Earnings live: GameStop stock sinks, Cracker Barrel tumbles as sales decline

December 9, 2025

Updated 1 min read

Only a handful of major companies have yet to report their results for the last quarter, and AI leader Oracle (ORCL) is one of them.

The Q3 earnings season has largely brought solid results. As of Dec. 5, 99% of S&P 500 companies have reported, according to FactSet data, and analysts estimate a 13.4% jump in earnings per share during the third quarter. If it holds, that figure would mark the fourth straight quarter of double-digit earnings growth and an acceleration from the 12% earnings growth rate reported in Q2 of this year.

Expectations were much lower coming into the quarter, as analysts expected S&P 500 companies to report a 7.9% jump in earnings per share in Q3, as of Sept. 30.

Specialty retailers, including GameStop (GME), AutoZone (AZO), and Chewy (CHWY), are expected to report results this week, providing further insight into consumer spending patterns. Another retail stalwart — Costco (COST) — is also scheduled to provide a quarterly update.

But the marquee report in the week ahead will likely come from Oracle (ORCL), which emerged as one of the AI leaders after a stunning second quarter report that highlighted the company’s massive cloud backlog.

Earnings from Adobe (ADBE) and Broadcom (AVGO) will also feature next week to conclude the third quarter reporting season.

Here are the latest updates from corporate America.

LIVE 273 updates

Dave & Buster’s (PLAY) missed earnings and revenue estimates on Tuesday, but the stock moved higher in choppy after-hours trading.

The entertainment and dining company reported a net loss of $1.14 per share, compared to estimates of a loss of $1.04, according to S&P Global Market Intelligence. Revenue decreased 1.1% year over year to $448.2 million, compared to estimates of $460.1 million.

Dave & Buster’s CEO Tarun Lal said the company has made “substantive progress” on its “back-to-basics” turnaround plan.

“We’ve been hard at work relaunching our marketing engine, reinvigorating our food & beverage offering, improving our operations, refreshing our games platform, and revamping our store remodel program,” Lal said in a statement.

Listen to the earnings call here.
The Associated Press reports:

Read more here.
GameStop (GME) stock pulled back 5% in after-hours trading after the company posted third quarter revenue that fell short of estimates.

In the third quarter, revenue fell to $821 million for the period, compared to $860.3 million in Q3 last year. Wall Street analysts were expecting sales of $987 million, according to S&P Global Market Intelligence.

The company reported diluted profits of $0.24 per share, compared to estimates of $0.20.

GameStop, which became synonymous with the meme stock trade in 2021, has followed the playbook set by Michael Saylor’s Strategy to accumulate bitcoin for a corporate treasury.

GameStop’s bitcoin holdings were valued at $519.4 million at the close of the quarter, compared to $528.6 million at the end of the second quarter.

Reuters reports:

Read more here.
AutoZone (AZO) missed earnings estimates for its fiscal first quarter, sending shares 2% lower in premarket trading.

The auto parts retailer reported profits of $31.04 per share on revenue of $4.62 billion. Wall Street analysts were looking for earnings of $32.40 per share and revenue of $4.64 billion, according to S&P Global Market Intelligence data.

The company’s gross profit decreased by 203 basis points to 51% due to large inventory charges as the company works through tariff-driven price increases.

“Price increases in the industry are likely to persist for couple of more quarters, before getting back to normal inflationary rates,” UBS analyst Michael Lasser wrote in a note ahead of the results. “Thus, normalizing inflation rates will set up AZO to lap outsized LIFO charges in FY’26 and recover in FY’27.”
The Campbell’s Company (CPB) stock wavered after the food company reported declining sales and earnings compared to the previous year.

In the company’s fiscal first quarter, net sales decreased 3% year over year to $2.67 billion, while earnings per share declined to $0.65. Wall Street consensus estimates were for $2.65 billion in revenue and $0.71 in earnings per share, according to S&P Global Market Intelligence.

The Meals & Beverages segment saw sales decline 4% year over year, while sales in the Snacks business dropped 2%.

