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Q2 Earnings: These 3 Tech Stocks Shattered Expectations
Key Takeaways
The 2025 Q2 earnings season is winding down, with the period largely positive and resilient.
An above-average number of companies have exceeded expectations, with growth remaining solid.
DASH, META, and AAPL all posted results that easily exceeded expectations.
The 2025 Q2 earnings cycle continues to wind down, with nearly all S&P 500 companies already reporting results. The period has again been one of resilience, with overall top and bottom line growth remaining strong alongside positive revisions for the upcoming Q3 cycle.
But more specifically, this cycle, several companies – Apple (AAPL - Free Report) , Meta Platforms (META - Free Report) , and DoorDash (DASH - Free Report) – knocked it out of the park, with each also seeing favorable price action post-earnings.
Let’s take a closer look at what drove the positivity.
DoorDash Orders Keep Coming
DoorDash shares have been red-hot in 2025, gaining nearly 50% and widely outperforming relative to the S&P 500. Its latest set of quarterly results helped confirm the bullish trend, with DASH posting records for Total Orders, Marketplace GOV, and revenue.
The company is clearly enjoying a growth surge, with Total Orders up 20% year-over-year alongside a 25% boost in sales. Adjusted EBITDA also saw a strong 52% move higher to $655 million, further solidifying the results.
Analysts have become notably bullish concerning their EPS outlooks over recent months, raising their expectations across the board.
Image Source: Zacks Investment Research
Meta Reports Outsized Growth
META posted a double-beat relative to our consensus headline expectations, with adjusted EPS and sales growing 38% and 22% year-over-year, respectively. The growth here is significant given META’s already massive size, with favorable advertisement results further driving positivity.
Below is a chart illustrating the company’s revenue on a quarterly basis.
Image Source: Zacks Investment Research
Ad impressions across its family of apps increased by a strong 11% year-over-year, with the average price per ad also rising by 9%. The company also continued to improve its efficiency, with an operating margin of 43% in the reported period well above the 38% mark achieved in the same period last year.
Apple Shatters Records
Apple’s latest release was highly positive, reporting quarterly records for sales, iPhone revenue, Services revenue, and EPS. Apple’s installed base of active devices also reached a new record, further adding to the record-breaking period.
The Mag 7 member again generated serious cash throughout the period, with free cash flow totaling $24.4 billion. Below is a chart illustrating the company’s free cash flow on a quarterly basis.
Image Source: Zacks Investment Research
Down 8% YTD, shares have lagged the S&P 500 in a big way, reflecting the second-worst Mag 7 performer behind Tesla. Shares currently trade at a 29.3X forward 12-month earnings multiple, modestly above the five-year median and reflecting a 30% premium relative to the S&P 500.
Bottom Line
The 2025 Q2 earnings season is winding down, with the period largely positive and resilient.
And throughout the period, several companies – Apple (AAPL - Free Report) , Meta Platforms (META - Free Report) , and DoorDash (DASH - Free Report) – posted quarterly results that crushed expectations.
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Q2 Earnings: These 3 Tech Stocks Shattered Expectations
Key Takeaways
The 2025 Q2 earnings cycle continues to wind down, with nearly all S&P 500 companies already reporting results. The period has again been one of resilience, with overall top and bottom line growth remaining strong alongside positive revisions for the upcoming Q3 cycle.
But more specifically, this cycle, several companies – Apple (AAPL - Free Report) , Meta Platforms (META - Free Report) , and DoorDash (DASH - Free Report) – knocked it out of the park, with each also seeing favorable price action post-earnings.
Let’s take a closer look at what drove the positivity.
DoorDash Orders Keep Coming
DoorDash shares have been red-hot in 2025, gaining nearly 50% and widely outperforming relative to the S&P 500. Its latest set of quarterly results helped confirm the bullish trend, with DASH posting records for Total Orders, Marketplace GOV, and revenue.
The company is clearly enjoying a growth surge, with Total Orders up 20% year-over-year alongside a 25% boost in sales. Adjusted EBITDA also saw a strong 52% move higher to $655 million, further solidifying the results.
Analysts have become notably bullish concerning their EPS outlooks over recent months, raising their expectations across the board.
Image Source: Zacks Investment Research
Meta Reports Outsized Growth
META posted a double-beat relative to our consensus headline expectations, with adjusted EPS and sales growing 38% and 22% year-over-year, respectively. The growth here is significant given META’s already massive size, with favorable advertisement results further driving positivity.
Below is a chart illustrating the company’s revenue on a quarterly basis.
Image Source: Zacks Investment Research
Ad impressions across its family of apps increased by a strong 11% year-over-year, with the average price per ad also rising by 9%. The company also continued to improve its efficiency, with an operating margin of 43% in the reported period well above the 38% mark achieved in the same period last year.
Apple Shatters Records
Apple’s latest release was highly positive, reporting quarterly records for sales, iPhone revenue, Services revenue, and EPS. Apple’s installed base of active devices also reached a new record, further adding to the record-breaking period.
The Mag 7 member again generated serious cash throughout the period, with free cash flow totaling $24.4 billion. Below is a chart illustrating the company’s free cash flow on a quarterly basis.
Image Source: Zacks Investment Research
Down 8% YTD, shares have lagged the S&P 500 in a big way, reflecting the second-worst Mag 7 performer behind Tesla. Shares currently trade at a 29.3X forward 12-month earnings multiple, modestly above the five-year median and reflecting a 30% premium relative to the S&P 500.
Bottom Line
The 2025 Q2 earnings season is winding down, with the period largely positive and resilient.
And throughout the period, several companies – Apple (AAPL - Free Report) , Meta Platforms (META - Free Report) , and DoorDash (DASH - Free Report) – posted quarterly results that crushed expectations.