Latest earnings analyses

Chipotle's second quarter of 2026 was a top-line win and a bottom-line shrug: revenue rose 9.3% to $3.35 billion and comparable sales turned positive at 2.2%, but net income fell 7.5% to $403.5 million and diluted EPS stayed flat at $0.32. Read it as a company buying growth with margin — the guidance raise is real, but it isn't yet showing up in profit per sale.

Cognizant grew revenue 4.5% to $5.48 billion and lifted adjusted operating margin to 16.0%, but GAAP EPS of $1.36 came in below the $1.4039 consensus and second-quarter bookings fell 6%. Our view is Neutral: the profit engine is improving and management increased full-year adjusted EPS guidance to $5.70–$5.82, yet growth is narrowing into Financial Services and is partly helped by reselling third-party products.

Entergy's second quarter was steady rather than spectacular: revenue grew 5.9% to $3.52 billion and Utility earnings rose to $626 million, but per-share profit slipped to $1.03 from $1.05 and landed just under the $1.0459 consensus estimate. Higher interest expense and a 4.5% larger share count absorbed the growth. Guidance for 2026 was affirmed, so read the quarter as progress, not acceleration.

Equinix beat on both lines and raised full-year and long-term guidance: revenue rose 16.0% to $2.625 billion and GAAP EPS came in at $4.83 against a $4.8161 consensus. The catch is that $248 million of revenue was non-recurring, up from $113 million, so read the recurring line - $2.377 billion, up 10.9% - as the real trend. View: Bullish.

Essex's quarter splits into two stories: GAAP net income fell 71.8% to $66.9 million, while Core FFO per share — the yardstick REIT investors use — rose 1.2% to $4.08 and beat the guidance midpoint by $0.10. Operations were steady, with same-property revenue up 2.7%, but $55.8 million of legal settlements and a weaker Seattle kept this from being a clean quarter.

Everest's second quarter was softer than the headline ROE suggests: net income of $559 million is down 17.8% year over year and net premiums earned fell 12.6% to $3.49 billion, while the combined ratio slipped to 92.0%. Operating EPS of $14.85 essentially matched the $14.8252 consensus, but that came with shrinking premium volume and thinner cash flow. Read this as a quality-of-earnings quarter, not a growth quarter.

FICO's quarter looks excellent on the surface: revenue up 25.7% to $674.19 million, gross margin of 87.1% and a raised full-year outlook. Read the details, though, and the growth comes almost entirely from one lever, the price of mortgage-origination scores, while $2.27 billion of stock was bought back with new borrowing. That mix keeps the overall read balanced rather than clean.

Flex beat on both lines and raised full-year guidance: revenue rose 21% to $7.93 billion and adjusted EPS of $1.00 topped the $0.93 consensus. The catch is cash quality — free cash flow fell to $41 million and buybacks stopped as acquisitions were funded with new debt. Read the quarter as a growth story with a balance-sheet bill attached.

CBRE's operating engine ran hot: core EPS of $1.56 beat the $1.5199 consensus and management raised 2026 core EPS guidance to $7.80–$7.90. The catch is the GAAP line, which fell to $0.69 per share after a $168 million non-cash charge tied to U.K. fire-safety remediation. Read the quarter through both lenses: the businesses grew profit smartly, while reported earnings and a near-zero $29 million of quarterly free cash flow carry the noise. Score the operating trend, not the reported line.

Smurfit Westrock's second quarter of fiscal 2026 showed modest top-line growth and weak profit: sales rose 1.1% to $8.03 billion, but net income was just $89 million and Adjusted EBITDA fell to $1.14 billion from $1.21 billion. The investment case now rests on management's pledge to recover freight and other input costs in the second half, not on this quarter's earnings. View: Neutral.

Stanley Black & Decker's second quarter looks strong on paper: $3.96 billion of sales, a 33.0% gross margin and $2.33 of GAAP EPS. The catch is where the profit came from — roughly $0.17 of EPS and about 250 basis points of margin came from net tariff refunds, while total sales were still 1.0% below last year. Treat the beat as partly one-time and read adjusted numbers alongside GAAP.

Starbucks beat on the bottom line and expanded margins while comparable store sales rose 7.9%, but reported revenue still slipped 1.4% to $9.32 billion because China moved off the books. Read the quarter in two layers: the operating business (comps, transactions, non-GAAP margin) improved sharply, while the GAAP figures, including EPS of $0.91, also carry a $536.3 million one-time gain from the China divestiture.

Teradyne's FY26 Q2 was a blowout: revenue of $1.33 billion roughly doubled from a year ago, GAAP EPS of $2.38 beat the $2.111 consensus, and free cash flow reached $0.38 billion. The catch is Q3 guidance of $1.20 billion to $1.30 billion, which implies a sequential decline in both revenue and profit. Read the quarter as real and the guide as deliberately conservative.

Tyler Technologies delivered a steady second quarter of FY2026: revenue rose 8.2% to $645.1 million and non-GAAP EPS of $3.08 landed essentially on the $3.0893 consensus, while free cash flow hit a second-quarter record of $118.5 million. The story is durability, not acceleration: SaaS grew 21.7%, recurring revenue was 86.7% of the total, and a new $1.5 billion buyback is in place — offset by GAAP operating margin slipping to 14.7%.

Ventas delivered a strong top line and a higher forecast: revenue of $1.73 billion rose 21.7% year over year, Normalized FFO per share of $0.97 rose 9.0%, and Net Debt-to-Further Adjusted EBITDA improved to 4.7x from 5.6x. GAAP earnings per share slipped to $0.14 from $0.15, so the story rests on cash NOI growth and the newly enlarged $4.5 billion investment plan, not accounting earnings.

