Latest earnings analyses

Schwab's second quarter of FY2026 was a record on both the top and bottom line: revenue of $7.07 billion, up 21.0% year-over-year, and net income of $2.80 billion. Adjusted EPS of $1.62 beat the $1.58 consensus, helped by $170 million of pre-tax costs excluded from the adjusted figure. The view here is Bullish, based on broad revenue growth, record client asset gathering and a 25% return on equity.

Steel Dynamics earned $3.69 per diluted share on $6.09 billion of revenue in Q2 2026, up from $2.01 and $4.57 billion a year ago, with the top line 17.0% above Q1. The read: pricing and record volumes did the work, and the aluminum startup loss narrowed 48% sequentially. The only blemish is a 0.5% EPS miss against consensus.

Synchrony earned $885 million, or $2.59 per diluted share, in its fiscal 2026 second quarter — a 21.5% beat against the $2.13 consensus estimate and above last year's $2.50. Read the beat carefully: revenue rose just 2.3%, costs climbed 7%, and a smaller credit reserve release did much of the work. The case here rests on credit and capital return, not on operating leverage.

Chubb beat the $6.95 consensus earnings estimate with core operating EPS of $7.26, up 18.2% on a better combined ratio and record investment income. GAAP net income of $2.85 billion was still 3.8% below last year because prior-year realized gains were unusually large. Read the quarter on core operating earnings, underwriting and book value — not on the headline revenue line, which the filing itself flags as inconsistent.

Danaher's second quarter beat on the bottom line and management raised full-year profit guidance, so the quarter reads Bullish despite a softer gross margin. Revenue rose 5.5% to $6.265 billion and adjusted EPS of $1.94 topped the $1.8533 consensus, while GAAP EPS jumped 60%. The catch is a 57.6% gross margin, down from 59.3% a year ago and 60.3% last quarter.

Neutral: D.R. Horton beat consensus EPS by about 4.4% in FY2026 Q3, but revenue was flat at $9.23 billion and gross margin slipped to 23.3%. Read it as a company holding its ground on volume and cash return while price and incentives do the work — the earnings beat leaned on a 6% smaller share count, not on better homebuilding margins.

Equifax beat its own revenue guide and the adjusted EPS consensus, but GAAP net income fell 4.0%. The quarter shows an 11.0% top line with USIS up 17.0% and U.S. mortgage up 25.0%, offset by a flat 32.5% adjusted EBITDA margin and a $40.0 million legal settlement charge. Read the revenue lines as the growth story and the margin and legal lines as the brakes.

Supermicro closed FY2026 with $39.06 billion of revenue, up 77.8%, and a fourth quarter that finally showed margin relief: gross margin of 17.5% versus 9.9% in Q3. The catch is cash — operating activities used $6.81 billion for the year as inventory and receivables ballooned. Read the margin line and the balance sheet together; they tell different stories.

Domino's revenue grew 4.3% to $1.19 billion in Q2 FY2026, but EPS of $4.07 landed below the $4.215 consensus and U.S. same-store sales were up just 0.1%. The growth engine was orders and new stores, not pricing: net income rose 3.6% to $135.75 million while gross margin slipped to 40.0%. Read this as steady, mildly decelerating.

W. R. Berkley's second quarter was better than the headline numbers suggest: operating EPS of $1.27 beat the $1.0956 consensus by 15.9%, the combined ratio improved to 90.0%, and net investment income hit a record $418.7 million. Read the top line with care — revenue rose just 1.2% to $3.72 billion, and the Reinsurance segment shrank. This is a profitability story, not a growth story.

Travelers posted a blowout quarter: net income of $2.208 billion, or $10.26 per diluted share, nearly double the $5.47 consensus EPS estimate. Revenue was flat at $12.153 billion, but lower catastrophe losses and higher investment income drove the profit surge. The stock reaction will likely hinge on whether this level of underwriting profitability is sustainable.

Truist beat the $1.089 consensus EPS with $1.23 and grew revenue 5.5% year over year to $5.265 billion, so the headline is a clean beat rather than a cost-cutting story. Read it as a fee-income quarter: investment banking and trading income jumped 71.7% while net interest margin slipped to 2.98%. The bank returned $1.8 billion of dividends and buybacks.

Fifth Third's second quarter was a beat on the numbers management controls and a miss on the headline: reported EPS of $0.83 fell short of the $0.966 consensus, while adjusted EPS of $1.02 cleared it. Revenue of $3.274 billion was up 46% year over year, but the jump is mostly Comerica arriving for a full quarter. Read the GAAP-to-adjusted gap and the capital ratios before you judge the growth.

Regions earned $570 million in the second quarter of 2026, with GAAP EPS of $0.64 landing almost exactly on the $0.646 consensus and adjusted EPS of $0.68 clearing it. Revenue of $1.907 billion was flat year over year and up only 1.8% sequentially, yet credit quality improved and Wealth Management set a record. Read this quarter on the adjusted numbers and the credit trends, not the headline revenue line.

GE Aerospace grew revenue 21.1% to $13.35 billion and beat the $1.9151 EPS consensus with adjusted EPS of $2.02, while lifting full-year guidance on profit, EPS and cash. Read the quarter through two lenses: commercial services demand, which drove the upside, and margins, which still shrank on install-engine mix, investments and inflation. The pages below unpack both threads, plus the balance sheet and the risks.

