Category: Newsfeed
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RH 3Q25 Business Recap: Investing during Uncertain Times
(Members can get a PDF of this post here). 3Q25 Update. RH reported 3Q25 results and the stock was up +6% the next day. Revenues grew +9% y/y to $884mn, up from +8% y/y last Q. As we noted in our last update on RH, they were seeing demand ahead…
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Copart 1Q26 Business Update: Do Volume Slips Question Their Moat?
(If you are a Speedwell Member, click here to get the full version of this post or here to download a PDF). 1Q26 Update. Copart reported fiscal 1Q26 (calendar 3Q25) and the stock was down -3% in trading the following day. It was a bad quarter with revenue growth of…
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Constellation Software 3Q25 Update: AI Narrowing the Moat?
(Note: This is a Business Recap, which is shorter than our Business Updates. Members can download a PDF here) 3Q25 Update. Constellation Software has had its largest draw down in their history, dropping over 37% from peak. While it is always hard to attribute reasons to a stock’s movement, many…
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Axon 3Q25 Business Update:
(Speedwell Members click here for an extended version of this post or here for a PDF) 3Q25 Update. Axon reported 3Q25 earnings Tuesday and the stock closed -9% after initially dropping -20%. It faced continued pressure though and is now down -16% at $600 from its pre-earnings price of $720.…
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Coupang 3Q25 Business Recap: Sustaining Growth with AI
(As a reminder, this is a Business Recap, which are shorter than our Business Updates). 3Q25 Earnings Update. Coupang’s 3Q25 FXN revenues increased +20% y/y with gross profits up +22% y/y. As we mentioned over the past couple quarters, as Coupang shifts more sales to 3rd party from 1st party,…
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AppFolio 3Q25 Business Recap: Revenue Accelerates (Again)
(This is a business recap, which is shorter than an update. Check out last quarter’s 2Q25 AppFolio update here where we included expert call insights on competition). 3Q25 Update. AppFolio reported strong 3Q25 results and the stock was up +8% the next day. Revenues accelerated 200bps to +21% y/y. This…
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Floor & Decor 3Q25 Business Update: Still Treading, but Reiterate Long-Term Vision
(Speedwell Members click here for a PDF version of this post). 3Q25 Update. FND reported 3Q25 and the stock was up +6% after hours. Revenue increased +5.5% y/y, while comparable sales decreased -1.2%. As a reminder, they signaled last quarter that their comps turned negative after the tariffs were enacted,…
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APG 3Q25 Business Recap: Continued Execution
3Q25 Update. APG reported strong 3Q results, with shares rising roughly +2% following the announcement. Year to date the stock has gained +46%. APG’s revenue increased +14% y/y but growth contracted 100bps compared to last Q. Organic growth reached approximately +10% y/y, up from 8% in the prior quarter. Within…
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Perimeter Solutions 3Q25 Business Update: Deepening the Moat
(Members can read an extended version of this post here or a PDF version of this post here) 3Q25 Update. Perimeter Solutions reported 3Q25 and the stock jumped +26%. YTD the stock is now +112%. While the results were good, it was not clear what would warrant such a large move.…
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Meta 3Q25 Business Update: AI is Working
(Speedwell Members please click here for the full post or a PDF version of this post here) 3Q25 Update. Meta reported 3Q25 and the stock dropped -8% after hours. Their core apps looked as healthy as ever with Daily Active People reaching 3.5 billion, +8% y/y. Instagram surpassed 3 billion MAUs…