Latest earnings analyses

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.

Pinnacle West's second quarter was a demand story, not an earnings story: revenue rose 7.1% to $1.46 billion on an early Arizona summer, but diluted EPS fell to $1.43 from $1.58 and landed $0.05 below the $1.48 consensus. Higher interest and depreciation costs ate the top-line gain. Full-year guidance of $4.55 to $4.75 was unchanged.

PSEG's clean earnings beat says the regulated utility is fine; the headline numbers say the quarter was messy. Non-GAAP operating earnings of $0.86 a share topped the $0.8074 consensus while revenue fell 9.0% to $2.554 billion and GAAP EPS dropped to $0.67. Read GAAP and non-GAAP together: mark-to-market swings on power contracts, not operations, drove the gap.

Revvity's fiscal 2026 second quarter was a modest top line with a strong bottom line: revenue of $729.7 million grew 1.3% reported and 4.0% pro forma, and adjusted EPS of $1.41 beat the $1.2468 consensus by 13.1%, helped by $0.11 of tariff refunds. Read the Diagnostics-driven mix shift and the small guidance raise as the real story.

IDEXX delivered a genuinely strong quarter: revenue of $1.22 billion rose 9.7% as reported and 9.0% organic, gross margin reached 64.0%, and operating margin hit 35.0%. The $4.27 EPS beat the $4.0205 consensus, but $0.14 of it came from a share-based-compensation tax benefit, so the quality is lower than the headline suggests. Our read is Bullish, with cash conversion and the guidance mix as the details to watch.

IFF's second quarter looks better underneath than the headline. Continuing-operations sales rose 2.0% to $1.95 billion and comparable currency-neutral sales rose 6.0%, while adjusted EPS ex amortization of $0.82 came in below the $1.13 consensus EPS estimate. Read the GAAP and the adjusted numbers together, because this quarter's story is a portfolio being rebuilt, not a business accelerating.

Jacobs grew gross revenue 34.5% to $4.08 billion in its fiscal 2026 third quarter, yet adjusted EPS of $1.84 landed just below the $1.8684 consensus and gross margin fell to 19.9% from 25.0%. Read the headline growth with care: much of it is pass-through work billed to clients, and adjusted net revenue — the number management guides on — rose 8.3%. Cash generation and backlog were the clean wins.

Kimberly-Clark's second quarter looks calm on the surface — sales of $4.19 billion, up 0.6% — but the engine underneath is uneven. Organic sales slipped 0.1%, GAAP EPS fell 32.2% to $1.04, and adjusted EPS from continuing operations of $1.80 came in below the $2.03 consensus estimate. What genuinely improved was margin and cash: adjusted gross margin rose 190 basis points and the quarter produced $908 million of free cash flow.

Kimco delivered a solid quarter: revenue rose 4.9% to $550.80 million and FFO per share grew 4.5% to $0.46, with occupancy at a record 96.4%. The wobble is GAAP: net income fell year over year because property-sale gains shrank, and the $0.22 EPS figure now carries far less weight than the $0.46 FFO number. Read the dividend hike and the raised outlook as the real signals.

Leidos delivered a solid fiscal 2026 second quarter: revenue rose 7.2% to $4.55 billion, non-GAAP EPS of $3.26 beat the $2.97 consensus, and management nudged full-year guidance higher. The catch is the quality of growth — only 3.9% was organic, GAAP EPS fell 7% to $2.81, and adjusted EBITDA margin slipped to 13.8%. Read the segment mix and the cash flow line, not just the headline beat.

MPC's second quarter was a crack-spread quarter, not a volume quarter: revenue of $51.99 billion rose 53.8% from a year ago while throughput actually fell, and net income of $5.14 billion produced $17.73 of diluted EPS against a $13.88 consensus. Read this as a refining-margin story with midstream ballast, and ask how much of the margin level is repeatable.

McDonald's put up a solid quarter: revenue rose 4% to $7.10 billion, diluted EPS rose 6% to $3.32, and every segment posted positive comparable sales. Adjusted EPS of $3.38 just cleared the $3.3487 consensus. The catch is the U.S., where comparable sales grew only 0.8% on negative guest counts. View: Bullish, on global breadth rather than American momentum.

Merck's quarter looks ugly on the bottom line and solid on the top line: sales rose 5.0% to $16.61 billion, while a $5.7 billion charge for the Terns acquisition pushed GAAP EPS to a loss of $0.54. Strip out deal and restructuring costs and the non-GAAP loss was still $0.13, which is better than the $0.27 loss analysts expected. Read the sales line and the pipeline news, not the earnings line.

Duke Energy beat on profit and held its full-year outlook, so the quarter reads as steady rather than dramatic. Adjusted EPS of $1.43 topped the $1.318 consensus, and revenue of $7.59 billion edged past last year's $7.51 billion. The catch is where the growth comes from: rate recovery is doing the work, while depreciation and interest costs keep pulling the other way.

DuPont beat on adjusted earnings and raised full-year guidance, so the quarter reads Bullish even though the headline GAAP profit looks much smaller. The gap is presentation, not performance: $1.88 adjusted EPS versus $1.05 GAAP, because the Aramids business now sits in discontinued operations. Read revenue growth, segment margins and cash conversion first, and treat the bottom line as noise.

