Latest earnings analyses

Sherwin-Williams beat its own sales expectations in Q2 2026 and raised full-year profit guidance, so the quarter reads Bullish despite soft demand. Revenue rose 7.5% to $6.79 billion and net income reached $843.6 million. Adjusted EPS of $3.70 topped the $3.5546 consensus, while GAAP EPS of $3.43 did not — that gap is mostly Valspar amortization.

Skyworks topped its own revenue guide and beat the non-GAAP EPS consensus, but GAAP profit collapsed to $33.9 million from $105.0 million and free cash flow turned negative. Read it in two layers: the demand story (mobile seasonal ramp, Broad Markets growth) is intact, while the Qorvo-related capital reset — no more dividend, a new $2 billion buyback, about $2 billion of acquisition debt — is the real swing factor for the next year.

Textron delivered a decent quarter without breaking out: revenue rose 3.0% to $3.83 billion, adjusted EPS of $1.62 beat the $1.56 consensus, and management repeated its full-year outlook. The offset is that total segment profit was flat, cash generation was weaker than a year ago, and part of the earnings story depends on a government funding decision. That mix supports a Neutral stance rather than a clean victory lap.

UPS beat on adjusted earnings and raised full-year guidance, but the GAAP numbers look ugly: net income fell 52.9% to $604 million and GAAP EPS dropped to $0.71 from $1.51. The gap is one charge — $1.172 billion of pre-tax restructuring costs, $1.05 a share — tied to the completed Driver Choice workforce program. Read the adjusted figures for the operating trend; read the GAAP figures for what shareholders actually own.

UHS grew revenue 8.3% to $4.638 billion and diluted EPS 10.1% to $5.98, but missed the $6.02 consensus and trimmed full-year adjusted guidance. Read the quarter knowing that a $72 million net Florida Medicaid benefit inflated it, and that management assumes no repeat. Volumes rose on both sides of the business; the outlook did not.

American Tower's second quarter looks better, or worse, depending on the line you read. Headline net income jumped 133.2%, but that is mostly currency noise; the cleaner measure, AFFO per share, rose 4.2% to $2.71. View: Neutral. Read the release for cash flow and guidance, not GAAP earnings. Note the raw data feed mis-scales revenue; the press release's $2.75 billion is the right number.

Arch Capital's second quarter was a bottom-line beat with a softer underwriting engine. Operating earnings of $2.56 a share topped the $2.48 consensus, and net income available to common shareholders of $1.047 billion produced an 18.0% return on average common equity. The catch: net premiums earned fell 8.1% to $3.985 billion and the combined ratio excluding catastrophes and prior-year reserve moves worsened to 82.5%.

Boeing's second quarter showed the recovery is real but not yet profitable: revenue rose 8.0% to $24.56 billion and free cash flow turned positive at $631 million, yet the company still lost $444 million and missed the consensus loss estimate. Read the numbers as improving operations offset by thin margins and a very small equity base.

BXP's second quarter was a split decision: revenue rose 3.1% to $895.7 million, FFO per share beat guidance and occupancy improved, yet GAAP net income fell to $68.6 million and EPS of $0.43 came in below last year. Read FFO and occupancy for the operating story, and the impairment charge to explain the profit slip.

Carrier beat on adjusted EPS and raised its full-year outlook, but the profit engine is getting less efficient: sales rose 4.0% while adjusted operating margin fell to 17.2% from 19.1%. Orders up about 40% and data-center demand up more than 300% are the reason to keep reading. The quarter is a demand story with a margin problem, and both show up in the numbers below.

Principal Financial Group reported Q2 2026 net income of $403.4 million, or $1.84 per diluted share, while non-GAAP operating earnings came in at $2.50 per share, beating the consensus estimate of $2.36. The company also raised its quarterly dividend by 8% and returned $427 million to shareholders. The results show solid underlying growth, though GAAP net income was slightly below the prior-year quarter.

UDR's fiscal 2026 second quarter was steady rather than stirring: total revenue of $425.4 million exactly matched last year's $425.4 million, while net income rose to $69.0 million from $37.7 million largely on property sale gains. Read the quarter through same-store NOI growth of 1.4% and a balance sheet at 5.6x net debt-to-EBITDAre, not the headline profit jump.

Welltower's Q2 FY2026 headline number is normalized FFO of $1.60 per share, up 25.0% year over year, while GAAP diluted EPS of $0.61 fell short of the $0.6388 consensus. Same store NOI rose 15.5% and the balance sheet stays lightly levered at 2.99x net debt to Adjusted EBITDA. Read the quarter through cash earnings and NOI, not the GAAP EPS line, which carries depreciation and disposition gains.

Cincinnati Financial's Q2 2026 headline looks explosive: $1.26 billion of net income and $8.05 of GAAP earnings per share. Read the mix, though, and the quarter belongs to investment markets, not underwriting — $1.31 billion of investment gains flowed through revenue. With no clean operating figure or combined ratio in the filing, the honest stance is Neutral.

F5 beat and raised: revenue of $865.1 million grew 10.9% and non-GAAP EPS of $4.73 came in $0.65 above the $4.08 consensus, with full-year guidance lifted to 9%–10% revenue growth. The basis is product-led demand — systems revenue up 32.0% — plus an 82.2% gross margin, while services, at 46.5% of revenue, grew only 3.0%. Read the numbers below with that mix in mind.

