Author: Speedwell Research
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RH 4Q25 Business Recap: 2030 is the New Goal Post
(Members can get a PDF of this post here). RH reported 4Q25 and I wanted to provide some thoughts. In contrast to past updates, I am toying with the idea of not summarizing the quarter and instead just moving to my opinion. (I just feel there are many sell-siders and…
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Coupang 4Q25 Business Recap: Data Leak Impact Shows Up
(Members can access a PDF of this post here). 4Q25 Earnings Update. Coupang Reported 4Q25, the first quarter that was impacted after the November data leak and the stock is up 5%. While there were rumors that they may have lost millions of customers and meaningful platform activity, the results…
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Perimeter 4Q25: Business Recap
(Members can download a PDF of this post here) 4Q25 Business Update. Perimeter Solutions reported 4Q and stock dropped 9%. While revenues were up 19%, operating income (adjusting out the Founder’s Advisory Fees were roughly flat). For the full year net sales increased 16% y/y with the Fire Safety Segment…
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Copart 2Q26 Business Recap: Volumes Contract (Again)
(If you are a Speedwell Member, click here to get the full version of this post or here to download a PDF). 2Q26 Update. Copart reported fiscal 2Q26 and the stock sold off -3% the next day, after recovering from being down -10%. The quarter was bad with revenues down…
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Airbnb 4Q25 Business Update: Growth Reaccelerates with AI on the Horizon
(Members can find an extended version of this post here and a PDF here). 4Q25 Update. Airbnb reported 4Q25 and the stock was up 4% in afterhours trading. Revenues grew +12% y/y to $2.8bn for 4Q, reaccelerating 100bps sequentially. This marks the second time in the past year that revenues…
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Evolution 4Q25 Business Update: The Slog Continues
(Speedwell Members can access a full version of this post here and a PDF of this post here) 4Q25 Update. Evolution reported 4Q earnings and the stock dropped -6%. Revenues shrunk -4% y/y, but grew q/q +1.4%. On a constant currency basis, revenues were +4.9%. Live revenues were -5%, marking…
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AppFolio 4Q25 Business Update: Revenue Reaccelerate with new AI-Features
(Members can find a fuller version of this post here and a PDF here). 4Q25 Update. AppFolio reported decent 4Q25 results and the stock was down -8% in next day trading. Revenues accelerated 100 bps to 22% y/y. This marked the 3rd consecutive quarter of acceleration after a soft 1Q. However,…
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Meta 4Q25 Business Update: Is AI a Business Accelerator or Cash Incinerator?
(Speedwell Members click here for a longer version of this post or here for a PDF version of this post here) 4Q25 Update. Meta reported 4Q25 earnings and the stock popped +7% after hours. Their core business continues to perform very strongly with top line revenues up +24% y/y. While that…
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LVMH 4Q25 Business Recap: Profits Finish Down
LVMH reported full year 2025 results, which were lackluster, but in line with prior management communications. Revenues contracted -5% for the year, or about -1% on an organic growth basis. Currency was a negative -4% headwind, but they noted that it started off the year as a positive +3% and…
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Shift4 Deep Dive
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. This is a new company report announcement. Members can access Speedwell’s Reports here. You can become a Speedwell Member here. While nearly every…