Latest earnings analyses

Mondelez grew revenue 4.1% to $9.355 billion, but the reported profit jump came mostly from derivative accounting, not the underlying business. Adjusted EPS of $0.73 was flat year over year and down 2.7% in constant currency, and adjusted operating margin fell 1.2 points. Read the GAAP headline as noise and judge the quarter on pricing, volumes and cost pressure.

NXP's June quarter looked strong: revenue rose 19.0% year on year to $3.50 billion, gross margin climbed 3.9 points to 57.3%, and non-GAAP earnings of $3.61 a share beat the $3.55 consensus estimate. The catch is that GAAP net income fell 31.6% sequentially only because the March quarter carried a $621 million one-off gain, so comparisons look worse than the business does. Read this as a growth inflection with a noisy GAAP line.

Omnicom's June 2026 quarter beat on the bottom line: non-GAAP EPS of $2.65 against a $2.6062 consensus, on $6.56 billion of revenue. Reported revenue is not comparable with last year because IPG closed in November 2025, so judge this quarter on Core Operations: 6.1% organic growth and a 17.8% adjusted EBITA margin, up from 15.9%. Everything else in the release is an accounting unwinding of a very large deal.

PACCAR's second quarter was steady rather than spectacular: revenue of $7.55 billion barely moved, but net income of $752.0 million rose 3.9% and diluted EPS of $1.43 beat the $1.3812 consensus. Margins improved from the prior quarter as build rates climbed. The view is Neutral — the truck cycle is still below its peak, and record parts profit is doing much of the heavy lifting.

PayPal's second quarter of 2026 is a growth story with a profit problem: revenue rose 5% to $8.68 billion and payment volume rose 10%, but earnings fell and margins contracted again. The read-through is simple — the platform is pushing more money through at a lower return, with non-GAAP framing and buybacks holding the earnings line. The honest read is balanced rather than decisive.

PPG grew revenue 7.2% to $4.50 billion, but adjusted EPS of $2.23 landed below the $2.28 consensus and gross margin slipped to 40.2% from 42.0%. Management reaffirmed full-year adjusted EPS guidance of $7.70 to $8.10 while pointing to a flat-to-down third-quarter EBITDA margin. Read this as a demand-and-pricing story with a margin problem rather than a weak top line.

KLA's June quarter and full fiscal 2026 both landed ahead of the guidance midpoint, with revenue of $13.58 billion for the year and $3.66 billion for the quarter. Read the quarter first: it is the freshest look at demand, and it grew 15.2% year over year while gross margin held at 61.3%. The full-year numbers put that quarter in context, and management's $4.0 billion September outlook is the real test.

Extra Space Storage beat the $1.1666 consensus EPS with $1.25 of diluted net income and lifted its 2026 Core FFO range to $8.25–$8.40, so the quarter reads Bullish despite only 2.4% same-store revenue growth. Read the numbers with one caveat: the raw XBRL fields in this filing tag revenue at $34.904 million and gross margin at -563.9%, both artifacts of segment-level tagging, not real results.

FirstEnergy's second quarter was solid on the top line and soft on the bottom line, leaving the read Neutral. Revenue rose 8.2% to $3.68 billion and GAAP earnings improved, but Core EPS of $0.50 was below last year's $0.52 and about $0.02 under consensus. Guidance was reaffirmed rather than raised, so growth now leans on a heavy second half.

Ford's headline loss is mostly accounting, not operations. Revenue fell 3.8% to $48.30 billion and GAAP EPS was -$0.33, but that loss is dominated by $4.18 billion of pre-tax special items, including a $3.6 billion largely non-cash write-off on the BlueOval SK joint venture. Adjusted EBIT rose to $2.50 billion and adjusted EPS of $0.42 beat the $0.3568 consensus, and management raised full-year guidance.

Hilton's second quarter was solid but not flawless: revenue rose 6.5% to $3.341 billion, net income climbed 9.0% to $482 million, and adjusted EPS of $2.29 came in a hair under the $2.3082 consensus. Read the top line carefully — 59.3% of it is pass-through money that never reaches shareholders, so the fee business, unit growth and leverage matter more than the headline number.

ITW posted its most profitable quarter ever and raised full-year guidance, an unambiguously good report: revenue rose 6.1% to $4.30 billion, GAAP EPS rose 10.1% to $2.84, and free cash flow jumped 41% to $631 million. Read it as solid execution plus two capex-heavy segments, Welding and Test & Measurement and Electronics, doing the heavy lifting; the rest of the portfolio grew only modestly.

Invesco's second quarter was strong on almost every operating line: revenue rose 20.5% year over year to $1.83 billion, adjusted operating margin expanded to 37.5% from 31.2%, and the firm pulled in a record $45.1 billion of net long-term inflows. The catch is that GAAP EPS of $0.76 leans on $105.8 million of one-off investment gains, so the cleaner $0.71 adjusted figure is the better guide. View: Bullish.

Incyte looks Bullish heading into the second half of 2026: revenue rose 38.0% and GAAP earnings per share of $2.81 beat the $2.14 consensus, while management raised full-year sales guidance. The catch is that $246 million of the quarter's Opzelura sales was a one-time, non-cash accounting reversal, so underlying net sales grew 17.0%. Read the beat as real but flattered, and expect a huge one-off charge next quarter.

IQVIA beat on adjusted earnings, grew revenue 8.7% and raised full-year revenue guidance, so the operational quarter reads Bullish even as GAAP profit slipped. The trick is reading it in two layers: the adjusted numbers and bookings show acceleration, while the GAAP statement shows restructuring, purchase-accounting amortization and interest eating the reported bottom line.