“Consumers remain intentional in their shopping behaviors with at-home-cooking trends continuing to benefit our brands within our Meals & Beverages portfolio that deliver quality, convenience and value,” CEO Mick Beekhuizen said. “While our Snacks business continues to weather category softness, our brands remain highly relevant.”

The company reaffirmed its fiscal 2026 guidance for earnings per share to decline 12% to 18% to a range of $2.40 to $2.55.

Campbell’s came under fire in late November when an executive was accused of making offensive comments and saying the company’s products were for “poor people.” Campbell’s released a statement, saying the executive was no longer employed at the company and that that behavior “does not reflect our values and the culture of our company.”

Year to date, the stock is down 28%.

Listen to the earnings call live here.
Toll Brothers (TOL) stock fell over 3% in extended hours after the high-end homebuilder’s quarterly results showed promotional activity weighing on margins and an earnings miss.

For the fiscal fourth quarter, Toll Brothers reported earnings per share of $4.58, compared to estimates of $4.89, according to S&P Global Market Intelligence. Revenue came in at $3.41 billion, compared to estimates of $3.31 billion.

The homebuilder saw promotional activity weigh on its home sale margins. Toll Brothers reported a gross margin of 26%, compared to estimates of 26.5%. Despite lower mortgage rates, homebuilders are facing competitive pressures as they look to entice reluctant buyers off the sidelines.

Toll Brothers CEO Douglas Yearley noted “soft demand” and a “choppy” housing market this year, though he emphasized that the luxury business remains differentiated.

Toll Brothers will broadcast its earning call on Tuesday, Dec. 9, ahead of the market open. You can listen to the call live here.
Mentions of artificial intelligence on earnings calls crested a new peak in the third quarter.

In a note on Friday, FactSet’s John Butters pointed out that 306 S&P 500 companies cited the term “AI” on earnings calls held from Sept. 15 through Dec. 4, the highest level in 10 years. The previous record for mentions of AI was in Q2 of this year, with 292 mentions of the term.

As AI continues to drive the K-shaped economy and market, companies have been rewarded for mentioning the technology taking the world by storm.

Butters notes that S&P 500 companies that mention “AI” have seen a higher average price increase than their non-AI-mentioning counterparts over the past couple of months and over the past year.

As the chart below from FactSet shows, companies that cited AI saw an average price increase of 1%, compared to an increase of 0.3% for companies that didn’t mention AI since Sept. 30. When looking back since Dec. 31, 2024, the difference is 13.9% and 5.7%, respectively.

(FactSet) · FactSet

In the week ahead, Oracle (ORCL) is sure to fuel sentiment on the artificial intelligence build-out when it reports earnings and an update on its cloud business backlog. The stock is up 30% year to date but has come under pressure in the past month, down 13% over that period.
Victoria’s Secret (VSCO) stock climbed over 13% in premarket trading after the lingerie company raised its 2025 net sales, operating income, and earnings guidance, signaling progress in its revitalization efforts.

The company forecast full-year net sales in the range of $6.45 billion to $6.48 billion, compared to previous guidance of $6.33 billion to $6.41 billion. Its adjusted earnings per share for the year are expected to be in the range of $2.40 to $2.65, compared to prior guidance of $1.80 to $2.20.

Victoria’s Secret also said its estimated tariff impact will be about $90 million for the year, less than the $100 million initially expected.

Victoria’s Secret’s third quarter results were also better than expected, with revenue beating estimates and the company’s net loss coming in shallower than estimates.

Net sales increased 9% year over year to $1.472 billion, above estimates for $1.40 billion, according to S&P Global Market Intelligence. The retailer recorded a net loss of $0.46 per share, which was smaller than the $0.60 per share loss the Street was expecting.

Listen to Victoria’s Secret’s earnings call here.
Hewlett Packard Enterprise (HPE) shares fell 4% after the company forecast fiscal ‌first quarter revenue below ‌Wall Street estimates.

