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👉 Week in Review — Too Long; Didn’t Read:
Key Earnings Announcements:
Vail Resorts total skier visits continued to decline by double-digits.
Oracle spent $56B to build data centers.
Restoration Hardware expects $350M in adj. free cash flow this year.
Investor Events / Global Affairs:
SpaceX shattered IPO records.
Trump announced a deal with Iran on Sunday night and said “let the oil flow!”
Anthropic was forced to pull its flagship AI models due to U.S. government mandate.
Economic Updates:
Inflation has been SOARING.
Rate cutes are looking impossible at this point.
Let’s dive right in!
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👉 Key Earnings Announcements:
Vail Resorts total skier visits continued to decline by double-digits, Oracle spent $56B to build data centers, and Restoration Hardware expects $350M in adj. free cash flow this year.
Vail Resorts (MTN)
Key Metrics
Revenue: $1.2 billion, compared to $1.3 billion last year
Operating Income: $494.1 million, compared to $581.3 million last year
Profits: $314.4 million, compared to $389.7 million last year
Earnings Release Callout
“Weather conditions remained extremely unfavorable in the third quarter, adding to what had already been one of the most challenging winters in history across the western U.S., driving continued pressure on visitation. While these dynamics negatively impacted results, our advance commitment model provided considerable stability and strong cost discipline kept us on track to exceed our resource efficiency transformation plan savings for the year.”
My Takeaway
The company missed Wall Street consensus estimates for both revenue and earnings per share. Overall volume metrics were negatively impacted by the weather. Total skier visits decreased -15.5% to 7.28 million. However, the Effective Ticket Price increased +12.0% to $100.24. Management noted that while total visitation dropped -15.5%, total lift revenue only fell by -5%, demonstrating that the advance pass sales model provided revenue stability during a low-snow season. The lower foot traffic negatively impacted ancillary businesses; dining revenue fell -10.7%, ski school revenue decreased -11.5%, and retail/rental revenue declined -8.3%.
Through late May, pass product units were down approximately -10% and sales dollars were down -5% compared to the prior-year period. Vail Resorts maintained its quarterly dividend of $2.22 per share. Management stated that weather conditions in the Rockies and Tahoe regions were the primary driver of the visitation decline. They noted that their focus on cost discipline helped mitigate some of the financial impact and that they remain committed to their resource efficiency plan.
Looking ahead, Vail Resorts reduced their FY2026 guidance — expecting profits to be around $150M, and adj. EBITDA around $750M.
No position, but this name is incredibly interesting to me. Everyone loves to ski, and this company is a turn-around story away from 50-75% returns for investors at current levels.
Oracle (ORCL)
Key Metrics
Revenue: $19.2 billion, an increase of +21% YoY
Operating Income: $6.1 billion, an increase of +20% YoY
Profits: $4.2 billion, an increase of +23% YoY
Earnings Release Callout
“In terms of Q4, it was a record quarter, driven by strength in both our cloud infrastructure and cloud apps businesses. Revenue was $19.2 billion, up 21% in US dollars. Cloud infrastructure revenue grew 93%, reflecting strong demand for both AI workloads and our database services, and cloud apps was up double digits at +10%.”
My Takeaway
Oracle exceeded Wall Street’s revenue and earnings per share expectations, with total cloud revenue serving as the primary growth engine, increasing 47.0% year-over-year to $9.90 billion.
Within this, Cloud Infrastructure (IaaS) revenue grew 93.0% to $5.80 billion, while Cloud Applications (SaaS) revenue increased 10.0% to $4.10 billion. Conversely, traditional software revenues declined 2.0% year-over-year to $6.80 billion (down from $6.94 billion in the prior-year period), reflecting the ongoing shift of customer workloads to the cloud.
Oracle reported a significant increase in Remaining Performance Obligations (RPO), which reached $638.0 billion, a +363% year-over-year increase. Management attributed this backlog to AI infrastructure contracts.
