Q3 2025

Operator Climate

Where budgets are expanding, where they're tightening, and what it means for your go-to-market. Segmented by sector and operator relevance.

▲ TAILWIND

52% of companies

● NEUTRAL

23% of companies

◆ MIXED

15% of companies

▼ HEADWIND

10% of companies

By Sector

Communication Services3 companies

avg +21% YoY

GOOGL META NFLX

Utilities6 companies

avg +13% YoY

AEP ATO AWK CMS CNP D

Financials9 companies

avg +17% YoY

AFL AIZ AJG AON APO AXP BAC PYPL V

Information Technology24 companies

avg +15% YoY

AAPL ACN ADBE ADI AKAM AMD APH AVGO CDNS CRM CRWD CSCO DAY FTNT HUBS IBM INTU MSFT ORCL QCOM SHOP SNOW TXN ZM

Industrials10 companies

avg +10% YoY

AAL ALLE AME AOS AXON CPRT CTAS DAL DE UBER

Health Care9 companies

avg +4% YoY

A ABBV ABT ALGN CNC COR CVS JNJ MRK

Real Estate3 companies

avg +5% YoY

CPT CSGP DEI

Consumer Discretionary7 companies

avg +6% YoY

ABNB AMZN ANF APTV BBWI DECK HD

Consumer Staples4 companies

avg +2% YoY

ADM COST CPB PEP

Materials4 companies

avg +3% YoY

APD AVY CE DD

Operator Segments

Accelerating AI Spend

Companies increasing AI infrastructure and product investment

AAPL ABNB AKAM AMZN APTV AVGO AXON CDNS CRM CRWD CSGP CVS DAY DD FTNT GOOGL HUBS IBM META MSFT ORCL QCOM UBER ZM

Expanding Budgets

Tailwind signal — buyer wallets are opening

AAPL ABNB ABT ADI AEP AFL AIZ AJG ALLE AMZN AON AOS ATO AVGO AXON BAC CDNS CNP COST CRM CRWD CSGP CTAS CVS D DAY DD FTNT GOOGL HUBS IBM JNJ META MSFT NFLX ORCL PYPL QCOM SHOP TXN UBER

Tightening / Mixed

Headwind or mixed signals — longer sales cycles ahead

AAL ACN ADM AKAM ALGN AME ANF APD APO APTV AVY BBWI CE CPB CPT DAL DEI MRK PEP V

Profitability Mode

Companies optimizing margins — expect procurement scrutiny

AAL AAPL ABNB ACN ADI ADM AFL AIZ AJG AKAM ALGN ALLE AME AMZN ANF AON APD APTV AVGO AVY AXON BAC BBWI CDNS CE COST CPB CPRT CPT CRM CRWD CSGP CTAS CVS DAY DD DECK FTNT GOOGL HUBS IBM JNJ META MSFT ORCL PEP QCOM SHOP TXN UBER ZM

Consolidating Platforms

Buying fewer vendors, going deeper with existing ones

AAL AAPL ABNB AEP AFL AIZ AJG ALLE AMZN ANF AON APO AVGO AVY AXON BAC BBWI COR COST CPRT CPT CRWD CSGP CTAS DEI FTNT HUBS IBM INTU JNJ MRK MSFT PEP PYPL QCOM SHOP TXN V ZM

Most Mentioned

Mastercard278×Warner Bros. Discovery88×Exact Sciences28×Wind River15×AssuredPartners8×KKR8×NVIDIA7×OpenAI6×

All Companies

CompanySectorRevenueGrowthEPSSignalCompetitors

AAgilent Technologies Inc.

Health Care———● NEUTRAL—

AALAmerican Airlines Group Inc.

Industrials$13.7B+0%$-0.17◆ MIXED1 mentioned

AAPLApple Inc.

Technology$94.0B+10%$1.57▲ TAILWIND5 mentioned

ABBVAbbVie Inc.

Health Care———● NEUTRAL—

ABNBAirbnb Inc.

Consumer Discretionary$4.1B+10%$2.25▲ TAILWIND—

ABTAbbott Laboratories

Health Care———▲ TAILWIND3 mentioned

ACNAccenture plc

Technology———▼ HEADWIND—

ADBEAdobe Inc.

Technology———● NEUTRAL—

ADIAnalog Devices Inc.

Technology$3.1B+26%$1.60▲ TAILWIND—

ADMArcher-Daniels-Midland Co.

Consumer Staples$20.4B+2%$0.22▼ HEADWIND1 mentioned

AEPAmerican Electric Power Co. Inc.

Utilities$6.0B+11%$1.80▲ TAILWIND—

AFLAflac Inc.

Financials$4.7B+61%$3.08▲ TAILWIND—

AIZAssurant Inc.

Financials$3.2B+9%$5.17▲ TAILWIND—

AJGArthur J. Gallagher & Co.

Financials$3.3B+20%$1.04▲ TAILWIND6 mentioned

AKAMAkamai Technologies Inc.

Technology$1.1B+5%$0.97◆ MIXED1 mentioned

ALGNAlign Technology Inc.

Health Care$996M+2%$0.78◆ MIXED1 mentioned

ALLEAllegion plc

Industrials$1.1B+11%$2.18▲ TAILWIND—

AMDAdvanced Micro Devices Inc.

Technology———● NEUTRAL—

AMEAMETEK Inc.

Industrials$24M+0%$-0.14▼ HEADWIND2 mentioned

AMZNAmazon.com Inc.

Consumer Discretionary$180.2B+13%$1.95▲ TAILWIND18 mentioned

ANFAbercrombie & Fitch Co.

