专题：聚焦美股2025年第四季度财报 罗珀科技于本周二发布业绩展望，预计 2026 年公司营收与利润将低于华尔街预期。该公司表示，旗下 主营政府合同业务的子公司德尔特克（Deltek）需求疲软是主要原因，受此消息影响，罗珀科技股价暴 跌 14.9%。 这家软件公司预计，全年总营收增幅约为 8%，而市场此前预期的增幅为 9%。 公司首席执行官尼尔・亨恩表示，此前几个季度，受德尔特克业务不确定性的拖累，公司业绩接连不及 预期。本次发布的业绩展望，反映出的是一种 "更合理、更均衡" 的判断。 未来美国政府若再次出现停摆状况，可能会对公司业务造成进一步冲击。在最近一次政府停摆发生前， 相关政府机构暂停了各项业务活动，德尔特克的业务增速已于去年 9 月出现放缓。 据伦敦证券交易所集团（LSEG）汇总的数据显示，罗珀科技预计 2026 年调整后每股收益将在 21.30 至 21.55 美元之间，低于分析师预测的 21.65 美元。 该公司同时预计，今年一季度调整后每股收益为 4.95 至 5.00 美元，同样低于市场预期的 5.18 美元。 去年 10 月，罗珀科技曾下调 2025 年利润预期，这在很大程度上是受近期多笔 ...

英特尔对2026年第一季度营收和盈利的预测均远低于华尔街预期。而在与分析师的电话会议上，陈立武 表示，扭转公司局面需要"时间和决心"，这一表态进一步打压了股价。制造环节的瓶颈阻碍了英特尔的 复苏努力，这让原本期待新产品能带来更大提振的投资者感到失望。陈立武表示："我们正处在一段多 年期的征程中。" 周五，英特尔(INTC.US)盘前大跌近13%，自去年4月低点以来累涨177%，现报47.34美元。消息面上， 该公司首席执行官陈立武给出了乏善可陈的业绩展望，并警告称这家芯片制造商正受到制造问题的困 扰。财报显示，英特尔2025年第四季度营收同比下降4.1%至137亿美元，好于分析师预计的134亿美元; 调整后每股收益为15美分，好于分析师预计的9美分。英特尔预计，2026年第一季度营收预计在117亿美 元至127亿美元之间，该区间中值低于分析师预计的126亿美元;预计调整后每股收益为零，而分析师此 前预计为8美分。 ...

英特尔对2026年第一季度营收和盈利的预测均远低于华尔街预期。而在与分析师的电话会议上，陈立武 表示，扭转公司局面需要"时间和决心"，这一表态进一步打压了股价。制造环节的瓶颈阻碍了英特尔的 复苏努力，这让原本期待新产品能带来更大提振的投资者感到失望。陈立武表示："我们正处在一段多 年期的征程中。" 智通财经APP获悉，周五，英特尔(INTC.US)盘前大跌近13%，自去年4月低点以来累涨177%，现报 47.34美元。消息面上，该公司首席执行官陈立武给出了乏善可陈的业绩展望，并警告称这家芯片制造 商正受到制造问题的困扰。财报显示，英特尔2025年第四季度营收同比下降4.1%至137亿美元，好于分 析师预计的134亿美元;调整后每股收益为15美分，好于分析师预计的9美分。英特尔预计，2026年第一 季度营收预计在117亿美元至127亿美元之间，该区间中值低于分析师预计的126亿美元;预计调整后每股 收益为零，而分析师此前预计为8美分。 ...

美联航盘前涨超4%，此前公司发布了乐观的第一季度和全年业绩展望。 本文源自：金融界AI电报 ...

