Ford, Chipotle and 6 other companies dropping their earnings guidance because of tariff uncertainty

While Ford (F) said it didn’t expect sticker prices on cars to rise much because of tariffs, it determined there’s still enough uncertainty to pull its guidance for the rest of 2025.

“Given material near-term risks, especially the potential for industrywide supply chain disruption impacting production, the potential for future or increased tariffs in the US, changes in the implementation of tariffs including tariff offsets, retaliatory tariffs and other restrictions by other governments and the potential related market impacts, and finally policy uncertainties associated with tax and emissions policy, the company is suspending guidance,” Ford said in a statement.

Rival GM (GM) didn’t pull its guidance, but did update it.

Research firm Morningstar (MORN) said, “We are surprised Ford did not match GM’s messaging by updating guidance, but the current tariff policy environment is highly uncertain.”

The maker of Barbie and other iconic toys has pulled its earnings guidance for the rest of the year and announced price hikes on some toys due to tariffs.

“Given the volatile macroeconomic environment and evolving U.S. tariff landscape, it is difficult to predict consumer spending and Mattel’s (MAT) U.S. sales in the remainder of the year and holiday season,” the toymaker said in a statement.

UPS (UPS), despite a profitable first quarter, joined a long list of companies dialing back their guidance for 2025. UPS did so citing the current macroeconomic environment.

“As a trusted leader in global logistics, we will leverage our integrated network and trade expertise to assist our customers as they adapt to a changing trade environment,” said Carol Tomé, UPS chief executive officer. “Further, the actions we are taking to reconfigure our network and reduce cost across our business could not be timelier. The macro environment may be uncertain, but with our actions, we will emerge as an even stronger, more nimble UPS.”

Southwest Airlines (LUV) has pulled its guidance for 2025 and 2026 citing the current “macroeconomic uncertainty.”

CEO, tastytrade from IG, JJ Kinahan notes that the tariffs have clouded the future for companies.

“With respect to earnings, I expect we are going to continue hearing companies use future economic impact from tariffs as a sort of ‘get out of jail free card,’” Kinahan says, adding that the anticipated impact from tariffs have compelled several companies to pull forward guidance or issue multiple forecasts that account for variations in economic conditions.

“I think future guidance will continue to be a bit nuanced in terms of companies saying, “if... then” and I expect more companies to offer multiple guidance scenarios, Kinahan says.

Pepsi cut its guidance for 2025, citing tariffs and macroeconomic uncertainty.

Chief executive Ramon Laguarta says PepsiCo (PEP) is taking steps to cushion the blow from tariffs.

“Our businesses remained resilient in the midst of increasingly dynamic and complex geopolitical and macroeconomic conditions in the first quarter. 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. At the same time, consumer conditions in many markets remain subdued and similarly have an uncertain outlook.”

The Mexican-themed food chain cut its earnings forecast for the rest of the year, citing slowdowns in traffic.

“Saving money because of concerns around the economy was the overwhelming reason consumers were reducing the frequency of restaurant visits,” Chipotle (CMG) chief executive Scott Boatwright told analysts.

Citing tariffs and “volatility” in consumer demand, the consumer products giant yanked its prior earnings guidance for 2025.

Chief executive officer Jon Moeller noted in a press release:

“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. We remain committed to our integrated growth strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority — across product performance, packaging, brand communication, retail execution and consumer and customer value — productivity, constructive disruption and an agile and accountable organization. We’re maintaining investments in superior innovation across price tiers to improve value for consumers and drive category growth.”

Snap (SNAP), which owns the popular social media platform Snapchat, lowered its 2025 guidance.

“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.