Latest earnings analyses

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.

Fox closed fiscal 2026 with record revenue of $17.13 billion and record adjusted EBITDA of $3.91 billion, but GAAP earnings fell as a $773 million non-operating charge hit the bottom line. The view is Bullish, because the core beat the $1.45 consensus on both GAAP and adjusted fourth-quarter EPS. Read the adjusted numbers and the cash flow statement together, since the fourth quarter's 28.1% revenue jump leans on a one-time World Cup broadcast.

Revenue fell 1.0% to $4.12 billion and adjusted EPS of $1.75 came in just below the $1.7854 consensus, so this reads as a modest miss rather than a break. The GAAP headline of $1.63 jumped 37.7% only because investment losses shrank. Read every number with the yen in mind: a 9.3% weaker average rate dragged reported dollars down.

Airbnb's second quarter was an acceleration story: revenue rose 16.5% to $3.608 billion, net income hit $816 million, and management raised its full-year outlook again. GAAP earnings of $1.27 a share only matched the $1.2769 consensus and leaned on a $77 million tax benefit, so the headline beat is about demand, not profit per share. Read the revenue and margin lines first; treat the tax item as noise.

Akamai's second quarter was a revenue-in-line, profit-under-pressure story: $1.10 billion of sales, up 5.4%, but GAAP operating income fell 47.0% to $80.3 million and gross margin slid to 55.8%. Read the scorecard top-down, because the growth engines are working while the cost line and the shrinking delivery business drag profit. Profit quality, not headline growth, is the issue this quarter.

AIG's quarter was mixed: adjusted earnings per share of $2.00 beat the $1.94 consensus, but GAAP net income fell 17.1% to $948 million and revenue of $7.09 billion was flat year over year. Read the underwriting ratios for the real story — they improved at group level even as one segment soured.

BD's fiscal third quarter was a beat-and-raise: adjusted EPS of $3.23 topped the $3.17 consensus, revenue rose 5.4% to $4.98 billion, and management lifted the midpoint of full-year adjusted EPS guidance. Gross margin slipped to 46.5% and GAAP net income fell 34.3% to $377 million on a discontinued-operations loss, so read the adjusted headline next to the GAAP one.

Sempra beat on profit and left its 2026 adjusted guidance range untouched. Adjusted EPS of $1.16 topped the $1.0688 consensus by 8.5%, helped by Texas utility earnings that rose from $208 million to $346 million. The caveats: GAAP profit leaned on $82 million of unrealized derivative gains, revenue was down year over year, and long-term debt grew by $2.044 billion in six months. Read the adjusted numbers, then the balance sheet.

Targa's second quarter was a blowout: record adjusted EBITDA of $1.60 billion and earnings of $3.54 per share beat the $2.77 consensus, and management pushed full-year 2026 EBITDA toward the top of its $5.7 billion to $5.9 billion range. Read the quarter as volume-led, not price-led — fee revenue did the work while commodity sales slipped and Permian gas prices went negative.

Shopify grew revenue 34.0% to $3.58 billion and operating income 67.7% to $488 million in the June 2026 quarter — a genuinely strong quarter whose headline EPS of $1.16 was inflated by $1.06 billion of equity-investment gains. Read the scorecard on operating income and free cash flow, not net income: excluding those marks, the business earned $439 million.

Revenue rose 49.8% to $10.17 billion while operating income fell 17.0% and net income fell 10.9% — management chose growth and engagement over near-term margin. Read the quarter through two lenses: the reported income statement, which shows 5.5 percentage points of operating margin compression to 6.7%, and the operating metrics, where items per buyer rose 14% and ecosystemic users grew 37%. Earnings per share of $9.19 still beat the $8.83 consensus.

Lilly's second quarter was a clean beat: revenue of $22.97 billion, up 48.0%, and non-GAAP EPS of $8.38 against a $6.07 consensus. Read it with two caveats — $3.03 per share of acquired IPR&D charges sit inside those numbers, and the full-year EPS range was narrowed even as revenue guidance rose. The underlying franchise is accelerating; the accounting noise is not.

McKesson's adjusted profit grew 20.0% and management raised full-year guidance, so this quarter is a beat on the numbers investors watch most. The catch is the gap between adjusted and reported results: GAAP net income fell 22.0%, driven mostly by a $293 million charge tied to selling a slice of the medical-surgical business. Free cash flow was also negative at -$372 million, so read the two profit lines together, not one alone.

MetLife's second quarter of fiscal 2026 was a strong operating quarter behind a flat-looking headline: adjusted earnings per share rose 20.3% to $2.43 and beat the $2.3159 consensus, while GAAP net income of $705 million was only 1% higher than a year ago. Read the adjusted lines for how the businesses performed, and the GAAP lines for what markets did to the portfolio.

Motorola Solutions beat on the bottom line and raised full-year targets again: non-GAAP EPS of $4.41 versus a $3.8899 consensus, on revenue of $3.13 billion, up 13.0%. Read the beat carefully — $0.25 per share came from a one-off tariff refund, and organic growth was 5.0% once $243 million of acquisitions are stripped out. The story is still strong on backlog and margins, but less explosive than the headline suggests.

