Latest earnings analyses

Cintas closed fiscal 2026 with record revenue of $11.26 billion, a record 50.7% gross margin and 11.6% diluted EPS growth, then guided fiscal 2027 adjusted EPS 8.5% to 11.3% higher. Read it as steady compounding rather than a one-off quarter: organic revenue grew 8.3% and $1.65 billion went back to shareholders. The wildcard is the UniFirst deal, which guidance excludes.

Elevance Health's second quarter looked better on the top line than on the bottom line. Revenue of $50.47 billion rose 1.4%, and adjusted EPS of $7.45 beat the $6.27 consensus figure, yet shareholders' net income fell 16.1% and operating margin slipped to 3.5% from 4.9%. Management raised full-year adjusted EPS guidance to at least $27.00. Our view is Neutral: the beat is real, but the core underwriting margin is still shrinking.

J.B. Hunt's fiscal 2026 second quarter was a strong one: revenue of $3.50 billion, net income of $181.0 million and EPS of $1.91, all well ahead of the year-ago quarter, with EPS above the $1.7705 consensus estimate. Read it as volume-led: every segment except truckload's profit line improved and debt fell. Two caveats: fuel surcharge inflated the headline, and truckload lost money.

Prudential's second quarter of 2026 was a clear beat on the numbers management controls: adjusted operating EPS of $4.08 versus a $3.5647 consensus, net income of $985 million versus $533 million a year ago. The catch is that GAAP profit still carries $655 million of pre-tax realized investment losses. Read the adjusted figures for the operating trend, and the GAAP figures for what markets actually did to the portfolio.

M&T posted a strong quarter: $5.32 of diluted EPS beat the $4.71 consensus estimate, the net interest margin held at 3.70% and the efficiency ratio improved to 52.8%. Read this as an operating beat, not a revenue story — the $442 million tagged as revenue is just five fee lines, while net interest income plus other income came to roughly $2.53 billion.

Citigroup beat the $2.7952 consensus EPS estimate with $3.15, on revenue of $24.766 billion that rose 14.0% from a year ago. Net income of $5.831 billion was 45.0% higher year over year, and return on tangible common equity improved to 13.0% from 8.7%. Read this as a quarter where capital-markets revenue cooled from a huge first quarter while the payments, lending and wealth engines kept growing.

Bullish. Bank of America's 2Q26 revenue of $31.56 billion rose 15% and EPS of $1.21 beat the $1.1428 consensus, with net income of $9.07 billion up 27%. Read that as broad-based rather than one-off: net interest income, trading and fee lines all grew, credit costs fell, and $8.00 billion went back to shareholders. There is no numeric guidance to grade, only management's qualitative comments.

Wells Fargo beat the $1.7362 consensus EPS estimate by 15.2% with $2.00 of diluted earnings per share and $6.41 billion of net income, as revenue rose 8.6% to $22.62 billion. The quarter reads as broad-based: all four operating segments grew revenue, credit losses fell, and ROTCE reached 17.7%. What to watch is the funding side — net interest margin slipped to 2.43% and CET1 fell to 10.3%.

Fastenal's fiscal 2026 second quarter was a growth story with a soft spot: revenue rose 14.7% to $2.39 billion and net income rose 15.9% to $382.8 million, but EPS of $0.33 came in just under the $0.3343 consensus and gross margin fell to 44.6%. Read it as a share-gain quarter where operating leverage did the heavy lifting, while cash conversion and gross margin leave something to be desired.

Goldman Sachs posted $20.34 billion of net revenue and $20.98 of diluted EPS for the quarter ended June 30, 2026, beating the $14.91 consensus EPS estimate by 40.7%. Revenue rose 39% from a year ago and 18% from the prior quarter, with Global Banking & Markets contributing $15.52 billion. The quarter reads Bullish on earnings momentum, though trading gains and a tax benefit did much of the work.

JPMorgan Chase's second quarter was a blowout on the surface and solid underneath, so we read it as Bullish. Reported revenue of $57.35 billion rose 27.7% and diluted EPS of $7.70 beat the $5.91 consensus by 30.4%. But $1.56 per share came from one-off Visa and equity gains — strip those out and EPS is $6.14, still 4.0% above consensus. That gap is the whole story.

EQT's second quarter looks weak at the top and bottom lines, but most of that is hedge accounting: revenue fell to $1.81 billion and GAAP EPS dropped to $0.34 while production hit a record 634 Bcfe and management raised full-year volume guidance. Read the volume, cost and debt lines as the real story, and treat the revenue and EPS comparisons as derivative noise. View: Bullish on operations, tempered by pricing.

IBM's second quarter was a growth story in software and a drag everywhere else. Revenue rose just 1.1% to $17.162 billion, gross margin fell to 57.7%, and non-GAAP EPS of $2.93 missed the $2.9984 consensus. The read: software (up 5.1%) and Distributed Infrastructure (up 37.0%) are working, but Infrastructure fell 7.4% on a 42.0% drop in IBM Z. Guidance was reaffirmed in direction, not in numbers.

HCA's headline growth is real but flattered: revenue rose 8.7% to $20.230 billion, with $1.372 billion of Florida directed-payment catch-up baked in. Adjusted EPS of $7.59 inched past the $7.5425 consensus, helped by a shrinking share count. Management still cut full-year profit guidance, citing uninsured volume from lapsed exchange coverage. Read the quarter as volume-driven but payer-mix pressured: Neutral.

Pentair's Q2 2026 was a Pool problem, not a company-wide collapse: revenue fell 17.0% to $932.6 million and adjusted EPS of $1.14 missed the $1.21 consensus. Flow and Water Solutions kept expanding margins and free cash flow stayed above $550 million, so the damage is concentrated. The open question is whether this is a one-time channel reset, as management says, or something slower.

