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Good evening investors!

Every weekend we publish our “Earnings Recap” — an in-depth summary of the earnings reports for stocks that we cover.

Earnings season kept rolling this week as nine of the stocks we cover reported quarterly results this week — here is the list of companies we focused on:

• Monday 11/18: --

• Tuesday 11/19: Walmart and Lowe’s

• Wednesday 11/20: Nvidia, Palo Alto, and Target

• Thursday 11/21: Deere & Co

• Friday 11/22: --

Let’s dive in.

Nvidia (NVDA)

NVIDIA reported record-breaking quarterly results, surpassing analyst expectations with robust growth in its data center and gaming segments.

The company posted net income of $19.3 billion, up 109% YoY, and revenue of $35.08 billion, representing a 94% YoY increase and a beat of 5.82% over estimates.

Key highlights include record data center revenue of $30.8 billion, up 112% YoY, driven by strong AI demand, and gaming revenue of $3.3 billion, a 15% YoY increase. Operating income surged 110% YoY to $21.9 billion, while operating cash flow doubled YoY to $19.3 billion. Free cash flow grew 138% YoY to $16.8 billion, reflecting exceptional profitability.

Looking ahead, NVIDIA provided Q4 FY25 guidance with revenue expected to reach $37.5 billion (+89% YoY) and gross margin of 73%. The company also highlighted strategic partnerships with SoftBank, Foxconn, and other cloud providers, reinforcing its leadership in AI and accelerated computing markets.

NVDA shares are +2.8% so far this week.

Walmart (WMT)

Walmart reported strong Q3 earnings, surpassing analyst estimates for both revenue and EPS, driven by robust U.S. comparable sales and accelerating e-commerce growth.

The company generated $169.6 billion in revenue, up 6% year-over-year, and achieved net income of $4.6 billion, marking a significant 910% YoY increase. Diluted EPS came in at $0.58, beating expectations by 9.43%.

Key highlights included a 5.3% YoY rise in U.S. comparable sales and a remarkable 27% YoY growth in e-commerce revenue, reflecting Walmart's strength in adapting to consumer trends.

Operating income increased 8% YoY to $6.7 billion, while operating cash flow surged 21% YoY to $22.9 billion, supported by disciplined cost management despite a 6% rise in operating expenses.

For FY 2025, Walmart raised its revenue growth outlook to 4.8%-5.1% and EPS guidance to $2.42-$2.47, signaling continued confidence in its operational momentum and market positioning.

WMT shares are +5.3% so far this week.

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Lowe’s (LOW)

Lowe’s reported mixed Q3 results, with revenue slightly exceeding expectations but a decline in earnings due to higher expenses and ongoing pressure in the DIY market.

The company posted revenue of $20.17 billion (-2% YoY) and net income of $1.7 billion (-4% YoY), translating to EPS of $2.89, which beat consensus estimates by 2.48%.

Key highlights include a decline in U.S. comparable sales (-1.1% YoY) as the DIY segment faced headwinds, while the company continued investing in Pro services and supply chain initiatives, contributing to increased operating expenses (+2% YoY).

Operating cash flow grew by an impressive 24% YoY to $8.7 billion, and Lowe’s executed $758 million in share buybacks during the quarter, showcasing its commitment to shareholder returns.

Looking ahead, Lowe’s slightly raised its FY 2024 revenue guidance to $83.0-$83.5 billion and narrowed its EPS range to $11.80-$11.90, reflecting confidence in operational efficiency despite persistent challenges in the consumer spending environment.

LOW shares are -1.7% so far this week.

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Palo Alto Networks (PANW)

Palo Alto Networks reported strong Q1 earnings, exceeding expectations on both revenue and EPS, driven by robust growth in subscription revenue and billings.

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