News Corp closed fiscal 2026 with record revenue of $9.03 billion, up 7.0%, and a fourth quarter that beat the $0.22 consensus estimate, with adjusted EPS of $0.35 and GAAP EPS of $0.33. Read the headline growth with care — currency added $189 million for the year, and the segment bars below cover the quarter while the cost chart covers the full year.

NiSource's second-quarter GAAP profit fell to $45.5 million from $102.2 million a year ago, and adjusted EPS of $0.16 came in just under the $0.1635 consensus. Total operating revenue rose 4.6% to $1.3424 billion, but depreciation and maintenance costs ate the gain. Guidance was reaffirmed, so the story is spending and cash rather than demand — watch the $28.6 billion capital plan.

Phillips 66's second quarter was a blowout: net income of $3.847 billion, or $9.55 a share GAAP, against a consensus estimate of $7.5136, on revenue of $51.00 billion. Read it as a margin quarter, not a growth quarter — refining realized margin jumped to $24.08 a barrel from $10.11 in the first quarter, and total debt fell $6.6 billion to $20.6 billion.

Realty Income delivered the steady quarter its net-lease model promises: revenue of $1.55 billion, up 9.7% from a year ago, and AFFO per share of $1.09, up 3.8%. The growth came from buying properties rather than raising rents — same store rental revenue rose only 1.2%. Guidance for the year was nudged higher. Read the GAAP profit line knowing it swings on write-downs and property sales, not on rent collection.

Zimmer Biomet's Q2 FY2026 revenue grew 4.8% to $2.177 billion, but adjusted diluted EPS was $2.07, flat versus last year and just above the $2.0294 consensus estimate. GAAP EPS jumped 33.8% to $1.03 on lower tax and restructuring charges, while gross margin slipped to 70.8%. The company raised full-year guidance on both revenue and adjusted EPS, so the quarter supports a neutral stance: steady execution, but no acceleration in underlying profitability.

CVS Health beat on both earnings and revenue and raised full-year guidance, making this a clean quarter. GAAP diluted EPS of $2.31 and adjusted EPS of $2.58 came in well above the $1.8702 consensus estimate, while revenue of $106.096 billion rose 7.3% on the prior year. The margin story is the one to watch: the medical benefit ratio fell to 87.4% as the Health Care Benefits recovery plan took hold.

DoorDash's Q2 2026 was a tale of two income statements: revenue of $4.45 billion rose 36.0% and Adjusted EBITDA of $914 million rose 40.0%, while GAAP net income fell 30.0% to $200 million. The gap is mostly depreciation, amortization and one-off legal reserves, not weak order demand. Read the operating metrics first, then treat the GAAP line as the accounting residue.

eBay's Q2 FY2026 was a strong quarter with a quieter quarter already baked into guidance: revenue rose 15.0% to $3.13 billion and non-GAAP EPS of $1.60 beat the $1.5356 consensus, yet Q3 revenue is guided to $3.07-$3.12 billion, below the $3.13 billion just reported. Read the quarter as a margin-and-EPS story, and the guidance as a sign growth is cooling.

Expedia closed fiscal 2026's second quarter with a broad beat: revenue of $4.32 billion rose 14.0%, GAAP EPS of $7.16 nearly tripled and adjusted EPS of $5.76 beat the $5.34 consensus. Management raised full-year revenue and margin guidance. The wobble is mix: B2B is now the growth engine but earns thinner margins, and shareholder equity is thin against debt.

Global Payments' second quarter of 2026 looks ugly at the GAAP line and merely okay underneath: reported EPS of $0.05 against adjusted EPS of $3.46, on revenue of $3.32 billion swollen by Worldpay. The gap is the story — $995.06 million of earnings adjustments, most of it intangible amortization from the acquisition. Read the adjusted numbers for the business, and the GAAP numbers for what shareholders actually keep.

Host Hotels delivered a strong operating quarter: comparable hotel RevPAR rose 7.0%, comparable hotel EBITDA margin improved to 31.9%, and management raised full-year RevPAR guidance. The catch is that reported revenue grew only 3.4% and EPS of $0.35 landed just below the $0.3636 consensus, because sold hotels keep shrinking the revenue base. Read this as an operations story, not a headline-revenue story.

Insulet's second quarter was strong on the income statement and softer on the outlook: revenue rose 23.5% to $801.7 million and adjusted earnings per share climbed 41.5%, while management trimmed full-year constant-currency revenue growth to 20%–22%. Read the scorecard for the growth and margin detail, then the guidance section, where the type 2 diabetes rollout is the story.

Iron Mountain's second quarter of 2026 was a record on revenue and profit: $2.03 billion of revenue, up 18.5%, and $106.1 million of net income versus a year-ago loss. The catch is cash: free cash flow was negative $38.9 million, because data center construction eats nearly everything the business throws off. Read the quarter as a growth story funded with debt, and judge it on leasing and leverage, not just the headline.

Kraft Heinz's second quarter of fiscal 2026 looks ugly at the bottom line — a $5.46 billion net loss — but almost all of it is a $7.4 billion non-cash impairment. Strip that out and adjusted EPS of $0.56 beat the $0.5344 consensus, yet adjusted operating income still fell 18.4%. Read the quarter as two stories: write-downs versus a shrinking profit engine.