Emerson's fiscal third quarter beat on both the top and bottom line, and management raised its full-year outlook. Revenue of $4.87 billion rose 7.0%, gross margin widened to 54.5%, and adjusted EPS of $1.71 edged past the $1.69 consensus while excluding one-time tariff refunds. The soft spots were Europe, down 1.0%, and Final Control, where growth slowed to 4.0%.

Expeditors delivered a blowout second quarter: earnings per share of $2.03 beat the $1.72 consensus by 18%, on revenue up 32% to $3.50 billion. The view is Bullish, because the profit gain came with real volume growth in air freight and double-digit growth in customs, not just rate inflation. Read the numbers knowing that elevated air rates, tariff complexity and a $25 million restructuring charge all shaped the result.

FIS delivered $3.38 billion of revenue and $1.48 of adjusted EPS, roughly matching the $1.4874 consensus, but trimmed its pro forma revenue and EBITDA growth outlook for the year. Reported growth of 29% is mostly the Total Issuing Solutions acquisition, so the 5.3% pro forma rate is the number that describes the underlying business. View: Neutral.

Gartner's second quarter of fiscal 2026 was a profit story, not a growth story: GAAP earnings per share rose 33.1% and adjusted EPS beat the $3.87 consensus by about 13.1%, while reported revenue slipped 0.6% to $1.68 billion. Read the quarter as margin and buyback strength sitting on a flat top line, with part of the revenue drag coming from a divested operation.

Healthpeak's second quarter of FY2026 reads Neutral: revenue grew 11.1% to $771.58 million and GAAP earnings beat the consensus estimate, but FFO as Adjusted per share was unchanged at $0.46. The catch is the data: the extracted revenue line, $216.46 million, is only the senior housing fee line, so read the segment table, not the headline field.

Henry Schein's fiscal 2026 second quarter was a solid operating beat: sales rose 6.7% to $3.458 billion, gross margin held at 31.8%, and the company raised full-year guidance. The catch is that GAAP profit stayed thin at $94 million, just 2.7% of sales. Read this as improving operations, not as a high-margin business suddenly emerging.

Broadridge closed fiscal 2026 with $7.48 billion of revenue, $9.60 of adjusted EPS and 110% free cash flow conversion, then guided fiscal 2027 adjusted EPS growth to 8-12%. The view is Bullish, on a recurring-revenue base that grew 8.2% and a dividend raised 12.0%. Read the numbers with one caution: GAAP profit this year included $227 million of non-cash digital asset gains that adjusted EPS strips out.

Caterpillar's second quarter of FY2026 was its first ever above $20 billion in sales and revenues, and profit ran far ahead of what analysts expected: adjusted EPS of $8.17 against a $6.26 consensus estimate. The quality is good but not perfect — margins expanded sharply while inventory and receivables absorbed cash and a $392 million tariff recovery padded operating profit. Read the growth as real, and the cash and working-capital lines as the swing factors to watch.

Sysco closed fiscal 2026 with $84.553 billion of sales, up 3.9%, adjusted EPS of $4.61, up 3.4%, and GAAP EPS of $3.66, down 1.9%. Read it this way: the operating business got better, with case volumes positive and free cash flow up 16.3% to $2.1 billion, while deal and transformation costs dragged reported profit. The debate is whether cost-outs and volume gains outrun those drags.

Conclusion first: this was a beat-and-raise quarter. Sales rose 23.0% to $2.74 billion, adjusted EPS of $10.87 came in above the $10.40 consensus, and management lifted full-year sales, EBITDA and EPS guidance. Two caveats matter: only 13.0% of the growth was organic, and the balance sheet carries $32.76 billion of debt against negative equity.

Grainger beat on the top and bottom line: Q2 revenue of $5.02 billion rose 10.3% and EPS of $12.01 came in 5.2% above the $11.42 consensus, while management raised full-year sales and EPS guidance. The quarter leaned on real volume growth plus a $43 million tariff refund, so read the margin gain as part good business, part one-time help.

Waters beat its own second-quarter revenue guide and raised every component of full-year 2026 guidance, on 9% constant-currency organic growth and mid-single-digit growth in the newly acquired businesses. The ugly GAAP numbers — a $1.39 per-share loss and a 44.6% gross margin — are purchase-accounting artifacts: $155 million of inventory step-up in cost of revenue and $244 million of intangible amortization. Read adjusted EPS of $3.05 and the cash flow, not the loss.

Wynn beat the $1.1331 consensus EPS by a wide margin: GAAP diluted EPS was $1.32 and adjusted EPS $1.24. Revenue rose 6.9% to $1.86 billion and net income more than doubled to $140.1 million. But the growth came mostly from Macau and from a hot hold rate, while Las Vegas and Boston EBITDAR fell — so read the headline beat with one eye on the balance sheet.

Record revenue, a raised outlook and $1.25 billion of quarterly free cash flow — the direction of travel is up, even though reported EPS landed below consensus. Read the quarter in two parts: the demand story in power generation and North American trucks is clearly improving, while the bottom line was hit by tax items and higher incentive pay. Judge it on second-half margins, not on the $6.73 headline.

DaVita beat consensus earnings and grew revenue 5.2% to $3.55 billion, so our view is Bullish. The $4.02 per share came with a 16.3% operating margin and $490 million of operating cash flow, and full-year guidance implies a stronger second half. The caveats are a leveraged balance sheet and a book equity deficit, so the bullish case rests on cash generation rather than the balance sheet.