Moves over artificial intelligence. There is a new hot topic on 2025 corporate revenue call: tariffs. The term “customers” occurred in more than 350 revenue calls for S&P 500 list companies reporting first quarter results, according to CNBC analysis of CALL transcripts compiled by Alphasense. In contrast, the term “AI” is mentioned in less than 200 calls over the same period. Tariff mentions have skyrocketed in recent weeks as President Donald Trump’s sudden tax plans announced last month have brought high alerts to both C-Suites and Wall Street. This takes time to call with analysts and investors, previously used by corporate managers to discuss AI. This has been a buzzword since the introduction of ChatGPT in the second half of 2022. Import taxes have caused anxiety because of fears that pushed prices up and led the economy into a recession. More than 60% of CEOs in the April survey are hoping for some kind of economic slowdown over the next six months, with almost three-quarters saying tariffs will damage their business. In a call with an analyst at an Indiana engine manufacturer earlier this week, Cummins’ head of investor relations Christopher Crowe said: “The width and changing nature of tariffs have introduced a great deal of uncertainty.” Cummins was one of many companies that said tariffs were abused by the ability to make accurate forecasts for future performance. Many companies said they simply try not to change their financial outlook given the evolving nature of taxation. Others adjust the numbers to reflect how your current plans affect your business. This was due to the fact that many of Trump’s mutual tariffs were suspended for three months until early July after the president announced the original tariff policy on April 2. For medical device manufacturer Solventum, it was a spinoff from 3M in 2024, with tariff overhangs continuing management to maintain per share acquisition. That was despite the strong business of the company, which said management in other circumstances led to boost their outlook. “To be clear, tariffs will be a headwind for us this year,” Solventum CEO Bryan Hanson said in a revenue call for the company on Thursday. “Without them, we would raise EPS guidance that is commensurate with the fundamental momentum we see in business.” Part of the hesitation expressed by the business centre to understand how tariffs affect consumers’ views on the economy. The University of Michigan Consumer Sentiment Index in April was categorized as one of the lowest levels ever recorded since it began in the early 1950s. In a revenue call for the online resale platform at the end of last month, eBay CEO Jamie Iannone said concerns over the growing prices of imported goods “created a great deal of uncertainty for small and medium-sized businesses.” Some executives spoke with analysts and directed criticism of Trump’s policy. “We support the US government’s goal of increasing domestic investment,” said David Licks, CEO of Eli Lilly, last week. “But I don’t think tariffs are the right mechanism.” – CNBC’s Nick Wells contributed to this report.
