Latest earnings analyses

Coherent finished fiscal 2026 with accelerating growth, wider margins and a next-quarter guide above what it just delivered — a Bullish setup on the operating numbers. Read it this way: revenue and margin expansion are real and broad, earnings beat on a non-GAAP basis, but cash generation went the wrong way as capital spending more than doubled. This is a growth-at-a-cost story, not yet a self-funding one.

CoreWeave's revenue doubled again to $2.58 billion, up 112.5%, and the GAAP loss per share of $1.14 beat the $1.23 consensus loss. What the headline misses is the price of that growth: $5.74 billion of free cash outflow in one quarter and debt-funded expansion. Read the scorecard as two stories pulling in opposite directions, which is why the view is Neutral.

Lumentum ended fiscal 2026 with $3.01 billion of revenue, up 83.2%, and a GAAP loss of $6.94 billion that is almost entirely a one-time, non-cash charge for swapping convertible debt into stock. Strip out that charge and non-GAAP net income was $782.3 million, or $8.67 a share, and fourth-quarter non-GAAP EPS of $3.23 beat the $3.0312 consensus. Read every GAAP line in this report with the debt conversion in mind.

Cardinal Health finished fiscal 2026 with $254.2 billion of revenue, up 14%, and GAAP diluted EPS of $7.23 against $11.26 on a non-GAAP basis. That $4.03 gap is the story: a $100 million tariff refund and a long list of excluded charges separate the two numbers. Think of it as a distributor earning pennies on every dollar of sales — good execution, noisy optics.

Jack Henry wrapped fiscal 2026 with record revenue of $2.54 billion, up 7.1%, and GAAP EPS of $6.98, up 11.9%, while the June quarter was much softer: operating income fell 12.2% and EPS fell 10.2%. Read the year and the quarter as two different stories — the year shows margin expansion and $539.3 million of free cash flow, the quarter shows costs outpacing revenue. The buyback and dividend numbers explain why cash fell.

Rocket Lab posted record quarterly revenue of $234.1 million in FY26 Q2, up 62.0% year over year, yet the story is not clean growth: gross margin slipped, free cash flow worsened to -$110.1 million and the GAAP loss per share missed consensus by a fraction of a cent. Read revenue and guidance as the bull case, and cash flow, dilution and margin as the counterweight.

Simon Property's quarter was strong where it counts for a landlord: revenue rose 19.5% to $1.79 billion and Real Estate FFO per share rose 7.9% to $3.29, and management raised full-year guidance. GAAP net income fell 13.1% to $483.1 million, or $1.49 a share, but that drop lines up with a $0.21 per share non-cash investment gain booked in last year's quarter.

Ferguson's June quarter beat expectations: revenue rose 4.6% to $8.75 billion and diluted EPS of $3.43 cleared the $3.3541 consensus, while management raised full-year sales and margin guidance. The catch is quality — gross margin slipped 20 basis points and free cash flow turned negative on a working-capital build. Read this as solid execution against a still-soft housing market, not as a demand recovery.

Berkshire's second-quarter net income jumped to $25.667 billion from $12.370 billion, but $12.684 billion of that was investment gains the company itself calls meaningless quarter to quarter. Strip those out and operating earnings still rose 16.3% to $12.983 billion. Underwriting and insurance investment income both slipped, which is why the quarter reads better on the headline than underneath.

Take-Two's fiscal 2027 first quarter was a small step forward on sales and a bigger step back on profit: revenue rose 2.0% to $1.53 billion while the net loss widened to $34.1 million. The story investors are actually paying for sits in November, when Grand Theft Auto VI ships. Read the scorecard as steady operations plus a reiterated full-year bookings target, not as a beat.

Vistra's second quarter of 2026 looks weak on the GAAP line and solid underneath. Net income of $305 million fell $22 million year over year as a $472 million unrealized hedge loss landed in the quarter, while Ongoing Operations Adjusted EBITDA rose 31.0% to $1.767 billion. Those hedge marks are paper losses that settle later, so the adjusted number is the better read on the business — yet GAAP EPS of $0.76 badly missed the $1.6938 consensus. View: Neutral.

PPL's second quarter was solid but short of the street: ongoing earnings of $0.33 per share came in about 5.0% below the $0.3473 consensus, while revenue grew 4.2%. Management reaffirmed 2026 guidance and its 6% to 8% growth target. Read the quarter as a reaffirmation story, not an acceleration story: the plants, backlog and data-center pipeline matter more than these three months. View: Neutral.

Twilio's quarter was strong on the top line and messy on the bottom line, which is why the view is Neutral rather than Bearish. Revenue rose 22.0% to $1.50 billion and free cash flow hit $352.6 million, but GAAP EPS of $6.68 is mostly a $5.91 non-cash tax benefit; the non-GAAP figure was $1.47. Next quarter's guide implies growth slowing to 16.0% reported and 11.0%–12.0% organic.

Zoetis reported flat second-quarter revenue of $2.468 billion and adjusted EPS of $1.87, a hair below the $1.8742 consensus, then cut full-year revenue and EPS guidance hard. The read-through is simple: U.S. companion animal demand is the problem, livestock and international sales are the offset, and the balance sheet leaves little room for a long slump.

Gen Digital beat on both lines and raised full-year guidance, so we read the quarter as Bullish. Revenue of $1.336 billion came in above the guided range and non-GAAP EPS of $0.71 edged the $0.6988 consensus. Two caveats matter: GAAP operating income of $443 million slipped 1.0%, and the Cyber Safety Platform segment shrank to $846 million from $869 million. Free cash flow of $430 million funded $181 million of buybacks and dividends.

