Latest earnings analyses

Booking Holdings' third quarter looks like a split screen: reported revenue fell 1.3% to $8.89 billion, yet adjusted revenue rose 8.7% to $9.79 billion once a $900 million FTC item is stripped out. Adjusted EPS of $4.66 rose 17.1% and buybacks shrank the diluted share count to 753 million from 814 million. Read the GAAP line and the adjusted line together — the gap is a regulatory charge, not a demand collapse.

Aptiv beat the $1.35 adjusted EPS consensus with $1.42 on record third-quarter revenue of $3.20 billion, yet the profit engine is decelerating: adjusted EBITDA margin fell to 17.7% from 19.1% and the Q4 sales midpoint sits below what was just reported. Read the beat and the margin squeeze together — that pairing is the whole quarter.

Neutral. IFF's underlying business improved — currency-neutral sales rose 5.0% and adjusted operating EBITDA reached $403 million — but reported results were dragged down by a $236 million loss on assets held for sale, producing a $55 million net loss and a GAAP loss per share of $0.22. Read the adjusted figures for the operating trend, and the GAAP figures for what the portfolio cleanup costs.

Zebra beat on sales, missed slightly on non-GAAP EPS, and raised its full-year outlook anyway. Revenue of $1.614 billion rose 22.3%, though acquisitions supplied about half of that; non-GAAP EPS of $4.95 landed roughly a nickel under the $5.0012 consensus as memory costs pulled gross margin down to 45.7%. The read-through is a demand story carrying a cost problem, not a demand problem.

The quarter is a margin-led beat with raised guidance, though revenue growth was only 9.9%. XYZ Block’s FY2026 Q3 shows revenue of $6.72 billion, gross profit of $3.24 billion, and adjusted operating income of $923 million; read GAAP EPS of $0.92 separately from adjusted EPS of $1.13, then check whether guidance and credit costs support the gap.

ADM’s FY2026 Q3 was strong: net earnings were $821 million and adjusted EPS was $1.77, with full-year adjusted EPS guidance raised to $5.50–$5.80. The quarter was powered by biofuels-linked crush and ethanol margins, not by broad volume growth. Read the scorecard around segment profit quality, the GAAP-to-adjusted gap, and cash conversion rather than the noisy revenue line.

AES posted a strong revenue and gross-margin quarter, but weak cash flow and heavy leverage keep the view mixed. Revenue rose 15.6% to $3.87 billion and gross margin reached 25.4%, while diluted EPS fell to $0.76 and free cash flow was negative $307 million. Read the scorecard against the prior-year quarter, then check the balance sheet: debt is large and the input flags payables and equity data mismatches.

Henry Schein beat the $1.3849 consensus non-GAAP EPS estimate with $1.56 and lifted full-year guidance to $5.50–$5.56, but $0.19 of that profit came from one-time tariff refunds. Read the beat in layers: underlying adjusted EPS rose 19.1% to $1.37, sales grew 4.0% to $3.471 billion, and gross margin held at 31.8% while the company bought back $125 million of stock.

DuPont beat on adjusted EPS and raised FY2026 guidance, with organic sales up 5.0% and gross margin at 35.7%. The catch is a Q4 guide that implies revenue and EPS below Q3, plus data reconciliation flags on net income, GAAP EPS and payables. Read the quarter as strong operating execution with less clean reported figures.

AMETEK beat the bottom line and raised full-year guidance: third-quarter sales rose 17.3% to $2.22 billion and adjusted EPS came in at $2.21 against a $2.13 consensus. The read-through is simple: more volume, more acquired revenue, fatter margins. Read the scorecard for the growth math, the guidance section for what management now expects, and the balance sheet for the debt taken on to buy Indicor.

Marathon Petroleum's third quarter was a margin story, not a volume story: revenue rose 61.0% to $56.03 billion while throughput grew only 4.8%, and refining margin jumped to $45.70 per barrel from $17.60. Adjusted EPS of $26.93 beat the $24.72 consensus, and free cash flow of $9.61 billion funded $3.28 billion of buybacks and dividends. Read the quarter as peak-cycle capture, and read the risks as the same cycle turning.

Broadridge's fiscal first quarter splits cleanly in two: recurring revenue rose 11.0% to $1.08 billion and management reaffirmed the full year, but adjusted EPS of $1.56 grew just 3.0% because adjusted net earnings were flat and the gain came from a smaller share count. Read the recurring line as the business and the EPS line as the score.

Ball's third quarter looks ugly at the top of the income statement and solid underneath. Sales of $4.19 billion rose 23.9%, comparable EPS of $1.10 edged past the $1.0885 consensus, and a $475 million noncash pension charge dragged GAAP to a $0.36 loss. Read the comparable lines for the business; read the cash flow statement for the risk.

Eaton beat on both lines in FY2026 Q3: sales of $8.95 billion rose 28.0% and adjusted EPS of $3.68 topped the $3.58 consensus. The catch is gross margin, down to 34.7% from 38.3% a year ago as acquisitions and capacity spending reshape the mix. Read the quarter as demand-led and margin-dilutive at the same time.

Leidos beat consensus EPS by 6.1% and raised full-year earnings guidance, even as reported revenue growth slowed to 3.3% and organic growth was just 0.6%. Read the quarter as a cash-and-backlog story: $476 million of free cash flow and a $49.6 billion backlog carried the result while the Health segment shrank 12.0%. Everything below is pulled from the 8-K and its own tables.

