The Daily Earnings Reports Podcast

Constellation Brands, Inc. (STZ) Q3 FY 2025 Earnings Breakdown

Key Highlights

• Net Sales:Nine Months 2025: $8,044.5 million, compared to $7,822.6 million in Nine Months 2024.
• Third Quarter 2025: $2,463.8 million, compared to $2,470.9 million in Third Quarter 2024.
• The Beer segment saw growth, while the Wine and Spirits segment experienced a decline in net sales.
• Gross Profit:Nine Months 2025: $4,199.9 million, compared to $3,978.3 million in Nine Months 2024.
• Third Quarter 2025: $1,284.3 million, compared to $1,270.6 million in Third Quarter 2024.
• Operating Income (Loss):Nine Months 2025: $505.2 million, a significant decrease from $2,540.3 million in Nine Months 2024. This was significantly impacted by a $2.25 billion goodwill impairment.
• Third Quarter 2025: $793.0 million, compared to $796.9 million in Third Quarter 2024.
• Net Income (Loss) Attributable to CBI:Nine Months 2025: $293.9 million, down from $1,335.0 million in Nine Months 2024.
• Third Quarter 2025: $615.9 million, compared to $509.1 million in Third Quarter 2024.
• Cash Flow:Net cash provided by (used in) investing activities (1,098.2) million for the nine months ended November 30, 2024, compared to (929.9) million in 2023.
• The company continues to use cash for stock repurchases.
• Goodwill Impairment: A significant $2.25 billion goodwill impairment was recognized during the nine months ended November 30, 2024, impacting the consolidated financials.

Walgreens (WBA) Q1 FY2025 Earnings Breakdown

Key Highlights:

• Sales Growth: Overall sales increased by 7.5% year-over-year to $39.5 billion, or 6.9% on a constant currency basis. This growth is across all business segments (US Retail Pharmacy, International, and US Healthcare).
• Net Loss: WBA reported a net loss of $265 million, a significant increase compared to the $67 million loss in the same quarter last year. This is primarily attributed to higher operating losses.
• Quote: "Net loss in the first quarter was $265 million compared to a net loss of $67 million in the year-ago quarter, primarily driven by higher operating loss."
• Adjusted EPS Decline: Adjusted earnings per share (EPS) decreased to $0.51, down from $0.66 in the previous year, a decrease of 23.4% on a constant currency basis.
• Operating Loss: The company reported an operating loss of $245 million, compared to $39 million in the same quarter last year. The loss reflects higher costs related to the Footprint Optimization Program and lower US retail sales.

Delta Airlines (DAL) Q4 FY 2024 Earnings Breakdown

Key Highlights:

• Revenue: Delta achieved record full-year revenue for 2024 and record revenue for the December quarter. Full-year adjusted operating revenue was $57.0 billion, a 4.3% increase over 2023. December quarter revenue was $14.4 billion.
• Profitability: Delta delivered record December quarter operating profit and generated $5 billion of pre-tax income for the full year.
• Cash Flow: The airline generated $8 billion in operating cash flow and $3.4 billion in free cash flow for 2024.
• EPS: Full year earnings per share was $6.16 adjusted.
• Profit Sharing: Delta is sharing its success with employees, paying out $1.4 billion in profit sharing next month. As CEO Ed Bastian stated, “Sharing Delta’s success is core to our culture, and I’m excited to recognize our people's outstanding efforts with $1.4 billion in profit sharing payments next month.”

Tilray Brands (TLRY) Q4 FY 2024 Earnings Breakdown

Key Highlights:

• Growth in Beverage Segment: Tilray experienced significant growth in its beverage segment, driven by recent acquisitions. However, this was partially offset by a strategic SKU rationalization initiative.
• Challenges in Cannabis Segment: The cannabis segment experienced a revenue decrease in Canadian adult-use sales. However, international cannabis revenue increased due to growth in Germany and Poland.
• Strategic Acquisitions & Investments: The company is actively pursuing strategic acquisitions, particularly in the beverage sector, and is using its ATM program to fund these.
• Financial Volatility: Tilray's financial results are impacted by various factors, including foreign exchange rate fluctuations and changes in fair value of financial instruments like warrants and convertible debentures.
• Operational Focus: The company is focused on portfolio optimization, SKU rationalization, and brand development within its various segments.
• Legal and Regulatory Environment: Tilray navigates complex legal and regulatory environments, particularly in the cannabis sector, across various jurisdictions.

Nano Nuclear Energy Inc. (NNE) Q4 FY 2024 Earnings Breakdown

Key Highlights:

• Microreactor Development:

  • Developing ZEUS (solid-core) and ODIN (salt-cooled) microreactors, targeting commercial launch by 2030-31.
  • Secured design audits, provisional patent for ZEUS, and NRC certification efforts underway.

• Vertical Integration:

  • Pursuing control of nuclear supply chain, including fuel processing and transportation.

• HALEU Fuel & Transport:

  • Developing HALEU supply chain; partnering with LIS Technologies for enriched uranium.
  • Exclusive license for HALEU transportation system; operations planned by 2026.

• Consulting Services:

  • Offering nuclear industry consulting, targeting revenue by 2025, with internal expansion plans.

• Intellectual Property:

  • Patents for ZEUS, ODIN, and ALIP tech, plus acquisition of USNC reactor assets and patents.