Howmet beat on both revenue and profit and raised full-year guidance, so the quarter reads Bullish on the numbers alone. Revenue of $2.547 billion rose 24.0% year over year, or 21.0% organically, adjusted EBITDA margin expanded to 32.1%, and $0.48 billion of free cash flow funded $0.30 billion of buybacks. The catch: growth leans on aerospace and gas turbines while trucks are only starting to recover, and debt rose to pay for CAM.

Kenvue's third straight quarter of sales growth is real but thin: revenue rose 3.0% to $3.955 billion, and only 1.6% of that came from organic growth. Adjusted EPS of $0.31 missed the $0.3256 consensus, and gross margin slipped to 58.2%. With no guidance because of the pending Kimberly-Clark deal, the standalone story now rests on margins, not the top line.

Keurig Dr Pepper's second quarter was two quarters in one: net sales rose 75.6% to $7.31 billion because JDE Peet's closed on April 1, while GAAP earnings fell 89.0% on deal costs. Judge the business on adjusted EPS of $0.57, which beat the $0.5426 consensus, not on GAAP EPS of $0.04. Our view is Neutral.

Microchip beat its own June-quarter guidance and guided the September quarter higher again. Revenue of $1.485 billion rose 38.0% year over year, non-GAAP EPS of $0.76 cleared the $0.71 top of the range, and free cash flow hit $497.6 million. The read: an operating recovery is now showing up in margins and cash, while $5.361 billion of long-term debt remains the main constraint.

Monster Beverage posted a strong quarter: net sales rose 20.2% to $2.54 billion and diluted EPS rose 19.0% to $0.59, with gross margin ticking up to 55.9%. Growth leaned on international markets, where sales rose 34.6% and reached 46.0% of the total. The catch: operating expenses grew faster than sales and the beat rests on foreign currency, so read the quality of the growth, not just the headline.

Parker closed fiscal 2026 with record sales of $21.50 billion, adjusted EPS of $32.31 and $3.91 billion of free cash flow, then guided fiscal 2027 higher — a Bullish set of numbers. Read it this way: most of the gap between GAAP EPS of $28.48 and adjusted EPS of $32.31 is amortization of acquired intangibles, and one quarter got an $84 million tariff-refund boost that will not repeat.

Ralph Lauren beat on the top and bottom line in its fiscal 2027 first quarter, and management raised its full-year outlook — a Bullish read on the quarter. Revenue of $1.96 billion rose 14.0%, adjusted EPS of $4.59 topped the $4.45 consensus, and gross margin hit 73.7%. The caveats: much of the wholesale gain came from shipment timing and a resumed account, and the dividend-plus-buyback math consumed much of the quarter's operating cash.

Republic Services beat the consensus EPS estimate and raised full-year guidance, but the quarter's growth came almost entirely from price while volume shrank 1.6%. Revenue of $4.43 billion rose 4.6% and adjusted EPS of $1.85 edged past the $1.8315 consensus, with adjusted EBITDA margin flat at 32.1%. The read: pricing power is holding up, but the environmental solutions unit and landfill volumes are the soft spots to watch.

Viatris had a solid quarter underneath the headline loss: revenue rose 5% to $3.76 billion, adjusted EPS of $0.69 beat the $0.61 consensus, and management raised every full-year guidance midpoint. The reported GAAP loss of $119 million came from a $177.8 million non-cash charge on the planned Tyrvaya sale, and a $100 million to $150 million supply hit still weighs on the second half. Read the adjusted numbers and the GAAP numbers side by side.

ConocoPhillips earned $3.93 billion, or $3.23 a share, in FY2026 Q2, and adjusted EPS of $3.24 came in 11.3% above the $2.91 consensus. Read the quarter as a price story, not a volume story: revenue rose 43.3% while production fell. The balance sheet is solid and $7.43 billion of free cash flow funded $3.00 billion of distributions.

Con Edison beat on the bottom line and management held its full-year guidance, which supports a Bullish view of the regulated utility story. Net income of $308 million, or $0.83 a share, topped the $0.78 consensus, and revenue rose 13.2% to $4.07 billion. Read it as solid utility execution with one offset: a bigger share count and very heavy capital spending.

Constellation beat on adjusted earnings and raised full-year guidance, but the quarter's GAAP profit fell sharply and cash flow turned negative. Adjusted operating earnings of $2.55 per share came in 10.7% above the $2.3045 consensus, while GAAP net income dropped to $1.42 per share from $2.67. Read the quarter as a Calpine-integration story: bigger fleet, heavier debt, and a wide gap between adjusted and reported profit.

Datadog's second quarter of fiscal 2026 was a clean bottom-line beat and another quarter of fast growth: revenue rose 36% to $1.12 billion and non-GAAP EPS of $0.65 beat the $0.61 consensus. Read the scorecard with one caveat: the GAAP numbers are thin, because roughly $46.28 million of profit comes from interest on the company's $5.0 billion cash pile, not from selling software.

Evergy beat the Street and held its full-year plan: second quarter GAAP EPS of $0.91 topped the $0.8461 consensus, and management reaffirmed 2026 adjusted EPS guidance of $4.14 to $4.34. Read this as a steady regulated utility grinding out growth rather than a re-rating story — the beat is modest, the reaffirmation is the real headline, and the balance sheet shows meaningful leverage.

Fiserv's second quarter was weak across the board: revenue fell 4.0% to $5.29 billion, GAAP EPS dropped 37.0% to $1.17 and adjusted EPS of $1.84 came in below the $1.9472 consensus estimate. Margins compressed sharply in both segments, and the company reset its 2026 outlook to organic revenue of (1%) to 0%. Read the quarter as a demand and execution problem, not an accounting one.