic Program Funding: Northrop’s GPI win and RTX/NOC’s HAWC contract extensions spotlight DoD hypersonic priorities.

AI & Cloud Platforms

• Cap-Ex ROI: Alphabet’s unprecedented $75 billion 2025 cap-ex plan must translate into cloud capacity and AI revenue by late year.
• AI Monetization Rate: ServiceNow’s Pro-Plus modules and IBM’s watsonx bookings offer early read-outs on enterprise AI willingness to pay.

Semiconductors

• Inventory Normalization: TXN’s analog backlog suggests industrial demand is stabilizing, but free-cash-flow recovery hinges on utilization rates.
• CHIPS Act Grants: Management will update on further incentive disbursements after receiving $260 million in Q1.

Key Valuation Metrics (Forward P/E)

 

*Consensus data as of July 18, 2025.

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Bottom Line for Investors

July 21-23 will provide a high-resolution snapshot of U.S. corporate health across telecom, defense, tech, staples, and services. Key themes to monitor:

• Cash Discipline: High dividend payers (VZ, T, KO, PM) must reaffirm free-cash-flow resilience amid cap-ex commitments.
• AI ROI: Mega-cap outlays must convert to revenue share gains; early enterprise AI adoption rates at ServiceNow and IBM will serve as bellwethers.
• Geopolitical Demand: Defense contractors’ backlog quality and production execution remain critical as NATO order flows accelerate.
• Consumer Elasticity: Domino’s pricing power and Hilton’s RevPAR trajectory will gauge middle-class spending appetite in a slowing economy.

With valuations bifurcated between defensives and high-growth names, stock-specific execution will likely eclipse macro swings over the next quarter. Investors should be prepared for outsized post-earnings moves, especially where expectations have compressed.

All financial figures are in U.S. dollars unless otherwise noted. Earnings dates are based on company announcements and subject to change.

isclaimers and Limitations