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Good morning 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 was in full force this week with four of the MAG7 stocks reporting and many other major names providing us with a clearer picture of the current economic environment.

Here’s a look at all 19 names we are covering in this report — yes we were busy to make sure our investors get the best coverage in the market:

• Monday 4/28: --

• Tuesday 4/29: Visa, Coca-Cola, American Tower, UPS, General Motors, and Starbucks

• Wednesday 4/30: Microsoft, Meta, Qualcomm, and VICI

• Thursday 5/1: Apple, Amazon, Eli Lilly, Mastercard, McDonald’s, Airbnb, and Block

• Friday 5/2: Exxon Mobil and Chevron

Apple (AAPL)

Apple $AAPL ( ▼ 4.41% ) reported a strong Q2 2025 with revenue and EPS both topping Wall Street estimates, driven by robust growth in Services and resilience in core hardware. Despite a -2% YoY decline in China sales, the company continues to show signs of operational strength, margin discipline, and shareholder returns via aggressive buybacks.

🔑 Key Points

• Revenue: $95.36B (+5% YoY), beating estimates by +0.87%

• EPS: $1.65 (+8% YoY), beating estimates by +1.85%

• Services revenue: $26.7B (+12% YoY) — now over 28% of total revenue

• Operating income: $29.6B (+6% YoY) with operating margin steady at 26%

• Buybacks: ~$50B in 1H25, announced $100B in additional buybacks

👀 What You Need to Know

Apple’s product growth was modest — iPhone revenue rose just +2%, while iPad (+15%) and Mac (+7%) bounced back from prior softness. China weakness (-2% YoY) remains a headwind, but services strength more than offset the drag. Free cash flow declined YoY, but management's continued aggressive capital return (~$50B repurchased in just six months) reinforces Apple’s financial firepower. The company did not issue guidance, citing macro uncertainty.

AAPL shares are -1.0% so far this week.

Microsoft (MSFT)

Microsoft $MSFT ( ▲ 2.63% ) delivered a standout Q3 2025, with revenue climbing 13% YoY to $70.07B and EPS surging 18% to $3.46, both handily beating estimates. Momentum was driven by robust demand across cloud, AI, and productivity offerings—especially Azure, which soared +33% YoY. 

🔑 Key Points

• Revenue rose +13% YoY to $70.07B, beating estimates by 2.4%, led by Intelligent Cloud (+21% YoY) and Productivity (+10% YoY).

• EPS increased +18% YoY to $3.46, handily topping the $3.22 estimate (+7.5% beat).

• Operating income grew +16% YoY to $32.0B, while operating margin held steady near 45.7%.

• Operating expenses rose +11% YoY to $38.1B, as Microsoft continues to lean into AI and infrastructure investments.

• Free cash flow climbed +16% YoY to $37.0B, reflecting strong conversion and disciplined capex.

• Cloud-related revenue totaled $42.4B (+20% YoY), with Azure growth coming in at a standout +33% YoY.

👀 What You Need to Know

Microsoft’s relentless cloud push continues to pay off. Azure’s 33% YoY growth highlights rising enterprise adoption of AI workloads, while margin expansion shows disciplined execution. Looking ahead, management guided to a Q4 revenue range of $73.15B to $74.2B — ahead of Wall Street’s $72.26B estimate — reinforcing momentum across Intelligent Cloud and Productivity segments. Segment breakdowns include:

• Productivity & Business Processes: $32.05B–$32.35B

• Intelligent Cloud: $28.75B–$29.05B

• More Personal Computing: $12.35B–$12.85B

MSFT shares are +9.8% so far this week.

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Amazon (AMZN)

Amazon $AMZN ( ▼ 0.05% ) posted a strong Q1 2025, with revenue up 9% to $155.67B and EPS soaring 62% YoY to $1.59—crushing estimates by over 16%. AWS led the charge with accelerating growth and improved margins, while core retail in North America remained solid. However, the stock wavered post-earnings as Q2 guidance came in below bullish expectations, suggesting management is bracing for more cautious consumer and enterprise spending.

