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005930.KS

Samsung Electronics Co., Ltd.

Samsung delivered record quarterly revenue and operating profit in FY2025 Q4, but the key investment takeaway is not simply size. The profit pool rotated decisively toward Device Solutions, especially Memory, as AI-driv…

FY2025 Q4KRW 93.8T sales / KRW 20.1T OP

AAPL

Apple Inc.

得益于服务业务的高利润率、iPhone Pro 带来的混合ASP提升，以及持续的大规模股票回购显著降低了流通股数。

1Q26EPS 创历史新高

AAPL

Apple Inc.

得益于服务营收创历史新高、iPhone 16 系列初期的良好动能，以及高达数百亿美元的持续股票回购。

4Q25Q4 EPS 创纪录

AAPL

Apple Inc.

Apple's latest quarter was important because it clarified what now drives the model. iPhone remains the anchor, but the company no longer needs a broad-based hardware sup…

4Q254Q25 was not a story of explosive unit growth. Apple showed that a larger installed base, a higher-quality mix, and a structurally stronger Services engine can still produce record September-quarter revenue and EPS even while China remains soft and hardware growth stays uneven.

AAPL

Apple Inc.

The quarter was strong because high-margin services kept compounding off a larger installed base and iPhone mix held up, which more than offset persistent China weakness and kept gross margin moving higher.

FY2025 / Q4 2025Q4 revenue $102.5B (+8% YoY); diluted EPS $1.85 (+13% YoY on an adjusted basis)

AAPL

Apple Inc.

The upside came from a Pro-led iPhone surge, continued Services monetization and ongoing buyback-driven EPS leverage. The key investment question is whether those drivers are durable enough to offset rising policy and p…

FY2026 / Q1 2026FY26 Q1 revenue $143.8B (+16% y/y); diluted EPS $2.84 (+19%)

AMD

Advanced Micro Devices, Inc.

AMD ended calendar 2025 with record revenue, record non-GAAP operating income and record non-GAAP EPS, driven by a much larger Data Center business and a still-strong Client and Gaming franchise. But the quarter also in…

FY2025 / Q4 2025Q4 2025 was the quarter AMD proved it can generate record earnings at scale, but investors still need to separate durable operating improvement from the temporary benefit of MI308 China revenue and reserve reversal.

AMD

Advanced Micro Devices, Inc.

AMD's third quarter of 2025 should be read as a reset quarter after the Q2 MI308 export-control hit. Revenue jumped to a record $9.25 billion, non-GAAP gross margin returned to 54% from 43% in Q2, and non-GAAP EPS rose…

FY2025 / Q3 2025Q3 2025 was the quarter AMD proved the Q2 export-control shock did not break the operating model. Revenue re-accelerated, margins normalized, and the AI story advanced from product credibility toward systems and software credibility.

AMD

Advanced Micro Devices, Inc.

数据中心与客户端业务的规模化放量，带动整体营收与营业利润双双刷新历史纪录，体现了强大的盈利增长杠杆。

Q4 2025$1.53 (同比 +40%)

AMD

Advanced Micro Devices, Inc.

得益于 EPYC 和 Ryzen 处理器以及 Instinct AI 加速器的广泛需求，营收与盈利双双创下历史新高，利润弹性彻底释放。

Q3 2025$1.20 (同比 +30%)

AMZN

Amazon.com, Inc.

The quarter was not just a holiday retail print. Amazon's underlying earnings power came from AWS growth re-accelerating to its fastest pace in 13 quarters, advertising continuing to scale as a structurally high-margin…

Q4 2025Q4 2025 showed a three-engine profit model: AWS re-acceleration, high-margin advertising, and retail efficiency. The main offset was that Amazon is entering a much heavier AI-led capex cycle, which pressures free cash flow in the near term.

ASML

ASML Holding N.V.

