Latest earnings analyses

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.

FactSet grew revenue 6.7% to $2.48 billion and adjusted EPS 6.1% in fiscal 2026, yet GAAP net income fell 10.6% because costs rose faster than sales. The FY2027 guide asks for slower organic ASV growth of 5.0%–6.5% alongside a margin recovery. Read both the GAAP and adjusted lines; the gap between them is where this year's story sits.

Carnival's fiscal third quarter was a record: revenue of $8.44 billion and net income of $1.92 billion, with adjusted earnings per share flat at $1.43 despite a $131 million fuel and currency hit. The read-through is that demand, not discounts, is doing the work. Below we walk the income statement, the guidance, and a payables figure that does not match its own tag.

Darden opened fiscal 2027 with sales up 5.1% to $3.20 billion and $2.05 of diluted EPS from continuing operations, yet reported net income fell 9.5% to $233.4 million because last year's quarter carried a $42.0 million gain on the Olive Garden Canada sale. Strip that out and earnings per share rose 4.1%. Read the segment table before the headline EPS number.

Costco closed fiscal 2026 with $95.72 billion of quarterly revenue, up 11.1%, and $6.75 of diluted EPS, up 15.0% — a headline that leans on a $0.15 non-recurring tariff refund. Read the quarter as a membership model still compounding: comparable sales rose 9.4%, cash climbed to $21.30 billion, and total debt stayed small. The view is Bullish, with the refund and a 12.7% gross margin as the caveats.

General Mills was flat where it wanted growth and down double digits where it wanted stability: organic net sales did not move, but adjusted EPS fell 13.0% and adjusted operating profit 11.0% in constant currency. A $1.05 billion yogurt gain a year ago distorts the headline, so judge this quarter on the adjusted lines — and on cash, which weakened.

Cintas opened fiscal 2027 with record revenue and a record operating margin, and management raised full-year sales and adjusted EPS guidance — this was a clean quarter, not merely a bigger one. Read it in three steps: how much revenue grew (10.9%), how much of that reached the bottom line (adjusted EPS up 15.8%), and whether the raised bar leaves room for the UniFirst deal to surprise.

Paychex opened FY2027 with 6.0% revenue growth to $1.63 billion, a 38.0% operating margin and 14.0% GAAP EPS growth, and left its full-year revenue and EPS outlook alone while raising its PEO and client-interest outlook. Read the quarter as margin-led: profit grew faster than sales, helped by lower acquisition costs, while cash generation and buybacks stepped back. Verdict: Bullish.

AutoZone's fiscal fourth quarter delivered $6.59 billion of sales, up 5.6%, and earnings per share of $56.05, up 15.1% — a strong headline carried by tariff refunds and a LIFO swing worth 250 basis points of gross margin. Strip those out and same-store sales were thin at 1.5% in constant currency, so the quarter is better than the store traffic behind it.

Lennar defended volume and gave up margin doing it. Revenue fell 8.7% to $8.05 billion, GAAP EPS dropped to $1.19 from $2.29, and new orders slid 9.0% to 20,879 homes. Management also trimmed full-year delivery targets. Read this quarter as a builder deliberately trading price for volume while its market weakens — the balance sheet still carries the company, but every demand indicator points down.

Kroger's second quarter was a story of tiny sales growth propped up by buybacks: revenue rose 2.0% to $34.62 billion, but identical sales without fuel grew just 0.2% and management cut its full-year identical-sales guidance. Adjusted EPS of $1.09 rose 5%, yet adjusted net earnings fell to $667 million from $695 million — the per-share gain came from a smaller share count, not a bigger profit. View: Neutral.

Adobe closed FY2026 Q3 with $6.76 billion of revenue, up 13%, GAAP EPS of $4.62 and a raised full-year target — a solid quarter that still leaves the story unresolved. Read it in three places: the 88.7% gross margin, a Q4 revenue midpoint that sits below consensus, and EPS growth that outran net income because the share count shrank. Our view is Neutral; the numbers below show why.

Copart's fiscal 2026 fourth quarter delivered slower profit, not faster growth: revenue rose 2.4% to $1.152 billion while net income fell 17.4% to $327.4 million and EPS slipped to $0.35. Read it as a margin quarter — service revenue and vehicle sales both grew, but facility, vehicle-sale and administrative costs grew faster. The full-year picture is milder, with revenue up 0.4% and net income down 4.4%.

Oracle's quarter was a cloud-infrastructure story: revenue rose 30.0% to $19.35 billion while cloud infrastructure revenue more than doubled. Profit followed, but cash did not — free cash flow was negative $5.40 billion as capital spending ran far ahead of operating cash flow. Read the income statement as evidence of demand, and the cash-flow statement as the price of chasing it.

CooperCompanies grew revenue just 1.0% to $1.066 billion and its headline GAAP profit was inflated by a one-time $307.2 million U.K. tax benefit, while non-GAAP EPS rose 4.0% to $1.15. Guidance for the fourth quarter sits roughly flat versus this quarter and below the consensus next-quarter figure of $1.079 billion, so the read-through is steady cash generation, muted top-line momentum.

Casey's opened fiscal 2027 with diluted EPS of $7.37 and net income of $273.72 million, both up more than 27%. The catch is mix: fuel revenue grew 36.3% and now supplies most of the top line, pulling total gross margin down to 21.8% from 24.4%. Read this quarter through inside gross profit and fuel margin per gallon, not headline revenue. The view is Bullish.

