$AAL (+0.35%)

🔹 Revenue: $14.4B (Est. $14.29B) 🟢; Record High

🔹 Adjusted EPS: $0.95 (Est. $0.78) 🟢

FY25 Guidance (Updated):

🔹 EPS: ($0.20) to $0.80 (Est. ($0.01)) 🔴

🔸 Midpoint: $0.30

🔸 Top end achievable if domestic demand improves

Q3 Guidance:

🔹 EPS: ($0.60) to ($0.10) (Est. $0.76) 🔴

Key Business Highlights:

🔹 Record revenue driven by premium demand and restored indirect channels

🔹 All international entities delivered YoY unit revenue growth

🔹 AAdvantage loyalty program active accounts +7% YoY

🔹 Co-branded card spend +6% YoY

Operations & Strategy:

🔹 Achieved record refining throughput in U.S. Gulf Coast

🔹 Free Cash Flow (1H25): $2.5B

🔹 Net Debt: $29B

🔹 Ongoing investment in tech, fleet, lounges, and Flagship Suite®

🔹 Net Income: $628M adj. / $599M GAAP

🔹 Operating Margin: ~8%

🔹 Total Liquidity: $12B

CEO Commentary:

🔸 “We delivered record revenue in an evolving demand environment.”

🔸 “Our investments in network, loyalty, and customer experience are paying off.”

🔸 “We remain confident in our long-term strategy despite short-term volatility.”

Heute:

• $PG (+0.23%) Procter & Gamble Q3'25 Earnings Highlights

• EPS: $1.54 (Est. $1.55) ❌
• Revenue: $19.78B (Est. $20.36B) ❌; DOWN -2% YoY
• Organic Sales: +1% YoY

• $CMCSA (-1.45%) Comcast Q1 2025 Earnings Highlights

• Adjusted EPS: $1.09 (Est. $0.99) ✅; UP +4.5% YoY
• Revenue: $29.89B (Est. $29.8B) ✅; DOWN -0.6% YoY
• Domestic Broadband Net Loss: -199K (Est. -144K) ❌

• $HAS (+0.36%) Hasbro Q1 2025 Earnings Highlights

• EPS: $0.70 (Est. $0.69) ✅
• Revenue: $887.1M (Est. $771.15M) ✅; UP +17% YoY
• Operating Profit: $171M (19.2% margin)
• Adjusted Operating Profit: $222M (25.1% margin); UP +5.5pp YoY
• Operating Cash Flow: $138M (vs. $178M YoY)
• Returned $98M to shareholders via dividends, reduced debt by $50M

• $MRK (+1.32%) Q1 2025 Earnings Highlights

• Adjusted EPS: $2.22 (Est. $2.13) ✅; UP +7% YoY
• Revenue: $15.53B (Est. $15.33B) ✅; DOWN -2% YoY, UP +1% ex-FX
• Gross Margin: 78.0% (vs. 77.6% YoY) ✅

• $PEP (+2.1%) PepsiCo Q1'25 Earnings Highlights

• Core EPS: $1.48 (Est. $1.49) ❌; DOWN -4% YoY
• Revenue: $17.92B (Est. $17.78B) ✅
• Organic Revenue Growth: +1.2% YoY

• $AAL (+0.35%) American Airlines Q1'25 Earnings Highlights

• Revenue: $12.60B (Est. $12.68B) ❌
• Adj. EPS: ($0.59) (Est. ($0.62)) ✅
• Passenger Rev: $11.39B (Est. $11.36B) ✅
• Load Factor: 80.6% (Est. 81.9%) ❌
• ASM: 69.90B (Est. 69.91B) 🟡
• Withdrew FY guidance due to macro uncertainty
• Previously guided FY25 EPS: $1.70–$2.70

Gestern Abend:

• $NOW (-3.82%) ServiceNow Q1'25 Earnings Highlights

• Adj EPS: $4.04 (Est: $3.83) ✅
• Total Revenue: $3.09B (Est: $3.08B) ✅; UP +18.5% YoY
• Subscription Revenue: $3.01B (Est: $3.00B) ✅; UP +19% YoY
• Adjusted Gross Profit: $2.54B (Est: $2.53B) ✅
• Adjusted Gross Margin: 82% (Est: 81.8%) ✅; DOWN from 83% YoY
• Adjusted Subscription Gross Margin: 84.5% (Est: 83.9%) ✅; DOWN from 86% YoY
• Adj. Free Cash Flow: $1.48B (Est: $1.32B) ✅; UP +21% YoY