Verisk's second quarter delivered the growth story it promised but not the profit story: revenue rose 4.3% to $806.3 million and adjusted EPS of $1.98 nudged past the $1.9736 consensus, while GAAP net income fell 9.8% to $228.6 million. Read the quarter as a cash-generating subscription business carrying a heavier balance sheet: free cash flow jumped 57.9% even as interest, taxes and litigation costs ate into reported earnings. Verdict: Neutral.

Vertiv's second quarter beat on the numbers that matter most: $3.27 billion of revenue, $1.52 of adjusted EPS against a $1.438 consensus, $925.3 million of adjusted free cash flow and raised full-year guidance. The GAAP headline of $1.27 looks softer, but the gap to adjusted is mostly intangible amortization and acquisition charges. The view is Bullish. Read the inventory and receivables lines carefully — this growth is expensive to fund.

VICI's rent collection engine kept humming in Q2 2026: revenue rose 5.7% to $1.06 billion and AFFO climbed 7.8% to $679.6 million, even as GAAP net income fell 39.1% to $526.5 million on a non-cash credit-loss allowance swing. The headline miss — AFFO per share of $0.62 versus the $0.725 estimate — reflects acquisition timing and a bigger share count more than tenant stress. Read the quarter through AFFO and rent growth, not GAAP net income.

Aon's second quarter looked weaker at the top and bottom line than it really was: revenue rose 2.0% to $4.25 billion and GAAP EPS fell 3.0% to $2.58, but organic revenue grew 5.0% and adjusted EPS rose 9.0% to $3.81. Guidance was reaffirmed. Read the GAAP declines as tax-rate and divestiture noise, and the organic and margin figures as the real story.

Align Technology is a Neutral this quarter: revenue of $1.06 billion rose 4.3% year-over-year and gross margin reached 71.7%, but GAAP EPS of $1.51 fell from $1.72 on a UK VAT charge and other items. Non-GAAP EPS of $2.64 came in just below the $2.66 consensus, and the Q3 revenue guide sits under the quarter just reported. Clear aligners are growing; scanner sales are not.

The quarter reads as an on-track utility: American Water beat consensus EPS by roughly 3.4% and reaffirmed 2026 guidance of $6.02 to $6.12. Revenue rose 5.8% to $1.35 billion and net income grew 9.0% to $315 million. Free cash flow was negative at -$258 million, which is normal for a utility that spends on pipes before regulators let it recover the cost.

Amphenol's June 2026 quarter was a blowout: sales of $8.76 billion, up 55.0% from a year earlier, adjusted EPS of $1.35, up 67.0%, and a Q3 sales guide at least 50.0% above last year. The question is quality. Acquisitions supplied 24.0% of the growth and $80 million of tariff recoveries lifted profit, so read the headline numbers as strong but flattered.

ADP finished fiscal 2026 with $21.95 billion of revenue, up 7%, and adjusted diluted EPS of $11.12, up 11%, then guided fiscal 2027 revenue growth down to 5% to 6%. Profitability is still improving and cash returns are large, but retention, payroll headcount and PEO margin are all softening. Read this as a high-quality business that is decelerating: Neutral.

Boston Scientific beat its own guidance in Q2 FY2026: sales of $5.442 billion, gross margin of 70.7% and adjusted EPS of $0.86, about two cents above the $0.8354 consensus estimate. The offset is the outlook — management guides third-quarter growth of 3 to 5 percent, below the 7.5 percent just delivered. That split is why the verdict here is Neutral. Below, we separate what actually happened from what management now expects.

Bunge's quarter was solid where it counts: adjusted earnings of $2.00 a share landed right on the roughly $2.01 consensus, and management raised the full-year adjusted EPS range to $9.25–$9.75. Revenue of $24.04 billion is nearly double last year's $12.77 billion, but that reflects the enlarged Viterra footprint rather than a pricing windfall. The weak spot is cash: the first half consumed $1,126 million of operating cash as inventory built up.

C.H. Robinson beat the $1.555 consensus EPS estimate with diluted EPS of $1.56, up 23.8%, as revenue rose 19.3% to $4.93 billion and adjusted operating margin expanded 360 basis points to 34.7%. The blemish is cash: operating cash flow fell $191.2 million to $35.9 million. Read the quarter as a genuine margin-led beat, but check working capital and the buyback.

Carvana's second quarter was a growth quarter more than a margin quarter: revenue rose 52.4% to $7.376 billion while gross margin slipped to 18.8% from 22.0% a year ago. Net income attributable to Carvana still climbed to $310 million, and diluted EPS of $0.42 squeezed past the $0.4148 consensus. The whole story now hinges on how long Carvana can keep trading per-unit profit for volume.

Regency Centers beat a low bar and raised guidance: Q2 2026 revenue of $413.51 million rose 8.6%, GAAP EPS of $0.61 topped the $0.6035 consensus, and full-year Core Operating Earnings guidance moved up to $4.62–$4.66 per share. The read-through is a landlord with pricing power — 10.4% cash rent spreads on new leases — and a balance sheet at 5.0x net debt to EBITDAre. View: Bullish.

DTE Energy's second quarter beat the analyst estimate: operating EPS of $1.32 versus $1.18 expected, though it was $0.04 below last year's $1.36. Revenue of $3.369 billion was 1.5% lower than a year earlier. Read the numbers as a steady utility quarter: DTE Vantage and Energy Trading carried the growth while DTE Electric earnings fell on weather and tax timing.

Hubbell's second quarter was a solid operating beat wrapped in heavier financing: sales rose 15.3% to $1.71 billion, and adjusted EPS of $5.52 edged past the $5.4857 consensus while GAAP EPS slipped to $4.52. Read it as core demand plus a $3.0 billion acquisition that tripled interest expense; the utility and electrical franchises are still compounding organically.