Core Viewpoint - Cracker Barrel Old Country Store reported a narrower-than-expected loss in Q1 fiscal 2026, but revenues fell short of expectations, indicating challenges in the current macro and industry environment [3][5][4]. Financial Performance - The company reported an adjusted loss per share of 74 cents, better than the Zacks Consensus Estimate of a loss of 78 cents, while the previous year showed an adjusted EPS of 45 cents [5]. - Quarterly revenues were $797.2 million, missing the consensus estimate of $801 million, and reflecting a 5.7% decrease year over year [5]. - Comparable-store restaurant sales decreased by 4.7% year over year, and comparable-store retail sales fell by 8.5% year over year [6]. Operational Highlights - The cost of goods sold (excluding depreciation and rent) was $248.4 million, down 4% year over year, but as a percentage of total revenues, it increased by 60 basis points to 31.2% [7]. - General and administrative expenses totaled $48 million, down 20% year over year [7]. - The adjusted net loss for the quarter was $16.4 million, compared to an adjusted net income of $10.2 million in the same quarter last year [8]. Balance Sheet - As of October 31, 2025, cash and cash equivalents were $8.9 million, down from $11.5 million a year earlier [9]. - Inventory reached $209.1 million, up 3.6% year over year [9]. - Long-term debt was $400.9 million, reduced from $527 million a year prior [9]. Fiscal Guidance - For fiscal 2025, the company revised its revenue guidance to a range of $3.2-$3.3 billion, down from $3.35-$3.45 billion [11]. - Adjusted EBITDA is now expected to be between $70 million and $110 million, a decrease from the previous estimate of $150 million to $190 million [11]. - Capital expenditures are projected to be between $110-$125 million, down from an earlier estimate of $135 million to $150 million [12]. Market Sentiment - Estimates for the stock have trended downward, with a significant shift of -113.98% in consensus estimates over the past month [13]. - Cracker Barrel currently holds a Zacks Rank of 4 (Sell), indicating expectations of below-average returns in the coming months [15].

Core Viewpoint - Chewy reported better-than-expected Q3 results, but its guidance for Q4 and the full year fell short of market expectations [1][2] Group 1: Q3 Performance - Chewy's revenue increased by 8.3% year-over-year to $3.12 billion, significantly boosting profits by 60% with an EPS of $0.32, surpassing market expectations [1] - The positive performance was driven by growth in Autoship orders, increased sales per active customer, and a 5% year-over-year rise in active customer count [1] - The proportion of sales from Autoship customers rose by 90 basis points to 83.9%, indicating enhanced customer loyalty [1] - Other key financial metrics improved, including a 30.9% increase in adjusted operating income, a 100 basis point rise in adjusted EBITDA margin, and a 180 basis point increase in net profit margin [1] - Net cash generated from operating activities grew by 13.3% to $207.9 million, contributing to a 15.8% increase in free cash flow to $175.8 million [1] Group 2: Future Guidance - For Q4, Chewy's management expects EPS to be in the range of $0.24 to $0.27, with revenue projected between $3.24 billion and $3.26 billion, both below market estimates of $0.29 EPS and $3.26 billion revenue [2] - For the full year, Chewy raised its sales guidance to $12.58 billion to $12.67 billion, slightly above the previous range of $12.50 billion to $12.60 billion, but market reaction was negative due to some institutions expecting revenue as high as $12.67 billion [2]

Core Insights - Amgen reported strong Q3 2025 earnings, with adjusted earnings of $5.64 per share, surpassing the Zacks Consensus Estimate of $5.00, and total revenues of $9.6 billion, exceeding the estimate of $8.9 billion, reflecting a 12% year-over-year increase [2][3] Financial Performance - Total product revenues increased by 12% year-over-year to $9.17 billion, driven by a 14% rise in volume, although partially offset by a 4% decline in pricing [3] - Other revenues rose by 19.3% year-over-year to $420 million, primarily due to higher royalty income [3] - Adjusted operating margin decreased by 2.5 percentage points to 47.1%, with operating expenses increasing by 18% to $5.25 billion [22] Key Product Performance - Prolia revenues reached $1.14 billion, up 9% year-over-year, significantly exceeding the Zacks Consensus Estimate of $911 million [6] - Evenity sales grew by 36% year-over-year to $541 million, surpassing the Zacks Consensus Estimate of $519 million [7] - Repatha generated revenues of $794 million, a 40% increase year-over-year, beating the Zacks Consensus Estimate of $720 million [7] - Biosimilar portfolio sales surged by 52% year-over-year to $775 million [5] Guidance and Outlook - Amgen raised its 2025 revenue and earnings outlook, expecting total revenues between $35.8 billion and $36.6 billion, and adjusted earnings per share in the range of $20.60 to $21.40 [24] - Adjusted operating margin is anticipated to be around 45%, with R&D expenses expected to grow at a mid-20s percentage rate year-over-year [25] Pipeline Developments - Enrollment has been completed in two phase III studies for MariTide, with approximately 5,000 adults enrolled [27] - Ongoing enrollment in two other phase III studies for atherosclerotic cardiovascular disease and heart failure [28]

