Latest earnings analyses

Newmont beat consensus but decelerated sharply: adjusted EPS of $2.10 against $2.0092 expected, on $6.118 billion of revenue that rose 15.1% year over year yet fell 16.3% sequentially. The cause is price, not tonnes — realized gold dropped to $4,414 an ounce from $4,900. Read the cash and the unchanged guidance as the stable parts of this report.

Norfolk Southern's second quarter of 2026 was a record on the top line and a miss on the bottom line: revenue hit $3.47 billion, up 10.2%, while GAAP EPS of $3.26 missed the $3.34 consensus. Strip out merger, restructuring and Eastern Ohio costs and EPS was $3.52. The gap between those two numbers is the whole story this quarter.

NVR's second quarter was a volume-over-price quarter: orders rose 9% but revenue fell 10.5% to $2.33 billion and EPS of $83.96 missed the $90.88 consensus by 7.6%. The homebuilding gross margin dropped to 19.2% from 21.5%. Read this as a company trading price for units while absorbing higher lot costs; the swing to negative free cash flow of -$157.7 million is the number to watch.

Packaging Corporation of America lifted second quarter FY2026 revenue 14.7% to $2.49 billion, but GAAP earnings fell and gross margin slipped to 20.6%. The profit came from the acquired Greif operations and record legacy corrugated shipments, not from legacy margin. Our view is Neutral: two price increases are stacking up for the third quarter, while freight and recycled fiber costs run hot.

PG&E beat on core earnings but missed on GAAP: $0.40 non-GAAP core EPS versus $0.31 a year ago, while GAAP EPS of $0.33 fell short of the $0.368 consensus. Revenue was essentially flat at $5.902 billion. Read this quarter for the reaffirmed $1.64-$1.66 full-year core guidance and for the -$2.061 billion free cash flow, which is the number that drives everything else.

West beat its own guidance and consensus and raised the full-year outlook, so the quarter's numbers are strong. Revenue of $872.3 million rose 13.8% and adjusted EPS of $2.37 rose 28.8%, with full-year adjusted EPS guidance lifted to $8.85–$9.05. The blemish: West Vantage grew 0.8% organically and its margins fell. The rest of this note explains where the money came from and what to watch.

Comcast's headline revenue fell 1.2% to $29.94 billion, but adjusted EPS of $1.04 beat the $0.9956 consensus and free cash flow rose to $4.60 billion. Read the quarter pro forma: after stripping out Versant and Sky Germany, revenue rose 4.7%. The tension is that broadband customers keep leaving while Studios and Peacock carry growth — a mixed picture that argues for patience rather than a victory lap.

Comfort Systems delivered a blowout second quarter: revenue of $3.27 billion (up 50.3%), EPS of $12.53 (up 91.9% and 18.7% above the $10.56 consensus) and roughly $1.00 billion of free cash flow. Gross margin improved to 25.9%, the balance sheet is nearly debt-free, and backlog reached $14.06 billion. The catch: no numeric guidance, so backlog carries the forward-looking weight. View is Bullish.

Deckers grew revenue 5.7% to $1.02 billion and beat the $0.8892 EPS estimate with $0.94, but net income fell 6.6% to $130.0 million and operating income slipped 6.0%. The story now rests on margin and buybacks rather than volume: full-year sales guidance was left unchanged while the EPS range was raised by five cents. View: Neutral.

Digital Realty's second quarter was a beat with an asterisk: revenue of $1.92 billion rose 28.9% year over year, Core FFO excluding net promote per share hit a record $2.13, and the 2026 outlook was raised again. Read the quarter in two layers — rent and interconnection, which is the durable business, versus promote and fee income, which is lumpy. The story is Bullish on operations, more mixed on the headline.

Dover's fiscal 2026 second quarter was a good one: revenue rose 6.9% to $2.19 billion, gross margin ticked up to 40.2%, and adjusted EPS of $2.74 was up 12% year over year, just about one cent below the $2.7528 consensus. The company also raised full-year adjusted EPS guidance to $10.55-$10.75. Read the quarter through three lenses: organic growth in all five segments, an order book that grew faster than shipments, and cash that covers most of long-term debt.

Dow swung from a $1.18 per-share loss a year ago to $0.99 of GAAP earnings and $1.44 of operating EPS this quarter, beating the $1.2907 consensus by $0.15. Almost all of the improvement came from price, not volume: sales rose 20% while volume slipped 1%. Read the print as a real earnings recovery that still depends on polyethylene prices holding and on restructuring savings landing as promised.

Edwards beat its own sales guidance and edged past the $0.7627 adjusted EPS consensus, so the operating story is strong even though GAAP EPS fell to $0.42 from $0.56. The gap between $0.42 and $0.78 is mostly a $188.2 million tax charge, not a change in the business. Read revenue growth and adjusted EPS as the operating signal here, and treat GAAP net income as a one-off tax story.

Freeport beat the $0.596 consensus EPS with $0.68 GAAP and $0.74 adjusted, and net income rose 27.5% to $984 million, even as revenue fell 8.8% to $6.92 billion. Read this quarter as a price story with a volume hole: copper realized at $6.17 per pound did the work while Grasberg output stayed suppressed. The recovery timetable, not the quarter, is the real question.

The Hartford's second quarter splits in two: net income rose 31.0% to $1.29 billion, while core earnings rose just 1.0% to $945 million. A one-time $251 million tax benefit from selling Hartford Funds explains most of the gap. Read the quarter as a steady operating story carrying a headline that overstates it; view: Neutral. The scorecard below shows where the strength is real and where it came from accounting.

