Category: Uncategorized
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Airbnb 2Q25 Business Update: Core Slows (Again)
(Members can find an extended version of this post here and a PDF here) 2Q25 Update. Airbnb reported 2Q25 results and the stock fell -8% the next day, citing hard comps in 3Q and 4Q. Revenues grew+13% y/y in 2Q25. This was a slight acceleration from +11% y/y last quarter,…
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Dream Finders Homes: 2Q25 Business recap
2Q25 Summary. Total revenues grew +9% y/y to $1.15bn, marking a deceleration from the +12% growth recorded in 2Q24 and the first single-digit revenue growth since 1Q24. Margins and profitability continued to be weighed down by elevated financial service expenses and SG&A. They maintained their full year guidance of 9,250…
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CoStar 2Q25 Business Recap: Revenues Reaccelerated
2Q25 Business Recap. Revenue growth accelerated +15% y/y, up 300bps from last quarter. Net new bookings hit a record $93mn (+65% q/q), driven by broad strength across their segments. This marks the 57th consecutive quarter of double digit growth. While their commercial real estate marketplace continue to remain profitable with…
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Constellation Software: 1Q25 Business Recap
1Q25 Summary. 1Q25 revenues grew +13% y/y to $2.7bn for the quarter. This is a slowdown from last quarter’s growth of +17% y/y. In total, LTM revenue now stands at $10.4bn. The slowdown in revenue growth is primarily attributable to a smaller than usual deployment of capital on acquisitions. While…
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Copart Fiscal 3Q25 Business Update (Calendar 1Q25)
(Members can access a PDF of this post here) 3Q25 Business Update. Copart reported fiscal 3Q25 and the stock dropped -11% in reaction. Service growth decelerated 600bps sequentially from +15% y/y to +9% y/y. However, gross profits grew much less—at only +5% y/y. This was due to facility operation expenses…
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Perimeter Solutions: 1Q25 Business Recap
In case you missed it, we are rolling out a new post format. Most companies do not have much change quarter to quarter and so rather than make each update 2-3k words, as we have in the past, we will publish shorter updates when warranted. We will still do longer…
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Dream Finders Homes: 1Q25 Business Recap
We are rolling out a new post format. Most companies do not have much change quarter to quarter and so rather than make each update 2-3k words, as we have in the past, we will publish shorter updates when warranted. We will still do longer business updates for each company…
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Airbnb 1Q25 Business Update: Core Strong Enough to Launch Their Next Chapter
(Speedwell Members click here for a paid version of this post. You can also access a PDF of this post here). 1Q25 Business Update. Revenues grew +6% y/y (+8% ex-FX) in 1Q25. However, they noted that if you excluded the impact of FX and calendar impacts (Easter and inclusion of…
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CoStar Group 1Q25 Business Update: Reaccelerated Growth, But Elevated S&M Remains.
(Members can download a PDF of this post here) 1Q25 Business Update. CoStar reported 1Q25 and their stock dropped -10% the following day. What drove the large stock movement is a bit perplexing as they reaccelerated revenue growth from +10% y/y last Q to +12% y/y. One theory is that…
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What You Don’t Know About Sell-side Price Targets
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. There is a podcast of this memo that is available if you prefer listening to it. You can find it on our…