The January 28, 2026 release and call changed the debate. ASML did not just post a strong quarter; it showed a step-change in customer capacity plans tied to AI infrastructure, advanced logic node migrations and tighter…

Q4 FY2025Q4 sales EUR9.7B; Q4 bookings EUR13.2B with EUR7.4B EUV; FY2026 sales guide EUR34B-EUR39B

ASML

ASML Holding N.V.

The quarter itself was solid rather than spectacular on revenue, but management raised the full-year range only one quarter after initiating 2026 guidance because advanced Logic and DRAM customers lifted their short- an…

Released 2026-04-15

FY2026 / Q1 2026Q1 sales were EUR8.8bn and FY26 guidance was raised to EUR36-40bn from EUR34-39bn on April 15, 2026

AVGO

Broadcom Inc.

Broadcom's marginal growth is coming from custom AI accelerators and AI networking, while infrastructure software now acts more as a stable cash-and-margin base. That mix shift makes the investment case increasingly abo…

FY2026 Q1AI semiconductor demand has become Broadcom's dominant earnings engine: it pushed Q1 revenue to $19.3B (+29% YoY), kept adjusted EBITDA at 68% of sales, and set up a Q2 guide of about $22.0B.

BLK

BlackRock, Inc.

The January 15, 2026 earnings release showed that BlackRock closed 2025 with its strongest quarter and year of flows ever, not because markets alone lifted AUM but because clients were allocating across ETFs, private ma…

Q4 2025AUM reached $14.0T; Q4 net inflows were $342B; Q4 adjusted EPS was $13.16; Q4 annualized organic base fee growth reached 12%; FY2025 revenue rose 19% to $24.2B

Citigroup Inc.

4Q25 showed broad-based growth in Services, Banking, Wealth and USPB, while management framed 2026 around positive operating leverage and a 10%-11% RoTCE target. The debate is now whether Citi can convert franchise qual…

4Q252025 RoTCE 7.7%; management targets 10%-11% in 2026

CVX

Chevron Corporation

Chevron's January 30, 2026 release showed that headline earnings did not capture the full operational picture. Adjusted earnings fell to $3.0 billion from $3.6 billion in both Q3 2025 and Q4 2024 because Brent moved dow…

Q4 2025Adjusted earnings $3.0B; cash flow from operations $10.8B; net production 4.045 MMBOED

DAL

Delta Air Lines, Inc.

Record March-quarter revenue, a premium-heavy mix and flat-capacity June guidance show Delta is monetizing brand and network quality even as fuel resets higher. The investable question is no longer whether demand exists…

Released 2026-04-08

FY2026 / Q1 20261Q26 adj. EPS $0.64, +44% YoY; adj. TRASM +8.2%; 2Q26 revenue guide up low-teens on flat capacity

DVN

Devon Energy Corporation

Fourth-quarter results showed that Devon can still generate meaningful free cash flow even after realizations rolled down from early-2025 levels. The combination of business optimization, better-than-expected Delaware p…

4Q25Q4 FCF $702M on 390 MBbl/d oil and $883M capital; FY25 FCF $3.1B

GE Aerospace

从投资视角看，GE Aerospace 最新财报最重要的变化，不是某一个单季数字创新高，而是增长结构更扎实了。商业发动机与服务业务继续吃到全球机队利用率、备件和大修需求，FLIGHT DECK 体系把供应链和工厂效率改善转化成更高交付与现金流，防务与推进技术业务则提供更稳的第二增长腿。与此同时，Q4 CES 利润率下滑说明利润并不会沿着收入线性放大，GE9X 导入、较低的 spare engine ratio、以及更高的研发费用都在提…

FY2025 / Q4 2025这份财报的核心不是单季高增长，而是 GE Aerospace 已形成“商用售后服务年金 + 供应链修复带来的交付放量 + 防务第二曲线”的复合盈利结构；短期掣肘则是 GE9X、原始设备交付占比提升和研发投入带来的利润率波动。

GE Aerospace

Demand is no longer the hard part. Commercial aftermarket demand, defense momentum and lean-driven throughput all improved in 2025, but the next rerating still depends on converting backlog into services-heavy profit wi…

FY2025 / Q4 2025FY25 adjusted revenue +21% to $42.3B; operating profit +25% to $9.1B; adjusted EPS +38% to $6.37; FCF +24% to $7.7B

GOOGL

Alphabet Inc.

