This week’s chart takes a closer look at first-quarter 2025 earnings and the guidance provided by companies amid ongoing uncertainty. While the COVID-19 pandemic posed an unprecedented set of challenges, many investors see parallels between that period and the current uncertainty driven by potential tariff changes.
According to the chart, 259 companies have reported earnings and issued guidance for fiscal year 2025. Of these, only 8 companies either withdrew their guidance or failed to provide an update. In contrast, during the first quarter of 2020—when the pandemic first began to affect the economy—285 companies had issued guidance, but 185 of them subsequently withdrew it or did not offer an update.
This comparison indicates that, despite a similarly uncertain environment, companies today appear far more confident, with most maintaining their forward guidance—signaling a significantly lower level of perceived uncertainty than during the onset of COVID-19.