Ciena's fiscal Q3 2026 was a breakout: revenue rose 37.0% to $1.67 billion and non-GAAP EPS more than tripled to $2.11. The read is Bullish because growth arrived with wider margins, not discounting. Read it in three pieces: the top line, the profit conversion, and the Q4 guide, which is solid but only modestly above the current run rate.

Lululemon's second quarter looked better than it was: revenue fell 4% to $2.42 billion and comparable sales dropped 9%, while a $134.5 million tariff refund inflated both gross margin and EPS. Management also trimmed the full-year revenue outlook. Strip out that one-off and the profit trend is clearly deteriorating, which is why the read here is Bearish, even with a clean, debt-light balance sheet.

Broadcom's fiscal Q3 was a blowout: revenue of $29.59 billion rose 85.5% year over year and free cash flow hit $13.67 billion, or 46.2% of revenue. The read-through is that custom AI chips are now the company's main growth engine, with Q4 guidance of about $34.80 billion implying the ramp continues. Watch collections and inventory as the business scales.

Brown-Forman's fiscal 2027 first quarter was a flat-top-line quarter with better-looking profit: net sales fell 1.0% to $911 million, yet diluted EPS rose 6.0% to $0.38 on lower postretirement costs and prior-year buybacks rather than on selling more whiskey. Read the revenue and organic operating income lines as the real signal. View: Neutral.

NetApp opened fiscal 2027 with its strongest first quarter ever: revenue of $2.03 billion, up 30.0%, and non-GAAP EPS of $2.58. GAAP EPS of $1.88 was 63.5% higher than a year ago. The read-through is simple — the growth came from product and all-flash hardware, not from accounting. The caveats are a guided gross-margin step-down to 66.0%–67.0% and free cash flow that fell 35.3% year-over-year.

Dell's fiscal 2027 second quarter was a blowout: revenue of $46.97 billion, net income of $4.13 billion and GAAP EPS of $6.34, with full-year revenue guidance raised to $192.0 billion. The catch is that the next-quarter revenue guide of $49.0 billion sits just below the $50.15 billion consensus estimate, and free cash flow fell 47.0%. Read the growth as real, but watch the working-capital build that funded it.

Medtronic's fiscal 2027 first quarter was a beat-and-raise: revenue of $9.756 billion rose 13.7%, GAAP EPS jumped 40.7% to $1.14, and management lifted full-year organic growth and EPS guidance. The catch is a 53rd fiscal week that added roughly $570 million to revenue, so the underlying growth rate is lower than the headline. View: Bullish.

Palo Alto Networks closed FY2026 with $11.48 billion of revenue, up 24.5% year over year, and an adjusted free cash flow margin of 38.4%, yet GAAP net income fell to $307 million and the next-quarter revenue guide sits about 2.0% below consensus. This is a fast-growing, cash-rich business whose reported profit is being squeezed by share-based compensation and acquisition accounting. Read the GAAP and non-GAAP lines side by side — the gap between them is the story.

Dollar General's fiscal 2026 second quarter looked strong: sales grew 5.2% to $11.29 billion, gross margin reached 32.6%, and diluted EPS jumped 33.3% to $2.48, with management raising full-year EPS guidance to roughly $7.80–$8.00. The honest catch is that tariff refunds made up about $0.25 of that EPS and are not expected to repeat in the second half. Below: what held up, and what the guidance really assumes.

Autodesk's fiscal 2027 second quarter was a clean beat-and-raise: revenue rose 16.0% to $2.05 billion, GAAP EPS nearly doubled to $2.33, and management lifted full-year billings and revenue guidance. The view is Bullish, but read it next to two softer signals: billings grew only 10.0% and total remaining performance obligations rose 2.0%, because Autodesk is deliberately ending multi-year discounts.

Best Buy's fiscal 2027 second quarter beat its own framing: comparable sales rose 4.1%, revenue reached $9.78 billion and adjusted diluted EPS of $1.47 came in 15% above last year. Management then raised full-year guidance on both sales and profit. Read the quarter as a genuine demand improvement, but note that $34 million of tariff refunds and a soft international segment mean the headline margin is better than the underlying one.

Ulta Beauty's fiscal 2026 second quarter was steady rather than spectacular: sales rose 8.9% to $3.04 billion and diluted EPS climbed 13.3% to $6.55, while gross margin slipped 0.1 point to 39.1%. Management raised its full-year outlook on sales, comparable sales, operating income and EPS. Read the quarter as cost discipline and buybacks doing the heavy lifting, with the Space NK acquisition a mild drag on gross margin.

Workday's fiscal 2027 second quarter was a solid operating quarter dressed up by an accounting event: revenue rose 12.8% to $2.649 billion and non-GAAP EPS reached $2.75, but the $2.57 GAAP figure leans on a $1.52-per-share tax benefit. Free cash flow fell to $460 million, so read growth and margins as steady, not accelerating.

Dollar Tree's fiscal 2026 second quarter looks like a blowout: sales up 7.0% to $4.89 billion and earnings per share of $2.70 against $0.91 a year ago. Read the fine print, though — $1.31 of that EPS came from tariff refunds, not from selling more merchandise. The underlying quarter was solid, but the headline numbers flatter it.