站在投资者视角看，Alphabet FY2025/Q4 的关键不只是收入首次突破 4000 亿美元、Cloud 继续高增、EPS 创新高，而是公司正在用 AI 把原本以广告为核心的单引擎模型，升级为由 Search、YouTube、订阅、Cloud、AI 平台和长期自动驾驶期权共同驱动的复合型平台模型。现在市场最需要判断的，不是 Alphabet 有没有 AI 能力，而是这些 AI 投入能否持续扩大 Search 使用、加速 Clou…

FY2025 / Q4 2025这份财报真正重要的不是单一高增速，而是 Alphabet 已经形成“Search 现金牛 + Cloud 再加速 + AI 全栈平台 + Waymo 长期期权”的多层利润与估值结构

GOOGL

Alphabet Inc.

Alphabet's latest quarter pushed the debate into a more interesting place. Search accelerated rather than cracked under AI. Google Cloud converted AI demand into both revenue and margin. Gemini moved beyond model demos i…

FY2025 / Q4 2025FY2025 / Q4 2025 showed that Alphabet is no longer being judged as a pure advertising platform. Search still funds the system, but Cloud, Gemini distribution, and AI infrastructure are now the variables that determine whether Alphabet deserves a structurally higher growth multiple.

GOOGL

Alphabet Inc.

Q4 2025 delivered simultaneous acceleration in Search and Cloud while free cash flow stayed high, so the debate has shifted from whether AI demand is real to whether Alphabet can convert that demand into durable profit…

FY2025 / Q4 2025Q4 revenue $113.8B, EPS $2.82, Search +17%, Cloud +48%

The Goldman Sachs Group, Inc.

Goldman's January 15, 2026 earnings release showed a quarter that looked softer on the surface because reported net revenues fell 3% year over year to $13.45 billion. But the annual report and the firm's Apple Card tran…

Q4 2025Reported net revenues $13.45B; net earnings $4.62B; EPS $14.01; annualized ROE 16.0%; EPS excluding Apple Card transition $13.55

The Goldman Sachs Group, Inc.

The upside came from a healthier mix than a simple volatility spike: advisory snapped back, Equities financing hit a record, AWM fees kept compounding and Platform Solutions stopped overwhelming consolidated results. Th…

Released 2026-04-13

FY2026 / Q1 2026Net revenues $17.23B, EPS $17.55 and ROE 19.8%; second-highest quarterly EPS and net earnings

INTC

Intel Corporation

Intel's January 22, 2026 release showed a cleaner quarter than the market feared: Q4 beat management's prior revenue, gross-margin and EPS expectations despite industry-wide supply shortages, and the company finished FY…

Q4 FY2025Revenue $13.7B (-4% YoY); non-GAAP EPS $0.15; Q1 FY2026 guide $11.7B-$12.7B

JPM

JPMorgan Chase & Co.

From an investment perspective, JPMorgan's latest earnings confirm that the franchise is still being driven by three reinforcing engines: sticky net interest income from a massive balance sheet, high-value fee pools acr…

FY2025 / Q4 2025The core of Q4 2025 was not just another strong bank quarter. JPMorgan combined a rate-resilient core bank, durable fee pools in CIB and AWM, and fortress capital, while a large Apple-card reserve made reported consumer earnings look weaker than the underlying franchise.

JPM

JPMorgan Chase & Co.