Core Viewpoint - UBS has downgraded Uni-President China (00220) earnings per share estimates for 2025 to 2027 by 1% to 3% and reduced the target price from HKD 11.5 to HKD 10.5 while maintaining a "Buy" rating [1] Financial Performance - Uni-President's net profit for the first three quarters increased by 23% year-on-year, with the third quarter net profit rising by 8% to RMB 726 million, aligning with UBS and market expectations [1] Management Outlook - The management has maintained its revenue growth target for the year at 6% to 8% and expects continued profit improvement from the fourth quarter into the next year [1] Strategic Response - In response to intensified competition in the beverage sector, the company plans to maintain stable pricing and focus on expanding well-performing sales points [1] Market Challenges - UBS notes that while the performance and outlook from management are as expected, the recent downturn in the beverage business presents greater pressure and uncertainty for the company [1]

瑞银发表研究报告指，统一企业中国首三季净利润按年增23%，意味着第三季净利润按年升8%至7.26亿 元，符合该行及市场预期。统一管理层继续维持今年收入增长目标6至8%，又预计今年第四季至明年的 利润将持续改善。为应对加剧的饮料业务竞争，公司策略是维持稳定定价，并专注于扩展表现良好的销 售点。 该行认为，统一的业绩和管理层的展望均属意料之中，但近期饮料业务的低迷趋势为公司带来更大压力 及不明朗因素，因此将其2025至27年的每股盈测下调1至3%，并将目标价11.5港元下调至10.5港元，维 持"买入"评级。 ...

Core Insights - Vail Resorts reported a wider-than-expected net loss for Q4 fiscal 2025, with revenues missing estimates despite a year-over-year increase [2][3] - The company experienced a decline in skier visits, yet managed to maintain a stable EBITDA margin for the full year [5][9] - There has been a downward trend in estimates for the company's performance, leading to a Zacks Rank of 5 (Strong Sell) [12][13] Financial Performance - Q4 fiscal 2025 revenues were $271.3 million, up 2.2% from $265.3 million year-over-year, but below the Zacks Consensus Estimate of $272 million [2] - The net loss attributable to shareholders was $185.5 million, or $5.08 per share, compared to a loss of $176.6 million, or $4.70 per share, in the previous year [3] - Full-year fiscal 2025 revenues reached $2.96 billion, a 2.7% increase year-over-year, with net income rising to $280 million ($7.53 per share) from $231.1 million ($6.09 per share) in fiscal 2024 [3] Margins and Profitability - Resort Reported EBITDA for Q4 was a loss of $123.6 million, compared to a loss of $114.6 million in the prior-year period, influenced by higher costs related to CEO transition and resource efficiency [4] - The full-year Resort Reported EBITDA margin was 28.5%, showing modest expansion despite a 3% decline in skier visits [5] Segment Performance - The Mountain segment net revenues increased by 2.9% year-over-year to $180.9 million in Q4, driven by dining and ski school [6] - Lodging segment net revenues were $90.3 million, up 0.9%, with Lodging Reported EBITDA growing 48% to $4.1 million [6] Balance Sheet and Capital Management - As of July 31, 2025, Vail Resorts had $440 million in cash and total liquidity of approximately $1.4 billion, with net debt at $2.75 billion [7] - The company repurchased 1.29 million shares for $200 million in Q4, totaling $270 million for the full year, representing 4.5% of outstanding shares [8] Guidance and Outlook - For fiscal 2026, Vail Resorts anticipates net income between $201 million and $276 million, with Resort Reported EBITDA projected at $842 million to $898 million, indicating a margin of roughly 28.8% [9] - The guidance reflects expected efficiency savings and normalized weather conditions, but is tempered by lower pass unit sales and cost inflation [9]