Latest earnings analyses

Hormel's fiscal 2026 third quarter was two quarters in one report: GAAP net income of $59.57 million, or $0.11 per share, against adjusted diluted EPS of $0.37, with a Brazil divestiture loss, an Indonesia impairment and a litigation settlement doing the damage. Sales fell 2.4% to $2.96 billion, and the company cut GAAP EPS guidance while raising adjusted EPS guidance.

Marvell posted record revenue of $2.739 billion and raised its full-year outlook, so the quarter reads Bullish on growth and margins alike. Read it in two layers: the income statement shows accelerating data-center demand, while the balance sheet and guidance show what that growth costs — a Q3 revenue midpoint that lands below the next-quarter consensus estimate and a wide gap between GAAP and non-GAAP profit.

Everpure's Q2 FY2027 was a demand story: revenue rose 37.7% to $1.19 billion and management lifted full-year revenue guidance to $5.03–$5.07 billion from $4.41–$4.51 billion. The catch is cash: free cash flow swung to -$237.6 million from +$150.1 million a year ago as prepaid and other assets ballooned. Read the quarter as strong growth plus a working-capital question. View: Bullish.

Nvidia's Q2 FY27 revenue doubled from a year ago to $96.221 billion, with a 75.0% gross margin and $59.688 billion of net income. The quarter beat the $91.0 billion guidance midpoint by $5.221 billion, the fourth straight beat. The catch: $7.771 billion of pre-tax profit came from gains on equity investments, and receivables and inventory both ballooned, so cash generation lagged reported profit.

Salesforce's FY27 Q2 revenue rose 10.8% to $11.345 billion and cRPO growth accelerated to 14%, but the $3.526 billion of net income was flattered by $2.613 billion of gains on strategic investments: operating income was flat year over year and the full-year guidance raise leans mostly on acquisitions that have not closed. View: Neutral.

J.M. Smucker's fiscal 2027 first quarter looked spectacular — net income of $324.3 million versus a year-ago loss — but a $115.0 million tariff refund did much of the work. Sales rose 5.0% to $2.22 billion on coffee pricing, gross margin jumped to 44.1%, and free cash flow swung to $337.3 million. Management still expects full-year sales to fall. View: Neutral.

Synopsys beat its own targets and raised full-year guidance, so this quarter reads Bullish. Revenue of $2.477 billion rose 42.4% year over year, non-GAAP EPS of $3.91 cleared the high end of guidance, and free cash flow was $746.3 million. The catch: gross margin slipped to 72.6% from 78.1%, because Ansys-related amortization and mix now sit in cost of revenue.

Veeva beat its own guidance and raised the full-year view, yet the quarter's real message is the outlook: next-quarter revenue of $932–935 million sits just 0.6% above the $927.96 million it just reported. That is why the call here is Neutral rather than Bullish. Read the beat first, then the guidance, then check whether the cash flow was earned or merely collected.

Williams-Sonoma's second quarter of fiscal 2026 was strong underneath the noise: revenue rose 6.7% to $1.96 billion, comparable brand revenue grew 6.2%, and management raised full-year guidance. The catch is the GAAP numbers are flattered by a one-time $167.8 million IEEPA tariff refund, so the cleaner read is non-GAAP EPS of $2.10 and a 17.3% operating margin. Our view: Bullish, with an earnings-quality caveat.

CrowdStrike's fiscal 2027 second quarter was a growth story with a thin accounting bottom line: revenue rose 26.0% to $1.471 billion and free cash flow reached a Q2 record of $377.4 million, while GAAP net income was just $5.3 million. Read the scorecard as two businesses — a fast-compounding subscription engine and an expense base that still outruns it.

Revenue grew 12.5% to $15.68 billion and HP raised its full-year EPS and free cash flow outlook, so the quarter beat on the headline numbers. The catch is quality: gross margin fell to 18.8% from 20.5% a year ago, and $0.11 of the $0.71 GAAP EPS came from tariff refunds. Read the scorecard as growth bought partly with one-time money.

Agilent's fiscal third quarter was its strongest of the year: revenue rose 8.1% to $1.878 billion, gross margin reached 55.5%, and non-GAAP EPS climbed 18% to $1.62. Management also raised full-year revenue and EPS guidance. Read the margin story carefully, though, because about 110 basis points of the operating-margin gain came from tariff refunds that future guidance excludes.

Intuit closed fiscal 2026 with $21.448 billion of revenue, up 14.0%, and GAAP earnings per share of $16.46, up 20.0%, but the details are uneven: TurboTax customer counts fell while prices rose, and fiscal 2027 guidance points to slower growth of 9.0% to 10.0%. Read the scorecards below in pairs, because this filing mixes full-year and fourth-quarter figures in the same tables.

Deere's fiscal third quarter was solid: revenue rose 5.0% to $12.608 billion, net income rose 7.0% to $1.379 billion, and full-year guidance moved up to $4.75–$5.00 billion. Read it as a mix-led recovery — Construction & Forestry operating profit nearly doubled while large agriculture stayed soft — with cash generation and a bottoming ag cycle carrying the story.

Ross Stores posted a blowout quarter: sales rose 13% to $6.26 billion, EPS reached $2.66 versus $1.56, and management raised full-year EPS guidance to $8.61–$8.77. About $0.60 of the quarter's EPS came from one-time IEEPA tariff refunds. Read it in two layers — a genuinely strong core business plus a cash boost that will not repeat. View: Bullish.

