Latest earnings analyses

Philip Morris beat the adjusted earnings estimate and grew revenue 10.4% to $11.19 billion, yet reported EPS fell 7.7% because of a non-cash write-down. The $0.40 gap between reported $1.80 and adjusted $2.20 is the story of the quarter: operations improved, accounting did not. Judge this quarter on gross margin, segments and cash flow.

PulteGroup beat a $2.39 consensus EPS estimate with $2.48 in Q2 2026, but the beat came from cost control and a smaller share count, not demand: revenue fell 9.6% to $3.98 billion and net income dropped 22.4% to $472.00 million. Orders rose 6% while free cash flow turned negative, so read this quarter as a stabilizing order book sitting on top of a still-shrinking income statement.

Raymond James posted records across the board in its fiscal third quarter, and the growth is broad: net revenues rose 16.0% and diluted EPS 42.0% year over year. The catch is quality, since the 20.7% tax rate drove most of the sequential earnings gain. My view is Bullish. Read the segment notes and the balance sheet below.

Rollins grew revenue 7.9% to $1.08 billion, yet operating margin fell 110 basis points and adjusted EPS of $0.32 landed below the $0.344 consensus estimate — growth without much profit leverage. Management blamed softer consumer-initiated residential demand while relationship-based channels held up. Read this as a demand-and-margin story, not a cash story: free cash flow stayed near $166 million.

Texas Instruments beat on both lines: revenue rose 23.0% year over year to $5.46 billion, and EPS of $2.14 came in about 9.5% above the $1.9543 consensus estimate. Read the quarter as demand recovery plus margin repair rather than a one-off, because gross margin jumped to 61.4% and trailing free cash flow reached $6.5 billion. The open question is whether next quarter's $5.90 billion guidance midpoint holds.

Record revenue of $4.410 billion and a 9.6% EPS beat make this a Bullish quarter for United Rentals, and management raised full-year guidance again. Rental revenue grew 12.7% to $3.849 billion, or 87.3% of the total. The caveats: $0.58 of EPS came from a one-off asset sale, and specialty rental margins fell 140 basis points.

Vivmark Residential's quarter was operationally fine and optically ugly: revenue rose 2.1% to $785.0 million, but GAAP EPS fell to $0.30 from $0.50 because last year included large property sale gains. Same-store revenue grew 1.9% while expenses grew 3.0%, so NOI improved just 1.4%. With per-share guidance withdrawn during the merger, same-store numbers are the only yardstick left.

Wabtec's second quarter beat on the bottom line with a raised full-year outlook: adjusted EPS of $2.76 topped the $2.63 consensus, sales rose 17.5% to $3.18 billion, and cash conversion jumped to 82% from 46%. One caveat matters when reading this: acquisitions supplied $232 million of the $473 million sales increase, and a receivables figure in the data does not match the filed balance sheet.

CME Group's Q2 2026 was solid but not a step forward: revenue of $1.71 billion rose 0.8% year over year, adjusted EPS of $2.99 edged past the $2.94 consensus, and volumes actually fell. Read it as a mix story — record market data revenue and collateral-driven investment income are carrying a quarter in which clearing fees slipped 2.6%. The sequential drop from Q1's $1.88 billion is the part worth your attention.

Crown Castle's second quarter was its first as a pure-play US tower company, and the headline numbers point in opposite directions. Reported net income fell to $94 million from $291 million, while AFFO per share rose 11% to $1.13 and management nudged full-year AFFO guidance higher. The view is Neutral: organic tower growth is real, but reported revenue is shrinking, leverage is heavy, and the filing's own revenue lines do not reconcile.

CSX delivered a record quarter: revenue of $3.94 billion, earnings per share of $0.54 and an operating margin of 38.3%, with volume up 6.0%. The quarter beat the $0.52 consensus EPS estimate (0.5224) and showed real margin expansion. The catch is that part of the growth came from fuel surcharges and management gave no numeric outlook for the second half, so the operating story reads strong while the forward visibility reads thin.

GE Vernova's second quarter of 2026 was a demand story: orders rose 88.0% organically, revenue grew 22.0% to $11.10 billion, and free cash flow of $5.11 billion beat all of 2025 combined. Management raised full-year revenue and cash guidance, which is why this reads <strong>Bullish</strong> on the business. The catch is reported profit: GAAP EPS of $2.47 missed the $3.13 consensus by 21.1%.

Globe Life grew Q2 2026 revenue 8.0% to $1.60 billion and lifted GAAP EPS 19.7% to $3.65, but that still trailed the $3.7866 consensus estimate. Health premium did the heavy lifting, up 16.0%, while health underwriting margin was nearly flat. Read the quarter as solid top-line growth with a softer per-share result than the headline implies.

Alphabet's headline numbers look spectacular: revenue of $119.80 billion, up 24.0%, and diluted EPS of $9.11. But $6.26 of that EPS came from unrealized gains on equity securities, not from selling ads or cloud capacity. Strip that out and EPS was $2.85, under the $2.98 consensus estimate. Operating income of $40.77 billion and a 34% margin show the core business is genuinely strong; free cash flow is negative.

AT&T's second quarter was a solid beat: revenue of $31.56 billion rose 2.3%, GAAP EPS of $0.66 and adjusted EPS of $0.65 both cleared the $0.5996 consensus, and management reiterated full-year guidance. Read this as a company trading legacy decline for fiber and wireless growth: Advanced Connectivity service revenue grew 5.1% while the copper-based Legacy segment shrank 25.9%. Quality of the beat matters as much as the size.

