Latest earnings analyses

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.

CF Industries delivered a strong operating quarter: revenue rose 17.6% to $2.22 billion, gross margin jumped to 51.5% and diluted EPS nearly doubled to $4.73. The catch is that consensus expected $5.67, so a 16.6% earnings shortfall sits inside an otherwise excellent print. Read the scorecard as pricing power doing the work while volumes sag.

Charles River posted $1.00 billion of second-quarter revenue and a small GAAP loss, but beat the $2.76 non-GAAP EPS consensus with $3.02 and raised full-year guidance. Read it as a transition quarter: divestitures and one-time charges distort the headline, while organic growth of 0.1% shows the core business is only starting to stabilise.

Sandisk closed fiscal 2026 with revenue of $20.25 billion, up 175%, net income of $11.43 billion and a 71.5% gross margin, so the view here is Bullish — but read it as a price-driven memory upcycle, not steady compounding. Two-thirds of the latest quarter's sequential growth came from pricing, and guidance only extends the run by one quarter.

Solventum beat on adjusted profit and raised full-year guidance on organic sales, adjusted EPS and free cash flow, so the quarter reads Bullish — but much of the strength came from items that will not repeat. Read the top line two ways: reported sales rose 2.2% while organic sales rose 9.5%, because the Purification and Filtration business sold in September 2025 still sat in last year's reported numbers.

Steris delivered a clean fiscal 2027 first quarter: revenue of $1.49 billion, gross margin up to 45.8%, and adjusted EPS of $2.59 that beat the $2.5272 consensus. Management kept its full-year earnings range but trimmed free cash flow to about $800 million because capital spending is rising. Read the quarter as steady demand, better margins and reaffirmed guidance — with the cash-flow haircut as the one thing to watch.

TPL's second quarter of 2026 was a record on the headline lines: revenue of $246.1 million, net income of $153.9 million, diluted EPS of $2.23 (a slim beat over the $2.2069 consensus), $155.5 million of free cash flow and no debt. Royalties did most of the work because oil realizations jumped, while water and surface income kept climbing. Read it as a high-margin, unhedged Permian landowner at a strong point in the price cycle.

Uber's second quarter of FY2026 was a strong operating quarter wrapped in a noisy headline: revenue rose 12.0% to $14.19 billion and non-GAAP EPS reached $0.81, while GAAP EPS of $1.17 leaned on a $1.6 billion pre-tax gain on equity stakes. Read this quarter on non-GAAP operating income of $2.14 billion, up 40.0%, and free cash flow of $2.79 billion, not on GAAP net income of $2.39 billion.

Disney's fiscal Q3 was a beat on the numbers management controls: adjusted EPS of $2.06 topped the $1.8763 consensus and segment operating income rose 21.0%. Revenue of $25.25 billion grew 7.0% on a strong Experiences quarter. The catch is that reported GAAP EPS fell to $1.51 because last year carried a one-time Hulu benefit, so the operating story and the headline number point in different directions.

Western Digital closed FY2026 with revenue of $12.92 billion, up 36.0%, and Q4 growth of 44.0% year over year, the best quarter in the sequence we were given. The view is Bullish, with one caveat: GAAP EPS of $24.28 leans on a $6.50 billion one-off gain on the retained Sandisk stake, so the non-GAAP $10.22 is the cleaner read on storage.

Corpay beat on the bottom line: adjusted EPS of $7.00 versus a $6.71 consensus, on revenue of $1.34 billion, up 21.0%. Organic growth was 10.0% and management raised full-year revenue and profit guidance. The catch is GAAP: net income fell 13.0% to $248.31 million because of a $100 million FTC settlement charge. Read the quarter as a strong operating print with one legal hit inside GAAP.

Albemarle's second quarter was a price-led blowout: revenue of $1.74 billion, adjusted EPS of $3.75 against a $3.27 consensus, and adjusted EBITDA of $858.1 million. Read it as a lithium-price print, not a volume story — Energy Storage volumes rose 11.0% while realized prices rose 60.5%. Guidance is therefore presented as three price scenarios, not one number.

Allstate's second quarter of 2026 was strong on every reported line: revenue rose 11.8% to $18.60 billion, adjusted earnings per share of $8.99 blew past the $6.18 consensus, and $1.30 billion went back to shareholders. Our view is Bullish, but read the quality closely. The underlying Property-Liability combined ratio was essentially flat at 79.4, so much of the upside came from lower catastrophe losses and favorable reserve releases rather than a better core margin.

AppLovin grew revenue 52.8% to $1.92 billion and earned $3.76 per diluted share, matching the $3.7574 consensus almost exactly. Profitability remains extreme: 88.3% gross margin and $1.27 billion of net income. The soft spot is cash, where operating cash flow fell to $869.0 million and receivables kept building. Guidance implies more growth, just slower. Our view is Bullish.

Atmos Energy beat consensus on earnings and grew revenue 4.8%, then reaffirmed full-year guidance of $8.40 to $8.50 a share — a Bullish read. The scorecard below separates what actually moved: net income up 30.2%, a pipeline and storage segment now earning more than distribution, and capital spending of $3.1 billion already in the ground. Read the guidance section closely, because no history was provided for it.

