Earnings Pulse: Q1 2025

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Earnings Pulse — Q1 2025

As of Q1 2025, the Tellvest economy-wide earnings-call sentiment across 548 U.S. public companies is 6.1/10 — down 0.7 from 6.8/10 in Q4 2024. A score of 10 is most positive; the reading is built from what management and analysts said on the quarter’s earnings calls.

Where sentiment is strongest and weakest

Most optimistic sectors

Utilities7.1/10(32)
Technology7/10(104)
Communication Services6.6/10(23)

Least optimistic sectors

Sectors moving most vs. last quarter

Average sentiment shift across the companies that reported in both quarters (same-panel), so a move is not just a different mix of reporters.

Improving most

Utilities6.2 → 7.1(+0.9)
Energy6.2 → 6.3(+0.1)

Declining most

Consumer Defensive5.3 → 3.9(-1.5)
Industrials6.6 → 5.5(-1.1)
Consumer Cyclical6.5 → 5.4(-1.1)

What management teams are flagging

The macro themes that came up most on this quarter’s calls, and how companies characterized each — improving versus deteriorating.

Trade & tariffs485 mentions · 2 improving, 285 deteriorating
Consumer spending235 mentions · 31 improving, 59 deteriorating
Enterprise spending188 mentions · 64 improving, 19 deteriorating
AI & technology143 mentions · 137 improving, 0 deteriorating
Capital expenditure109 mentions · 77 improving, 5 deteriorating
Inflation84 mentions · 5 improving, 31 deteriorating

Themes gaining and losing attention

The biggest quarter-over-quarter change in how many companies flagged each theme (same-panel, so it is not just more or fewer companies reporting).

Gaining attention

Trade & tariffs230 → 484(+254)
Consumer spending217 → 232(+15)
Regulation & policy52 → 57(+5)
Oil & energy29 → 31(+2)

Losing attention

Capital expenditure179 → 106(-73)
Inflation119 → 84(-35)
Foreign exchange111 → 76(-35)
AI & technology171 → 141(-30)

Analysts who pushed hardest

Highest share of questions scored as challenging this quarter (minimum 5 questions).

Mike Mayo · Wells Fargo63%(15/24)
Mike Yee · UBS60%(3/5)
Joel Jackson · BMO Capital Markets57%(4/7)
Tim Anderson · Bank of America56%(5/9)
Stacy Rasgon · Bernstein54%(7/13)

Built from SEC filings and public earnings transcripts. Descriptive analysis, not investment advice. Explore any company at tellvest.com/companies.