Earnings Pulse: Q2 2025

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Earnings Pulse — Q2 2025

As of Q2 2025, the Tellvest economy-wide earnings-call sentiment across 550 U.S. public companies is 6.6/10 — up 0.5 from 6.1/10 in Q1 2025. 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

Technology7.7/10(105)
Communication Services7.4/10(24)
Healthcare7.2/10(63)

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

Consumer Defensive3.9 → 5.1(+1.2)
Healthcare6.3 → 7.2(+0.9)
Communication Services6.6 → 7.3(+0.7)

Declining most

Utilities7.1 → 6.6(-0.5)
Energy6.3 → 5.8(-0.5)

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 & tariffs368 mentions · 30 improving, 135 deteriorating
Consumer spending237 mentions · 50 improving, 48 deteriorating
Enterprise spending204 mentions · 98 improving, 12 deteriorating
AI & technology174 mentions · 170 improving, 0 deteriorating
Capital expenditure134 mentions · 118 improving, 2 deteriorating
Regulation & policy108 mentions · 49 improving, 11 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

Regulation & policy57 → 108(+51)
AI & technology142 → 171(+29)
Capital expenditure107 → 128(+21)
Credit72 → 87(+15)

Losing attention

Trade & tariffs485 → 367(-118)
Foreign exchange76 → 56(-20)
Supply chain71 → 61(-10)
Labor market55 → 46(-9)

Analysts who pushed hardest

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

Steve Scala · TD Cowen60%(3/5)
Tim Anderson · Bank of America60%(3/5)
Joel Jackson · BMO Capital Markets60%(3/5)
Colin Langan · Wells Fargo60%(3/5)
Steven Alexopoulos · TD Cowen56%(9/16)

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