Axon grew revenue 35.3% to $904.4 million and lifted its full-year growth plan, while bookings and recurring revenue rose even faster than sales. The GAAP picture is thinner: net income was $29.4 million and free cash flow was slightly negative. Read this quarter as a demand story, not a profit story.

Block's second quarter was two different reports wearing one cover: gross profit rose 25% to $3.17 billion and adjusted EPS hit $1.02, but GAAP net income fell to $88.5 million and GAAP EPS of $0.15 badly missed the $0.8764 consensus. The gap is $365 million of legal and restructuring charges. Read the gross profit, margin and cash flow lines for the business, and the GAAP lines for the noise.

CDW's fiscal 2026 second quarter was a growth story with a thinner profit layer: revenue rose 10.0% to $6.5722 billion and non-GAAP EPS of $2.91 beat the $2.8275 consensus, but gross margin fell to 20.1% and free cash flow turned negative at -$82.6 million. Read the quarter as demand-led, not efficiency-led — the top line and earnings per share both improved, yet the cash and margin lines show what that growth cost.

Cencora beat the $4.3924 consensus adjusted EPS estimate with $4.48 and nudged full-year guidance up to $17.75–$17.95, so the quarter reads Bullish. The catch is mix: revenue rose 5.1% to $84.75 billion while $95.74 of every $100 of revenue still goes straight to product cost. OneOncology lifted gross margin and also added debt.

SpaceX's second quarter was a real step up in scale: revenue of $7.81 billion, up 92.0% from $4.07 billion a year ago, gross margin of 55.3% versus 43.9%, and a net loss of $541 million that is roughly half of last year's. The catch is cash: quarterly capex of $18.37 billion topped revenue. Read it as a business growing fast while spending faster, and the view is Neutral.

Astera Labs beat on both revenue and EPS, and guided Q3 revenue 40.2% above the quarter just reported — growth is not the problem. The problem is quality: gross margin fell 3.0 points sequentially to 73.3%, and a $50.3 million tax benefit pushed net income above pretax income. Read this as a fast-growing business whose next quarter depends on one product ramp and whose profit is getting thinner.

Gilead's base business grew 10.0% to $7.80 billion, but $11.18 billion of acquired IPR&D plus a $1.75 billion impairment turned the quarter into a $10.50 billion net loss. Read that as an accounting event about buying three companies, not a demand problem: HIV sales rose 12.0% and management raised its base-business sales forecast. The catch is a balance sheet that shed $7.43 billion of cash in six months.

Rockwell beat on the bottom line and raised full-year guidance: adjusted EPS of $3.49 rose 22.0% year over year and topped the $3.42 consensus, while sales of $2.31 billion grew 8.0% reported and 10.0% organically. Read the quarter as a volume-and-mix story, not a tax story, because the GAAP number leans on the Sensia joint-venture gain. Free cash flow of $654 million covered the dividend and buyback comfortably.

Zebra's second quarter was its strongest in the quarters shown: revenue rose 20.4% to $1.557 billion, gross margin jumped to 53.0%, and non-GAAP EPS of $6.35 beat the $4.4449 consensus. The company raised its full-year outlook. The catch is that a large part of the margin gain came from $73 million of IEEPA tariff recoveries, and organic growth was 9.2% once acquisitions and currency are stripped out.

Qnity's second quarter was a clean top-line beat with a messy bottom line. Revenue of $1.43 billion rose 22.1% from $1.17 billion a year earlier, yet GAAP net income fell 31.3% to $136 million because spin-off interest, amortization and restructuring now sit in the numbers. Read adjusted EPS of $1.19 against the $1.0829 consensus, and treat GAAP EPS as a year of transition accounting.

Mosaic lost $272.8 million in the June 2026 quarter, or $0.86 per share, as sulfur and ammonia costs and self-imposed production cuts shrank gross margin to 7.6% from 17.3% a year earlier. On adjusted numbers the quarter looked far less ugly and slightly beat the $0.13 consensus: adjusted EPS was $0.13 and adjusted EBITDA was $407 million versus $566 million. Read the loss as a cost-and-curtailment story, not a demand collapse — potash held flat.

NRG earned $506 million on a GAAP basis, a $610 million swing from a year ago, but most of that came from $289 million of non-cash hedge gains stripped out of adjusted results. Adjusted EPS of $1.49 missed the $1.71 consensus and slipped from $1.73, and the LS Power acquisition lifted long-term debt to $21.74 billion. Read the GAAP line as hedge noise, the adjusted line as the operating signal, and the balance sheet as the real question.

ONEOK beat on the bottom line and grew revenue fast, but that growth came from thin-margin commodity volumes rather than steady fee income. Revenue rose 52.8% to $12.049 billion, and diluted EPS of $1.53 came in above the $1.4722 consensus. The catch is gross margin: it fell to 23.3% from 32.0% a year earlier, so each extra dollar of sales carried less profit than before.

Pfizer's second quarter looks ugly on the GAAP line — a $248 million net loss and $(0.04) per share — but that red ink is almost entirely a $4.3 billion non-cash impairment charge. Adjusted EPS of $0.77 beat the $0.6914 consensus, revenue rose 3.0% to $15.03 billion, and Pfizer raised the midpoint of its 2026 revenue guidance. Read the quarter as a beat-and-raise wrapped in an accounting loss.