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Good afternoon investors!

During the ever important earnings season, we publish our “Earnings Recap” — an in-depth summary of the earnings reports for stocks that we cover on a regular basis.

Earnings season is just getting started and is expected to be wild — here is the list of companies we focused on:

• Monday 1/20: --

• Tuesday 1/21: Netflix, Charles Schwab, Prologis, and 3M

• Wednesday 1/22: Procter & Gamble, Johnson & Johnson, and Abbott Labs

• Thursday 1/23: Union Pacific

• Friday 1/24: Verizon

Let’s dive in.

Netflix (NFLX)

Netflix reported strong Q4 2024 earnings, exceeding expectations on both revenue and EPS, fueled by a surge in global paid memberships and effective cost management.

The company achieved a quarterly net income of $1.9 billion, nearly doubling YoY (+99%), and recorded revenue of $10.25 billion, reflecting a 16% YoY increase.

Key highlights include 15% YoY revenue growth in U.S. and Canada ($4.5 billion) and 18% YoY revenue growth in EMEA ($3.3 billion). Global paid memberships rose 16% YoY to 301.6 million, with ads-supported plans accounting for 55% of new sign-ups.

However, operating cash flow declined 8% YoY to $1.5 billion, while free cash flow for the quarter reached $1.4 billion (-13% YoY). Netflix authorized a $15 billion share buyback program, underscoring confidence in its long-term growth.

For Q1 2025, Netflix anticipates revenue of $10.4 billion (+11% YoY) and EPS of $5.58 (+6% YoY). Full-year 2025 guidance projects revenue of $43.5–$44.5 billion (+14% YoY) and free cash flow doubling to $8 billion.

NFLX shares are +14.8% so far this week.

Procter & Gamble (PG)

Procter & Gamble reported solid Q2 2025 earnings, surpassing both revenue and earnings expectations, driven by steady consumer demand across its core product categories.

The company posted net income of $4.6 billion, up 34% year-over-year, on revenue of $21.88 billion, representing 2% growth YoY and exceeding analyst estimates by 1.44%. Organic sales rose 3% during the quarter, reflecting strong contributions from Home Care and Family Care segments.

Operating income surged 30% to $5.7 billion, while operating expenses rose modestly by 3%, reflecting controlled cost management amidst commodity headwinds. Free cash flow for the quarter declined 15% YoY to $3.9 billion, impacted by higher capital expenditures and commodity costs, but the company executed $2.5 billion in share buybacks.

P&G reaffirmed its full-year 2025 guidance, expecting revenue growth of 2% to 4%, EPS growth of 10% to 12%, and organic sales growth of 3% to 5%, signaling confidence in its ongoing operational efficiency and resilience.

PG shares are +2.8% so far this week.

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Johnson & Johnson (JNJ)

Johnson & Johnson reported solid Q4 2024 earnings, with revenue growth offsetting declines in net income and operating income.

The company posted quarterly revenue of $22.43 billion, up 5% year-over-year, and net income of $3.4 billion, which declined 15% due to rising operating expenses and a challenging cost environment. Earnings per share of $2.04 exceeded analyst expectations by 2.51%.

MedTech revenue grew 7% year-over-year, driven by strong demand in surgical and orthopedics segments, while Innovative Medicine revenue rose 4%, supported by double-digit oncology drug sales growth (+12%). U.S. sales were a bright spot, increasing 10%, bolstered by demand across product lines.

Looking ahead, J&J expects FY 2025 revenue of $89.6 billion (+1% YoY) and adjusted EPS of $10.60 (+6%), signaling modest growth supported by operational efficiency and market expansion plans.

JNJ shares are -0.8% so far this week.

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Abbott Labs (ABT)

Abbott Laboratories delivered solid Q4 2024 results, driven by strong organic growth across key segments, though revenue slightly missed expectations.

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