Allegiant, Steve Madden, and Cummins are the latest companies to pull their earnings guidance amid tariff uncertainty

Kevin Williams and Shannon Carroll

Wed, May 7, 2025, 9:48 AM 6 min read

Uncertainty over tariffs, supply chain instability, and other broader macroeconomic headwinds are pushing a growing number of major companies to pull their 2025 earnings guidance. From automakers to airlines and consumer giants, firms are increasingly opting to sit out of the forecasting game, citing economic uncertainty that, for some, is getting too thick to navigate.

Markets have mostly managed to hold up amid these swirling economic concerns. A number of large companies have maintained or only altered their guidance, which Chris Fasciano, chief market strategist at Commonwealth Financial Network, told Quartz was a positive sign.

“There was concern that companies wouldn’t have enough visibility into the future to issue guidance,” Fasciano said.

Still, the silence from some corporate boardrooms about what they think will come next is telling. For some major companies, though, the economic concerns are quickly becoming reality. Apple (AAPL), for example, in its recent earnings release, maintained its earnings guidance — but warned of a potential $900 million tariff-related hit in the next quarter. CEO Time Cook said it will be “very difficult” to predict beyond June, “because I’m not sure what will happen with tariffs.”

This week alone, companies from Ford to PepsiCo (PEP) have either scrapped or softened their outlooks. Ferrari (RACE) and Pandora both warned in their quarterly earnings report of coming tariff-related hits and trimmed their earnings guidance. Rivian (RIVN) took a similar route:It lowered its targets for vehicle deliveries and capital spending for 2025 because the “current global economic landscape presents significant uncertainty” such as “evolving trade regulation, policies” — and tariffs.

Super Micro Computer Inc. (SMCI) just reduced its fiscal 2025 revenue forecast to $21.8-$22.6 billion, down from a previous range of $23.5-$25 billion, because of economic uncertainty and the potential impact of tariffs.

According to Fasciano, recession mentions among S&P 500 firms are climbing, and expected earnings growth for 2025 has slipped from 15% at the start of the year to just 8%. He said “diversification is the best way to navigate [uncertainty] until [it] begins to clear.”

For now, though, as he put it, “Volatility is here to stay.”

Here are prominent companies that have already pulled their 2025 earnings guidance.

Allegiant (ALGT) Travel Company said economic volatility prevented the company from providing forward guidance.

“Heightened volatility is impacting domestic demand,” President and CEO Gregory Anderson said in the company’s earnings report. “Consequently, it is challenging to predict near-term demand, and we are therefore withdrawing our full-year 2025 guidance. ... We will continue to adjust capacity aggressively during the remainder of the year while ensuring that we appropriately address the items within our control.”