Nucor's fiscal Q2 2026 was a breakout quarter: revenue of $10.40 billion, GAAP EPS of $5.04, and free cash flow of $829 million, with management pointing to higher earnings again in Q3. Two things temper it — $0.20 of EPS came from a non-cash gain, and a $130 million cost reduction tied to prior periods helped steel mills. Real beat, partly assisted.

Baker Hughes beat on profit and booked its strongest order quarter, even as revenue slipped year over year. Read the scorecard in two layers: orders and RPO describe future revenue, while this quarter's income statement shows a business absorbing asset sales, higher debt and Middle East disruption. The view is Bullish, with the backlog doing the arguing.

Cadence beat on the bottom line and raised its full-year outlook: Q2 FY2026 revenue rose 24.2% to $1.58 billion and non-GAAP EPS of $2.11 edged past the $2.0959 consensus. The quarter reads well on growth and margin, but a $2.10 billion acquisition payment cut cash to $1.44 billion and nearly doubled goodwill, so watch integration and the widening GAAP-to-non-GAAP gap.

NextEra Energy's adjusted profit rose 9.5% to $1.15 a share, beating the $1.1177 consensus, and the 2026 outlook was left intact. Revenue of $7.534 billion was 12.4% higher than a year ago. The catch: reported GAAP profit of $1.50 a share is flattered by hedging and fund gains that management strips out, so judge this quarter on the adjusted number and the repeated guidance.

American Express beat on both growth and profit: revenue rose 10 percent, EPS of $4.53 cleared the $4.45 consensus, and management raised full-year revenue growth guidance to 10 percent. Read the quarter off the press release's $19.64 billion revenue line, not the $11.21 billion the data feed tags as revenue — that smaller figure matches the segment table, and the gap is the first thing to resolve.

The takeaway is flat profit and a shrinking customer base. Charter's Q2 2026 revenue fell 1.7% to $13.526 billion, Internet customers dropped 172,000, and diluted EPS of $10.66 beat the $10.345 consensus largely because the share count shrank 13.1%. Read the headline EPS as a buyback artifact, not growth, and read the customer numbers as the real signal.

SLB's second quarter of 2026 was mixed: revenue rose 5.0% year on year to $8.97 billion, but GAAP EPS fell 30.0% to $0.52 and net income fell 22.0% to $786 million. The headline growth is flattered by ChampionX, which added $870 million of revenue; excluding it, revenue declined 5.0% year on year. I read this as a balanced quarter: sequential improvement and Digital/Data Center momentum are offset by weaker annual profitability and Middle East uncertainty.

Verizon's second quarter tells two stories. Revenue slipped 0.7% to $34.25 billion and GAAP EPS fell 22.0% to $0.92 on $1.8 billion of pre-tax special items. Strip those out and adjusted EPS rose 6.6% to $1.30, adjusted EBITDA hit a record $13.72 billion, and management raised guidance for the second consecutive quarter. Read the margin and cash lines first; the GAAP headline stays noisy while charges keep landing.

Quest Diagnostics beat on the bottom line after adjustments and raised full-year guidance, and the story now rests on volume: test requisitions grew 13.1% while revenue per requisition fell 2.8%. Adjusted EPS of $3.12 cleared the $2.8535 consensus, while reported EPS of $2.84 was a fraction light. Read the raise as management getting more confident on demand, not on pricing.

RTX's second quarter beat where it counts: revenue rose 14.0% to $24.708 billion, adjusted EPS reached $1.89, and free cash flow hit $2.878 billion. The GAAP-to-adjusted gap is mostly acquisition amortization, and the raised outlook now points to $95.0-$96.0 billion of sales versus $92.5-$93.5 billion before. That combination is why the read here is positive.

Roper grew revenue 9.0% to $2.11 billion and adjusted diluted EPS 10.0% to $5.38, then raised full-year adjusted EPS guidance to $22.15–$22.30. The GAAP figure of $11.62 per share is not a measure of the business — it is inflated by an $835.2 million non-cash gain on the Indicor stake. Judge this quarter on 5.0% organic growth, $447 million of adjusted free cash flow and a shrinking share count.

Huntington's 2026 second quarter looks Bullish on the numbers management controls: adjusted EPS of $0.39 beat the $0.3752 consensus, total revenue rose 46% to $2.857 billion, and noninterest income jumped 67% year over year. Read it with two caveats — GAAP EPS of $0.33 slipped $0.01 from a year ago, and credit metrics worsened as acquired loans came onto the books.

Intel's operating business is clearly improving: revenue rose 25.4% to $16.13 billion, gross margin reached 40.4%, and non-GAAP EPS of $0.42 nearly doubled the $0.2177 consensus. The headline $11.03 billion GAAP loss is almost entirely a $12.53 billion non-cash mark-to-market charge on escrowed shares, not operating weakness. Neutral, because foundry still lost $2.09 billion and the balance sheet is absorbing real cash outflows.

Lockheed Martin's second quarter of fiscal 2026 was a clean beat: sales of $20.06 billion rose 10.5% and diluted EPS of $7.94 came in $0.76 above the $7.18 consensus, with guidance raised across sales, EPS and free cash flow. The catch is the comparison — last year's quarter carried $1.6 billion of program losses. Read this quarter as a return to normal, not as a new margin level.

Nasdaq's second quarter of 2026 was a record-setting one: net revenue rose 14.9% to $1.50 billion, non-GAAP EPS climbed 25.9% to $1.07, and the company returned $530 million to shareholders. The catch is that reported gross margin slipped to 59.2% as pass-through transaction costs grew faster than trading revenue, and GAAP EPS of $0.89 lagged the $1.0027 consensus.