Allegion's Q2 2026 beat on both the top and bottom line and management raised full-year guidance, so the quarter reads Bullish. Revenue of $1.15 billion rose 12.7% and adjusted EPS of $2.40 topped the $2.2605 consensus figure in the data. Read the rest with one caution: gross margin slipped to 44.9% and Europe is shrinking, so the profit improvement came from overhead leverage and buybacks, not from factory-level economics.

Ameriprise's second quarter of 2026 was a growth quarter: GAAP net income rose 5% to $1.11 billion, diluted EPS of $11.98 topped the $10.83 consensus, and revenue climbed 12% to $5.01 billion. The catch is that profit grew far slower than revenue, so this is a story about scale rather than margin. Read the fee-based asset growth, not the GAAP EPS line, as the real signal.

Blackstone's second quarter was a blowout: revenue of $5.04 billion, up 35.9%, and diluted EPS of $1.54, 57.1% higher and $0.15 above the $1.3904 consensus. The catch is where the money came from — $1.95 billion of performance allocations, which are marks, not fees. Read the quarter as a strong but lumpy one, with the fee engine still growing.

Snap-on posted another steady quarter: sales rose 4.7% to $1.24 billion and gross margin widened to 51.4%, but earnings per share of $4.96 landed just below the $4.9982 consensus. Read this as a steady-as-she-goes story rather than a breakout one: growth was broad but not fast, and operating margins narrowed in two of the three product segments even as the overall gross margin improved.

T-Mobile's Q2 2026 was a solid quarter with a clear tilt: subscriber-fee growth is carrying the business, cash generation guidance went up, but profit growth lagged revenue badly. Revenue rose 7.9% to $22.79 billion and EPS of $2.99 beat the $2.65 consensus estimate, while net income grew just 0.5%. Read the service revenue line and the raised free cash flow range as the real story.

The quarter beat: revenue of $11.99 billion rose 10.0% and adjusted EPS of $6.03 topped the $5.77 consensus estimate shown here. The caveats are that only half of the growth was organic, the GAAP-to-adjusted EPS gap is $1.35 a share, and management has not yet put updated 2026 guidance in the release. Read the numbers below with amortization and acquisition spending in mind.

Tractor Supply's fiscal 2026 second quarter missed on both the quality of sales and the bottom line: revenue rose 2.3% to $4.54 billion, but comparable store sales fell 1.5% and GAAP EPS dropped to $0.69 from $0.81. Adjusted EPS of $0.81 also landed under the $0.8317 consensus estimate. Management cut full-year guidance and withdrew its long-term framework, so the read is that traffic and cost problems are worsening rather than easing.

Union Pacific beat the $3.28 consensus EPS estimate with $3.36 and set a quarterly revenue record of $6.864 billion, up 12.0% year over year. The catch is what drove it: fuel prices rose 60.0%, inflating the surcharge, while freight revenue excluding fuel grew just 4.0% and the adjusted operating ratio worsened 110 basis points. Read this as a good volume-and-pricing quarter wrapped in a less flattering cost picture.

Verisign's Q2 2026 was a steady quarter: revenue rose 6.0% to $434.6 million, net income grew 4.4% to $216.5 million, and management said it is raising full-year 2026 guidance. The one blemish is EPS of $2.38 against a $2.4149 consensus, a 1.4% miss. Read it as a durable internet toll road compounding in the mid-single digits, not a high-growth story.

GE HealthCare beat on earnings but not on profitability: adjusted EPS of $1.13 topped the $1.0558 consensus while adjusted EBIT margin slipped to 14.2%. Orders grew 11.1% organically and full-year guidance was reaffirmed, yet Patient Care Solutions is still shrinking. The view is Neutral — a solid commercial quarter wrapped around a softer underlying margin story.

Kinder Morgan's fiscal 2026 second quarter was a record: net income of $0.867 billion, adjusted EPS of $0.37 against a $0.3275 consensus, and leverage down to 3.6 times. Revenue barely moved and free cash flow slipped slightly, so this is best read as a margin, pricing and cost-of-capital story rather than a growth story.

Neutral: Las Vegas Sands earned $0.53 a share on $3.154 billion of revenue, a 0.7% top-line decline and a 21.9% miss against the $0.7552 adjusted-EPS consensus, but management pins most of the damage on unusually low rolling-chip hold in Macao. Read the quarter as a hold-driven air pocket on a still-growing non-gaming business, not a collapse — and watch the $15.11 billion of debt against $581 million of equity.

Moody's blew past the quarter: revenue rose 15.0% to $2.19 billion, adjusted EPS of $4.68 beat the $4.28 consensus, and management lifted its buyback plan to as much as $3.00 billion. The catch is in the fine print: free-cash-flow guidance was trimmed and the margin target lowered slightly. Read the quarter as a capital-markets cycle still running hot, with cash conversion the thing to watch.

Northern Trust's second quarter looks spectacular — $792.2 million of net income and $4.23 per diluted share — but a $525.4 million Visa gain did much of the lifting. Strip out the notable items and earnings per share still rose 40%, which is why the quarter reads as a genuine beat rather than a one-off trick. The catch: servicing fee revenue grew only 0.6% sequentially.

Otis beat on revenue and GAAP EPS but missed on adjusted EPS, so this quarter reads Neutral: Service grew 11.0% while New Equipment profit collapsed to $40 million. Read the scorecard as two businesses — a high-margin Service annuity carrying an equipment arm that is barely profitable right now. The adjusted numbers, not the GAAP jump, tell you what actually changed in the underlying business.