The company expects ‍Q1 revenue in the range of $9 billion to $9.4 ‌billion, compared with analysts’ average estimate ⁠of $9.9 billion, according to data compiled by S&P Global Market Intelligence.

Networking revenue was the standout, rising 150% year over year to $2.8 billion. Server revenue declined by 5% year over year to $4.5 billion, while hybrid cloud revenue dropped 12% to $1.4 billion. Financial services revenue was flat compared to last year at $889 million.

For the October quarter, HPE reported adjusted profits of $0.62 per share, compared to estimates of $0.51.

Revenue of $9.7 billion grew 14% year over year but came in a bit light compared to estimates, as the Street was expecting $9.9 billion in revenue.
Ulta (ULTA) stock popped 5% in extended trading after the beauty retailer reported solid third quarter results and delivered the guidance raise Wall Street was looking for.

Ulta beat estimates on the top and bottom lines in the third quarter. Here’s a breakdown of the Q3 results, compared to Wall Street consensus estimates compiled by S&P Global Market Intelligence:

“As we look ahead to the all-important holiday season, we know many consumers’ wallets are pressured and they are seeking value,” Kecia Steelman, president and CEO, said in a statement. “We are confident in our plans, and our teams are ready to make Holiday Happen Here at Ulta Beauty, driving excitement and delivering for our guests and their loved ones, now and into the new year.”

Ulta also modestly raised its full-year outlook. The company expects net sales to reach “approximately $12.3 billion” for 2025, up from its previous guidance of $12 billion to $12.1 billion.

Ulta also lifted its earnings per share outlook to a range of $25.20 to $25.50 from $23.85 to $24.30 previously. Analysts had been estimating full-year earnings at a midpoint of $24.54.

The Street was expecting Ulta to issue cautiously upbeat guidance, as the retailer’s new, CFO Christopher DelOrefice, starts on Dec. 5.

Listen to the earnings call live here at 4:30 p.m. ET.
Kroger (KR) stock fell about 3% in premarket trading after the food retailer reported little revenue growth year over year.

The Cincinnati-based grocery chain posted adjusted earnings per share of $1.05, slightly beating Wall Street analysts’ expectations of $1.03 earnings per share, according to S&P Global Market Intelligence.

However, third quarter revenue of $33.9 billion was roughly unchanged from the same period a year ago, $33.6 billion, and missed analyst estimates of $34.1 billion. Same-store sales, excluding fuel, grew 2.6% year over year.

As a result, Kroger updated some of its financial outlooks. The grocery chain expects same-store sales ex-fuel to grow 2.8%-3.0%, narrower than its previous range of 2.7%-3.4%. Kroger also raised the lower end of its EPS guidance to $4.75-$4.80 from $4.70-$4.80 previously.

In a Nov. 25 note, JPMorgan analysts noted that the consumer and competitive environment has grown notably tougher for food retailers like Kroger.

“Sentiment toward food retailers seems to have soured a bit over the past few months, including for [Kroger],” the analysts wrote. “When inflationary concerns were more persistent in the food space and the consumer environment was stronger, the food retail space was better liked.”

The analysts noted a few factors putting pressure on Kroger shares, in particular, in recent months: Amazon’s (AMZN) push into grocery, Walmart (WMT) taking share in grocery and ramping up price competition, concerns about food inflation reigniting, and Nielsen data showing slower sales growth.
Hormel Foods (HRL) stock rose 5% before the bell on Thursday after reporting higher sales in its fourth quarter earnings. However, the company swung to a loss due to profits remaining under pressure because of ongoing inflation.

The AP reports:

Read more here.
Retail chain Dollar General (DG) reported fiscal third quarter earnings on Thursday, which beat Wall Street expectations, sending the company’s stock up by 4% during premarket trading.

The AP reports:

Read more here.
Five Below (FIVE) is the latest value retailer to benefit from consumers’ shift toward more value-oriented purchases, as high-income shoppers drive traffic at dollar stores and other bargain outlets.

