McDonald’s Sees Weakness from Lower-Income Consumers
November 10, 2025
By Brian Nelson, CFA On November 5, McDonald’s (MCD) reported third quarter results that missed expectations on both the top and bottom lines. Global comparable sales came in better than expected at 3.6%, with broad-based growth across all segments. U.S. comps increased 2.4%, international operated markets increased 4.3%, while international developmental licensed markets increased 4.7%. Consolidated revenues increased 3% (1% in constant currencies), while global systemwide sales were over $36 billion for the quarter, an increase of 8% year-over-year (6% in constant currency). Management had the following to say about the quarter: We increased global Systemwide sales by 6% and grew comp sales across all segments, a testament to our ability to deliver sustainable growth even in a challenging environment.
Amazon’s Cloud Business Continues to Propel Results
November 6, 2025
Image Source: TradingView By Brian Nelson, CFA Amazon (AMZN) recently reported third quarter results that beat expectations for both revenue and adjusted earnings per share. Net sales increased 13%, to $180.2 billion, in the third quarter, which compares to $158.9 billion in the same quarter a year ago and was nearly $3 billion more than expected. Excluding foreign exchange impacts, net sales increased 12% compared to the third quarter of last year. North America segment sales increased 11%, international segment sales increased 14%, while AWS segment sales advanced 20% year-over-year, to $33 billion. Adjusted operating income came in at $21.7 billion versus $17.4 billion in the same period a year ago. Net income increased to $21.2 billion in the quarter,
Apple Looks to Strong December Quarter
November 3, 2025
Image Source: TradingView By Brian Nelson, CFA On October 30, Apple (AAPL) reported better than expected fiscal fourth quarter results, with both revenue and GAAP earnings per share exceeding the consensus forecast. Quarterly revenue of $102.5 billion was up 8% year-over-year, while adjusted diluted earnings per share of $1.85 was up 13% year-over-year. Management had the following to say about the results: Today, Apple is very proud to report a September quarter revenue record of $102.5 billion, including a September quarter revenue record for iPhone and an all-time revenue record for Services. In September, we were thrilled to launch our best iPhone lineup ever, including iPhone 17, iPhone 17 Pro and Pro Max, and iPhone Air. In addition, we launched
Chipotle Facing Consumer Spending Pressures
October 30, 2025
Image Source: TradingView By Brian Nelson, CFA On October 29, Chipotle (CMG) reported disappointing third quarter results with revenue missing the mark and non-GAAP earnings per share coming in-line with expectations. In the quarter, total revenue increased 7.5%, to $3 billion, while comparable restaurant sales increased 0.3%, bolstered by a 1.1% increase in average check, partially offset by lower transactions of 0.8%. Chipotle’s operating margin was 15.9%, a decline from 16.9%, while its restaurant level operating margin also fell to 24.5% from 25.5% previously, as the company faced higher protein and labor costs as well as tariff pressures. Adjusted diluted earnings per share increased 7.4%, to $0.29, in the quarter. It opened 84 company-owned restaurants, with 64 locations including a
Alphabet Remains a Net-Cash-Rich, Free-Cash-Flow Generating Powerhouse
October 30, 2025
Image: Alphabet’s revenues eclipsed $100 billion in the quarter. By Brian Nelson, CFA On October 29, Alphabet (GOOG) (GOOGL) reported solid third quarter results with revenue and GAAP earnings per share coming in better than expected. Consolidated revenues increased 16% (up 15% in constant currency) in the quarter, to $102.3 billion. Consensus was at $100.14 billion. Google Search & other, YouTube ads, Google subscriptions, platforms and devices, and Google Cloud all experienced double-digit growth in the third quarter. Google Services revenue increased 14%, while Google Cloud revenues jumped 34%. Adjusted operating income increased 22% on an operating margin of 33.9%. Net income increased 33%, while earnings per share increased 35%, to $2.87, better than consensus of $2.26. Management had the
Microsoft’s First Quarter Fiscal 2026 Results Solid
October 30, 2025
Image Source: TradingView By Brian Nelson, CFA On October 29, Microsoft (MSFT) reported excellent first quarter fiscal 2026 results with revenue and non-GAAP earnings per share coming in ahead of expectations. Revenue increased 18% (up 17% in constant currency), while operating income jumped 24% (up 22% in constant currency). Non-GAAP net income was $30.8 billion, increasing 22% (up 21% in constant currency), while non-GAAP diluted earnings per share came in at $4.13, increasing 23% (up 21% in constant currency). Management had the following to say about the results: Our planet-scale cloud and AI factory, together with Copilots across high value domains, is driving broad diffusion and real-world impact. It’s why we continue to increase our investments in AI across both
Booking Holdings Looks to Robust Growth in Fourth Quarter
October 29, 2025
Image Source: Booking Holdings By Brian Nelson, CFA On October 28, Booking Holdings (BKNG) reported better than expected third quarter results with both revenue and non-GAAP earnings per share exceeding the consensus forecast. Revenue grew 13% compared to the third quarter of 2024, or 8% on a constant currency basis. Room nights increased 8% compared to the third quarter of 2024, while gross bookings advanced 14% compared to the same period a year ago, or 10% on a constant currency basis. Adjusted earnings per share and adjusted EBITDA expanded 19% and 15% year-over-year, respectively. Management had the following to say about the results: We are pleased to report a strong third quarter, with 8% room night growth and double-digit gains
Visa Expects Low Double Digit Earnings Growth for Fiscal 2026
October 29, 2025
Image Source: Visa By Brian Nelson, CFA On October 28, Visa (V) reported better than expected fourth quarter fiscal 2025 results with both revenue and non-GAAP earnings per share exceeding the consensus forecast. Net revenue increased 12%, or 11% on a constant currency basis, while non-GAAP net income increased 7% to $5.8 billion, or $2.98 per share, the latter up 10% and better than the $2.97 consensus. Payments volume increased 9% in the quarter, while total cross-border volume totaled 12%, with processed transactions increasing 10%. Visa’s management had the following to say about the results: In our fourth quarter, continued healthy consumer spending drove net revenue up 12% to $10.7 billion. For the full year, Visa delivered strong performance, with
UnitedHealth Group Raises Full Year 2025 Earnings Outlook
October 28, 2025
Image Source: TradingView By Brian Nelson, CFA On October 28, UnitedHealth (UNH) reported better than expected third quarter results, with revenue and non-GAAP earnings per share exceeding the consensus forecast. Third-quarter revenue grew 12% year-over-year, to $113.2 billion, while adjusted earnings came in at $2.92 per share. In the quarter, UnitedHealthcare revenues grew 16%, while Optum revenues grew 8% year-over-year. Cash flow from operations were $5.9 billion, or 2.3x net income. Its medical care ratio (MCR) of 89.9% was in line with expectations that it outlined in the second quarter. Management had the following to say about the quarter and outlook: We remain focused on strengthening performance and positioning for durable and accelerating growth in 2026 and beyond, and our
What Is Gold Really Worth?
October 28, 2025
“What motivates most gold purchasers is their belief that the ranks of the fearful will grow. During the past decade that belief has proved correct. Beyond that, the rising price has on its own generated additional buying enthusiasm, attracting purchasers who see the rise as validating an investment thesis. As ‘bandwagon’ investors join any party, they create their own truth – for a while.” — Warren Buffett (2011 annual letter to shareholders) Image: Gold prices have surged since 2020, and they recently hit an all-time high. Image Source: TradingView By Brian Nelson, CFA Stocks have quite a few variables that can affect their intrinsic value estimate, but what about gold’s intrinsic value? Does gold even have value? And if so, how