The upside came from a synchronized surge in Markets, investment banking, Payments and asset-management fees, while core NII remained supportive but not meaningfully better. That mix shift matters because it makes the e…

Released 2026-04-14

FY2026 / Q1 20261Q26 net income $16.5B; EPS $5.94; managed revenue $50.5B, +10% YoY

The Coca-Cola Company

全年增长更多来自品牌力、定价能力、产品组合和系统执行，而不是广泛的实际消费量扩张。

FY2025 / Q4 2025高质量但非高销量增长

The Coca-Cola Company

KO exited 2025 with value-share gains, resilient organic growth and another year of margin expansion, yet full-year unit case volume was only even and 2026 reported revenue will be distorted by refranchising. The market…

FY2025 / Q4 20254Q25 organic revenue +5%; FY2025 organic revenue +5%; FY2025 comparable EPS $3.00 +4%; 2026 comparable EPS guide +7% to +8%

LLY

Eli Lilly and Company

From an investment perspective, Lilly's latest earnings matter because the company is no longer just reporting fast growth; it is operating a large-scale commercial flywheel. Mounjaro and Zepbound are driving extraordin…

FY2025 / Q4 2025The core of Q4 2025 was not only another strong obesity-drug quarter. Lilly showed that tirzepatide demand, manufacturing scale-up, and a broad late-stage pipeline are now reinforcing one another, while concentration risk and price pressure remain the main offsets.

MCD

McDonald's Corporation

The quarter closed the recovery arc that started from a soft U.S. consumer backdrop early in 2025. U.S. traffic rebounded, international markets stayed broad-based, and the 95%-franchised model converted stronger franch…

4Q25Q4 global comps +5.7%; revenue +10%; diluted EPS +8% to $3.03

META

Meta Platforms, Inc.

这份 Q3 财报最重要的不是 GAAP 底线，而是经营层面依旧高质量：收入增长 26%，广告展示量与广告价格同时增长，DAP 继续抬升，经营利润达到 205 亿美元。但由于一次性、非现金税务计提，GAAP 净利润和 EPS 出现大幅下滑，因此投资判断必须把税务噪音与底层经营分离。

FY2025 / Q3 2025Q3 2025 的核心矛盾是：核心广告业务依然非常强，但 GAAP 净利润和 EPS 被一次性税务非现金冲击严重扭曲；如果不拆开看，投资者会误判 Meta 的真实经营质量

META

Meta Platforms, Inc.

The key to Meta's Q3 is to separate economic reality from accounting noise. On the operating side, the business remained very strong: revenue grew 26%, Family of Apps kept scaling,…

FY2025 / Q3 2025Q3 2025 was not a quarter where Meta's business weakened. It was a quarter where the operating engine stayed extremely strong, but a one-time, non-cash tax charge badly distorted GAAP net income and EPS. If investors read the quarter through the bottom line alone, they would miss what actually changed.

META

Meta Platforms, Inc.

这份 Q4 财报说明 Meta 依然是当前大型平台里最能把 AI 投入直接转化成广告收入和经营利润的公司之一。Family of Apps 继续提供高质量现金流，DAP 与广告投放量共同支撑收入；但另一面是，Meta 已经明确把 2026 的资本开支抬升到 1150-1350 亿美元区间，投资框架必须同时看‘广告机器仍然很强’与‘AI 基础设施投入进入更激进阶段’。

FY2025 / Q4 2025Q4 2025 的核心不是单纯广告景气，而是 Meta 把 AI 推荐、广告定价、用户规模与更激进的基础设施投入同时推高；短期利润仍强，但资本开支和费用结构已经明确进入新台阶

META

Meta Platforms, Inc.

Meta's latest results reinforced a thesis the market increasingly believes: this is one of the few large platforms already turning AI investment into measurable commercial output. …

FY2025 / Q4 2025Q4 2025 was not just another strong advertising quarter. Meta showed that AI is still lifting engagement and ad performance inside Family of Apps, but it also made clear that the model is entering a much more capital-intensive phase as infrastructure spending ramps sharply again in 2026.

META

Meta Platforms, Inc.

Q4 showed that recommendation, ranking, creative and messaging tools are translating AI investment into measurable commercial gains, but the next rerating depends on whether those gains outrun the steeper cost and regul…

FY2025 / Q4 2025Q4 revenue $59.9B, +24% y/y; operating margin 41%; 2026 capex guide $115-135B vs $72.2B in 2025

Morgan Stanley

The quarter combined structurally better wealth economics with cyclical upside in markets and advisory, so incremental revenue converted into earnings more cleanly than in prior market upswings.