However, the costs associated with fulfilling this demand impacted cash flow. For the full fiscal year 2026, Oracle generated $32.0 billion in operating cash flow but reported $55.7 billion in capital expenditures, resulting in a negative free cash flow of $23.7 billion. To fund this infrastructure buildout, Oracle raised $48.0 billion in debt and equity during the fiscal year and announced plans to raise an additional $40.0 billion in fiscal 2027.
Management focused on the expanding AI infrastructure backlog and the structural components of these new contracts. The executive team noted that $75.0 billion of the AI contracts involve prepaid or customer-supplied hardware, which mitigates some of Oracle's capital requirements. Management also highlighted the integration of AI agents across their software suites, demonstrating a strategy to tie AI capabilities directly to enterprise application growth.
Looking ahead, Oracle expects $90B in 2026 revenue representing +28% YoY growth.
No position.
Restoration Hardware (RH)
Key Metrics
Revenue: $800.3 million, compared to $814.1 million last year
Operating Income: $34.2 million, compared to $55.9 million last year
Net Loss: -$13.7 million, compared to $8.0 million last year
Earnings Release Callout
“First quarter revenues of $800.3 million and adjusted EBITDA of 7.1% exceeded the high end of our expectations in the first quarter, despite backorder and special order balances approximately $75 million higher than a year ago, primarily due to tariff-related resourcing. As a result of our better-than-expected first quarter results, we are raising our outlook for fiscal year 2026 and providing the following outlook for the second quarter.”
My Takeaway
RH reported its first-quarter fiscal 2026 financial results, characterized by a year-over-year revenue contraction and a decrease in profitability.
Management reported that supply chain shifts tied to tariff resourcing led to elevated backorder and special order balances. These balances were approximately $75.0 million higher than the prior year, which deferred roughly $45.0 million of revenue out of the first quarter. The company also absorbed significant pre-opening costs related to its international expansion in European markets, which created a 450-basis-point drag on EBITDA margins during the quarter.
RH produced $52.5 million in operating cash flow and reported $13.3 million in free cash flow after capital expenditures. CEO Gary Friedman outlined a growth strategy bridging the first and second halves of the fiscal year. Management projects that revenue will accelerate from a flat trajectory to 12% growth in the latter half of 2026. This projection relies on clearing the current order backlog, recognizing revenue from newly opened stores, and scaling the new RH Estates product line.
Looking ahead the company expects $350M in free cash flow for FY2026.
No position.
👉 Investor Events / Global Affairs:
SpaceX shattered IPO records, Trump announced a deal with Iran on Sunday night + said “let the oil flow!”, and Anthropic was forced to pull its flagship AI models due to U.S. government mandate.
SpaceX (SPCX) Surges in Historic IPO, Making Elon Musk the World’s First Trillionaire
Image Source: CNN
SpaceX delivered one of the most anticipated IPO debuts in market history, with shares jumping 19% on their first day of trading and pushing the company's market capitalization to roughly $2.1 trillion. The strong debut instantly made SpaceX the sixth most valuable publicly traded company in the United States.
The rally also cemented a historic milestone for CEO Elon Musk, whose combined ownership stakes in SpaceX and Tesla pushed his net worth above $1 trillion, making him the first person ever to reach that level.
Investors appear to be betting that SpaceX is much more than a rocket company. Beyond launch services and Starlink, many see the company as a major player in AI infrastructure, data centers, satellite connectivity, and next-generation computing. Those growth opportunities helped fuel strong demand despite concerns from some analysts that the valuation may already price in years of future success.
The IPO's success is likely to have ripple effects across the technology sector. With both OpenAI and Anthropic preparing for potential public listings, SpaceX's blockbuster debut could strengthen investor appetite for the next wave of mega-cap AI and technology offerings.
"If SpaceX is seen as the 'real deal' by retail, further selling in prior darlings would not be surprising. If this defensive retail activity is set to continue, then the likely path is we see a rebalancing into SpaceX — rather than overall buying.”
Trump Announces Iran Deal as Markets Look Ahead to Strait of Hormuz Reopening
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