Latest earnings analyses

Citizens beat on both lines and grew net income 28.7% year over year to $636 million, with EPS of $1.41 a cent above the $1.40 consensus. Read the quarter through operating leverage — revenue of $2.32 billion rose 9.6% while expenses stayed flat at $1.39 billion — and through a lower tax rate that flattered the bottom line. Credit and tangible book value are the two open questions.

Travelers' Q3 FY2026 shows a high-quality underwriting quarter: core EPS of $9.18 easily topped the $7.49 consensus, net income rose to $1.917 billion, and the combined ratio improved to 86.8%. Revenue of $12.412 billion was essentially flat year over year. Read the quarter through underwriting margin, reserve development, and buybacks rather than top-line growth.

PNC's Q3 2026 quarter is a split print: EPS of $4.97 matched the $4.9685 consensus and revenue rose 10.9% year over year, but revenue fell 4.6% from Q2 and credit metrics weakened modestly. Read the quarter by separating solid year-over-year growth from sequential softness in Retail Banking and the absence of numeric guidance in the supplied materials.

Prologis beat the $0.82 consensus EPS print with $0.86 of GAAP earnings and grew revenue 7.8% to $2.39 billion, so the quarter is a solid, not spectacular, pass. Core FFO of $1.60 per share carried the real estate business while same-store cash NOI of 5.9% ran below the 7.0%–7.5% full-year guide. Read the numbers as steady compounding with a fourth-quarter hurdle.

BNY's third quarter beat on both growth and profit: revenue rose 12.0% and diluted EPS 24.0% year over year, and GAAP and adjusted EPS both cleared the $2.2887 consensus. The awkward part is sequencing, with revenue flat and EPS down 4.0% from a strong second quarter. Read the scorecard for the year-over-year engine, then the balance sheet for what leverage means at a custody bank.

J.B. Hunt's third quarter of fiscal 2026 was a volume story, not a profit story: revenue rose 20.0% to $3.68 billion while operating income grew only 2.0% and EPS of $1.82 landed below the $1.92 consensus. The gap explains itself — purchased transportation and fuel took a bigger share of every dollar. Read the segments, not the top line.

Marsh earned $808 million, or $1.69 per share, on $6.86 billion of revenue, and adjusted EPS of $2.03 beat the $2.0133 consensus by $0.02. The catch: 3 of the 8.1% revenue gain came from acquisitions and other deal items, so underlying growth was only 5%. Capital return stayed heavy, with $980 million paid out in buybacks and dividends.

State Street grew third-quarter revenue 12.9% to $4.00 billion and diluted EPS 32.7% to $3.69, yet earnings landed $0.02 below the $3.71 consensus — a rounding-level miss against a very strong year-ago comparison. Net income rose 26.6% to $1.09 billion because expenses grew slower than revenue. Read the scorecard for growth quality, and the balance sheet notes for what 'cash' actually means in this filing.

Progressive earned $4.37 a share in the quarter ended September 30, 2026, about 1.1% under the $4.4182 consensus, with net income down 3.0% to $2.54 billion. The underwriting engine actually improved, to an 88.7 combined ratio; the damage came from the investment line, where a $170 million realized loss replaced a $295 million gain. Read the ratio first, then treat the realized swings as noise.

Fastenal's fiscal Q3 2026 was a clean beat: sales of $2.46 billion grew 15.5% and EPS of $0.35 edged the $0.3458 consensus, with operating margin up 90 basis points to 21.5%. The catch is mix — larger customers bring lower gross margin (44.8%, down 40 basis points) but better expense leverage. Read the quarter as volume plus cost discipline, not pricing power.

Bank of America earned $6.93 billion, or $0.91 a share, in Q3 2026 — below the $1.114 consensus because a $1.2 billion regulatory settlement charge landed in the quarter. Revenue rose 3.2% to $29.96 billion on an 8% jump in net interest income. Read the reported numbers first, then the adjusted $1.08 EPS, which still fell short of consensus.

JPMorgan's fiscal 2026 third quarter produced $50.17 billion of revenue, up 8.0% year over year, and $15.31 billion of net income, up 6.0%. But diluted EPS of $5.57 landed below the $5.958 consensus, and even the $5.75 adjusted figure missed. Read the scorecard for the growth-versus-cost tension, then the balance notes for what this filing does and does not disclose.

UnitedHealth beat the $4.18 consensus with $4.56 of GAAP earnings, but revenue fell 0.4% and net income dropped 24.5% from the second quarter. Read this as a margin-repair quarter rather than a growth quarter: the medical care ratio improved to 88.4%, helped by $610 million of favorable reserve development, while membership kept shrinking. The scorecard below separates the profit beat from the revenue problem.

Wells Fargo delivered a solid, if not spectacular, quarter: diluted EPS of $1.87, up 12.7% from a year ago, on $21.87 billion of revenue and noninterest expense that actually fell. The catch is sequencing — revenue, net income and EPS all slipped from the second quarter, and the CET1 capital cushion thinned to 10.0%. Read the segment detail for the growth and the credit tables for the risk.

Johnson & Johnson's third quarter told two stories at once: sales rose 5.9% to $25.40 billion and management raised full-year guidance, while GAAP EPS collapsed to $0.09 on a one-time talc litigation charge. Read the adjusted numbers for the operating business and the GAAP numbers for the legal bill. The gap between those two stories is what this analysis unpacks.