🔑 Key Points

• EPS of $1.59 beat estimates by 16% and marked a +62% YoY jump, driven by margin expansion

• AWS revenue grew +17% YoY to $29.3B, showing reacceleration as enterprise cloud demand rebounds

• Operating income rose +20% YoY to $18.4B, but guidance for Q2 ($13B–$17.5B) implies a slowdown (+4% YoY at midpoint)

• Operating cash flow fell -10% YoY to $17.0B; TTM Free Cash Flow dropped -48% to $25.9B

• Q2 revenue outlook of $159B–$164B (+9% YoY) was at the low end of Street expectations

👀 What You Need to Know

Investors loved the margin gains and AWS rebound, but Amazon’s Q2 guide lacked the high-end upside many were hoping for. With cloud tailwinds building, AWS remains the growth engine—yet caution around global consumer demand and tariffs continues to weigh on near-term outlook. The muted guidance is a reminder that Amazon’s path forward isn’t without bumps.

AMZN shares are +1.5% so far this week.

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Meta Platforms (META)

Meta $META ( ▲ 5.24% ) posted a strong Q1 2025 with both revenue and EPS topping expectations, driven by continued strength in ad spending and engagement across its Family of Apps. However, updated guidance showed a notable rise in full-year expenses and capex, tempering investor enthusiasm. Shares jumped as investors welcomed Meta’s robust topline growth, solid user trends, and increased clarity on AI and capex strategy.

🔑 Key Points

• Revenue rose +16% YoY to $42.31B, beating estimates by 2.4%, led by $41.4B in ad revenue

• EPS surged +22.9% to $6.43, driven by strong operating income growth and user engagement

• Operating income jumped +27% YoY to $17.6B, while expenses rose +9% YoY to $24.8B

• Operating cash flow hit $24.0B (+25% YoY), but FCF fell to $10.3B (-18% YoY) on elevated capex

• FY25 capex was raised to $64–$72B (from $60–$65B), signaling increased AI/data center spend

👀 What You Need to Know

Meta continues to fire on all cylinders with impressive user metrics and ad growth, but rising investment in AI infrastructure and a ramp in operating costs hint at thinner near-term margins. Management’s decision to boost FY25 capex by $7B+ underscores their commitment to long-term AI leadership, even at the cost of short-term FCF pressure. Despite regulatory challenges in the EU and potential impacts from global economic uncertainties, Meta's diversified revenue streams and robust user engagement metrics provide a solid foundation for sustained growth..

META shares are +6.9% so far this week.

Eli Lilly (LLY)

Eli Lilly $LLY ( ▲ 3.86% ) delivered a blowout Q1 with revenue surging 45% year-over-year to $12.73B, fueled by massive demand for its weight-loss and diabetes drugs Mounjaro and Zepbound. The company also posted strong profitability metrics, including a gross margin of 82.5% and EPS of $3.34. The company reaffirmed its full-year revenue guidance but did slash EPS forecasts. The pipeline remains hot, with late-stage trial wins for orforglipron and ongoing strength across immunology and oncology.

🔑 Key Points

• Revenue rose +45% YoY to $12.73B, led by Mounjaro ($3.8B, +113%) and Zepbound ($2.3B, flat YoY)

• EPS climbed +29% YoY to $3.34, beating expectations by 2.5%, even with $1.72/share in IPR&D charges

• Operating income jumped +47% to $3.7B, despite a 48% rise in expenses from R&D and new product launches

• U.S. sales grew +49% YoY to $8.5B, while international revenue climbed +38% YoY to $4.2B

• Gross margin improved to 82.5% (+160 bps YoY)

👀 What You Need to Know

Lilly cut its FY25 EPS outlook to $20.78–$22.28 (from $22.50–$23.55 prior), driven by $1.57B in upfront R&D expenses tied to pipeline deals like Scorpion Therapeutics. While the near-term hit to earnings may give some investors pause, it reflects strategic reinvestment into high-potential therapies across oncology, obesity, and immunology. Importantly, revenue guidance remains unchanged, and gross margins remain strong at 82.5%. With multiple blockbuster franchises scaling, a deep late-stage pipeline, and a proven ability to execute, Lilly’s long-term growth narrative remains intact, especially in a market rewarding drug innovation and durable pricing power.

LLY shares are -6.8% so far this week.

Visa (V)

Visa $V ( ▲ 1.39% ) posted another strong quarter with revenue and EPS both topping estimates, supported by resilient payment volumes and cross-border travel recovery. But operating costs jumped sharply, putting pressure on margins and net income.

🔑 Key Points

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