Released 2026-04-15

FY2026 / Q1 2026Net revenues $20.6B; EPS $3.43; ROTCE 27.1%; efficiency ratio 65%

MSFT

Microsoft Corporation

从投资框架看，微软当前最重要的变化不是某一个产品的爆发，而是 Azure、Microsoft Cloud、Microsoft 365 / Dynamics 与 AI 基础设施正在形成同一个复合系统：云平台负责承接算力与平台需求，企业应用负责把 AI 功能转化为可持续 ARPU，订单储备为后续增长提供可见性。但 GAAP 净利润和 EPS 在 FY26 Q2 也被 OpenAI 投资公允价值变动显著放大，因此投资者需要区分经营质量与非经…

FY2026 / Q2 2026FY26 Q2 的核心不是单季数字漂亮，而是微软已把 AI 需求转成云收入、企业软件提价能力与订单储备，同时也让报表里出现更多与 OpenAI 投资相关的噪音项

MSFT

Microsoft Corporation

From an investment perspective, the key change is that Azure, Microsoft Cloud, Microsoft 365 / Dynamics, and AI infrastructure are now functioning as one integrated system: cloud absorbs compute and platform demand, ent…

FY2026 / Q2 2026The core of FY26 Q2 is not just a strong quarter on reported numbers. Microsoft is converting AI demand into cloud revenue, enterprise-software monetization, and backlog visibility, while OpenAI investment gains create noise in GAAP earnings.

NEE

NextEra Energy, Inc.

From an investment perspective, NextEra Energy is best understood as two linked earnings engines. Florida Power & Light provides visible, regulated growth through capital deployment, low bills, and a now-approved multi-…

Q4 2025 / FY2025The core of FY2025 was not just another utility earnings year. NextEra Energy is increasingly a balanced compounder where FPL's regulated rate-base growth funds durable earnings while Energy Resources keeps adding long-duration contracted infrastructure that can serve renewables, storage, gas, nuclear, and data-center demand.

NFLX

Netflix, Inc.

The quarter did not read like a mature subscription service harvesting a one-off reset. Revenue growth stayed high, ad revenue crossed a scale threshold, engagement quality supported pricing, and management still guided…

Released 2026-01-20

FY2025 / Q4 2025Q4 revenue +17.6% y/y to $12.1B; FY25 operating margin 29.5%; 2026 margin guide 31.5% even with acquisition-related drag

NFLX

Netflix, Inc.

The quarter beat because membership growth, pricing and ads all contributed, and management kept the full-year organic framework intact even after abandoning Warner Bros. That shifts the stock's center of gravity toward…

Released 2026-04-16

FY2026 / Q1 2026Q1'26 revenue +16.2% YoY to $12.25B; operating margin 32.3%; FY26 guide unchanged at $50.7B-$51.7B revenue and 31.5% margin

NVDA

NVIDIA Corporation

NVIDIA 在 FY26 Q4 继续证明其并不只是受益于单一产品周期，而是在 AI 基础设施层形成了几乎完整的供给控制权：GPU、互连、系统架构、软件栈与生态伙伴共同把训练和推理支出锁进其平台。财报最核心的变量不是收入是否继续创纪录，而是 Data Center 的极高权重、Blackwell 对推理 economics 的改善，以及资本开支需求是否仍在从云厂商和国家级 AI 基建持续扩散。

FY2026 / Q4 2026FY26 Q4 不是单纯“又一个超预期季度”，而是 AI 算力需求、Blackwell 量产、推理成本优势与客户资本开支军备竞赛共同把 NVIDIA 推到更高收入和利润密度；真正要盯的是这种高增长能维持多久，以及毛利率与集中度风险何时开始约束估值

NVDA

NVIDIA Corporation

NVIDIA continues to show that it is not merely benefiting from a single product cycle. It has assembled near-complete supply-side control of the AI infrastructure layer: GPUs, interconnect, system architecture, software…

FY2026 / Q4 2026FY26 Q4 was not just another beat-and-raise quarter. AI compute demand, Blackwell ramp, inference cost advantages, and customer capex competition together pushed NVIDIA to a higher level of revenue and profit density. The real debate is how long that growth can persist and when margin or concentration risks start to constrain valuation.