Shopify grew revenue 32.0% to $3.74 billion and produced $816 million of free cash flow, a 22.0% margin, while operating income jumped 66.0%. The GAAP EPS miss to $0.36 came from a $117 million mark-to-market loss on equity investments, not from the core business. Read the quarter through gross margin, which slipped to 47.6%, and through a Q4 outlook that guides gross profit dollars to grow slower than revenue.

Gartner's third quarter looked weak at the top line — revenue of $1.50 billion, down 1.3% — but that is mostly the divested Digital Markets business dropping out of the comparison. Adjusted revenue rose 2.4%, gross margin jumped to 71.2%, and adjusted EPS of $3.59 beat the $2.93 consensus by a wide margin. Read the GAAP profit jump with care: last year's quarter carried a $150 million impairment.

Pfizer’s Q3 FY2026 is a mixed but improving story: revenue was $16.58 billion, flat year over year, while adjusted EPS of $0.87 beat the $0.7326 consensus and management raised full-year revenue guidance. Read the quarter by separating COVID product declines from 7% operational growth in the rest of the portfolio and 32% growth in launched and acquired products.

Pinnacle West beat the $3.34 consensus by $0.15 a share and lifted full-year guidance, but the real story is volume: weather-normalized sales rose 9.5% as Arizona keeps adding homes and large customers. Read the quarter as a growth utility learning to bill for growth — revenue up 8.3%, profit up 5.1%, with the gap going to depreciation and interest.

Vertex's commercial engine is still growing: revenue rose 12.0% to $3.44 billion and management nudged full-year revenue guidance to a $13.2 billion midpoint. The profit line looks ugly — GAAP EPS fell to $2.56 from $4.20 — but $502.0 million of Crinetics acquisition costs did most of that damage. Read revenue and non-GAAP EPS ($4.76) as the operating story, and GAAP net income as the accounting story.

Apple closed fiscal 2026 with $478.83 billion of revenue, up 15.1%, and $8.98 of diluted EPS, up 20.4% — a strong year, but not a spotless finish. Three things decide how you read this filing: Q4 gross margin slipped to 47.9% with roughly a point of help from tariff refunds, inventory jumped to $14.54 billion, and there is no numeric guidance anywhere in the release. Start with the scorecard, then the balance sheet.

Palantir's third quarter was a clean beat on the one consensus number we have: GAAP EPS of $0.44 against $0.4182 expected. Revenue of $2.31 billion grew 95.9% year over year and produced $1.13 billion of net income at a 48.8% margin. The bullish case rests on real, taxed profit rather than adjusted arithmetic. Below we walk the income statement, the guidance and the balance sheet, and flag the two lines that need a second look.

Realty Income delivered a solid but not spectacular Q3 FY2026: revenue rose 10.3% and AFFO per share climbed 3.7%, with a small GAAP EPS beat. The company raised its 2026 AFFO per share range to $4.45–$4.46 but trimmed GAAP net income guidance to $1.55–$1.56. Read the quarter through same-store rent growth of 1.1%, occupancy of 98.8%, and net debt at 5.4x annualized pro forma Adjusted EBITDAre.

Clorox's headline 33% sales growth is mostly bought and borrowed: about 15 points from the GOJO acquisition and roughly 18 points from lapping last year's ERP-driven inventory drawdown. Underneath, gross margin fell to 40.4% and management now points adjusted EPS to the low end of its range. Our view is Bearish: the top line looks strong while the profit engine keeps thinning.

PSEG's quarter was weaker at the headline than underneath: GAAP net income fell to $376 million from $622 million, and $1.15 of operating EPS landed $0.06 below the $1.21 consensus. The cause is largely a $251 million pre-tax mark-to-market loss at the power business, not the regulated utility, which earned $506 million and keeps full-year guidance at $4.28–$4.40. Utilities like this are judged on the pipes and wires.

IDEXX beat on both lines and raised 2026 guidance, so the quarter reads as a clean operating win: revenue of $1.214 billion, EPS of $4.01 against a $3.81 consensus, and a full-year revenue target lifted by $32 million at the midpoint. Read that raise next to a trimmed operating margin outlook — more sales, slightly thinner profit per dollar. The view is Bullish.

The quarter shows steady EBITDA and cash-flow growth, a 2.42x dividend coverage ratio and guidance tracking to the upper half. The catch is a revenue data flag: XBRL says $4.00 billion while the income statement totals $3.22 billion. Read the release through the income statement and adjusted EBITDA reconciliation, not the flagged data field.

onsemi beat its own guidance again: revenue of $1.72 billion rose 11.1% year over year and gross margin of 41.4% marked a fifth straight sequential gain. Earnings grew faster than sales, which is what a chip maker refilling idle fab capacity should look like. The story is a cyclical recovery plus an AI power business management says nearly tripled, and next quarter's guidance points higher again.

Estée Lauder's fiscal 2027 first quarter was a genuine operating step-up: sales rose 6.7% to $3.72 billion, gross margin reached 75.7% and GAAP EPS hit $0.64 against $0.13 a year ago. Management raised full-year guidance on sales, margin and EPS. Read the quarter as a margin-recovery story first and a growth story second — the top line accelerated, but the profit jump leaned heavily on cost savings and a much lower tax rate.

Entergy beat consensus EPS by 14.7% and grew revenue 14.5% year over year, driven by higher retail sales and regulatory actions. The quarter also benefited from favorable weather, which added $0.24 per share. With guidance narrowed to $4.35–$4.45, the company is on track to meet its full-year outlook. The balance sheet shows strong liquidity but rising debt.