FedEx Corporation (FDX) Q4 FY 2024 Earnings Breakdown

Key Highlights:

• Revenue: Overall revenue decreased 1% in the second quarter of 2025 and for the first half of 2025, driven primarily by lower volume and fuel surcharges. Base yield improvements partially offset these declines.
  • "Revenue decreased 1% in the second quarter and first half of 2025 primarily due to lower volume and fuel surcharges, partially offset by base yield improvement, at both of our transportation segments."
  • Federal Express segment revenue was flat, while FedEx Freight segment revenue decreased significantly.
  • "Federal Express segment revenue was flat in the second quarter and first half of 2025 primarily due to increased deferred package volume and improved base yields, partially offset by lower priority package volume...FedEx Freight revenue decreased 11% in the second quarter and 7% in the first half of 2025..."
• Operating Income: Consolidated operating income declined by 18% for the second quarter and 23% for the first half of fiscal year 2025 compared to the prior year due to decreased demand, higher operational costs, and business optimization costs, with some offsetting factors like increased international demand and cost savings from DRIVE initiatives.
  • "Operating income declined 18% for the second quarter and 23% for the first half of 2025 primarily due to lower demand for U.S. domestic package and freight LTL services driven by macroeconomic factors, increased purchased transportation and wage rates, and higher business optimization costs."
• Net Income: Consolidated net income decreased by 18% for the three-month period and 22% for the six-month period compared to the previous year, mirroring the trend in operating income.
  • "Consolidated net income $ 741 $ 900 (18 ) $ 1,535 $ 1,978 (22 )"
• Earnings Per Share (EPS): Diluted EPS decreased by 15% in the second quarter and 20% in the first half of fiscal 2025.
  • "Diluted earnings per share $ 3.03 $ 3.55 (15 ) $ 6.24 $ 7.79 (20 )"
• Cash Flow: Cash flow from operating activities decreased significantly, attributed to changes in assets and liabilities.
  • "Cash provided by operating activities 2,505 4,004"
  • Cash and cash equivalents totaled $5.0 billion at November 30, 2024, down from $6.5 billion at May 31, 2024.
• Capital Expenditures: Capital expenditures have decreased year-over-year, particularly in aircraft and related equipment.
  • "Aircraft and related equipment $ 82 $ 601 $ 263 $ 1,155 (86 ) (77 )"
• Stock Repurchase: FedEx repurchased $1.0 billion of common stock in Q2 and a total of $2.0 billion in the first half of 2025. An additional $500 million in repurchases is expected by the end of the fiscal year.
  • "We repurchased an aggregate of $1.0 billion of our common stock through accelerated share repurchase (“ASR”) transactions with two banks and open market transactions during the second quarter of 2025. During the six-month period ended November 30, 2024, we repurchased 7.1 million shares of FedEx common stock through ASR and open market transactions at an average price of $283.13 per share for a total of $2.0 billion."

Nike (NKE) Q2 FY2025 Earnings Breakdown

Key Highlights:

 

• Revenue Decline:

  • Total revenue down 8% (reported) and 9% (currency-neutral) to $12.4B.
  • Nike Brand revenue dropped 7% (reported) and 8% (currency-neutral); Converse down 17% (reported) and 18% (currency-neutral).
  • NIKE Direct (-13%) and Wholesale (-3%) channels declined; NIKE Brand Digital fell 21%.

• Gross Margin Compression:

  • Gross margin decreased by 100 basis points to 43.6%, due to higher discounts and channel mix changes.

• Profitability Impact:

  • Net income fell 26% to $1.2B; diluted EPS down 24% to $0.78.
  • Operating income dropped 27%, from $1,900M to $1,392M.

• Re-energizing the Brand:

  • New CEO Elliott Hill emphasizes a return to sport and reigniting brand momentum.
  • Management is repositioning the business to drive long-term shareholder value.

• Expense Management:

  • Selling and administrative expenses down 3%; demand creation expenses up 1%, reflecting a shift in marketing focus.

• Balance Sheet Stability:

  • Inventories flat at $8B; cash and equivalents at $9.8B.
  • Increased debt, with $1B in current long-term debt (from $0).

• Shareholder Returns:

  • $1.1B in share repurchases and a 7% dividend increase in Q2.
  • 23 consecutive years of dividend growth.

• Geographical Performance:

  • Revenue declines in all regions: North America (-8%), EMEA (-7%), Greater China (-8%), and APAC/Latin America (-3%).
  • Significant EBIT drops in Greater China (-27%) and Converse (-54%).

Micron Technology, Inc. (MU) Q1 FY2025 Earnings Breakdown

Key Highlights:

• Revenue: $8.709 billion, a substantial increase from $4.726 billion in the same quarter of the previous year, and up from $7.750 in the prior quarter.
• Gross Margin: A significant improvement to $3.348 billion (38% margin) compared to a negative gross margin of -$35 million in the prior year’s quarter.
• Operating Income: $2.174 billion, a strong turnaround from an operating loss of $1.128 billion year-over-year.
• Net Income: $1.870 billion, a dramatic improvement from a net loss of $1.234 billion year-over-year.
• Earnings Per Share: $1.68 basic and $1.67 diluted, compared to a loss per share of $1.12 year-over-year.
• Key Drivers: Increased pricing and demand for DRAM products, especially for data centers and AI applications, were major contributors to these results.
• Revenue Breakdown:DRAM revenue: $6.400 billion, up from $3.427 billion year-over-year.
  • NAND revenue: $2.241 billion, up from $1.230 billion year-over-year.
  • Data center and networking revenue: 55% of total revenue, compared to 20% in the same quarter last year.
  • One customer accounted for 13% of total revenue in this quarter.