NVDA

NVIDIA Corporation

FY26 Q3 这份财报的意义在于，它比 Q1、Q2 更清楚地说明两件事：第一，Q1 的中国/H20 扰动没有改变 NVIDIA 的中期趋势；第二，Blackwell 已经从‘等待交付’进入‘开始大规模兑现’，使市场从担忧供给切换到重新给持续性定价。

FY2026 / Q3 2026FY26 Q3 的核心不是单一超预期，而是 Blackwell 开始进入更明确的收入兑现期，Data Center 继续吞噬公司收入结构，AI 训练与推理需求共同把 NVIDIA 推入更高增长平台

NVDA

NVIDIA Corporation

NVIDIA's Q3 FY2026 results mattered because they clarified the next phase of the AI buildout. The earlier China and H20 disturbance no longer looked like the central issue. Instead…

FY2026 / Q3 2026FY2026 Q3 was not just another upside quarter. It was the period when Blackwell moved from anticipation into visible commercial ramp, Data Center tightened its grip on the revenue mix, and the market had to shift from asking whether demand was real to asking how long this level of demand and margin density can persist.

ORCL

Oracle Corporation

Oracle's March 10, 2026 release showed that FY2026 Q3 was not just another bookings quarter. OCI capacity was delivered fast enough for total revenue and non-GAAP EPS both to grow more than 20% for the first time in ove…

Q3 FY2026Revenue $17.2B (+22% YoY); cloud revenue $8.9B (+44%); non-GAAP EPS $1.79 (+21%)

PDD

PDD Holdings

截至 2026-03-23，PDD 最新正式业绩披露仍为 2025Q3。财报显示，公司已从高增长、高利润弹性阶段，进入增长放缓、利润率波动、但现金流与资产负债表依然极强的新阶段。投资分歧的核心不再是“还能不能赚钱”，而是“利润率新中枢在哪里，以及公司愿意付出多大利润代价去换生态和长期位置”。

Latest Public Filing as of 2026-03-23 (2025Q3)增长放缓，但高韧性仍在

PDD

PDD Holdings Inc.

The latest official results show revenue still growing while management explicitly made supply-chain investment its highest-conviction priority for 2026. That moves the debate away from whether demand exists and toward…

4Q254Q25 revenue +12% YoY; FY25 revenue +10%, but FY25 operating profit -13%

PDD

PDD Holdings Inc.

Both monetization engines stayed positive, profit stopped deteriorating, and cash generation accelerated even as management reiterated that merchant support and ecosystem investment would continue.

3Q25Revenue +9%; operating profit +3%; operating cash flow +66% YoY

PLTR

Palantir Technologies Inc.

Palantir's latest earnings changed the center of the investment debate. The company is no longer a speculative software story trying to prove it can be profitable. It now has real scale, high margins, strong cash genera…

Q4 2025 / FY2025Viability is no longer the question. The investment debate has shifted to whether Palantir's U.S. commercial and AIP-driven acceleration is durable enough to justify an extreme premium multiple.

QCOM

QUALCOMM Incorporated

Q1 delivered record QCT and automotive revenue, yet management cut near-term Q2 expectations because AI-data-center memory demand is tightening handset DRAM supply and raising costs. The investment question is whether t…

1Q26Q1FY26 revenue +5% YoY to $12.252B; Q2FY26 guide reset to $10.2B-$11.0B

RTX

RTX Corporation

From an investment perspective, RTX is no longer best understood as a generic large-cap aerospace and defense name. Collins gives the company a high-quality content and aftermarket annuity, Pratt offers the biggest medi…

Q4 2025 / FY2025The core of Q4 2025 was not just another defense quarter. RTX is increasingly a dual-engine compounding story where commercial aerospace installed-base monetization and defense backlog conversion are both getting stronger, but Pratt execution is still the swing factor.

