Earnings Pulse — Q4 2025

Where sentiment is strongest and weakest

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.

Biggest sentiment movers vs. last quarter

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.

• Consumer spending249 mentions · 51 improving, 44 deteriorating
• Trade & tariffs219 mentions · 21 improving, 52 deteriorating
• Enterprise spending216 mentions · 139 improving, 6 deteriorating
• AI & technology210 mentions · 202 improving, 0 deteriorating
• Capital expenditure165 mentions · 141 improving, 1 deteriorating
• Regulation & policy137 mentions · 69 improving, 15 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).

Analysts who pushed hardest

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

• Michael Lasser · UBS69%(11/16)
• Mike Dahl · RBC Capital Markets67%(4/6)
• Steve Scala · TD Cowen60%(3/5)
• Alec Brondolo · Wells Fargo60%(3/5)
• Mike Mayo · Wells Fargo57%(12/21)