As Wall Street wraps up the second quarter of 2025, the figures reveal two contrasting economies. On one side, tech giants are seeing record profits, mainly due to investments in AI and cloud services. On the other hand, traditional sectors, like airlines and chemicals, are struggling with inflation, regulation, and changing global demand.
In this roundup, we examine the 10 most profitable U.S. companies for Q2 2025, along with 10 companies that experienced significant earnings drops or outright losses. This isn’t just a financial ranking; it shows the direction of corporate America.
🚀 Top 10 Most Profitable U.S. Companies (Q2 2025)
1. Alphabet (Google)
Google’s parent company stands alone this quarter. Thanks to steady growth in YouTube ads, its AI assistant Gemini, and Google Cloud services, Alphabet is expected to have earned over $100 billion in net income (annualized). The company’s smart investments in AI are paying off.
2. Apple
Apple continues to show its strength. With high demand for the iPhone 16 lineup and rapid growth in its services division, Apple reported about $94 billion in earnings over the past year. Subscriptions like Apple One and high-margin digital products helped cushion hardware slowdowns.
3. Microsoft
Microsoft’s results highlight that AI isn’t just a trend; it’s a business model. With Azure making gains and its AI-powered Copilot becoming essential in Office 365, the tech giant achieved $88 billion in profit over the last twelve months.
4. NVIDIA
With the demand for AI chips skyrocketing, NVIDIA’s revenue and profit have surged. Their advanced GPUs are powering everything from ChatGPT to enterprise machine learning. The outcome is an impressive $73 billion in net profit, establishing NVIDIA as a leader in AI hardware.
5. Meta Platforms
Meta’s bet on AI and video content (like Instagram Reels) has paid off. Add in monetization from its Threads platform and aggressive cost-cutting, and Meta brought in $62 billion in annual profit—a far cry from the turbulence it faced just two years ago.
6. Amazon
Amazon’s AWS cloud division remains its standout asset, but improved logistics and better retail margins also contributed to pushing profits to $59 billion. Even in a tough consumer market, Prime subscriptions and one-day delivery kept customers engaged.
7. JPMorgan Chase
The banking giant demonstrated why it’s the benchmark on Wall Street. High interest income, a flourishing credit card business, and effective trading boosted JPMorgan’s profit to $58 billion. It continues to prosper despite challenges from rising interest rates.
8. Exxon Mobil
Exxon’s quarterly results show how well the company has maintained profitability despite lower oil prices. With record output and efficient operations, Exxon earned about $34 billion this quarter (annualized).
9. Bank of America
Focusing on digital services and strong fee income allowed Bank of America to report $27 billion in net profit. Its wealth management and mobile banking divisions performed particularly well.
10. Berkshire Hathaway
Although its net profit fell due to a writedown on Kraft Heinz, Warren Buffett’s conglomerate still produced $11 billion in operating earnings. This figure highlights the strength of its core businesses, including insurance, energy, and rail transport.
⚠️ Companies Facing Major Losses or Declines (Q2 2025)
While tech and finance thrived, several companies had a much harder quarter.
1. Berkshire Hathaway
Yes, Berkshire appears on both lists. The reason? A massive $3.76 billion impairment on its Kraft Heinz stake caused a 59% year-over-year drop in net earnings, from $30.2 billion in Q2 2024 to $12.3 billion this year. This serves as a reminder that even Buffett’s empire isn’t safe from market fluctuations.
2. Air Products
As one of the largest industrial gas suppliers globally, Air Products faced a significant setback this quarter. The company reported a GAAP net loss of $1.7 billion, linked to write-offs and delays in major hydrogen infrastructure projects.
3. Volaris Airlines
The budget airline reported a $63 million loss, citing weak pricing power despite an increase in passenger numbers. Operating costs and currency fluctuations added to their challenges.
4. Centene Corp.
The health insurer surprised markets by withdrawing its 2025 guidance entirely. Shares fell over 40% following this announcement. Adjustments to Medicare reimbursement and excessive costs in Medicaid services likely contributed to this decline.
5. ITAB Group
While not widely known, this retail tech supplier saw profits drop nearly 40% year-over-year. The company attributed this decline to high integration costs from recent acquisitions and tougher market conditions in Europe.
6. Brown & Brown Insurance
Despite increasing its revenue, the company’s GAAP earnings fell by 13.3% due to rising claims and pricing competition in commercial insurance.
7. RF Industries
The telecom component maker posted a small non-GAAP profit but recorded a $245,000 GAAP loss. However, this marks an improvement from previous quarters and may indicate an operational recovery.
8. Theratechnologies
This specialty biotech firm saw revenue decline by nearly 20%. To add to the challenges, they withdrew future guidance amid an internal restructuring related to a new acquisition.
9. U.S. Global Investors
The asset manager reported an $86,000 net loss, a small amount but still a setback. Investor redemptions and weak performance in energy-focused funds impacted the firm’s bottom line.
10. Snap Inc. (Bonus Mention)
While Snap didn’t report a significant net loss, it missed earnings estimates and cautioned about declining ad sales. Its stock fell over 10% after the call, showing how sensitive markets can be to even minor deviations from expected growth.
🔍 What These Numbers Reveal About the Market
1. AI Is No Longer a Trend: It’s Driving Profit From Microsoft’s Copilot to Google’s AI tools and NVIDIA’s chips, artificial intelligence is now central to big business. Companies not investing in AI risk falling behind quickly.
2. Traditional Industries Are Struggling: From airlines to chemicals and insurance, older industries are facing pricing pressure, regulatory changes, and increasing operating costs. Without new ideas or diversification, growth remains a challenge.
3. Financials Are Strong—For Now: Banks performed well in Q2, thanks to interest income and solid consumer activity. But with student loans restarting and rising credit delinquencies, the latter half of 2025 may be trickier.
4. Investors Are Tough: Even minor mistakes, like Snap’s earnings miss or Centene’s unclear guidance, can lead to billions lost in market value. Clarity and confidence are more crucial than ever.
🧭 Looking Ahead: H2 2025 and Beyond
As we enter the second half of the year, pay attention to:
- Federal Reserve policy and rate cuts or pauses
- Global trade tensions, especially with China and the EU
- AI infrastructure investments, which may cool off or accelerate
- Healthcare policy shifts, particularly regarding public insurance programs
✍️ Final Thoughts
Q2 2025 marked a significant moment for corporate America. It clearly showed which companies are preparing for the future and which are clinging to outdated practices. Whether you are a long-term investor, a day trader, or just an interested observer, these earnings reveal much more than just financial gains or losses; they indicate the future direction of the market.