Walmart's Q2 FY27 revenue rose 5.9% to $186.1 billion, with operating income up 28.8% to $9.38 billion and adjusted EPS of $0.81. The quarter benefited from tariff refunds that boosted gross margin, but management is reinvesting those gains into price, so the underlying profit growth is less dramatic. Guidance for the full year was raised, signaling confidence in the business despite a cautious consumer backdrop.

Lowe's grew sales 8.3% to $25.96 billion, but GAAP EPS was stuck at $4.27 and the full-year outlook was narrowed to the bottom of the old ranges. Read it this way: the top line is holding, the profit engine is not, and $0.11 of that $4.27 came from one-time tariff refunds. Growth is coming from Pro, online and acquisitions, not the core DIY shopper.

Analog Devices posted record fiscal third-quarter revenue of $4.02 billion, up 40.0% from a year ago, with gross margin at 67.3% and adjusted EPS of $3.45. Management guided the current quarter to $4.30 billion, and the company returned $1.69 billion to shareholders. That combination — accelerating sales, fatter margins and heavy cash return — is why the read here is Bullish. Below, we unpack the numbers line by line.

Target's second quarter looked spectacular — EPS doubled to $4.11 — but $994 million of one-time tariff refunds did most of the work. Strip those out and EPS still rose 20 percent, comparable sales grew 3.8 percent and gross margin expanded about 100 basis points. Management raised full-year sales guidance and its EPS range to $9.90 to $10.90, which still includes the refund benefit.

The headline is strong but flattered: TJX earned $1.36 per share, yet $0.14 of that came from one-time tariff refunds, leaving $1.22 of adjusted EPS, still up 11%. Sales rose 5.4% to $15.18 billion and every division except the largest grew comps 6% to 7%. Read the quarter as a solid underlying business with one big division question mark. View: Bullish.

Estée Lauder's fiscal 2026 was a turnaround year on paper: net sales rose 5.0% to $15.05 billion, adjusted operating margin jumped 320 basis points to 11.2%, and free cash flow nearly doubled to $1.32 billion. The catch is that reported results still show a $116 million fourth-quarter loss and a 64.8% reported tax rate, so the honest read is the adjusted numbers, with the gap between them explained below.

Nordson closed its fiscal third quarter with record sales of $817.7 million, up 10.3% year over year, record GAAP EPS of $2.73 and a raised full-year outlook. The growth was organic at 11.7% and every segment set a record, so this reads as a demand story rather than a currency or accounting one. Read the guidance and the balance sheet next.

Home Depot's fiscal 2026 second quarter was solid on its own terms: sales rose 5.7% and adjusted EPS rose 5.1%, with gross margin up 30 basis points. The catch is composition — customer transactions fell 1.0% while average ticket rose 2.8%. Read the quarter as a ticket-driven performance paired with reaffirmed guidance that implies slower growth in the second half.

Keysight closed FY2026 Q3 with revenue of $1.85 billion, up 36.5% from a year ago, a 65.9% gross margin and GAAP EPS of $2.30, and guided Q4 revenue to $1.93–$1.95 billion. Read this as a margin-and-orders story rather than a beat-versus-consensus story: the Q4 midpoint sits about 2.3% below the next-quarter analyst estimate of $1.98 billion, even as orders hit a second straight record above $2 billion.

Applied Materials delivered record revenue of $9.12 billion, up 25.0% year over year, with record non-GAAP EPS of $3.50. Semiconductor Systems carried the quarter, and DRAM grew to 26% of that segment's revenue. Guidance points to $10.25 billion next quarter, a figure that sits 2.5% below the $10.51 billion consensus number supplied here. Read the margin and working-capital lines as closely as the headline growth.

Tapestry closed fiscal 2026 with $8.00 billion of revenue, up 14.0%, and non-GAAP EPS of $7.05, up 38.0% — a strong year that management says hit its Investor Day targets two years early. Read the results in two layers: the reported full-year numbers cover the whole company, while the brand-level figures here are just the fourth quarter, when Coach grew 15.0% and Kate Spade fell 7.0%.

Amcor's fiscal 2026 was a Berry-acquisition year: sales jumped 57.0% to $23.51 billion, gross margin reached 20.0%, and adjusted EPS rose 13.0% to $4.02. Strip out the deal and the picture is softer — organic sales fell 2.0%, net debt is still $12.90 billion, and management guides to 3.5x–3.6x leverage. Read the growth lines as bought, not earned.

Bio-Techne's fiscal 2026 was a flat year dressed up by prior-year charges: revenue was unchanged at $1.22 billion, GAAP EPS jumped to $1.16, and adjusted EPS inched to $1.93. With the company set to be acquired by Merck KGaA for $73 a share in cash, quarterly operating swings matter far less than deal completion. Read the numbers below as a closing snapshot, not a growth story.

Trimble's core business is accelerating: revenue rose 11.0% to $972.0 million, gross margin reached a record second-quarter 69.4%, and non-GAAP earnings per share of $0.86 beat the $0.8171 consensus. The headline GAAP loss of $471.7 million is a valuation write-off, not a cash drain — a $562.0 million goodwill impairment in Transportation and Logistics. Read the operating metrics first, then the accounting charge.

Verdict: Bullish. Cisco closed fiscal 2026 with $63.33 billion of revenue, up 12%, and $3.33 of GAAP earnings per share, up 31%, then guided fiscal 2027 revenue to $72.2–$73.4 billion. Read the scorecard with two filters: how much of the profit came from one-off investment gains, and how much of the growth is concentrated in AI-driven hyperscaler orders.