NEW: Q1 Earnings Reports: Companies Warn That Consumers Still Haven’t Felt Full Impact of Trump’s War with Iran Arrow

Corporate executives warn of impending price increases and job cuts

During earnings calls for the first quarter of the year, executives of major American companies, including General Motors, UPS, Whirlpool, and Exxon Mobil, expressed uncertainty and skepticism about Donald Trump's economy as his reckless trade war and war of choice with Iran continue to drive up prices. Executives predicted prices will continue to increase and some companies said they were forced to make significant job cuts and price increases in order to offset high costs.

Just today, April 2026 U.S. Producer Price Index (PPI) data was released, showing another significant spike in inflation, even more than expected, largely driven by surging energy costs as a result of Trump's war with Iran. Wholesale inflation increased 1.4% in April - a huge jump from 0.7% in March and 0.6% in February - and jumped 6% year over year in April. This is the biggest increase since 2022 and the second largest increase since 2010 when the index was created. Core PPI, which excludes food and energy, increased 1% month over month and 5.2% year over year and is double what economists had predicted.

Here's what business executives told their investors during their Q1 earnings calls:

Oil companies warned that the full impact of Trump's war with Iran on oil and gas prices hasn't been fully felt yet, and the closure of the Strait of Hormuz is causing the economy to shrink.

Exxon Mobil CEO Darren Woods: "I think it's obvious to most that if you look at the unprecedented disruption in the world's supply of oil and natural gas, the market hasn't seen the full impact of that yet. You only have to look at the ranges that oil prices have moved at, which are very consistent with, you know, the last 10 years in the history there, versus this historically unprecedented disruption. There's more to come if the strait remains closed."

Chevron CEO Mike Wirth: "We will start to ​see physical shortages… Demand needs to move to meet supply… Economies are going to have ​to slow."

Oil companies are expected to rake in massive profits - as consumers have already paid over $28 billion more on gas since Trump's war with Iran began.

CNN: "Both [Exxon Mobil and Chevron] reported results that were well above Wall Street forecasts for the period. Analysts expect both companies' profits to soar the rest of the year. Ahead of the companies' early Friday earnings reports, the consensus estimate from analysts was for ExxonMobil's second-quarter earnings to more than double from a year ago and for full-year earnings to climb 46%. Chevron profits are expected to more than triple in the current quarter and increase 56% for the year."

Fertilizer companies expect the market for fertilizer to tighten even further into next year, with corporations making sky-high profits while farmers suffer.

Bloomberg: "Fertilizer makers are seeing a windfall from Iran's war, highlighting the impact of the conflict's upheaval on supply chains for the key crop nutrients. CF Industries Holdings Inc. and Nutrien Ltd. each reported nearly 20% jumps in sales for the latest quarter as they benefited from higher prices for nitrogen fertilizers, which are applied across US corn and soy fields to support crop yields. While the situation is benefiting the producers, the results are likely to add to concerns from farmers and politicians about inflation in the agriculture markets, after growers have already been struggling with low crop prices and escalating input costs."

CF Industries Holdings Inc. President and CEO Chris Bohn: "Late in the quarter, the conflict with Iran severely tightened the global nitrogen market, a dynamic we expect to continue for some time. Lost production cannot be recovered. Damaged nitrogen and upstream feedstock capacity must be restored, and global trade flows will require time to recalibrate."

Companies raised concerns about cost increases caused by Trump's war with Iran, forcing some to make significant job cuts and price increases to offset costs.

General Motors CEO May Barra: "[T]he war in Iran has raised our costs and its duration remains uncertain."

UPS CFO Brian Dykes: "The conflict in the Middle East in March drove an immediate spike in fuel costs."

Ford CFO Sherry House: "Our guidance does not include the potential impacts of a sustained conflict in the Middle East or a significant downturn in the U.S. economy, which could have a material impact on industry demand."

Whirlpool Executive President of North America and Global Strategic Sourcing Juan Carlos Puente: "Consumer sentiment collapsing to record lows due to the war in Iran prevented the recovery of the volume loss during the winter storms and resulted in recession-level industry contractions, with discretionary demand down approximately 15%."

Whirlpool Executive President of North America and Global Strategic Sourcing Juan Carlos Puente: "As over three years of accumulated inflation continues to pressure our business, we have announced the largest price increase in a decade in conjunction with acceleration of critical initiatives to drive cost reduction."