$CMG (+0.08%) Chipotle Q1'25 Earnings Highlights

• Revenue: $2.88B (Est: $2.94B) ❌ ; UP +6.4% YoY
• Adj EPS: $0.29 (Est: $0.28) ✅; UP +7.4% YoY
• Comparable Sales: DOWN -0.4% (Est: +1.74%) ❌
• Operating Margin: 16.7% (Est: 16.4%) ✅; UP +40 bps YoY
• Restaurant-Level Margin: 26.2% (Est: 25.9%) ✅; DOWN -130 bps YoY
• Average Restaurant Sales: $3.19M (Est: $3.17M) ✅
• Digital Sales Mix: 35.4% of total food & beverage revenue

$IBM (-0.91%) Q1'25 Earnings Highlights

• Revenue: $14.54B (Est: $14.41B) ✅; UP +0.5% YoY
• Operating EPS: $1.60 (Est: $1.42) ✅; DOWN -5% YoY
• Adj Gross Margin: 56.6% (Est: 55.6%) ✅; UP +190 bps YoY

• $LRCX (+3.48%) Q3'25 Earnings Highlights

Key Metrics

• EPS (Non-GAAP): $1.04 (Est: $1.00) ✅; UP +14% QoQ
• Revenue: $4.72B (Est: $4.63B) ✅; UP +8% QoQ

• $TXN (-0.88%) Instruments Q1'25 Earnings Highlights

• EPS: $1.28 (Est: $1.06) ✅; UP +7% YoY
• Revenue: $4.07B (Est: $3.91B) ✅; UP +11% YoY
• Operating Profit: $1.32B (Est: $1.18B) ✅; UP +3% YoY

$AAL (+0.35%)

🔹 Revenue: $12.60B (Est. $12.68B) 🔴

🔹 Adj. EPS: ($0.59) (Est. ($0.62)) 🟢

🔹 Passenger Rev: $11.39B (Est. $11.36B) 🟢

🔹 Load Factor: 80.6% (Est. 81.9%) 🔴

🔹 ASM: 69.90B (Est. 69.91B) 🟡

🔸 Withdrew FY guidance due to macro uncertainty

🔸 Previously guided FY25 EPS: $1.70–$2.70

Q2'25 Guidance:

🔹 Adj. EPS: $0.50–$1.00 (Est. $0.96) 🟡

🔹 Revenue: Down 2% to Up 1% YoY

🔹 Adj. Operating Margin: ~+6% to +8.5%

🔹 Capacity: +2% to +4% YoY

🔹 CASM-ex (unit costs ex. fuel): +3% to +5% YoY

Segment:

🔸 Domestic Revenue: $8.13B, -1.6% YoY

🔸 International Revenue: $3.26B, +2.1% YoY

  ▫ Pacific: +30.2% YoY

  ▫ Atlantic: -2.7% YoY

  ▫ Latin America: +0.2% YoY

Operations & Strategy:

🔹 Traffic (RPM): -1.9% YoY

🔹 Total Revenue per ASM: 17.95¢ (+0.7% YoY)

🔹 Operating Margin: -2.2% (Adj: -1.6%)

🔸 Free Cash Flow: $1.7B

🔸 Debt Reduced by $1.2B in Q1; Target: <$35B by FY2027

🔸 Liquidity: $10.8B (cash + credit)

🔸 AAdvantage® enrollments +6% YoY; credit card spend +8% YoY

🔸 Complimentary Wi-Fi for loyalty members launching Jan 2026

🔸 Aircraft count: 1,552 (+2.3% YoY); Total FTEs: 133,100

CEO Commentary:

🔸 “We’re well-positioned for uncertainty thanks to a refreshed fleet and disciplined cost control. Despite headwinds, our strategic investments give us confidence in long-term performance.” — CEO Robert Isom

$AAL (+0.35%)

FINANCIAL HIGHLIGHTS

- Adjusted EPS: $0.86 (vs $0.29 year-over-year)

 * Exceeded analyst estimates of $0.65

 * Nearly 200% improvement from previous year

- Revenue Performance

 * Operating revenue: $13.66B (+4.6% YoY)

 * Passenger revenue: $12.40B (+3.3% YoY)