Intuitive Surgical's second quarter was strong on every line the company controls: revenue rose 18.5% to $2.89 billion, non-GAAP EPS of $2.80 beat the $2.5503 consensus, and non-GAAP gross margin reached 70.0%, above the full-year guide. Read the beat with one caveat — $0.08 of the $2.80 came from refunds of tariffs paid in prior periods, not from surgery. The operating momentum looks real; tariff policy is the main swing factor.

Netflix beat nobody and missed nobody: revenue of $12.56 billion and EPS of $0.80 landed essentially at plan, and full-year guidance was narrowed rather than raised. Read the quarter as a deceleration story attached to a strong profit engine — growth slowed to 13.4% and Q3 is guided to 11.7%, while a 33.4% operating margin and $4.71 billion of buybacks did the heavy lifting.

Prologis grew second-quarter revenue 11.1% to $2.43 billion and nearly doubled net income to $1.06 billion, while GAAP earnings per share of $1.13 beat the $0.7979 consensus by 41.6%. The headline flatters the business in two ways: strategic capital revenue jumped 64.2% and gains on dispositions swelled. The cleaner signal is same-store cash NOI of 8.5%, above the top of full-year guidance.

Abbott's 13.0% reported sales growth is mostly the Exact Sciences deal, not the base business — comparable growth was 4.8%. Adjusted EPS of $1.31 squeaked past the $1.2922 consensus, and management raised the full-year adjusted EPS range to $5.45–$5.60. The catch: getting from 4.8% to the guided 6.5%–7.5% comparable growth needs a much stronger second half.

State Street beat the $3.36 consensus EPS estimate, and net income rose 56.4% from a year ago to $1.08 billion. The quarter was carried by fee revenue, up 17.2%, with a 34.3% pre-tax margin and a 25.5% return on tangible common equity showing the operating leverage. The view is Bullish, because growth is now coming from fees as well as from interest rates.

U.S. Bancorp's second quarter of fiscal 2026 was a clean beat: $7.712 billion of revenue, up 10.1% year over year, $1.35 of diluted EPS against a $1.2894 consensus, and a 2.79% net interest margin. The read is positive on earnings power, but the filing has no forward guidance, so grade it on the run-rate and on credit costs. Start with the scorecard, then the balance sheet.

UnitedHealth beat on profit and raised full-year guidance, but the top line barely moved. Second-quarter revenue of $112.03 billion was up 0.4%, while net income of $5.48 billion rose 61.0% and adjusted EPS of $6.38 came in roughly 28.8% above the $4.9533 consensus estimate. Read this quarter as a margin story, not a growth story: pricing, medical cost management and a smaller membership base did the work.

Citizens Financial Group posted a strong fiscal 2026 second quarter: revenue of $2.283 billion rose 12.1% from a year ago, net income of $587 million rose 34.6%, and EPS of $1.30 beat the $1.2534 consensus by about 3.7%. The quality matters more than the size: growth arrived with 6.4% positive operating leverage, a 13.9% return on tangible common equity, and falling charge-offs. Read the credit and funding lines for the caveats.

Johnson & Johnson's second quarter was a beat-and-raise: sales rose 6.6% to $25.31 billion, adjusted EPS of $2.90 topped the $2.87 consensus, and management lifted full-year reported sales guidance to $101.1 billion at the midpoint. The catch is that GAAP net income was flat and GAAP EPS slipped, so read the quarter on the operational line, not the headline profit number.

Morgan Stanley posted record quarterly net revenues of $21.348 billion and diluted EPS of $3.46, beating the $3.0321 consensus by 14.1% and lifting return on tangible common equity to 26.6%. Read the beat as evidence that the trading and wealth engines ran at full speed at the same time; read the capital actions as management's own confidence signal.

PNC's second quarter of fiscal 2026 was strong: revenue rose 21.4% to $6.88 billion and diluted EPS of $4.81 beat the $4.4592 consensus. Read the growth with care, because $448 million of it is a one-time Visa share exchange gain. Credit stayed calm, with net charge-offs at 0.25% of average loans and nonperforming assets falling to $2.15 billion.

The quarter was strong — net income $3.31 billion — but we call it Neutral. Diluted EPS of $5.67 beat the $4.87 consensus estimate by 16.4%, yet the underwriting gain leans on a one-time property reserve adjustment and June alone was weak, with net income down 31.0% to $779 million. Read the year-over-year growth rates — net income +4.3% — as the truer signal.

BlackRock's second quarter of 2026 was a flow story: $192 billion of net inflows, revenue up 31% to $7.084 billion, and adjusted EPS of $13.91 that beat the $12.72 consensus. GAAP EPS of $12.19 fell short of that estimate, and the $1.72 difference between the two measures is where the questions start. The operating engine looks strong; the earnings quality is the part worth checking.

BNY beat consensus and grew revenue 13.3% to $5.70 billion, and all three main businesses contributed. The headline numbers are strong: $2.45 of GAAP EPS against a $2.2442 estimate, a 39.8% pre-tax operating margin and a 31.3% return on tangible common equity. The catch sits under the surface, where deposit margin compression and an 87% year-to-date payout ratio limit how far the pace can stretch.

United grew revenue 16.0% and adjusted EPS beat the $1.8947 consensus, and management raised full-year adjusted EPS guidance to $9.00–$11.00. Yet net income fell 17.3% as fuel expense jumped 84.1%. Read the quarter as a demand win and a cost loss: pricing power is real, but profitability now depends on United recovering fuel costs through fares.