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Home » The Companies Lowering or Ditching Guidance Amid Tariff Chaos: List
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The Companies Lowering or Ditching Guidance Amid Tariff Chaos: List

arthursheikin@gmail.comBy arthursheikin@gmail.comMay 28, 2025No Comments9 Mins Read
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Volatile. Challenging. Uncertain.

This is the language of corporate earnings calls amid President Donald Trump’s tariffs.

As a result of the uncertainty, companies are lowering or outright scrapping their earnings forecasts.

Here’s a look at the big brands that have made adjustments to their guidance in recent earnings reports.

Macy’s

Despite beating analysts’ estimates in the first quarter, Macy’s cut its profit guidance for the fiscal year. The department store chain is now forecasting adjusted earnings per share of between $1.60 and $2, down from the previous expected range of $2.05 to $2.25.

Macy’s put the change in its profit outlook down to “initial and current tariffs; some moderation in consumer discretionary spending; and a heightened competitive promotional landscape.”

Macy's.

Macy’s is the latest corporation to cut forecasts.

Noam Galai/Getty Images



Canada Goose

Luxury retailer Canada Goose pulled back its fiscal year 2026 guidance because of “macroeconomic uncertainty and dynamic consumer spending patterns brought on by the unpredictable global trade environment” according to a press release. The company did not explicitly cite tariffs in the release.

Canada Goose reported strong fiscal fourth-quarter earnings, with total revenue increasing 7.4% compared to the same period last year.

General Motors

General Motors said it would suspend earnings guidance for 2025 and freeze a $4 billion share buyback as it assesses the impact of Trump’s tariffs on imported cars.

Two days later, after the White House announced measures to ease the blow of the tariffs, GM said it had slashed its guidance for this year and had a current tariff exposure of between $4 billion and $5 billion.

Like other Detroit automakers, GM, which builds several models for the US market in Mexico and Canada, is highly exposed to the tariffs. Barclays analysts previously warned that the levies could wipe out “effectively all” of GM, Ford, and Jeep and RAM owner Stellantis’ profits.

General Motors

General Motors said it reduced its guidance for this year following tariffs announced on imported cars.

Rebecca Cook/Reuters



UPS

Parcel giant UPS said it would pull its financial guidance in its first quarter earnings release, as well as announcing plans to cut 20,000 jobs throughout 2025.

“Given the current macro-economic uncertainty, the company is not providing any updates to its previously issued consolidated full-year outlook,” the company said.

It reported virtually flat revenues of $21.5 billion, a drop of 0.7% compared to the same period in 2024.

Proctor & Gamble

Procter & Gamble now forecasts flat sales growth in fiscal year 2025, compared to a previous projection of a 2% to 4% increase. The consumer goods conglomerate, which owns brands like Tide and Charmin, also cut its core EPS outlook to $6.72 to $6.82, down from $6.91 to $7.05.

“We will have to pull every lever we have in our arsenal to mitigate the impact of tariffs within our cost structure and P&L,” P&G’s CFO, Andre Schulten, said on a call with reporters.

In the company’s earnings release, CEO Jon Moeller pointed to a “challenging and volatile consumer and geopolitical environment.”

“We’re making appropriate adjustments to our near-term outlook to reflect underlying market conditions while remaining confident in the longer-term growth prospects for our brands and the markets where we compete,” he said.

PepsiCo

The food and beverage giant warned of higher production costs and lower consumer spending amid “increasingly dynamic and complex geopolitical and macroeconomic conditions.”

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“As we look ahead, we expect more volatility and uncertainty, particularly related to global trade developments, which we expect will increase our supply chain costs,” CEO Ramon Laguarta said in the company’s earnings release. “At the same time, consumer conditions in many markets remain subdued and similarly have an uncertain outlook.”

PepsiCo lowered its core EPS forecast for the year to a 3% decline, where it previously forecast a single-digit increase.

“Relative to where we were three months ago, we probably are not feeling as good about the consumer,” PepsiCo’s CFO, Jamie Caulfield, said in a post-earnings call.

Chipotle

Chipotle lowered its guidance for the fiscal year and now forecasts a sales increase in the low single digits, compared to low- to mid-single digits previously forecasted.

“In February, we began to see that the elevated level of uncertainty felt by consumers are starting to impact their spending habits,” interim CEO Scott Boatwright said on the company’s earnings call. “We could see this in our visitation study where saving money because of concerns around the economy was the overwhelming reason consumers were reducing the frequency of restaurant visits.”

Chipotle

Chipotle said it’s expecting a sales increase in the low single digits.

Spencer Platt/Getty Images



United Airlines

United Airlines took the rare step of offering two sets of outlooks: one for a stable macroeconomic environment and one for a recessionary environment.

“The Company’s guidance is based on consensus market macroeconomic expectations,” it said in a securities filing. “However, a single consensus no longer exists, and therefore the Company’s expectation has become bimodal — either the U.S. economy will remain weaker but stable, or the U.S. may enter into a recession. The Company is therefore providing two separate guidance benchmarks based on these two different macroeconomic views.”

The filing added that the macro environment “is impossible to predict this year with any degree of confidence.”

Delta Air Lines

Delta was one of the first airlines to pull its guidance when announcing Q1 earnings.

“Given current uncertainty, Delta is not reaffirming full year 2025 financial guidance and will provide an update later in the year as visibility improves,” the carrier said in an earnings release.

CEO Ed Bastian said in the company’s earnings call that it would be “premature” to project the year “given the broad macro uncertainty.”