ServiceNow beat its own Q2 FY2026 guidance on revenue and beat the non-GAAP earnings consensus, then raised full-year subscription revenue guidance: that is a Bullish setup. The catch is that GAAP profit fell year over year and gross margin dropped to 70.7%, so read the numbers on two tracks — cash and bookings strength on one side, accounting charges and a slower Q3 guide on the other.

Southwest posted record quarterly revenue of $8.43 billion, up 16.4%, and adjusted EPS of $0.94 against a $0.5152 consensus estimate. Reported EPS of $0.47 told a rougher story because it absorbed a $285 million breakage-revenue charge the company strips out of adjusted results. Read this as a strong operating beat paired with a softer full-year earnings reset, not as a demand problem.

TE Connectivity's fiscal third quarter beat guidance on both sales and profit, and record orders point to demand that is still building — on the numbers, the quarter reads Bullish. Revenue of $5.16 billion rose 13.8%, and adjusted EPS of $2.94 topped the $2.87 analyst consensus. Read it as a growth story with two caveats: gross margin slipped versus the prior two quarters, and $0.39 of every adjusted share comes from charges excluded from GAAP earnings.

Teledyne's fiscal 2026 second quarter was a record on sales and profit: revenue rose 9.8% to $1,662.5 million, non-GAAP EPS climbed 20.8% to $6.28, and management raised full-year guidance. The wrinkle is that GAAP EPS of $5.37 came in under the $5.8537 consensus figure, a gap explained mostly by $56.0 million of acquired intangible amortization. Net view: Bullish.

Northrop Grumman beat on earnings and raised full-year guidance, but the quality of the quarter is mixed: the EPS beat leaned on a 6.3% tax rate, segment margins fell to 10.6%, and first-half free cash flow is still negative. Read it as a demand story — a record $104.7 billion backlog — running ahead of a cost story.

GM's second quarter looks like two different quarters: EBIT-adjusted rose 29.8% to $3.94 billion and adjusted EPS of $3.57 beat the $3.29 consensus, yet net income fell 31.1% to $1.31 billion. The gap is $2.46 billion of excluded items, mostly an EV realignment charge. We read this as Neutral: cash generation and adjusted profit improved, GAAP profit and the GAAP outlook did not.

Genuine Parts beat on adjusted earnings but earned less on a GAAP basis, and management cut its GAAP EPS outlook while reaffirming the adjusted one. Revenue of $6.54 billion rose 6.0%, yet only 3.4 points came from comparable sales. The verdict is Neutral: the core business is growing and gross margin improved to 37.8%, but the split and restructuring bills are eating a bigger share of profit.

Halliburton grew revenue 5.8% sequentially to $5.71 billion and delivered $0.55 of adjusted EPS, about 1.2% above the $0.5435 consensus. The catch: GAAP EPS of $0.64 leaned on a $95 million one-off credit, and the one region that shrank was the Middle East. Read the headline, then read the adjustment.

Hasbro's second quarter was strong where it counts: revenue up 16.0% to $1.14 billion, adjusted earnings of $1.28 beating the $1.15 consensus, and all three full-year targets raised. GAAP earnings of $1.12 came in just under consensus, mostly because of a $56 million impairment. Read the segment mix before the headline: Magic: The Gathering supplied nearly half the quarter.

Interactive Brokers' 2Q2026 was a clean beat: revenue of $1.90 billion, up 28.1%, and diluted EPS of $0.69 against a $0.651 consensus. The engine is net interest income, 55.7% of revenue, plus 34% more customer accounts. One caution: the tax rate was only 8.1%, flattering the bottom line. Read it as a growth quarter, not a cheap one.

KeyCorp delivered a beat: diluted EPS of $0.44 came in 3.1% above the $0.4269 consensus, on revenue of $1.96 billion, up 6.7% year over year. Read it as a margin story — net interest income up 9.4% as deposit costs fell — not a fee story, since noninterest income slipped 2.4% sequentially. One caution: the structured data feed shows revenue of $449 million, which conflicts with the release.

Marsh's second quarter was solid rather than clean: revenue rose to $7.40 billion and adjusted EPS reached $2.96, but GAAP operating margin slipped to 25.6% from 26.2% and first-half GAAP operating income fell 5%. The adjusted figures strip out $267 million of quarterly charges, including McGriff integration and restructuring. Read revenue first, then the adjustments — the gap between $2.63 GAAP EPS and $2.96 adjusted is where the story lives.

MSCI grew revenue 12.2% to $867.0 million and adjusted EPS 18.5% to $4.94, yet adjusted EPS still landed below the $5.04 consensus, and the company raised full-year cost guidance. Read the quarter as a strong top line with a slightly softer bottom line: the miss is small, but leverage and rising interest costs leave less room for error. View: Neutral.

3M's second quarter looked better than the headline GAAP numbers suggest: adjusted EPS of $2.40 beat the $2.2677 consensus and management raised full-year adjusted EPS guidance to $8.80 to $8.95. The catch is that GAAP EPS of $1.78 carries $0.62 of special items, and reported sales grew only 2.4% even as adjusted organic growth reached 5.4%. Read this as an operating improvement story, not a clean earnings story.

Capital One earned $3.02 billion, or $4.73 a share, in the second quarter of 2026 — up from $2.17 billion and $3.34 in the first quarter, though a hair below the $4.80 consensus. Strip out $0.60 of acquisition amortization plus $0.48 of Discover and Brex integration costs and adjusted EPS is $5.81. Read the quarter as solid core growth with rising expenses and a helpful reserve release.