“We’ve seen really nice traffic growth and growth in both new customers as well as retention,” Five Below CEO Winnie Park said on the company’s earnings call. “What’s really worked in terms of growth is an expansion of the idea of what value looks like. We still curate a great assortment — roughly 80% of the assortment is $5 and below — but we took a lot of attention to those items above $5 and specifically packing a ton of value at $7, $10, $15.”

Net sales increased 23.1% year over year to $1 billion in the third quarter, surpassing estimates of $983 million, per S&P Global Market Intelligence. Same-store sales rose by 12.4% year over year.

Earnings per share reached $0.66, beating estimates for $0.26 per share, sending the stock 4% higher in after-hours trading.

Five Below also raised its full-year sales outlook to a range of $4.62 billion to $4.65 billion. The company also raised its forecast for diluted income per share to a range of $5.51 to $5.69 from $4.56 to $4.96 previously.

For the fourth quarter, net sales are expected to be in the range of $1.58 billion to $1.61 billion.

Listen to a livestream of the earnings call here.
Snowflake (SNOW) stock tumbled after the AI data cloud provider reported a narrower-than-expected loss but issued guidance that fell short of the Street’s estimates. The company also announced it expanded its partnership with Anthropic (ANTH.PVT).

The Montana-based company reported that revenue grew 29% year over year to $1.15 billion during the quarter, slightly missing Wall Street’s estimates of $1.18 billion, according to S&P Global Market Intelligence. Snowflake reported a net loss per share of $0.87, a smaller loss than the $0.96 per share analysts were expecting.

For the fourth quarter, Snowflake guided for product revenue between $1.19 billion and $1.2 billion, which was slightly below the midpoint revenue forecast by the Street of $1.23 billion. The full-year revenue guidance of $4.44 billion also fell below expectations of $4.6 billion.

Snowflake also announced a multiyear, $200 million agreement with Anthropic that will make Anthropic’s Claude AI models available on the Snowflake platform and establish a joint venture to deploy AI agents across the world’s largest enterprises.

The deal deepens Snowflake’s relationship with Anthropic, as the company has already processed trillions of Claude tokens on its platform.

“Enterprises have spent years building secure, trusted data environments, and now they want AI that can work within those environments without compromise,” Anthropic CEO and co-founder Dario Amodei said in a statement. “This partnership brings Claude directly into Snowflake, where that data already lives. It’s a meaningful step toward making frontier AI genuinely useful for businesses.”

Snowflake shares fell 8% in extended trading.
Salesforce (CRM) stock rose after hours on the company’s third quarter earnings beat and improved outlook.

The company reported third quarter diluted earnings per share of $3.25, beating estimates of $2.58 per share, according to S&P Global Market Intelligence.

Revenue of $10.27 billion rose 8.6% year over year and was roughly in line with estimates.

Reuters reports:

Read more here.
Dollar Tree (DLTR) stock was up 4% on Wednesday after the discount retailer beat Wall Street’s key metrics, adjusted earnings, revenue, and same-store sales growth.

Revenue grew 9.4% to $4.75 billion, slightly higher compared to the Street’s expectations of $4.7 billion, per Bloomberg consensus data. Adjusted earnings per share came in at $1.21, significantly higher than the expected $1.10. Same-store sales grew by 4.2%, more than the 4% increase expected. The average ticket increased 4.5%, partly offset by the traffic decline of 0.3%

“All consumers are seeking value, marrying that value-seeking behavior with convenience and discovery is the intersection where Dollar Tree thrives,” CEO Michael Creedon said to investors in its earnings call.

He said 3 million more households are now part of its customer base compared to last year, with high-income consumers, who earn more than $100,000 per year, making up the majority of new customers.

Meanwhile, 30% of new customers are from middle-income households, those earning between $60,000 and $100,000. The remaining 10% are from lower-income households, which earn less than $60,000.

The company also raised its profit outlook. It now expects adjusted earnings to come in the range of $5.60 to $5.80 for the full year, up from $5.32 to $5.72.