 * Both metrics exceeded analyst expectations

- Profitability

 * Adjusted net income: $609M (vs $192M YoY)

 * Significantly outperformed estimates of $471.3M

OPERATIONAL METRICS

- Capacity and Utilization

 * Available seat miles: 71.50B (+2.5% YoY)

 * Revenue passenger miles: 60.68B (+4.0% YoY)

 * Load factor: 84.9% (improved from 83.6% YoY)

- Cost Management

 * CASM ex-fuel: $13.99 (+5.7% YoY)

 * Total CASM: $17.52 (-1.5% YoY)

 * Passenger yield: 20.44 cents (-0.7% YoY)

 * PRASM: $17.34 (+0.8% YoY)

FLEET

- Total aircraft: 1,562 units

- Fleet growth: +2.7% YoY

$NFLX (+0.47%)

$UAL (-0.68%)

$VZ (+1.31%)

$SCHW (-0.44%)

$PG (+0.23%)

$GE (+0%)

$ABT (+0.11%)

$KMI (+0.04%)

$MMM (+1.44%)

$AAL (+0.35%)

$BOKF (-1.15%)

$JNJ (+0.06%)

$HBAN (-1.16%)

$IBKR (+1.03%)

$FCX (+2.48%)

$AA (+2.6%)

$STX (+0%)

$TXN (-0.88%)

$KEY (+0.07%)

$ISRG (-0.72%)

$AXP (+0.54%)

$PRGS (-2.1%)

$HAL (-1.75%)

$DHI (-0.4%)

$FITB (-0.03%)

$GEV (-2.02%)

$TCBI (-1.44%)

$ALLY (-0.75%)

$COF (-2.19%)

$CSX (-1.78%)

$APH (-0.43%)

$ELV (+3.19%)

$CMA (-0.87%)

$DFS

$FOR

$GSBC

$ZION

$PLD

$NEE (+3.39%)

$TRV

$SRCE

$ALK

$BFST

$FFBC

$EQBK

$ERIC

$SMBK

$STLD

$WTFC

$UNP

$AAL (+0.35%) | American Airlines Q3'24 Earnings Highlights:

🔹 Adj EPS: $0.30 (Est. $0.13) 🟢

🔹 Revenue: $13.6B (Est. $13.5B) 🟢; UP +1.2% YoY

🔹 Passenger Revenue: $12.52B (Est. $12.37B) 🟢; UP +0.8% YoY

🔹 ASMs: 75.67B; UP +3.2% YoY

🔹 Load Factor: 86.6% (Est. 84.2%); UP +2.6pp YoY

FY24 Guidance:

🔸 Raised Adj EPS: $1.35 - $1.60 (Prior: $0.70 - $1.30; Est. $1.22) 🟢

🔸 Adj Operating Margin: 4.5% - 5.5% (Prior: 3.5% - 5.5%)

🔸 Capacity (ASMs): +5% to +6% YoY

🔸 TRASM: Revised to "-4% to -3%" (Prior: "-5% to -3%")

🔸 CASM ex-fuel: +2% to +3% YoY (Prior: +1% to +3% YoY)

Q4 Guidance:

🔸 Adjusted EPS: $0.25 - $0.50 (Est. $0.30) 🟢

🔸 Capacity (ASMs): +1% to +3% YoY

🔸 TRASM: -3% to -1%

🔸 CASM ex-fuel: +4% to +6% YoY

Operational Metrics:

🔹 Revenue Passenger Miles (RPMs): 65.50B; UP +6.4% YoY

🔹 Passenger Yield: 19.12¢; DOWN -5.3% YoY

🔹 CASM (Cost per ASM): $17.92; DOWN -4.2% YoY

🔹 CASM ex-fuel: $13.39; UP +2.8% YoY

🔹 Total Aircraft: 1,546; UP +3.1% YoY

Additional Updates:

🔸 Capex (FY24 and FY25): Lower than prior forecast due to aircraft delivery delays

🔸 Cash and Liquidity: $11.8B in total available liquidity

🔸 Debt Reduction: On track to reduce total debt by $15B by 2025

Here are all of the changes coming to the S&P 500

- Stocks being added in: Palantir $PLTR (+2%), $DELL (+4.82%) and $ERIE (-1.95%)

- Stocks being removed: American Airlines $AAL (+0.35%), $ETSY (+6.53%), Bio-Rad $BIO (+0.31%)