It was a packed day for earnings and IPO news — but markets mostly shrugged. The headlines were dominated by SpaceX's long-awaited S-1 filing, Walmart and Deere beating estimates only to see their stocks slide, and NIO posting its first quarterly adjusted profit.

SpaceX: The biggest IPO in history?

SpaceX (SPCX) filed its formal S-1 registration statement with the SEC on Wednesday, revealing its financials for the first time. The company generated $18.7 billion in consolidated revenue in 2025, with Starlink accounting for $11.4 billion — roughly 61% of total revenue. The Connectivity segment grew nearly 50% year-over-year with operating income of $4.4 billion.

The company plans to list on Nasdaq and Nasdaq Texas under the ticker SPCX, led by Goldman Sachs, Morgan Stanley, and Bank of America. Pricing terms remain blank in the preliminary prospectus, as is standard. SpaceX projects a $28.5 trillion total addressable market tied to its mission of making life multiplanetary.

Separately, Blockchain.com filed a confidential S-1 with the SEC, taking the first step toward a U.S. public listing.

Walmart: Strong quarter, cautious outlook

Walmart (WMT) reported Q1 FY2027 revenue of $177.8 billion, up 7.3% year-over-year and above the ~$174.8 billion consensus. U.S. same-store sales rose 4.1%, beating estimates, and global e-commerce surged 26%. Adjusted EPS came in at $0.66, in line with expectations.

But the full-year outlook spooked investors: Walmart guided adjusted EPS of $2.75–$2.85, below the $2.91 analysts were looking for. Management cited rising gas prices as a headwind for the American consumer.

The stock fell roughly 7% — a textbook "good quarter, cautious guidance" reaction.

Deere: 15% EPS beat, but the farm economy is soft

Deere (DE) reported Q2 EPS of $6.55, well above the $5.70 consensus — a 15% surprise. Revenue of $13.37 billion also topped estimates. The company reaffirmed its full-year net income guidance of $4.5–$5.0 billion.

Yet shares dropped nearly 8% on the day. The culprit: sluggish North American farm equipment sales and a cautious agricultural outlook, suggesting the beat was driven by cost management rather than demand strength.

NIO: First quarterly profit

NIO delivered one of the day's most impressive results. Q1 revenue hit RMB 25.53 billion ($3.7 billion), up 112% year-over-year. Vehicle deliveries of 83,465 units topped the company's own guidance of 80,000–83,000.

The headline: adjusted net profit of RMB 43.5 million ($6.3 million) — NIO's first quarterly profit since going public, compared to a RMB 6.75 billion loss a year earlier. Gross margin expanded from 7.6% to 19%, and vehicle margin reached 18.8%.

NetEase: Steady gaming growth

NetEase (NTES) reported Q1 revenue of RMB 30.6 billion ($4.4 billion), up 6.1% year-over-year. Gaming revenue, the core business, grew 6.9% to RMB 25.7 billion.

After-hours reports to watch

Earnings due after today's close include Ross Stores (ROST), Zoom (ZM), Workday (WDAY), Take-Two Interactive (TTWO), and Deckers Outdoor (DECK). The broader earnings season remains strong, with S&P 500 blended earnings growth running at roughly 27% year-over-year.

The bottom line

Today was a reminder that a strong quarter doesn't guarantee a positive stock reaction. The muted responses to Walmart and Deere show investors are laser-focused on forward guidance, not past results. SpaceX stole the spotlight with an unprecedented look inside the world's most valuable private company — and the IPO calendar just got a lot more interesting.