Consumer Discretionary$1.3B+7%$2.36◆ MIXED—

AONAon plc

Financials$4.0B+7%$2.11▲ TAILWIND—

AOSA. O. Smith Corp.

Industrials———▲ TAILWIND—

APDAir Products and Chemicals Inc.

Materials$3.2B-1%$0.02◆ MIXED2 mentioned

APHAmphenol Corp.

Technology———● NEUTRAL—

APOApollo Global Management Inc.

Financials$1.3B-4%$-0.58◆ MIXED7 mentioned

APTVAptiv plc

Consumer Discretionary$20.3B+3%$7.70◆ MIXED2 mentioned

ATOAtmos Energy Corp.

Utilities——$7.46▲ TAILWIND—

AVGOBroadcom Inc.

Technology$18.0B+28%$1.74▲ TAILWIND—

AVYAvery Dennison Corp.

Materials$2.2B+2%$2.13◆ MIXED—

AWKAmerican Water Works Co. Inc.

Utilities———● NEUTRAL—

AXONAxon Enterprise Inc.

Industrials$711M+31%$-0.03▲ TAILWIND—

AXPAmerican Express Co.

Financials———● NEUTRAL—

BACBank of America Corp.

Financials$28.1B+11%$1.06▲ TAILWIND—

BBWIBath & Body Works Inc.

Consumer Discretionary$3.8B+0%$0.34◆ MIXED1 mentioned

CDNSCadence Design Systems Inc.

Technology$1.3B+10%$1.05▲ TAILWIND2 mentioned

CECelanese Corp.

Materials——$1.34▼ HEADWIND—

CMSCMS Energy Corp.

Utilities———● NEUTRAL—

CNCCentene Corp.

Health Care———● NEUTRAL—

CNPCenterPoint Energy Inc.

Utilities——$0.50▲ TAILWIND3 mentioned

CORCencora Inc.

Health Care———● NEUTRAL—

COSTCostco Wholesale Corp.

Consumer Staples$66.0B+8%$4.50▲ TAILWIND—

CPBCampbell Soup Co.

Consumer Staples$2.7B-3%$0.65▼ HEADWIND—

CPRTCopart Inc.

Industrials$1.2B+1%$0.41● NEUTRAL—

CPTCamden Property Trust

Real Estate$2.6B-4%$112.33▼ HEADWIND—

CRMSalesforce Inc.

Technology———▲ TAILWIND—

CRWDCrowdStrike Holdings Inc.

Technology$1.2B+22%$0.96▲ TAILWIND12 mentioned

CSCOCisco Systems Inc.

Technology———● NEUTRAL—

CSGPCoStar Group Inc.

Real Estate$834M+20%$-0.07▲ TAILWIND5 mentioned

CTASCintas Corp.

Industrials$2.3B+8%$0.93▲ TAILWIND—

CVSCVS Health Corp.

Health Care$400.0B—$6.65▲ TAILWIND—

DDominion Energy Inc.

Utilities$4.5B+15%$1.06▲ TAILWIND—

DALDelta Air Lines Inc.

Industrials———◆ MIXED—

DAYDayforce Inc.

Technology$1.3B+10%$1.05▲ TAILWIND1 mentioned

DDDuPont de Nemours Inc.

Materials$3.1B+7%$1.09▲ TAILWIND—

DEDeere & Co.

Industrials———● NEUTRAL—

DECKDeckers Outdoor Corp.

Consumer Discretionary$183M+3%$0.18● NEUTRAL—

DEIDouglas Emmett Inc.

Real Estate$251M-0%$-0.07▼ HEADWIND5 mentioned

FTNTFortinet Inc.

Technology$1.7B+14%$0.62▲ TAILWIND—

GOOGLAlphabet Inc.

Communication Services$102.3B+16%$2.87▲ TAILWIND—

HDHome Depot Inc.

Consumer Discretionary———● NEUTRAL—

HUBSHubSpot Inc.

Technology$810M+21%$2.66▲ TAILWIND—

IBMInternational Business Machines Corp.

Technology—+7%—▲ TAILWIND9 mentioned

INTUIntuit Inc.

Technology———● NEUTRAL—

JNJJohnson & Johnson

Health Care$24.0B+7%$2.12▲ TAILWIND1 mentioned

METAMeta Platforms Inc.

Communication Services$51.2B+26%$1.05▲ TAILWIND—

MRKMerck & Co. Inc.

Health Care$17.3B+4%$2.58◆ MIXED7 mentioned

MSFTMicrosoft Corp.

Technology$70.1B+13%$3.46▲ TAILWIND12 mentioned

NFLXNetflix Inc.

Communication Services———▲ TAILWIND1 mentioned

ORCLOracle Corp.

Technology$16.1B+14%$2.10▲ TAILWIND6 mentioned

PEPPepsiCo Inc.

Consumer Staples———◆ MIXED—

PYPLPayPal Holdings Inc.

Financials———▲ TAILWIND1 mentioned

QCOMQualcomm Inc.

Technology$11.3B+10%$3.00▲ TAILWIND2 mentioned

SHOPShopify Inc.

Technology$2.8B+32%—▲ TAILWIND1 mentioned

SNOWSnowflake Inc.

Technology———● NEUTRAL—

TXNTexas Instruments Inc.

Technology$4.7B+14%$1.48▲ TAILWIND—

UBERUber Technologies Inc.

Industrials$13.5B+20%$3.11▲ TAILWIND—

VVisa Inc.

Financials———▼ HEADWIND3 mentioned

ZMZoom Video Communications Inc.

Technology$1.2B+4%$1.52● NEUTRAL—