Diamondback's second quarter looks strong on every headline number: revenue of $5.56 billion, GAAP EPS of $6.65 and $1.88 billion of net income, with production passing 1.0 million barrels of oil equivalent a day. But the quarter leaned on $96.82 oil, gas realizations went negative and $134 million of profit came from debt extinguishment. That mix is why we lean positive, with one caveat.

Delta beat the earnings number it was judged on but not the one printed at the bottom of the page: adjusted earnings per share of $1.56 topped the $1.49 consensus, while GAAP net income fell 24.7% to $1.60 billion. Revenue of $19.76 billion rose 19.0% on broad demand. The story is simple: demand is strong, fuel is expensive. Scorecard view: Neutral.

Ares grew revenue 5.8% year over year to $1.43 billion and lifted GAAP net income to $150.6 million, but after-tax realized income of $1.29 per share came in below the $1.32 consensus and free cash flow turned negative at -$351.4 million. The view is Neutral: fundraising is at a record, yet the quarter's cash and per-share numbers did not keep pace.

Occidental Petroleum's second quarter beat on both profit and cash: reported EPS of $2.75 and adjusted EPS of $2.40 against a $1.8577 consensus, with the strongest free cash flow since 2022. Read this as a crude-price quarter first and an operational quarter second. Production and midstream both topped guidance, but realized crude prices jumped 38% from the prior quarter, and the filing's own revenue figures do not reconcile.

PepsiCo's headline Q2 FY2026 growth looks strong, but nearly all of it comes from currency and 2025 acquisitions, not from the business itself. Net revenue rose 6.4% to $24.18 billion, while organic revenue grew just 2.4%. Core EPS of $2.20 rose 4.0% but fell short of the $2.2293 consensus estimate, and the 137% GAAP EPS jump is a prior-year impairment artifact. Verdict: growth by accounting and currency, not by demand.

EOG posted the strongest quarter in the data shown: revenue of $8.62 billion rose 57.4% from a year ago and GAAP EPS of $5.15 beat the $5.0287 consensus. Read it as an oil-price quarter — the composite crude realization jumped to $98.15 per barrel — with record volumes and a $1.839 billion capital return as supporting evidence. Softer gas prices and a rising cost base are the counterweight.

APA's quarter was solid but not a beat: adjusted earnings of $1.89 per share landed almost exactly on the $1.8863 consensus, while revenue rose 9.0% to $2.373 billion and net income reached $747 million. Read the print as a cash-and-cost story — falling production and weak gas prices were offset by higher oil realizations, $738 million of free cash flow and continued debt paydown.

ResMed closed fiscal 2026 with 10.0% revenue growth to $5.65 billion and a 17.0% rise in non-GAAP earnings per share, so the core sleep and breathing franchise is compounding while margins widen. The fourth quarter looks messier on the GAAP line because $41.9 million of Astral field safety notification expenses landed in cost of sales. Read the quarter through non-GAAP gross margin, which still rose to 62.3%.

Regeneron beat the Street on the bottom line in Q2 2026: non-GAAP EPS of $14.29 versus a $10.47 consensus, on revenue of $4.29 billion, up 17.0% year over year. The catch is that almost all of that growth came from Sanofi collaboration revenue tied to Dupixent, while the product sales Regeneron records itself were flat. Read the margin and tax lines carefully — they explain why GAAP net income still fell.

Revenue grew 10.2% and GAAP gross margin jumped to 74.7%, but adjusted EPS of $3.65 came in just under the $3.6761 consensus, and full-year guidance was trimmed by $0.04 at the midpoint. Read this quarter in two layers: the operating business in immunology and neuroscience is compounding, while the GAAP-to-adjusted gap and the pending $10.9 billion Apogee acquisition explain most of the noise.

Tesla's Q2 FY2026 revenue rose 26.0% to $28.24 billion on record second-quarter deliveries of 480,126 vehicles, yet operating income fell 57.0% to $0.40 billion and free cash flow turned negative at $1.09 billion as capital spending jumped 142.0%. Earnings of $0.32 per share missed the $0.52 consensus estimate. The read: top-line growth is real, but the profit engine is squeezed by fading regulatory credits and lower average selling prices while the company spends heavily on AI and infrastructure.

General Mills ended fiscal 2026 with a $2.01 billion fourth-quarter net loss and a $3.74 GAAP loss per share, but adjusted diluted EPS was $0.95 and organic net sales were flat. The reported loss came from non-cash impairments and a divestiture valuation charge, so the useful read is through adjusted profit, cash flow and the fiscal 2027 outlook.

FactSet's quarter was a split screen: subscription growth held up, GAAP profit did not. Revenue rose 6.4% to $622.9 million and organic ASV grew 7.1%, yet net income fell 14.7% and GAAP diluted EPS dropped 9.6% on a much thinner gross margin. Buybacks did the heavy lifting on adjusted EPS. That mix keeps the read Neutral rather than Bearish.

Biogen's second quarter looks better underneath than on the surface: revenue of $2.74 billion rose 3.4% and non-GAAP EPS of $3.60 beat the $3.01 consensus, while reported guidance was cut to $12.00-$13.00 for deal charges. Neutral. Read the underlying business separately from the accounting noise from the Apellis deal, and watch whether gross margin and cash recover.

Eversource's second quarter looked ugly on the surface and soft underneath: GAAP EPS of $0.14 carried $0.73 of one-time charges, and the $0.87 recurring figure landed 5.6% below the $0.9213 consensus. The case rests on reaffirmed 2026 guidance and regulated rate-base spending rather than this quarter's results. Read it as a regulated utility doing its job with a quarter that did not clear the bar.