American Airlines

American Airlines also withdrew its full-year guidance, noting that it plans to provide an update “as the economic outlook becomes clearer.”

“Aircraft cost too much already,” CEO Robert Isom said on the earnings call when asked about tariffs. “I don’t want to pay any more for aircraft. It doesn’t make sense.”

He added, “And certainly, we’re pulling guidance. Certainly, it’s not something we would intend to absorb. And I’ll tell you, it’s not something that I would expect our customers to welcome. So we’ve got to work on this.”

In an interview on CNBC’s “Squawk Box,” Isom said “uncertainty” was the reason American pulled their guidance.

An American Airlines Boeing 777 plane taking off.

American Airlines cited “uncertainty” as the reason it slashed its guidance.

Urbanandsport/NurPhoto via Getty Images



Southwest Airlines

The airline has withdrawn its guidance on full-year 2025 and 2026 earnings before interest and taxes.

“Amid the current macroeconomic uncertainty, it is difficult to forecast given recent and short-lived booking trends,” it said in an earnings release.

JetBlue

JetBlue joined many of the country’s airlines by pulling its financial forecast for the year in earnings on April 29.

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CEO Joanna Geraghty cited “the macroeconomic uncertainty,” and said the firm was looking at further capacity reductions due to lower demand, as well as evaluating its schedule for retiring planes.

Like for Southwest, the uncertainty comes at a challenging time, with both airlines working to turn around their lack of profitability.

Air Canada

In early May, Air Canada lowered its annual profit forecast for 2025 amid the impact of tariffs and slowing demand for travel to the US.

“The noise around tariffs and trade disputes definitely had an impact, but also we believe some travellers avoided the US simply because it was expensive, with the Canadian dollar trading at levels not seen since 2020,” Michael Rousseau, Air Canada’s president and CEO, said on an earnings call.

Air Canada lowered its annual earnings outlook to between C$3.2 billion and C$3.6 billion, equivalent to between $2.6 billion and $2.3 billion. This is roughly C$200 million, or $144 million, lower than earlier estimates.

An Air Canada airplane is towed along a runway at Toronto Pearson Airport in Mississauga, Ontario, Canada April 28, 2021.

Air Canada lowered its annual earnings forecast by about $144 million compared to earlier estimates.

Carlos Osorio/REUTERS



Thermo Fisher

CEO Mark Casper said on a recent earnings call that the updated guidance “incorporates the expected net impact of current tariffs and the changes driven by the current policy focus of the US.”

Thermo Fisher said it expects a $400 million revenue headwind as tariffs hit the sales of products made in the US and sold in China. It also expects tariffs to raise the cost of parts it sources in China.

Snap

Snap, the company behind Snapchat, declined to issue guidance for Q2 in its first-quarter earnings report on April 29.

“Given‬‭ the‬‭ uncertainty‬‭ with‬‭ respect‬‭ to‬‭ how‬‭ macro‬‭ economic‬‭ conditions‬‭ may‬‭ evolve‬‭ in‬‭ the‬‭ months‬‭ ahead,‬‭ and‬‭ how‬‭ this‬‭ may‬ impact‬‭ advertising‬‭ demand‬‭ more‬‭ broadly,‬‭ we‬‭ do‬‭ not‬‭ intend‬‭ to‬‭ share‬‭ formal‬‭ financial‬‭ guidance‬‭ for‬‭ Q2,” the company said in a letter to investors.

Snap also said that while the company’s revenue has continued to grow, it has “experienced‭ headwinds‬‭ to‬‭ start‬‭ the‬‭ current‬‭ quarter.”

Stellantis

The auto giant, which owns companies including Jeep, Dodge, Fiat, Chrysler, and Peugeot, said on April 30 it was suspending its financial guidance. Stellantis said it was rolling back the guidance because of the uncertainty tariffs are causing.

“The company is highly engaged with policymakers on tariff policies, while taking action to reduce impacts,” the carmaker said in a statement.

Mercedes-Benz

Mercedes-Benz joined the list of automakers that have withdrawn their full-year guidance amid tariff-related uncertainty. The German luxury car brand said on April 30 that it can’t offer reliable estimates in the current environment.

On a call after the announcement, Mercedes’ chief financial officer said its previous guidance wouldn’t have changed without the tariffs.

A Mercedez-Benz sign is seen at a dealership in downtown Shanghai in this August 5, 2014 file photo. To match CHINA-ANTITRUST/RAIDS  REUTERS/Carlos Barria/Files

Mercedes-Benz said at the end of April that it couldn’t offer reliable estimates in the current environment.

Thomson Reuters



Ford

Ford is the latest auto giant to suspend guidance and outline how tariffs will impact its bottom line.

In its first-quarter earnings release on May 5, the American carmaker said it would suspend its full-year financial guidance because of supply chain disruptions and the possibility of increased tariffs in the US. The company said that retaliatory tariffs and other restrictions from foreign governments also pose risks.

Ford estimated that full-year adjusted earnings before interest and taxes will take a $1.5 billion hit because of tariffs.

“These are substantial industry risks, which could have significant impacts on financial results, and that make updating full year guidance challenging right now,” Ford wrote in the earnings release.

American Eagle

American Eagle withdrew its guidance for the year “due to macro uncertainty,” according to a press release, but didn’t mention tariffs. The clothing retailer said that it anticipates revenue to decline roughly 5% in the first quarter compared to last year, coming in at approximately $1.1 billion. Same-store sales are expected to decline around 3%.

CEO Jay Schottenstein said that the company has had trouble selling items and now has excess inventory, and that “we are clearly disappointed with our execution in the first quarter.



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