AT&T Inc.

The quarter met or beat 2025 guidance, convergence kept rising, and management laid out a 2026-2028 plan with faster EBITDA, EPS and free cash flow growth. The market debate is shifting from whether core growth exists t…

4Q254Q25 revenue +3.6% YoY; adjusted EPS $0.52 vs $0.43; 2026 free cash flow guide $18B+

TSLA

Tesla, Inc.

站在投资者视角，这份 FY2025/Q4 财报最重要的地方，不是某一个 KPI 漂亮或难看，而是 Tesla 正在经历一场商业模式再定价：汽车业务仍是收入主体，但销量、ASP 与汽车收入承压；与此同时，能源存储、FSD/Robotaxi、Optimus 与训练算力基础设施正在被管理层塑造成未来利润池。投资判断的核心因此从“今年卖了多少车”逐步转向“Tesla 能否把硬件平台、软件变现和 AI 基础设施连接成新的利润闭环”。

FY2025 / Q4 2025核心矛盾不是“是不是 AI 公司”，而是传统汽车收入和盈利承压时，Tesla 能否用能源、软件与 AI 叙事把商业模式重新抬到更高层级

TSLA

Tesla, Inc.

Tesla's latest earnings changed the center of the investment debate. The company is still financially dominated by automotive, and that core remains under pressure in units and revenue. But Tesla also showed improving Q…

FY2025 / Q4 2025FY2025 / Q4 2025 was not a clean reacceleration quarter. Tesla is trying to bridge from a softer automotive earnings base toward a future profit pool built on energy storage, software attach, autonomy, robotics, and AI infrastructure.

TSM

Taiwan Semiconductor Manufacturing Company Limited

4Q25 表面结果非常强：营收同比+20.5%，净利润同比+35.0%，且毛利率和营业利润率都显著高于公司自身指引。真正需要解释的不是“增长了”，而是为何在晶圆出货量环比下降的情况下，收入和利润率仍继续上行。

FY2025 / Q4 2025营收NT$1.046T / 毛利率62.3%

TSM

Taiwan Semiconductor Manufacturing Company Limited

The quarter did more than beat guidance. It showed that leading-edge demand, mix and factory execution are compounding fast enough to offset a rising cost base, so investors now need to underwrite durability of returns…

FY2025 / Q4 20254Q25 revenue US$33.73B, gross margin 62.3%, 2026 revenue outlook close to +30% in USD

TSM

Taiwan Semiconductor Manufacturing Company Limited

A seasonally soft quarter still grew sequentially, management lifted the full-year outlook, and the call framed AI demand as robust enough to force more leading-edge and packaging capacity. The market question is no lon…

Released 2026-04-16

FY2026 / Q1 20261Q26 revenue $35.9B, gross margin 66.2%, 2Q26 guide $39.0B-$40.2B, FY26 USD revenue growth now above 30%

UNH

UnitedHealth Group Incorporated

UnitedHealth's January 27, 2026 earnings release showed that demand and revenue volume still held up into Q4 FY2025, but the company's earnings base had been reset lower by a full year of medical cost inflation above pr…

Q4 FY2025Q4 revenue $113.2B (+12% YoY); adjusted EPS $2.11; 2026 adjusted EPS outlook >$17.75

WMT

Walmart Inc.

From an investment perspective, Walmart's latest earnings show a business that is no longer being judged only on same-store sales or gross merchandise scale. The key change is that the company is layering higher-margin…

Q4 FY2026 / FY2026The core of Q4 FY2026 was not just steady low-price retail execution. Walmart is turning a giant store network into an omnichannel profit engine where eCommerce, advertising, marketplace, and membership are lifting mix quality while the value proposition keeps traffic durable.