Veralto's second quarter was strong: sales of $1.474 billion, up 7.6%, and non-GAAP EPS of $1.11 that beat the $1.0254 consensus, with full-year guidance raised to $4.35 to $4.43. The catch is that about $0.05 of EPS came from one-time tariff refunds and the smaller PQI segment grew only 2.0% at its core. Read it as an accelerating business with a small one-time boost.

Visa's fiscal third quarter was strong on the top line but a narrow beat where it counts: net revenue rose 14% to $11.63 billion and non-GAAP EPS of $3.32 landed about three cents above the $3.2923 consensus. The view is Neutral. Read the scorecard for what grew, then the expense and client-incentive lines for what is quietly absorbing that growth.

WM's second quarter of 2026 was a solid operating quarter with a slightly soft bottom line: revenue rose 4.0% to $6.68 billion, adjusted earnings per share of $2.02 came in just under the $2.0394 consensus, and free cash flow was $1.10 billion versus $818 million a year ago. Read this as a pricing-and-cash-flow story rather than a growth story, because volumes fell 1.8% and management trimmed its full-year revenue range while leaving profit and cash targets untouched.

Xylem's second quarter was strong where it counts: revenue rose 2.0% to $2.34 billion, gross margin jumped to 41.2%, and adjusted EPS of $1.46 beat the $1.3508 consensus. The bull case now rests on orders of $3.1 billion, up 42%, rather than on modest reported growth. Read the margin and order lines first; the full-year revenue guide was trimmed slightly while the profit guide went up.

CMS Energy's second quarter was a step backwards: revenue of $1.808 billion slipped 1.6% and diluted EPS fell to $0.37 from $0.66 a year ago. The adjusted figure of $0.37 still beat the $0.364 consensus, and management reaffirmed 2026 guidance of $3.83 to $3.90. Read this as a cost-and-interest quarter for a regulated utility, not a broken trajectory — but there is very little slack in the numbers.

Coca-Cola's second quarter of 2026 was a clean beat and raise: revenue rose 7.0% to $13.38 billion, GAAP EPS rose 16.0% to $1.03, and management lifted full-year guidance for organic revenue, comparable EPS and free cash flow. Volume, price/mix and margins all moved the right way, though a meaningful slice of the earnings lift is currency. Read the scorecard first, then the guidance math and the balance sheet.

Corning's June 2026 quarter was strong: sales rose 17% to $4.51 billion, core EPS of $0.78 beat the $0.7631 consensus, and management guided the next quarter to roughly 16% sales growth. The catch is the widening gap between GAAP and core numbers. Read the headline growth as real, but read the profit figures with the reconciliation table open.

CoStar Group's second quarter was the quarter the profit finally showed up: revenue rose 18.4% to $925 million while operating costs grew only 2%, so GAAP net income jumped to $55 million from $6 million and Adjusted EBITDA more than doubled to $184 million. The case here rests on margin, not growth — guidance points to roughly 13% revenue growth next quarter. Read the numbers below with that trade-off in mind.

Ecolab's FY2026 second quarter looked worse on the reported line than it did underneath: adjusted earnings per share rose 11.0% to $2.09 and management nudged up its full-year target. Reported sales were $4.42 billion, gross margin 44.1%, and GAAP earnings per share $1.90. Read the adjusted line for the operating trend, and the reported line for what the acquisitions are costing.

Expand Energy's second-quarter revenue fell 19.8% to $2.96 billion and GAAP net income halved to $522 million, yet adjusted earnings of $1.33 a share beat the $1.1574 consensus by 14.9%. The quarter's GAAP profit leaned on $449 million of derivative gains, so the cleaner read is the adjusted number plus the debt paydown. Read the balance sheet improvement as the real story.

Centene swung from a $253 million loss a year ago to $1.09 billion of net income this quarter, cut its health benefits ratio to 89.6% and raised its full-year earnings floors — a better quarter than the headline EPS suggests. The catch: membership fell to 25.9 million, and the guidance implies a second-half loss.

CenterPoint beat the Street on second-quarter profit and grew revenue 10.6% year over year, so the quarter reads Bullish: management repeated full-year 2026 guidance and added $1.2 billion to its ten-year capital plan. The growth is real but financed, and the 17 gigawatts of large-load requests are the swing factor for future years.

Royal Caribbean beat on the bottom line and lifted full-year earnings guidance, so the demand story still reads well even though revenue growth came with a thinner gross margin. EPS of $4.21 topped the $4.02 consensus, but it was below last year's $4.38 adjusted figure, and free cash flow was negative $877 million. Read this as a beat-and-raise quarter carried by pricing and bookings, not by cost efficiency.

S&P Global's second quarter was strong on the top line and slightly light on adjusted earnings: revenue rose 10.4% to $4.146 billion and GAAP EPS reached $4.12, while adjusted EPS of $4.83 came in just below the $4.8532 consensus. Reading it is complicated by the July 1 spin-off of Mobility, so the pro forma figures, which exclude that division, are the cleaner comparison.

Seagate closed fiscal 2026 with revenue up 34.1% to $12.20 billion, a fourth-quarter gross margin of 52.3% and record free cash flow of $3.11 billion. Read this as a margin story first and a growth story second: the balance sheet flipped from a $453 million deficit to $2.17 billion of equity, and debt fell by $1.4 billion. The next test is management's $4.1 billion revenue guide for the September quarter.