The stocks making the most money for investors in 2025 are, ironically, the ones not making any money at all.
Unprofitable companies within the Russell 2000 small-cap index have been dramatically outperforming their profitable counterparts this year, with loss-making firms posting roughly 19% gains compared to about 9% for companies that actually generate earnings through October 21, 2025.
The numbers behind the speculation
Here’s the thing about the Russell 2000: somewhere between 40% and 46% of its constituents are currently operating at a loss. That’s not a rounding error. That’s nearly half the index burning cash while their share prices climb.
The dynamic has caught the attention of heavyweight analysts. Torsten Slok at Apollo Global Management and Lisa Shalett at Morgan Stanley have both publicly flagged the outperformance of negative-earnings stocks as a trend worth watching.
