5 Earnings Season Winners With More Upside on the Way

Key Points

• Q1 earnings season is over, and many S&P 500 companies wowed analysts with surprising strength.
• The reports suggest that consumers may not be as anxious about the economy as survey data indicates.
• Despite the shaky backdrop, these five earnings season winners could continue adding gains throughout the summer.

Earnings season has come and gone, and many prominent companies surprised analysts with impressive Q1 earnings strength. Despite unpredictable tariffs, a weakening dollar, and ISM survey comments that suggest Armageddon is imminent, the S&P 500 continues to chug along toward its February all-time high. Yes, “Sell in May” is a popular investing catchphrase, but companies posting big top and bottom-line beats are likely to stay hot as summer temperatures rise. If you’re trading with trepidation as uncertainty lingers, consider boosting your portfolio with these earnings season winners.

Meta Platforms: Starting a New Streak

Meta Platforms Inc. NASDAQ: META did its best Joe DiMaggio impression earlier this year, notching 20 days of consecutive gains to the delight of shareholders and degenerate options gamblers alike. But once the streak ended, so did the post-election bull market. META shares entered free fall when the market turned, dropping from $736 to $484 in just over two months. The turnaround is underway, though, buoyed by a compelling Q1 earnings call and a new deal with Constellation Energy Corp. NASDAQ: CEG to complement the company’s growing energy needs.

Meta Platforms reported earnings on April 30 and (as usual) beat expectations on both EPS and revenue. But an 18% EPS beat and 16% year-over-year (YOY) revenue growth stand out even for a typical high flyer like META, and analysts were out in force with price target increases the next day. The stock has received two additional target bumps since the initial earnings rush, including one earlier this week from JPMorgan Chase, which boosted to $735 from $675, indicating further upside of 8%.

Ulta Beauty: A Pretty Picture for the Second Half of 2025

Ulta Beauty Inc. NASDAQ: ULTA was one of the last large-cap stocks to report earnings this quarter, but the numbers were worth the wait. ULTA shares rocketed higher last week after the company beat EPS and revenue estimates. Ulta also raised the upper ranges of its guidance estimates, highlighting growth in its fragrances and skincare lines, as well as its ability to weather any tariff trouble due to its low reliance on imports.

The significant number from Ulta’s report was the 2.9% YOY comparable sales growth, which smashed the expected 0.2% figure. The company raised its EPS projections to a $22.65 to $23.90 range and net sales to $11.5 billion to $11.7 billion. Despite a nearly 30% gain over the last three months, the stock still trades at only 18x earnings, well below the retail sector average of 24. The stock also boasts attractive technicals; a bullish Golden Cross has formed on the 50-day and 200-day moving averages, confirming the strength of the uptrend.

Netflix: The Heavyweight Champion of the Streaming Market 

While the Jake Paul vs. Mike Tyson fight was underwhelming for viewers, it did mark a significant shift in the streaming wars. Netflix Inc. NASDAQ: NFLX is pushing its way into the live sports market, inking deals with several major pro leagues. Netflix now holds exclusive broadcast rights to Monday Night Raw, WWE’s flagship program, which previously aired on cable for over three decades. Netflix also has locked up multiple NFL games on Christmas Day to compete with ABC/ESPN’s NBA extravaganza, and will broadcast the next two Women’s FIFA World Cups in 2027 and 2031.

Netflix reported earnings on April 17 and landed another knockout, surpassing EPS ($6.61 vs. $5.74) and revenue ($10.54 billion vs. $10.51 billion) expectations. The stock has been upgraded and boosted multiple times since the report, including two more this week from UBS Group and Jefferies Financial, which upped targets to $1450 and $1400. UBS cited the record-setting subscriber numbers and declining cable viewership as tailwinds, mentioning that Netflix’s two biggest shows (Squid Game and Stranger Things) haven’t even debuted yet this year.

On Holdings: Impressive Strength in a High-Tariff Environment

On Holdings Inc NYSE: ONON reported only a slight EPS beat on May 13, so why is the stock sitting in the earnings winners’ circle? Because we care more about the future than the past when evaluating earnings, and a footwear company raising guidance in a high-tariff environment also raises eyebrows. 

ONON’s Q4 earnings release in March was a blowout, with EPS beating by 111% and revenue surpassing expectations by 16%. The Q1 report was more muted as EPS only matched expectations, but revenue beat by 18%, and the company grew sales 43% year-over-year. The company was firmly in the crosshairs of the Trump tariffs due to its reliance on manufacturing in China and Vietnam. But now that the steepest tariffs have been whittled down, ONON stock can shine. Of the 24 analysts covering the stock, 22 have Buy or Strong Buy ratings, with an average price target of $62.45, implying a 10% upside.

Booking Holdings: Earnings Diverge From Consumer Sentiment 

Consumer sentiment improved in May, but surveys still indicate that people remain concerned about tariffs, prices, and the overall economy. Of course, actions often speak louder than words, and consumers continue to spend on experiences despite lingering macroeconomic worries. Booking Holdings Inc. NASDAQ: BKNG was one of the beneficiaries of this surprising consumer strength, as evidenced in its Q1 earnings release.

The company obliterated expectations in the quarter, posting EPS of $24.31 compared to a projection of $17.57, representing a nearly 30% beat. Revenue also exceeded projections ($4.76 billion vs. $4.58 billion), and executives raised Q2 guidance from $6.4 billion to $6.6 billion. The company also expects gross bookings to accelerate by 10% to 12% in Q2, highlighting the underlying strength of the consumer despite negative survey data. JPMorgan Chase boosted their price target to $6,000 earlier this week, singling out steady travel demand and the company’s 86% gross margins.