In the fourth quarter, the company now expects same-store sales to increase 4% to 6%. For the full year, same-store sales are expected to rise between 5% to 5.5%.
Macy’s (M) posted better-than-expected third quarter results on Wednesday as weary consumers sought out value and innovation.

The department store posted revenue of $4.7 billion, in line with last year and slightly more than Wall Street’s estimates of $4.6 billion, per Bloomberg consensus data. That’s alongside adjusted earnings per share of $0.09, better than the $0.14 loss analysts were expecting.

The company posted its strongest quarter for same-store sales growth in about three years, with sales growing 2.5%, more than the 0.6% increase that was expected.

The company also raised its 2025 outlook, saying it now expects full-year sales to come in the range of $21.48 billion-$21.63 billion, up from the previous range of $21.15 billion-$21.45 billion. The updated range is still below the $22.3 billion posted in fiscal year 2025. The company said the guidance “continues to assume the consumer is more choiceful in the fourth quarter of 2025” in the release.

Same-store sales are expected to fall in a range of flat to up 0.5% against last year. The company previously expected a 1.5%-0.5% decline.

Its luxury business, Bloomingdale’s, saw an 8.8% increase in same-store sales, also marking the highest in 13 quarters. While its cosmetics brand, Blue Mercury, posted a 1.1% increase.

Chairman and CEO Tony Spring said in the company’s earnings release, “Our third quarter sales were the strongest in 13 quarters, reflecting the acceleration of our Bold New Chapter strategy and demonstrating that the meaningful enterprise-wide changes we’ve made are resonating with customers.”

The stock is now hovering around $23 per share, up 36% year to date and nearing the all-cash offer of $24 per share that activist investor Arkhouse Management made back in March of 2024. In premarket trading, shares were down around 6%.
American Eagle Outfitters (AEO) stock surged over 11% after the company noted that its crucial holiday season was off to a strong start, boding well for the fourth quarter.

“Strong momentum has continued into the fourth quarter, including an excellent start to the holiday season,” CEO Jay Schottenstein said in the release. “We delivered a record-breaking Thanksgiving weekend, led by an acceleration in demand across brands and channels and underscored by outstanding growth at Aerie and Offline.”

For the third quarter, ended Nov. 1, American Eagle reported profit per share of $0.53, surpassing estimates of $0.43 per share. Revenue for the quarter was $1.36 billion, a 6% increase year over year and slightly better than estimates.

Overall, same-store sales increased 4%, led by an 11% increase in Aerie comparable sales, while American Eagle comparable sales grew 1%.

For the fourth quarter, American Eagle expects same-store sales to grow 8% to 9% year over year. Comparable sales are expected to increase by low single digits for the full year.
CrowdStrike’s (CRWD) third quarter results came in marginally better than expectations, leading the company to raise its full-year guidance, as artificial intelligence adoption boosts demand for its Falcon platform.

The cybersecurity company reported a diluted loss per share of $0.14, compared to a $0.07 loss in the same quarter a year ago. Analysts estimated CrowdStrike would report a $0.10 loss per share, according to S&P Global Market Intelligence.

CrowdStrike posted revenue of $1.23 billion, a 22% increase over revenue of $1.01 billion last year and surpassing estimates of $1.21 billion.

For the full year, CrowdStrike expects revenue of $4.79 billion to $4.80 billion, ahead of the Street’s estimates for full-year revenue guidance of $4.78 billion.

“We believe the Street is underestimating the growth potential for CrowdStrike as a second/third derivative beneficiary of the AI Revolution and this speaks to our core bullishness in the name continuing from current levels,” Wedbush analyst Dan Ives wrote in a note ahead of earnings. Ives named CrowdStrike in his Best Ideas list, noting that it’s an AI-powered cybersecurity that businesses increasingly can’t live without.

CrowdStrike stock wavered around the flat line ahead of the company’s earnings call. You can listen to the call live here at 5 p.m. ET.