Goldman Sachs beat on the bottom line and grew revenue 23.0% year over year, and the story is that simple: $17.01 of EPS against a $13.42 consensus, with Global Banking & Markets and Equities doing the heavy lifting. The caveats sit in the sequencing — revenue fell 8.1% from a very strong second quarter and the investment banking backlog shrank. Read the scorecard for the levels, then the risks for what could break.

EQT cleared the $0.3889 consensus EPS bar with $0.44 of GAAP earnings, but the quarter was smaller than last year's: revenue of $1.77 billion fell 9.6% and sales volume slipped to 583 Bcfe from 634 Bcfe. Cash generation thinned too, with free cash flow attributable to EQT of $283 million against $484 million a year earlier. The loudest item is the pending Range Resources acquisition, which is why management cancelled the earnings call.

Citigroup’s FY2026 Q3 was strong versus last year but softer than the prior quarter: revenue rose 8.0% to $23.845 billion and GAAP EPS jumped 53.0% to $2.85, beating consensus. Read the quarter as a solid year-over-year recovery led by Services, Wealth and Banking, with Markets cooling from a very strong 2Q26. The lack of formal guidance means you are judging the quarter, not a management forecast.

Domino's grew third-quarter revenue 3.4% to $1.19 billion and diluted EPS 12.7% to $4.60, yet same-store sales were almost flat in both the U.S. (0.3%) and overseas (0.2%). The view is Neutral: the profit gains came from supply-chain margin, menu-board pricing and a smaller share count, not from more customers per store.

Delta's September quarter splits in two: revenue of $20.19 billion rose 21.1%, while GAAP net income fell 46.6% to $756 million because fuel costs jumped. Adjusted EPS of $1.72 missed the $1.9868 consensus. Read the revenue lines as strong demand with real pricing power, and the profit lines as a fuel problem — not a demand problem.

PepsiCo grew third-quarter revenue 5.6% to $25.27 billion, but core EPS rose only 2% to $2.34, and the company cut its full-year core EPS growth outlook to +2.5%–3.5% from the low end of +5%–7%. Top line up, profit per share down — that mix is why this reads Neutral rather than Bullish. Read it as a pricing, portfolio and currency story more than a volume story.

Regeneron's third quarter FY2026 was a blowout on paper: revenue rose 36.0% to $5.12 billion and non-GAAP EPS of $20.07 beat the $16.56 consensus. The catch is where the money came from — $3.00 billion of collaboration revenue, mostly Sanofi's Dupixent profit share, which stepped up once the Development Balance was repaid. Read the beat as a mix of durable Dupixent economics and a one-time reset.

Constellation Brands grew net sales 6.1% to $2.633 billion and GAAP EPS 25.0% to $3.32, but comparable EPS rose only 3.0% and full-year comparable guidance sits below last year's actual. Read the quarter as share gains plus a tax-rate tailwind, not an earnings inflection. Beer is 93.9% of revenue, so beer depletion trends decide the story.

AbbVie's third quarter of FY2026 was strong on the top line: revenue of $17.404 billion grew 10.3% and GAAP EPS more than doubled to $2.37, helped by lapping a $2.68 billion IPR&D charge from a year ago. Adjusted EPS of $3.82 essentially matched the $3.823 consensus, and full-year guidance was raised. Read the quarter through Skyrizi and Rinvoq, not the GAAP jump.

Tesla's Q3 FY2026 was a mixed quarter: revenue was essentially flat at $28.05 billion, gross margin rose to 19.6%, but GAAP net income fell to $787 million and GAAP EPS missed the $0.4358 consensus while non-GAAP EPS beat it. Read the quarter through the gap between GAAP and non-GAAP results and the absence of numeric guidance.

The quarter is a mixed setup rather than a clean acceleration: Accenture’s Q4 revenue of $18.68 billion beat the $17.75–$18.40 billion guide, and GAAP EPS rose 46% to $3.29. But FY2027 guidance calls for 3%–6% local-currency revenue growth and 3%–6% adjusted EPS growth, so read the beat as strong execution against a slower forward frame.

McCormick's reported numbers look dramatically better than last year until you separate the acquisition from the business. Sales rose 17.4% to $2.02 billion, but organic growth was 1.9% and adjusted EPS of $0.86 was essentially flat. GAAP EPS of $0.36 reflects $0.50 of special charges. Read the quarter as a margin story with flat volumes.

Nike's fiscal 2027 first quarter was stable rather than better: revenue fell 4.0% to $11.21 billion, gross margin rose to 42.8%, and net income slipped 2.0% to $0.71 billion. Management still guides the full year to a high-single-digit revenue decline while promising $2.5 billion of savings from the new Pace restructuring. Read it as a margin-repair story with a shrinking top line, which supports a Neutral view.

Micron closed fiscal 2026 with $133.19 billion of revenue and $84.97 billion of net income, then guided FQ1-27 revenue to $61.5 billion. The year was transformed by AI-driven memory demand: full-year gross margin reached 80.7%, and Q4 gross margin was 86.8%. Read the revenue, EPS and guidance notes first; then use the cash-flow and balance-sheet notes to judge how much of the profit is turning into cash.

Jabil closed fiscal 2026 with $35.95 billion of revenue, up 20.6%, and $9.75 of GAAP earnings per share, then guided fiscal 2027 to $44.5 billion and $17.55 of core EPS. The catch is arithmetic: 90.8% of every revenue dollar is consumed by cost of revenue, so a thin-margin business is carrying a much bigger top line. Read the scorecard for growth, the margin line for risk.